Tenant’s Insurance. (a) Tenant, at its expense, 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, death and/or property damage occurring in or about the Premises, under which Tenant is named as the insured and Landlord, Landlord’s managing agent, any Lessors, any Mortgagees and any other parties whose names shall have been furnished by Landlord to Tenant from time to time are named as additional insureds, which insurance shall provide primary coverage without contribution from any other insurance carried by or for the benefit of Landlord, Landlord’s managing agent or any Lessors or Mortgagees named as additional insureds, and Tenant agrees to obtain blanket broad-form contractual liability coverage to insure its indemnity obligations set forth in Article 32 hereof. The minimum limits of liability shall be a combined single limit with respect to each occurrence in an amount of not less than *****; provided, however, that Landlord may require Tenant to increase such coverage, from time to time, to that amount of insurance which in Landlord’s reasonable judgment is then being customarily required by landlords in first-class buildings in the City of New York with respect to the Ancillary Space and for comparable entertainment centers in the City of New York with respect to the Music Hall. If the aggregate limit applying to the Premises is reduced by the payment of a claim or establishment of a reserve equal to or greater than 50% of the annual aggregate, Tenant shall immediately arrange to have the aggregate limit restored by endorsement to the existing policy or the purchase of an additional insurance policy unless, in Landlord’s reasonable judgment, Tenant maintains sufficient excess liability insurance to satisfy the liability requirements of this Lease without the reinstatement of the aggregate limit; (ii) insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard forms of “all risk” property insurance policies with extended coverage, having a deductible amount, if any, as reasonably approved by Landlord, insuring (A) with respect to the Ancillary Space, all Ancillary Space Alterations and improvements to the Ancillary Space, for the full insurable value thereof or replacement cost value thereof, (B) all of Tenant’s Property and (C) Landlord’s Studio Apartment Property; all such insurance shall name Tenant as the insured and, except with respect to Tenant’s insurance covering Tenant’s Property and Landlord’s Studio Apartment Property, Landlord and any Lessors and any Mortgagees whose names shall have been furnished by Landlord to Tenant from time to time shall be named as additional insureds and loss payees; (iii) during the performance of any Alteration, until completion thereof, Builder’s risk insurance on an “all risk” basis and on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (and their respective contractors and subcontractors), any Mortgagee and any Lessor in all work incorporated in the Buildings and all materials and equipment in or about the Premises; (iv) Workers’ Compensation Insurance, as required by law; (v) Liquor Liability (dram shop) Insurance with a minimum limit of liability in an amount of not less than $1,000,000 on an occurrence basis, covering bodily injury and death to one or more persons and $100,000 in connection with property damage; and (vi) such other insurance in such amounts as Landlord, any Mortgagee and/or any Lessor may reasonably require from time to time for premises comparable to the Premises.
Appears in 3 contracts
Samples: Lease (MSG Spinco, Inc.), Lease Agreement (Madison Square Garden, Inc.), Lease Agreement (Madison Square Garden, Inc.)
Tenant’s Insurance. (a) Insurance required hereunder shall be issued by companies duly licensed to transact business in the State of California, and maintaining during the policy term a “General Policyholders Rating” of at least B+, V, or such other rating as may be required by a Lender having a lien on the Premises, as set forth in the most current issue of “Best’s Insurance Guide”. Tenant shall not do or permit to be done anything which shall invalidate the insurance policies referred to in this Section 22. Tenant shall cause to be delivered to Landlord certified copies of policies of such insurance or certificates evidencing the existence and amounts of such insurance with the insured and loss payable clauses as required by this Lease. No such policy shall be cancelable or subject to modification except after thirty (30) days prior written notice to Landlord. Tenant shall at least thirty (30) days prior to the expiration of such policies, furnish Landlord with evidence of renewals or “insurance binders” evidencing renewal thereof, or Landlord may order such insurance and charge the cost thereof to Tenant, which amount shall be payable by Tenant to Landlord upon demand. If Tenant shall fail to procure and maintain the insurance required under this Section 22, Landlord may, but shall not be required to, procure and maintain the same, but at its Tenant’s expense, shall obtain and keep in full force and effect during the Term:.
(i) a policy Beginning on the date Tenant is given access to the Premises for any purpose and continuing until expiration of commercial general liability the Term, Tenant shall procure, pay for and maintain in effect policies of casualty insurance covering (i) all Leasehold Improvements (including any alterations, additions or improvements as may be made by Tenant pursuant to the provisions of Section 12 hereof), and (ii) trade fixtures, merchandise and other personal property from time to time in, on an occurrence basis against claims for personal injury, death and/or property damage occurring in or about the Premises, under which Tenant is named as the insured in and Landlord, Landlord’s managing agent, any Lessors, any Mortgagees and any other parties whose names shall have been furnished by Landlord to Tenant from time to time are named as additional insureds, which insurance shall provide primary coverage without contribution from any other insurance carried by or for the benefit of Landlord, Landlord’s managing agent or any Lessors or Mortgagees named as additional insureds, and Tenant agrees to obtain blanket broad-form contractual liability coverage to insure its indemnity obligations set forth in Article 32 hereof. The minimum limits of liability shall be a combined single limit with respect to each occurrence in an amount of not less than *****; provided, however, that Landlord may require Tenant to increase such coverage, one hundred percent (100%) of their actual replacement cost from time to time, to that amount providing protection against any peril included within the classification “Fire and Extended Coverage” together with insurance against sprinkler damage, vandalism and malicious mischief. The proceeds of such insurance which in Landlord’s reasonable judgment is then being customarily required by landlords in first-class buildings in shall be used for the City of New York with respect to the Ancillary Space and for comparable entertainment centers in the City of New York with respect to the Music Hall. If the aggregate limit applying to the Premises is reduced by the payment of a claim repair or establishment of a reserve equal to or greater than 50% replacement of the annual aggregate, Tenant shall immediately arrange to have the aggregate limit restored by endorsement to the existing policy or the purchase of an additional insurance policy unless, in Landlord’s reasonable judgment, Tenant maintains sufficient excess liability insurance to satisfy the liability requirements property so insured. Upon termination of this Lease without lease following a casualty as set forth herein, the reinstatement of proceeds under Section (i) above shall be paid to Landlord and the aggregate limit;proceeds under Section (ii) above shall be paid to Tenant.
(ii) Commercial General Liability policy of insurance against loss or damage by fire, and such other risks and hazards protecting the following as are insurable under then available standard forms of “all risk” property insurance policies with extended coverage, having a deductible amount, if any, as reasonably approved by Landlord, insuring (A) with respect to the Ancillary Space, all Ancillary Space Alterations and improvements to the Ancillary Space, for the full insurable value thereof or replacement cost value thereof, (B) all of Tenant’s Property and (C) Landlord’s Studio Apartment Property; all such insurance shall name Tenant as the insured and, except with respect to Tenant’s insurance covering Tenant’s Property and Landlord’s Studio Apartment Property, Landlord and any Lessors and any Mortgagees whose names shall have been furnished by Landlord to Tenant from time to time shall be named as additional Additionally insureds and loss payees;
(iii) during the performance of any Alteration, until completion thereof, Builder’s risk insurance on an “all risk” basis and on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (and their respective contractors and subcontractors), any Mortgagee and any Lessor in all work incorporated in the Buildings and all materials and equipment in or about the Premises;
(iv) Workers’ Compensation Insurance, as required by law;
(v) Liquor Liability (dram shop) Insurance with a minimum limit of liability in an amount of not less than $1,000,000 on an occurrence basis, covering bodily injury and death to one or more persons and $100,000 in connection with property damage; and
(vi) such other insurance in such amounts as Landlord, any Mortgagee and/or any Lessor may reasonably require from time to time for premises comparable to the Premises.Xxxxxx X.
Appears in 3 contracts
Samples: Office Lease (Arcadia Biosciences, Inc.), Office Lease (Arcadia Biosciences, Inc.), Office Lease (Arcadia Biosciences, Inc.)
Tenant’s Insurance. (a) TenantTenant agrees to purchase, at its expensein advance, shall obtain and keep to carry in full force and effect during the Lease Term:
(i) a policy of commercial general liability insurance on an occurrence basis against claims for personal injury, death and/or property damage occurring in or about the Premises, under which Tenant is named as the insured and Landlord, Landlord’s managing agent, any Lessors, any Mortgagees and any other parties whose names shall have been furnished by Landlord to Tenant from time to time are named as additional insureds, which insurance shall provide primary coverage without contribution from any other insurance carried by or for the benefit of Landlord, Landlord’s managing agent or any Lessors or Mortgagees named as additional insureds, and Tenant agrees to obtain blanket broad-form contractual liability coverage to insure its indemnity obligations set forth in Article 32 hereof. The minimum limits of liability shall be a combined single limit with respect to each occurrence in an amount of not less than *****; provided, however, that Landlord may require Tenant to increase such coverage, from time to time, to that amount of insurance which in Landlord’s reasonable judgment is then being customarily required by landlords in first-class buildings in the City of New York with respect to the Ancillary Space and for comparable entertainment centers in the City of New York with respect to the Music Hall. If the aggregate limit applying to the Premises is reduced by the payment of a claim or establishment of a reserve equal to or greater than 50% of the annual aggregate, Tenant shall immediately arrange to have the aggregate limit restored by endorsement to the existing policy or the purchase of an additional insurance policy unless, in Landlord’s reasonable judgment, Tenant maintains sufficient excess liability insurance to satisfy the liability requirements of this Lease without the reinstatement of the aggregate limit;
(ii) insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard forms of “all All risk” property insurance policies with extended coverage, having a deductible amount, if any, as reasonably approved by Landlord, insuring (A) with respect to the Ancillary Space, all Ancillary Space Alterations and improvements to the Ancillary Space, for covering the full insurable replacement value thereof or replacement cost value thereof, (B) of all of Tenant’s Property leasehold improvements, trade fixtures and personal property within the Premises, and (Cii) Landlordcommercial general liability insurance, providing coverage on an “occurrence” rather than a “claims made” basis, which policy shall include coverage for Bodily Injury, Property Damage, Personal Injury, Contractual Liability (applying to this Lease), and Independent Contractors, in current Insurance Services Office form or other form which provides coverage at least as broad. Tenant shall maintain a combined policy limit of at least $1,000,000 applying to Bodily Injury, Property Damage and Personal Injury, which limit may be satisfied by Tenant’s Studio Apartment Property; all such insurance shall name Tenant basic policy, or by the basic policy in combination with umbrella or excess policies so long as the insured andcoverage is at least as broad as that required herein. Such liability, except with respect umbrella and/or excess policies may be subject to Tenant’s insurance covering Tenant’s Property aggregate limits so long as the aggregate limits have not at any pertinent time been reduced to less than the policy limit stated above, and Landlord’s Studio Apartment Property, Landlord and provided further that any Lessors and any Mortgagees whose names shall have been furnished by Landlord to Tenant umbrella or excess policy provides coverage from time to time the point that such aggregate limits in the basic policy become reduced or exhausted. Lessor shall be named as additional insureds insured under all such policies. At least ten (10) days prior to entry by Tenant on the Premises, Tenant shall deliver to Lessor evidence that the insurance required by this Lease is in full force and loss payees;
effect. At least ten (iii10) during the performance days prior to expiration of any Alterationsuch coverage, until completion thereofTenant shall deliver evidence that the coverage in question will be renewed or replaced upon expiration. Such evidence of insurance shall contain sufficient information to enable Lessor to determine whether Tenant’s insurance complies with the requirements of this Lease. Upon request, Builder’s risk Tenant shall also furnish insurer-certified copies of all pertinent policies. All policies used to provide the coverage required by this Lease shall (i) be endorsed to require the insurer to provide at least ten (10) days’ notice to Lessor prior to cancellation or non-renewal, and (ii) be issued by financially sound companies having an A.M. Best Company rating of at least A:VII. Tenant may not maintain any insurance on an “all risk” basis and on a completed value concurrent in form including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (and their respective contractors and subcontractors), any Mortgagee and any Lessor in all work incorporated or contributing in the Buildings and all materials and equipment in event of loss unless Lessor is named therein as loss payee or about the Premises;
(iv) Workers’ Compensation Insurance, as required by law;
(v) Liquor Liability (dram shop) Insurance with a minimum limit of liability in an amount of not less than $1,000,000 on an occurrence basis, covering bodily injury and death to one or more persons and $100,000 in connection with property damage; and
(vi) such other insurance in such amounts as Landlord, any Mortgagee and/or any Lessor may reasonably require from time to time for premises comparable to the Premisesadditional insured.
Appears in 3 contracts
Samples: Lease Agreement (ConversionPoint Holdings, Inc.), Lease Agreement (ConversionPoint Holdings, Inc.), Lease Agreement (ConversionPoint Holdings, Inc.)
Tenant’s Insurance. (a) Tenant, Tenant shall maintain the following insurance at its expense, shall obtain and keep in full force and effect during own expense throughout the Term:
: (i) Property insurance including standard fire and extended coverage insurance, vandalism and malicious mischief endorsements, and “all-risks” coverage upon all property owned by Tenant and located in the Building, in the full replacement cost thereof; (ii) Commercial General Liability Insurance against any liability arising out of the use, occupancy or maintenance of the Premises or the Property, which insurance may be by a blanket insurance policy of commercial general liability insurance on an occurrence basis against claims for and shall provide the following coverages and endorsements: personal injury, death and/or broad form property damage occurring damage, automobile (by separate policy, if necessary), premises/operations, additional insured landlord endorsement, broad form contractual liability and a cross-liability endorsement, in or about limits not less than Two Million Dollars ($2,000,000.00) per occurrence, with a deductible not to exceed One Hundred Thousand Dollars ($100,000.00); (iii) any other forms of insurance as Landlord may reasonably require from lime lo time in form, in amounts and for insurance risks against which a prudent tenant would protect itself in similar facilities in the general area of the Premises. Tenant acknowledges and agrees that such property owned by Tenant shall be at the sole risk and hazard of Tenant, under which Tenant and if the whole or any part thereof shall be destroyed or damaged by fire, water or otherwise, or by the leakage or bursting of water pipes, steam pipes, or other pipes, by theft or from any other cause, no part of said loss or damage is named as the insured and to be charged to or be borne by Landlord regardless of any fault of Landlord.
(b) All policies shall (i) be taken out with insurers reasonably acceptable to Landlord, in form satisfactory to Landlord’s managing agent, any Lessors, any Mortgagees and (ii) include Landlord and any other parties whose names shall have been furnished by mortgagee of Landlord to Tenant from time to time are named as additional insureds, which as their interests may appear. Landlord may upon ninety (90) days’ notice to Tenant require an increase of the limits of the policies carried by Tenant if Landlord reasonably deems such limits to be inadequate when compared to the then existing customary insurance practice in the area. Tenant shall provide primary coverage without contribution from any other certificates of insurance carried by or for in form satisfactory to Landlord before the benefit of Landlord, Landlord’s managing agent or any Lessors or Mortgagees named as additional insuredsCommencement Date, and shall provide certificates evidencing renewal in a timely manner before the expiration of any such policy.
(c) Upon termination of this Lease pursuant to any casualty, Tenant agrees shall retain any proceeds attributable to obtain blanket broad-form contractual liability coverage to insure its indemnity obligations set forth in Article 32 hereof. The minimum limits of liability shall be a combined single limit with respect to each occurrence in an amount of Tenant’s personal property, trade fixtures, movable partitions, equipment and Alterations not less than *****; provided, however, that Landlord may require Tenant to increase such coverage, from time to time, to that amount of insurance which in Landlord’s reasonable judgment is then being customarily required by landlords in first-class buildings in the City of New York with respect affixed to the Ancillary Space and for comparable entertainment centers in the City of New York with respect Premises, but Tenant shall immediately pay to Landlord any insurance proceeds received by Tenant relating to the Music Hall. If the aggregate limit applying Leasehold Improvements and any Alterations affixed to the Premises is reduced by the payment of a claim or establishment of a reserve equal to or greater than 50% of the annual aggregate, Tenant shall immediately arrange to have the aggregate limit restored by endorsement to the existing policy or the purchase of an additional insurance policy unless, in Landlord’s reasonable judgment, Tenant maintains sufficient excess liability insurance to satisfy the liability requirements of this Lease without the reinstatement of the aggregate limit;
(ii) insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard forms of “all risk” property insurance policies with extended coverage, having a deductible amount, if any, as reasonably approved by Landlord, insuring (A) with respect to the Ancillary Space, all Ancillary Space Alterations and improvements to the Ancillary Space, for the full insurable value thereof or replacement cost value thereof, (B) all of Tenant’s Property and (C) Landlord’s Studio Apartment Property; all such insurance shall name Tenant as the insured and, except with respect to Tenant’s insurance covering Tenant’s Property and Landlord’s Studio Apartment Property, unless Landlord and any Lessors and any Mortgagees whose names shall have been furnished by Landlord to Tenant from time to time shall be named as additional insureds and loss payees;
(iii) during the performance of any Alteration, until completion thereof, Builder’s risk insurance on an “all risk” basis and on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (and has required their respective contractors and subcontractors), any Mortgagee and any Lessor in all work incorporated in the Buildings and all materials and equipment in or about the Premises;
(iv) Workers’ Compensation Insurance, as required by law;
(v) Liquor Liability (dram shop) Insurance with a minimum limit of liability in an amount of not less than $1,000,000 on an occurrence basis, covering bodily injury and death to one or more persons and $100,000 in connection with property damage; and
(vi) such other insurance in such amounts as Landlord, any Mortgagee and/or any Lessor may reasonably require from time to time for premises comparable to the Premisesremoval.
Appears in 3 contracts
Samples: Lease (Inotek Pharmaceuticals Corp), Lease (Inotek Pharmaceuticals Corp), Lease (Inotek Pharmaceuticals Corp)
Tenant’s Insurance. (a) 26.1. Tenant, at its expenseown expense will maintain with admitted insurers authorized to do business in the State of New Jersey and which are rated “A+/XIV” or equivalent in Best’s Key Rating Guide, shall obtain and keep in full force and effect during the Term:
or any successor thereto (ior if there is none, a rating organization having a national reputation) a policy of commercial general liability insurance on an occurrence basis (in the broadest form then available in New Jersey) against claims for bodily injury, personal injury, death and/or or property damage occurring on, in or about the Premises or as a result of ownership of facilities located on the Premises in amounts not less than $5,000,000.00 per occurrence/aggregate for bodily injury, personal injury or death, $5,000,000.00 with respect to any one occurrence, and $3,000,000.00 with respect to all claims for property damage with respect to any one occurrence with an aggregate of $3,000,000.00. From time to time during the Term such limits shall be increased to the prevailing level customarily carried with respect to similar properties in Somerset County, New Jersey and the surrounding area. Tenant shall be responsible to maintain casualty insurance on all of its goods, personal property or effects, including removable trade fixtures located in the Premises, under which .
26.2. The policy of insurance required to be maintained by Tenant is named pursuant to Section 26.1 shall name as the insured and parties Landlord, Tenant, Landlord’s managing agent, any Lessors, any Mortgagees and any other parties whose names mortgagee of Landlord, shall have been furnished by be reasonably satisfactory to Landlord to Tenant from time to time are named as additional insureds, which insurance and shall (a) provide primary coverage without contribution from any other insurance carried by or for the benefit of Landlordsuch holder or holders, Landlord’s managing agent that thirty (30) days’ prior written notice of suspension, cancellation, termination, modification, non renewal or lapse or material change of coverage shall be given to all insured parties and that such insurance shall be given to all insured parties and that such insurance shall not be invalidated by any act or neglect of Landlord or Tenant or any Lessors owner of the Premises, nor by any foreclosure or Mortgagees named as additional insureds, and Tenant agrees to obtain blanket broad-form contractual liability coverage to insure its indemnity obligations set forth in Article 32 hereof. The minimum limits of liability shall be a combined single limit with respect to each occurrence in an amount of not less than *****; provided, however, that Landlord may require Tenant to increase such coverage, from time to time, to that amount of insurance which in Landlord’s reasonable judgment is then being customarily required by landlords in first-class buildings in the City of New York with respect to the Ancillary Space and for comparable entertainment centers in the City of New York with respect to the Music Hall. If the aggregate limit applying other proceedings or notices thereof relating to the Premises is reduced or any interest therein, nor by the payment of a claim or establishment of a reserve equal to or greater than 50% occupation of the annual aggregatePremises for purposes more hazardous than are permitted by such policy, (b) not contain a provision relieving the insurer thereunder of liability for any loss by reason of the existence of other policies of insurance covering the Premises against the peril involved, whether collectible or not, and, (c) include a contractual liability endorsement evidencing coverage of Tenant’s obligation to indemnify Landlord pursuant to Section 25 hereof.
26.3. Within five (5) days after the commencement of the Term, Tenant shall immediately arrange deliver to Landlord original or duplicate policies or certificates of the insurers evidencing all the insurance which is required to be maintained hereunder by Tenant certifying that all requirements set forth herein have been complied with (including, without limitation, a waiver of each insurer’s rights of subrogation pursuant to Section 19.1, the aggregate limit restored by endorsement naming of the insureds required hereunder and the obligation of each insurer to give the notice required hereunder) and, within thirty (30) days prior to the existing policy expiration of any such insurance, other original or duplicate policies or certificates evidencing the purchase renewal of an additional insurance policy unless, in Landlord’s reasonable judgment, Tenant maintains sufficient excess liability insurance to satisfy the liability requirements of this Lease without the reinstatement of the aggregate limit;such insurance.
(ii) insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard forms of “all risk” property insurance policies with extended coverage, having a deductible amount, if any26.4. Landlord shall, as reasonably approved by Landlordpart of Operating Expenses, insuring (A) with respect to the Ancillary Space, all Ancillary Space Alterations and improvements to the Ancillary Space, for the full insurable value thereof or replacement cost value thereof, (B) all of Tenant’s Property and (C) Landlord’s Studio Apartment Property; all such insurance shall name Tenant as the insured and, except with respect to Tenant’s insurance covering Tenant’s Property and Landlord’s Studio Apartment Property, Landlord and obtain any Lessors and any Mortgagees whose names shall have been furnished by Landlord to Tenant from time to time shall be named as additional insureds and loss payees;
(iii) during the performance of any Alteration, until completion thereof, Builder’s risk insurance on an “all risk” basis and on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (and their respective contractors and subcontractors), any Mortgagee and any Lessor in all work incorporated in the Buildings and all materials and equipment in insurance coverage it deems necessary or about the Premises;
(iv) Workers’ Compensation Insurance, as required by law;
(v) Liquor Liability (dram shop) Insurance with a minimum limit of liability in an amount of not less than $1,000,000 on an occurrence basis, covering bodily injury and death to one or more persons and $100,000 appropriate in connection with property damage; and
(vi) such the use and operation of the Property, which shall include, but need not be limited to, fire, liability and any and all other insurance in such amounts as Landlord, Landlord or any Mortgagee and/or any Lessor mortgagee of Landlord may reasonably require from time to time for premises comparable to the Premisesrequire.
Appears in 2 contracts
Samples: Lease Agreement, Lease Agreement (Aptalis Holdings Inc.)
Tenant’s Insurance. Tenant covenants and agrees to maintain throughout the Lease Term insurance coverage at least as broad as ISO Causes of Loss - Special Form Coverage against risk of direct physical loss or damage (commonly known as “all risk”) for the full replacement cost of Tenant’s equipment, fixtures, improvements, Changes (as hereinafter defined) and personal property in the Demised Premises. Tenant covenants and agrees to maintain throughout the Lease Term a commercial general liability policy, including protection against death, personal injury and property damage, issued by an insurance company qualified to do business in the state in which the Demised Premises are located and with (a) Tenant, at its expense, a single limit of not less than $1,000,000.00 per occurrence and (b) an annual aggregate limit of not less than $3,000,000. Such policy 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, death and/or property damage occurring in or about the Premises, under which Tenant is named as the insured and name Landlord, Landlord’s managing agent, any Lessors, any Mortgagees its property manager and any other parties whose names shall have been furnished by Landlord to Tenant from time to time are named the Mortgagee (as hereinafter defined) as additional insureds, which insurance shall provide be primary coverage without contribution from to any other similar insurance carried by or for the benefit of Landlord, Landlord’s managing agent or any Lessors or Mortgagees named as such additional insureds, and Tenant agrees provide that it may not be cancelled or modified without at least thirty (30) days prior notice to obtain blanket broad-form contractual liability coverage to insure its indemnity obligations set forth in Article 32 hereofLandlord and Mortgagee. The minimum limits of such insurance do not limit the liability of Tenant hereunder. Prior to occupancy of the Demised Premises and prior to expiration or the then-current policy, Tenant shall be a combined single limit with respect deliver to each occurrence Landlord certificates evidencing that insurance required under this Lease is in an amount of not less than *****; providedeffect. Tenant covenants and agrees to obtain all other insurance, howevercoverages, that and endorsements customarily maintained by companies in the general business and use or reasonably requested by Landlord may require Tenant to increase such coverage, from time to time, to that amount of insurance which in Landlord’s reasonable judgment is then being customarily required including, without limitation, and workers compensation insurance. The commercial general liability policy obtained by landlords in first-class buildings in the City of New York with respect to the Ancillary Space and for comparable entertainment centers in the City of New York with respect to the Music Hall. If the aggregate limit applying to the Premises is reduced by the payment of a claim or establishment of a reserve equal to or greater than 50% of the annual aggregate, Tenant shall immediately arrange to have the aggregate limit restored by endorsement to the existing policy not contain any retention or the purchase of an additional self-insurance policy unlessprovision, unless otherwise approved in Landlord’s reasonable judgment, Tenant maintains sufficient excess liability insurance to satisfy the liability requirements of this Lease without the reinstatement of the aggregate limit;
(ii) insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard forms of “all risk” property insurance policies with extended coverage, having a deductible amount, if any, as reasonably approved writing by Landlord, insuring (A) with respect to the Ancillary Space, all Ancillary Space Alterations and improvements to the Ancillary Space, for the full insurable value thereof or replacement cost value thereof, (B) all of Tenant’s Property and (C) Landlord’s Studio Apartment Property; all such insurance shall name Tenant as the insured and, except with respect to Tenant’s insurance covering Tenant’s Property and Landlord’s Studio Apartment Property, Landlord and any Lessors and any Mortgagees whose names shall have been furnished by Landlord to Tenant from time to time shall be named as additional insureds and loss payees;
(iii) during the performance of any Alteration, until completion thereof, Builder’s risk insurance on an “all risk” basis and on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (and their respective contractors and subcontractors), any Mortgagee and any Lessor in all work incorporated in the Buildings and all materials and equipment in or about the Premises;
(iv) Workers’ Compensation Insurance, as required by law;
(v) Liquor Liability (dram shop) Insurance with a minimum limit of liability in an amount of not less than $1,000,000 on an occurrence basis, covering bodily injury and death to one or more persons and $100,000 in connection with property damage; and
(vi) such other insurance in such amounts as Landlord, any Mortgagee and/or any Lessor may reasonably require from time to time for premises comparable to the Premises.
Appears in 2 contracts
Samples: Lease Agreement (Solera National Bancorp, Inc.), Lease Agreement (Solera National Bancorp, Inc.)
Tenant’s Insurance. (a) Tenant, at its expense, 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, death and/or property damage occurring in or about the Premises, under which Tenant is named as the insured and Landlord, Landlord’s managing agentagent for the Building, Landlord’s asset manager and any Lessors, Superior Lessors and any Mortgagees and any other parties (whose names shall have been furnished by Landlord to Tenant from time to time Tenant) are named as additional insureds, which insurance shall provide primary coverage without contribution from any other insurance carried by or for the benefit of Landlord, Landlord’s managing agent or any Superior Lessors or Mortgagees named as additional insureds, insureds and Tenant agrees to obtain blanket such coverage shall include without limitation broad-form contractual liability coverage to insure its indemnity obligations set forth in Article 32 28 hereof. The minimum limits of Tenant’s primary commercial general liability policy shall contain a provision that the policy shall be noncancellable unless twenty (20) days’ written notice shall have been given to Landlord and Landlord shall similarly receive twenty (20) days’ notice of any material change in coverage or non-renewal upon expiration. Tenant shall maintain commercial general liability insurance covering claims for bodily injury, death or property damage occurring upon, in or about the Real Property, having a minimum combined single limit with respect to each occurrence in an amount of not less than *****; provided, $2,000,000.00. Notwithstanding the foregoing however, that Landlord may shall retain the right to require Tenant to increase such coverage, from time to time, said coverage to that amount of insurance which in Landlord’s reasonable judgment is then being customarily required by prudent landlords in first-class of comparable buildings in the City of New York Chicago, and provided further that Landlord shall require similar increases of other tenants of space in the Building comparable to the Premises. The foregoing policies of insurance if provided on a blanket policy with respect to more than the Ancillary Space and for comparable entertainment centers in the City of New York with respect Real Property shall apply to the Music Halleach location as though each had its own separate policies. If the aggregate limit applying to the Premises is reduced by the payment of a claim or establishment of a reserve equal to or greater than 50% of the annual aggregate, Tenant shall immediately arrange to have also obtain and keep in full force and effect during the aggregate limit restored by endorsement to the existing policy or the purchase of an additional insurance policy unlessTerm, in Landlord’s reasonable judgment, Tenant maintains sufficient excess liability insurance to satisfy the liability requirements of this Lease without the reinstatement of the aggregate limit;
(iia) insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard forms of “all riskrisk property” property insurance policies with extended coveragepolicies, having a deductible amount, if any, as reasonably approved by Landlord, insuring (A) with respect to the Ancillary Space, all Ancillary Space Tenant’s Property and Tenant’s Alterations and improvements to the Ancillary Space, for the full insurable value thereof or on a replacement cost value thereof, basis; (B) all of Tenant’s Property and (C) Landlord’s Studio Apartment Property; all such insurance shall name Tenant as the insured and, except with respect to Tenant’s insurance covering Tenant’s Property and Landlord’s Studio Apartment Property, Landlord and any Lessors and any Mortgagees whose names shall have been furnished by Landlord to Tenant from time to time shall be named as additional insureds and loss payees;
(iii) during the performance of any Alteration, until completion thereof, Builder’s risk insurance on an “all risk” basis and on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (and their respective contractors and subcontractors), any Mortgagee and any Lessor in all work incorporated in the Buildings and all materials and equipment in or about the Premises;
(ivb) Workers’ Compensation Insurance, as required by law;
law and Employer’s Liability insurance; (vc) Liquor Liability (dram shop) Business Interruption Insurance with a minimum limit of liability in an amount of not less than $1,000,000 on an occurrence basis, covering bodily injury twelve (12) months of annual Rent under this Agreement; and death to one or more persons and $100,000 in connection with property damage; and
(vid) such other insurance in such amounts as Landlord, any Mortgagee and/or any Superior Lessor may reasonably require from time to time for premises comparable time. All insurance required to be carried by Tenant pursuant to the Premisesterms of this Lease shall be effected under valid and enforceable policies issued by reputable and independent insurers permitted to do business in the State of Illinois, and rated in Best’s Insurance Guide, or any successor thereto (or if there be none, an organization having a national reputation) as having a Best’s Rating” of “A-” and a “Financial Size Category” of at least “XI” or if such ratings are not then in effect, the equivalent thereof.
Appears in 2 contracts
Samples: Lease Agreement (Groupon, Inc.), Lease Agreement (Groupon, Inc.)
Tenant’s Insurance. (a) Tenant, at its expense, 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, death and/or property damage occurring in or about the PremisesPremises or the Building, under which Tenant is named as the insured and Landlord, Landlord’s 's managing agent, any Lessors, any Mortgagees and any other parties whose names shall have been furnished by Landlord to Tenant from time to time are named as additional insureds, which insurance shall provide primary coverage without contribution from any other insurance carried by or for the benefit of Landlord, Landlord’s 's managing agent or any Lessors or Mortgagees named as additional insureds, and Tenant agrees to obtain blanket broad-form contractual liability coverage to insure its indemnity obligations set forth in Article 32 hereof. The minimum limits of liability shall be a combined single limit with respect to each occurrence in an amount of not less than *****; $5,000,000, provided, however, that Landlord may shall retain the right to require Tenant to increase such coverage, coverage from time to time, time to that amount of insurance which in Landlord’s 's reasonable judgment is then being customarily required by landlords for similar office space in first-class buildings in the City of New York with respect to the Ancillary Space and Chicago. The deductible or self insured retention for comparable entertainment centers such policy shall in the City of New York with respect to the Music Hallno event exceed $10,000 at any time. If the aggregate limit applying to the Premises is reduced by the payment of a claim or establishment of a reserve equal to or greater than 50% of the annual aggregate, Tenant shall immediately arrange to have the aggregate limit restored by endorsement to the existing policy or the purchase of an additional insurance policy unless, in Landlord’s 's reasonable judgment, Tenant maintains sufficient excess liability insurance to satisfy the liability requirements of this Lease without the reinstatement of the aggregate limit;
(ii) insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard forms of “"all risk” " property insurance policies with extended coverage, having a deductible amountinsuring Tenant's Property, if any, as reasonably approved by Landlord, insuring (A) with respect to the Ancillary Space, and all Ancillary Space Specialty Alterations and improvements to the Ancillary Space, for the full insurable value thereof or replacement cost value thereof, (B) all of Tenant’s Property and (C) Landlord’s Studio Apartment Property; all such insurance shall name Tenant having a deductible amount, if any, as the insured and, except with respect to Tenant’s insurance covering Tenant’s Property and Landlord’s Studio Apartment Property, Landlord and any Lessors and any Mortgagees whose names shall have been furnished reasonably determined by Landlord but not to Tenant from time to time shall be named as additional insureds and loss payeesexceed $25,000;
(iii) during the performance of any Alteration, until completion thereof, Builder’s 's risk insurance on an “"all risk” " basis and on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (and their respective contractors and subcontractors), any Mortgagee and any Lessor in all work incorporated in the Buildings Building and all materials and equipment in or about the Premises;
(iv) Workers’ ' Compensation Insurance, as required by law;
(v) Liquor Liability Disability Benefits Policy Insurance, if required by law;
(dram shopvi) Insurance with a minimum limit of liability in an amount of not less than $1,000,000 on an occurrence basis, covering bodily injury and death to one or more persons and $100,000 in connection with property damageBusiness Interruption Insurance; and
(vivii) such other insurance in such amounts as Landlord, any Mortgagee and/or any Lessor may reasonably require from time to time for premises comparable time.
(b) All insurance required to be carried by Tenant pursuant to the Premisesterms of this Lease (i) shall contain a provision that (x) no act or omission of Tenant shall affect or limit the obligation of the insurance company to pay the amount of any loss sustained, (y) the policy shall be noncancellable and/or no material change in coverage shall be made thereto unless Landlord, Lessors and Mortgagees shall have received 30 days' prior notice of the same, by certified mail, return receipt requested, and (z) Tenant shall be solely responsible for the payment of all premiums under such policies and Landlord, Lessors and Mortgagees shall have no obligation for the payment thereof, and (ii) shall be effected under valid and enforceable policies issued by reputable and independent insurers permitted to do business in the State of Illinois and rated in Best's Insurance Guide, or any successor thereto (or if there be none, an organization having a national reputation) as having a "Best's Rating" of "A-" and a "Financial Size Category" of at least "X" or, if such ratings are not then in effect, the equivalent thereof or such other financial rating as Landlord may at any time consider appropriate.
Appears in 2 contracts
Samples: Office Building Lease (Imanage Inc), Office Building Lease (Imanage Inc)
Tenant’s Insurance. (a) TenantAll insurance required to be carried by Tenant hereunder shall be issued by responsible insurance companies which are rated by Best Insurance Reports as A-VII or better and acceptable to Landlord and Landlord’s lender and licensed or authorized to do business in the State of California. Each policy shall include Landlord, and at its expenseLandlord’s request any mortgagee of Landlord, as an additional insured, as their respective interests may appear. Each policy shall obtain and keep in full force and effect during the Term:
contain (i) a separation of insureds condition, (ii) 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 shall be excess insurance for Landlord’s interest only, and (iii) a waiver by the insurer of commercial general any right of subrogation against Landlord, its agents, employees and representatives, which arises or might arise by reason of any payment under such policy or by reason of any act or omission of Landlord, its agents, employees or representatives. Tenant shall deliver to Landlord copies of insurance policies required under this Section 18, or other satisfactory evidence of the existence and amounts of such insurance (which for liability insurance shall be at least in the form of an XXXXX 25 certificate modified to provide the same assurances as an XXXXX 27 certificate does for property insurance), but not simply an XXXXX 25 certificate), before the date Tenant is given possession of the Premises, and annually thereafter, within 30 days after any demand by Landlord. No such policy shall be cancelable, materially changed or reduced in coverage except after 30 days’ written notice to Landlord. In any event deductible amounts under all insurance policies required to be carried by Tenant under this Lease shall not exceed $10,000 per occurrence. Tenant agrees that if Tenant does not take out and maintain such insurance, Landlord may (but shall not be required to) procure said insurance on an occurrence basis against claims Tenant’s behalf and charge the Tenant the premiums, which shall be payable upon demand. Landlord may procure such insurance on behalf of Tenant without regard to any Tenant cure rights set forth in Section 24. Tenant shall have the right to provide such insurance coverage pursuant to blanket policies obtained by the Tenant, provided such blanket policies expressly afford coverage to the Premises, Landlord, Landlord’s mortgagee and Tenant as required by this Lease.
(b) Beginning on the date Tenant is given access to the Premises for any purpose and continuing until expiration of the term of the Lease, Tenant shall procure, pay for and maintain in effect policies of property insurance covering (i) any alterations, additions or improvements as may be made and funded by Tenant pursuant to the provisions of Section 10 hereof or Exhibit B, and (ii) trade fixtures, merchandise and other personal injuryproperty from time to time, death and/or property damage occurring in in, on or about the Premises, under which Tenant is named as the insured and Landlord, Landlord’s managing agent, any Lessors, any Mortgagees and any other parties whose names shall have been furnished by Landlord to Tenant from time to time are named as additional insureds, which insurance shall provide primary coverage without contribution from any other insurance carried by or for the benefit of Landlord, Landlord’s managing agent or any Lessors or Mortgagees named as additional insureds, and Tenant agrees to obtain blanket broad-form contractual liability coverage to insure its indemnity obligations set forth in Article 32 hereof. The minimum limits of liability shall be a combined single limit with respect to each occurrence in an amount of not less than *****; provided, however, that Landlord may require Tenant to increase such coverage, 100% of their actual replacement cost from time to time, providing protection against all risks of physical loss or damage. The proceeds of such insurance shall be used for the repair or replacement of the property so insured. Upon termination of this Lease following a casualty as set forth herein, the proceeds shall be paid to that amount of insurance which in Landlord’s reasonable judgment Tenant.
(c) Beginning on the date Tenant is then being customarily required by landlords in first-class buildings in the City of New York with respect to the Ancillary Space and for comparable entertainment centers in the City of New York with respect to the Music Hall. If the aggregate limit applying given access to the Premises is reduced by the payment of a claim or establishment of a reserve equal to or greater than 50% for any purpose and continuing until expiration of the annual aggregateTerm of the Lease, Tenant shall immediately arrange to have procure, pay for and maintain in effect workers’ compensation and employer’s liability insurance and commercial general liability insurance which includes coverage for personal injury, contractual liability and Tenant’s independent contractors. The commercial general liability shall be procured and maintained with not less than $2,000,000 per occurrence combined single limit, and a $3,000,000 aggregate limit, for bodily injury, personal injury or property damage liability and liability assumed under an insured contract. If such insurance covers more than one location, the general aggregate limit restored by endorsement shall apply on a per location basis.
(d) Beginning on the date Tenant is given access to the existing policy or Premises for any purpose and continuing until expiration of the purchase Term of an additional insurance policy unless, in Landlord’s reasonable judgmentthe Lease, Tenant maintains sufficient excess liability insurance to satisfy the liability requirements of this Lease without the reinstatement of the aggregate limit;
(ii) insurance against loss or damage by fire, shall pay for and such other risks and hazards as are insurable under then available standard forms of “all risk” property insurance policies with extended coverage, having a deductible amount, if any, as reasonably approved by Landlord, insuring (A) with respect to the Ancillary Space, all Ancillary Space Alterations and improvements to the Ancillary Space, for the full insurable value thereof or replacement cost value thereof, (B) all of Tenant’s Property and (C) Landlord’s Studio Apartment Property; all such insurance shall name Tenant as the insured and, except with respect to Tenant’s insurance covering Tenant’s Property and Landlord’s Studio Apartment Property, Landlord and any Lessors and any Mortgagees whose names shall have been furnished by Landlord to Tenant from time to time shall be named as additional insureds and loss payees;
(iii) during the performance of any Alteration, until completion thereof, Builder’s risk maintain in effect business interruption insurance on an “all risk” basis and on which will provide recovery for a completed value form including minimum of 12 months of Tenant’s continuing Rent obligation to Landlord. Whenever, in Landlord’s reasonable judgment, but not more than twice during the Term, good business practice or change in conditions indicate a Permission to Complete and Occupy endorsementneed for additional or different types of insurance, for full replacement value covering the interest Tenant shall upon request of Landlord obtain such insurance at its own expense.
(e) Landlord and Tenant (each hereby waive all rights of recovery against the other and their respective contractors against the officers, employees, agents and subcontractors)representatives of the other, on account of loss by or damage to the waiving party of its property or the property of others under its control, to the extent that such loss or damage is insured against and payment is made under any Mortgagee “all risk” insurance policy which either may have in force at the time of the loss or damage. Tenant and any Lessor Landlord shall, upon obtaining the policies of insurance required under this Lease, give notice to its insurance carrier or carriers of the foregoing mutual waiver of subrogation as contained in all work incorporated in the Buildings and all materials and equipment in or about the Premises;this Lease.
(ivf) Workers’ Compensation InsuranceDuring the Term of this Lease, as required by law;
(v) Liquor Liability (dram shop) Insurance with a minimum limit of Landlord shall maintain property liability in an amount of not less than $1,000,000 insurance on an occurrence “all risk” basis, covering bodily injury and death to one or more persons and $100,000 in connection with property damage; and
(vi) such other insurance in such amounts as Landlord, any Mortgagee and/or any Lessor may reasonably require from time to time insuring the Building for premises comparable to the Premisesfull replacement cost thereof.
Appears in 2 contracts
Samples: Standard Lease Agreement (Allbirds, Inc.), Standard Lease Agreement (Allbirds, Inc.)
Tenant’s Insurance. Effective as of the earlier of (a1) Tenantthe date Tenant enters or occupies the Premises, at its expenseor (2) the Commencement Date, shall obtain and keep in full force and effect during continuing throughout the Term:
, Tenant shall maintain the following insurance policies: (iA) a policy of commercial general liability insurance on an in amounts of $3,000,000 per occurrence basis against claims for personal injuryor, death and/or property damage occurring 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 or about the Premisessuch amounts as Landlord may reasonably require), under which Tenant is named as the insured and insuring Tenant, Landlord, Landlord’s managing agentproperty 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 Lessors, any Mortgagees and any other parties whose names shall have been furnished consent by Landlord to Tenant from time to time are named the installation thereof) the installation, operation, maintenance, repair or removal of Tenant’s Off-Premises Equipment, (B) insurance covering the full value of all alterations and improvements and betterments in the Premises, naming Landlord and Lxxxxxxx’s Mortgagee as additional insuredsloss payees as their interests may appear, which (C) insurance covering the full value of all furniture, trade fixtures 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), (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), (E) worker’s compensation insurance, and (F) business interruption insurance in an amount reasonably acceptable to Landlord. The commercial general liability insurance to be maintained by Tenant 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 without contribution from to Landlord when any other insurance carried by policy issued to Landlord provides duplicate or for the benefit of Landlordsimilar coverage, and in such circumstance Landlord’s managing agent policy will be excess over Tenant’s policy. 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 at least ten days prior to the earlier of the Commencement Date or any Lessors the date Tenant enters or Mortgagees named as additional insuredsoccupies the Premises, and at least 15 days prior to each renewal of said insurance, and Tenant agrees shall obtain a written obligation on the part of each insurance company to obtain blanket broad-form contractual liability coverage to insure its indemnity obligations set forth in Article 32 hereofnotify Landlord at least 30 days before cancellation or a material change of any such insurance policies. The minimum limits of liability All such insurance policies shall be in form, and issued by companies with a combined single limit with respect Best’s rating of A+:VII or better, reasonably satisfactory to each occurrence in an amount of not less than *****; provided, however, that Landlord may require Tenant to increase such coverage, from time to time, to that amount of insurance which in Landlord’s reasonable judgment is then being customarily required by landlords in first-class buildings in the City of New York with respect to the Ancillary Space and for comparable entertainment centers in the City of New York with respect to the Music Hall. If Tenant fails to comply with the aggregate limit applying foregoing insurance requirements or to deliver to Landlord the Premises is reduced by certificates or evidence of coverage required herein, 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 on demand the payment premium costs thereof, plus an administrative fee of a claim or establishment of a reserve equal to or greater than 5015% of the annual aggregate, Tenant shall immediately arrange to have the aggregate limit restored by endorsement to the existing policy or the purchase of an additional insurance policy unless, in Landlord’s reasonable judgment, Tenant maintains sufficient excess liability insurance to satisfy the liability requirements of this Lease without the reinstatement of the aggregate limit;
(ii) insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard forms of “all risk” property insurance policies with extended coverage, having a deductible amount, if any, as reasonably approved by Landlord, insuring (A) with respect to the Ancillary Space, all Ancillary Space Alterations and improvements to the Ancillary Space, for the full insurable value thereof or replacement cost value thereof, (B) all of Tenant’s Property and (C) Landlord’s Studio Apartment Property; all such insurance shall name Tenant as the insured and, except with respect to Tenant’s insurance covering Tenant’s Property and Landlord’s Studio Apartment Property, Landlord and any Lessors and any Mortgagees whose names shall have been furnished by Landlord to Tenant from time to time shall be named as additional insureds and loss payees;
(iii) during the performance of any Alteration, until completion thereof, Builder’s risk insurance on an “all risk” basis and on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (and their respective contractors and subcontractors), any Mortgagee and any Lessor in all work incorporated in the Buildings and all materials and equipment in or about the Premises;
(iv) Workers’ Compensation Insurance, as required by law;
(v) Liquor Liability (dram shop) Insurance with a minimum limit of liability in an amount of not less than $1,000,000 on an occurrence basis, covering bodily injury and death to one or more persons and $100,000 in connection with property damage; and
(vi) such other insurance in such amounts as Landlord, any Mortgagee and/or any Lessor may reasonably require from time to time for premises comparable to the Premisescost.
Appears in 2 contracts
Samples: Purchase and Sale Agreement (Polarityte, Inc.), Lease Agreement (Polarityte, Inc.)
Tenant’s Insurance. (a) Tenant, at its expense, 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, death and/or property damage occurring in or about the Premises, under which Tenant is named as the insured and Landlord, Landlord’s managing agent, any Lessors, any Mortgagees and any other parties whose names shall have been furnished by Landlord to Tenant from time to time are named as additional insureds, which insurance shall provide primary coverage without contribution from any other insurance carried by or for the benefit of Landlord, Landlord’s managing agent or any Lessors or Mortgagees named as additional insureds, and Tenant agrees to obtain blanket broad-form contractual liability coverage to insure its indemnity obligations set forth in Article 32 hereof. The minimum limits of liability shall be a combined single limit with respect to each occurrence in an amount of not less than [*****]; provided, however, that Landlord may require Tenant to increase such coverage, from time to time, to that amount of insurance which in Landlord’s reasonable judgment is then being customarily required by landlords in first-class buildings in the City of New York with respect to the Ancillary Space and for comparable entertainment centers in the City of New York with respect to the Music Hall. If the aggregate limit applying to the Premises is reduced by the payment of a claim or establishment of a reserve equal to or greater than 50% of the annual aggregate, Tenant shall immediately arrange to have the aggregate limit restored by endorsement to the existing policy or the purchase of an additional insurance policy unless, in Landlord’s reasonable judgment, Tenant maintains sufficient excess liability insurance to satisfy the liability requirements of this Lease without the reinstatement of the aggregate limit;
(ii) insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard forms of “all risk” property insurance policies with extended coverage, having a deductible amount, if any, as reasonably approved by Landlord, insuring (A) with respect to the Ancillary Space, all Ancillary Space Alterations and improvements to the Ancillary Space, for the full insurable value thereof or replacement cost value thereof, (B) all of Tenant’s Property and (C) Landlord’s Studio Apartment Property; all such insurance shall name Tenant as the insured and, except with respect to Tenant’s insurance covering Tenant’s Property and Landlord’s Studio Apartment Property, Landlord and any Lessors and any Mortgagees whose names shall have been furnished by Landlord to Tenant from time to time shall be named as additional insureds and loss payees;
(iii) during the performance of any Alteration, until completion thereof, Builder’s risk insurance on an “all risk” basis and on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (and their respective contractors and subcontractors), any Mortgagee and any Lessor in all work incorporated in the Buildings and all materials and equipment in or about the Premises;
(iv) Workers’ Compensation Insurance, as required by law;
(v) Liquor Liability (dram shop) Insurance with a minimum limit of liability in an amount of not less than $1,000,000 on an occurrence basis, covering bodily injury and death to one or more persons and $100,000 in connection with property damage; and
(vi) such other insurance in such amounts as Landlord, any Mortgagee and/or any Lessor may reasonably require from time to time for premises comparable to the Premises.
Appears in 2 contracts
Samples: Lease Agreement (MSG Entertainment Spinco, Inc.), Lease Agreement (MSG Entertainment Spinco, Inc.)
Tenant’s Insurance. (a) TenantIn addition to the insurance coverage contemplated in Section 8.6 herein, at its expense, Tenant shall obtain and keep in full force and effect force, during the entire Lease Term:
(i) a policy of , including any renewal or extension thereof, workers compensation insurance as required by law and commercial general liability insurance on an occurrence basis against claims for personal injuryinsurance, death and/or property damage occurring in or about with respect to the Premises, under which Tenant is named the Building and the Land, covering bodily injury, including death, and property damage, with such limits as the insured and may be reasonably requested by Landlord, Landlord’s managing agentbut with minimum limits not less than Two Million Dollars ($2,000,000.00) per occurrence, any Lessorsand annual aggregate limit, any Mortgagees and any other parties whose names shall have been furnished with a contractual liability endorsement. Notwithstanding the foregoing, such minimum limit prescribed by Landlord to Tenant may be increased from time to time are named during the Lease Term commensurate with increases over the same period in the CPI (provided such increases may be implemented only when the cumulative increase in the CPI since the last increase exceeds five percent (5%)). All insurance policies required to be maintained by Tenant under this Section 8.2 shall name Landlord, Land Owner and Landlord’s lender(s) as additional insureds, which insurance insureds and shall provide primary coverage without contribution from that they shall not be canceled for any other insurance carried by or for the benefit of reason unless Landlord, Land Owner and Landlord’s managing agent or lender(s) are given fifteen (15) days notice in writing by the issuing insurance company. Tenant shall deposit with Landlord satisfactory evidence of the above insurance coverages prior to the Commencement Date and thereafter at least five (5) business days prior to the expiration date for any Lessors or Mortgagees named such coverages. Additionally, all insurance coverage required to be maintained by Tenant under this Section 8.2 shall include commercially reasonable, industry standard terms and provisions, including boilerplate provisions and special stipulations and conditions, that are in any event no less favorable to Landlord (as an additional insuredsinsured) than the terms and provisions in third-party insurance policies maintained by landlords relative to multi-tenant buildings located in the Business Park from time to time during the Lease Term. Furthermore, such insurance coverage shall include coverage types, limits of coverage, and Tenant agrees other terms and provisions that are reasonably required from time to obtain blanket broadtime by Landlord’s third-form contractual liability coverage party, institutional lenders whose loans are secured by a security interest in the Building and that are consistent with the requirements of other such lenders for loans on other similar buildings in the south Charlotte area, and such obligation shall include delivering to insure its indemnity obligations set forth in Article 32 hereof. The minimum limits of liability shall be a combined single limit with respect to each occurrence in an amount of not less than *****; provided, however, that Landlord may require Tenant to increase such coverage, and Landlord’s lender (if and as requested from time to time, to that amount of ) a certificate from Tenant’s third-party insurance which in Landlord’s reasonable judgment is provider confirming the insurance coverages then being customarily required maintained by landlords in first-class buildings in the City of New York with respect Tenant hereunder. As used herein, “CPI” shall refer to the Ancillary Space and Department of Labor, Bureau of Labor Statistics, Consumer Price Index for comparable entertainment centers in the All Urban Consumers, U.S. City of New York with respect to the Music HallAverage, Subgroup “All Items” (1982-84 = 100). If at any time the aggregate limit applying to the Premises CPI is reduced no longer published by the payment Bureau of a claim or establishment of a reserve equal to or greater than 50% of the annual aggregateLabor Statistics, Tenant Landlord shall immediately arrange to have the aggregate limit restored by endorsement to the existing policy or the purchase of an additional insurance policy unless, in Landlord’s reasonable judgment, Tenant maintains sufficient excess liability insurance to satisfy the liability requirements of this Lease without the reinstatement of the aggregate limit;
(ii) insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard forms of “all risk” property insurance policies with extended coverage, having a deductible amount, if any, as reasonably approved by Landlord, insuring (A) with respect to the Ancillary Space, all Ancillary Space Alterations and improvements to the Ancillary Space, substitute for the full insurable value thereof CPI any official index published by the Bureau of Labor Statistics or replacement cost value thereof, (B) all of Tenant’s Property by such successor or similar governmental agency as may then be in existence and (C) Landlord’s Studio Apartment Property; all such insurance shall name Tenant as the insured and, except with respect to Tenant’s insurance covering Tenant’s Property and Landlord’s Studio Apartment Property, Landlord and any Lessors and any Mortgagees whose names shall have been furnished by Landlord to Tenant from time to time shall be named as additional insureds and loss payees;
(iii) during the performance of any Alteration, until completion thereof, Builder’s risk insurance on an “all risk” basis and on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (and their respective contractors and subcontractors), any Mortgagee and any Lessor in all work incorporated in the Buildings and all materials and equipment in or about the Premises;
(iv) Workers’ Compensation Insurance, as required by law;
(v) Liquor Liability (dram shop) Insurance with a minimum limit of liability in an amount of not less than $1,000,000 on an occurrence basis, covering bodily injury and death to one or more persons and $100,000 in connection with property damage; and
(vi) such other insurance in such amounts as Landlord, any Mortgagee and/or any Lessor may reasonably require from time to time for premises comparable to the Premisesmost nearly equivalent thereto.
Appears in 2 contracts
Samples: Lease (Premier, Inc.), Lease (Premier, Inc.)
Tenant’s Insurance. (a) Tenant, at its expense, shall obtain and keep in full force and effect during During the Termterm of this Lease:
(i) a policy of commercial general 12.2.1 Tenant shall maintain comprehensive public liability insurance, including insurance on an occurrence basis against claims for personal injury, death and/or property damage occurring in the assumed or about the Premises, under which Tenant is named as the insured and Landlord, Landlord’s managing agent, any Lessors, any Mortgagees and any other parties whose names shall have been furnished by Landlord to Tenant from time to time are named as additional insureds, which insurance shall provide primary coverage without contribution from any other insurance carried by or for the benefit of Landlord, Landlord’s managing agent or any Lessors or Mortgagees named as additional insureds, and Tenant agrees to obtain blanket broad-form contractual liability coverage of Tenant hereunder, to insure its indemnity obligations set forth in Article 32 hereof. The minimum limits of liability shall be a combined single afford protection to the limit with respect to for each occurrence in an amount of not less than *****; provided, however, that Landlord may require Two Million Dollars ($2,000,000.00) combined single limit for bodily injury or death and Five Hundred Thousand Dollars ($500,000.00) for damage to Property.
12.2.2 Tenant to increase shall maintain insurance against fire and such coverageother risks as are, from time to time, to that amount included in standard "all risk" extended coverage endorsements, including Tenant's trade fixtures and other improvements, stock in trade, furniture, furnishings, special equipment, floor and wall coverings and all other items of insurance which in Landlord’s reasonable judgment is then being customarily required by landlords in first-class buildings in the City personal property of New York with respect to the Ancillary Space and for comparable entertainment centers in the City of New York with respect to the Music Hall. If the aggregate limit applying to Tenant located on or within the Premises is reduced by the payment of a claim or establishment of a reserve equal to or greater than 50% of the annual aggregate(collectively, Tenant shall immediately arrange to have the aggregate limit restored by endorsement to the existing policy or the purchase of an additional insurance policy unless, in Landlord’s reasonable judgment, Tenant maintains sufficient excess liability insurance to satisfy the liability requirements of this Lease without the reinstatement of the aggregate limit;
(ii) insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard forms of “all risk” property insurance policies with extended coverage, having a deductible amount, if any, as reasonably approved by Landlord, insuring (A) with respect to the Ancillary Space, all Ancillary Space Alterations and improvements to the Ancillary Space, for the full insurable value thereof or replacement cost value thereof, (B) all of "Tenant’s Property and (C) Landlord’s Studio Apartment 's Personal Property; all such "). Such insurance shall name Tenant as the insured and, except with respect to Tenant’s insurance covering Tenant’s Property and Landlord’s Studio Apartment Property, Landlord and any Lessors and any Mortgagees whose names shall have been furnished by Landlord to Tenant from time to time shall be named as additional insureds and loss payees;
(iii) during the performance of any Alteration, until completion thereof, Builder’s risk insurance on an “all risk” basis and on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (and their respective contractors and subcontractors), any Mortgagee and any Lessor in all work incorporated in the Buildings and all materials and equipment in or about the Premises;
(iv) Workers’ Compensation Insurance, as required by law;
(v) Liquor Liability (dram shop) Insurance with a minimum limit of liability in an amount of equal to not less than $1,000,000 on an occurrence basisone hundred percent (100%) of the full replacement cost thereof, covering bodily injury without depreciation, and death to one or more persons and $100,000 in connection with property damage; andshall include a so-called "agreed amount" endorsement.
(vi) 12.2.3 Tenant shall also maintain such other insurance in such amounts as Landlord (or Landlord, any Mortgagee and/or any Lessor 's mortgagee) may reasonably require from time to time for premises comparable in connection with Tenant's use and occupancy of the Premises. Such additional insurance shall be carried in such amounts and with such insurance companies as may be reasonably acceptable to Landlord (and Landlord's mortgagee).
12.2.4 The policies carried by Tenant hereunder shall name Landlord (and Landlord's mortgagee) as an additional insured, and such policies shall provide that no cancellation, reduction or other material changes therein shall be effective until at least thirty (30) days after mailing of written notice thereof to Landlord (and Landlord's mortgagee). Each such policy, or a certificate thereof, shall be deposited with Landlord by Tenant not later than the Commencement Date, and prior to the Premisesexpiration or termination of any such policies.
Appears in 2 contracts
Samples: Lease (Asset Acceptance Capital Corp), Lease (Dynacs Inc)
Tenant’s Insurance. (a) All insurance required to be carried by Tenant hereunder shall be issued by responsible insurance companies acceptable to Landlord and Landlord's lender and qualified to do business in the State and rated at will or better in A.M. Best's Insurance Guide. Each policy shall name Landlord, and at Landlord's request any mortgagee of Landlord, as an additional insured, as their respective interests may appear. Each policy shall contain (i) a cross-liability endorsement, (ii) a provision that such policy and the coverage evidenced thereby shall be primary and non-contributing with respect to any policies carried by Landlord and that any coverage carried by Landlord shall be excess insurance, and (iii) a waiver by the insurer of any right of subrogation against Landlord, its agents, employees and representatives, that arises or might arise by reason of any payment under such policy or by reason of any act or omission of Landlord, its agents, employees or representatives. A copy of each paid up policy (authenticated by the insurer) or certificate of the insurer evidencing the existence and amount of each insurance policy required hereunder shall be delivered to Landlord before the date Tenant is first given the right of possession of the Premises, and thereafter within thirty (30) days after any demand by Landlord therefor. Landlord may, at any time and from time to time, inspect and/or copy any insurance policies required to be maintained by Tenant hereunder. No such policy shall be cancelable except after twenty (20) days written notice to Landlord and Landlord's lender. Tenant shall furnish Landlord with renewals or "binders" of any such policy at least ten (10) days prior to the expiration thereof. Tenant agrees that if Tenant does not take out and maintain such insurance, Landlord may (but shall not be required to) procure said insurance on Tenant's behalf and charge the Tenant the premiums together with a twenty-five percent (25%) handling charge, payable upon demand. Tenant shall have the right to provide such insurance coverage pursuant to blanket policies obtained by the Tenant, at its expenseprovided such blanket policies expressly afford coverage to the Premises, Landlord, Landlord's mortgagee and Tenant as required by this Lease.
(b) Beginning on the date Tenant is given access to the Premises for any purpose and continuing until expiration of the Term, Tenant shall obtain procure, pay for and keep maintain in effect policies of casualty insurance covering (i) all improvements to the Premises made by or on behalf of Tenant (including any alterations, additions or improvements as may be made by Tenant pursuant to the provisions of Article 12 hereof), and (ii) trade fixtures, merchandise and other personal property from time to time in, on or about the Premises, in an amount not less than one hundred percent (100%) of their actual replacement cost from time to time, providing protection against any peril included within the classification "Fire and Extended Coverage" together with insurance against sprinkler damage, vandalism and malicious mischief. The proceeds of such insurance shall be used for the repair or replacement of the property so insured. Upon termination of this Lease following a casualty as set forth herein, the proceeds of such insurance shall be paid to Landlord under Section 22(b)(i) above and shall be paid to Tenant under Section 22(b)(ii) above.
(c) Beginning on the date Tenant is given access to the Premises for any purpose and continuing until expiration of the Term, Tenant shall procure, pay for and maintain in effect: (1) workers' compensation insurance as required by law and employer's liability insurance shall be provided in amounts not less than $1,000,000 each accident for bodily injury by accident, $1,000,000 policy limit for bodily injury by disease, and $1,000,000 each employee for bodily injury by disease; and (2) comprehensive public liability and property damage insurance with respect to the construction of improvements on the Premises, the use, operation or condition of the Premises and the operations of Tenant in, on or about the Premises, providing personal injury and broad form property damage coverage for not less than Two Million Dollars ($2,000,000) combined single limit for bodily injury, death and property damage liability. In addition, Tenant shall procure and maintain in full force and effect at all times during the Term:
(i) a policy term of commercial general this Lease, at Tenant's cost and expense, business auto liability insurance on an occurrence basis against claims for personal injurycovering any and all owned, death and/or property damage occurring in or about the Premises, under which Tenant is named as the insured non-owned and Landlord, Landlord’s managing agent, any Lessors, any Mortgagees and any other parties whose names shall have been furnished by Landlord to Tenant from time to time are named as additional insureds, which insurance shall provide primary coverage without contribution from any other insurance carried by or for the benefit of Landlord, Landlord’s managing agent or any Lessors or Mortgagees named as additional insureds, and Tenant agrees to obtain blanket broad-form contractual liability coverage to insure its indemnity obligations set forth in Article 32 hereof. The minimum limits of liability shall be hired vehicles with a combined single limit with respect to each occurrence in an amount of not less than *****; provided, however, that Landlord may require Tenant to increase such coverage, from time to time, to that amount of insurance which in Landlord’s reasonable judgment is then being customarily required by landlords in first-class buildings in the City of New York with respect to the Ancillary Space and for comparable entertainment centers in the City of New York with respect to the Music Hall. If the aggregate limit applying to the Premises is reduced by the payment of a claim or establishment of a reserve equal to or greater than 50% of the annual aggregate, Tenant shall immediately arrange to have the aggregate limit restored by endorsement to the existing policy or the purchase of an additional insurance policy unless, in Landlord’s reasonable judgment, Tenant maintains sufficient excess liability insurance to satisfy the liability requirements of this Lease without the reinstatement of the aggregate limit;
(ii) insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard forms of “all risk” property insurance policies with extended coverage, having a deductible amount, if any, as reasonably approved by Landlord, insuring (A) with respect to the Ancillary Space, all Ancillary Space Alterations and improvements to the Ancillary Space, for the full insurable value thereof or replacement cost value thereof, (B) all of Tenant’s Property and (C) Landlord’s Studio Apartment Property; all such insurance shall name Tenant as the insured and, except with respect to Tenant’s insurance covering Tenant’s Property and Landlord’s Studio Apartment Property, Landlord and any Lessors and any Mortgagees whose names shall have been furnished by Landlord to Tenant from time to time shall be named as additional insureds and loss payees;
(iii) during the performance of any Alteration, until completion thereof, Builder’s risk insurance on an “all risk” basis and on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (and their respective contractors and subcontractors), any Mortgagee and any Lessor in all work incorporated in the Buildings and all materials and equipment in or about the Premises;
(iv) Workers’ Compensation Insurance, as required by law;
(v) Liquor Liability (dram shop) Insurance with a minimum limit of liability in an amount of not less than $1,000,000 on 1,000,000.00 per accident. All of the insurance required under this Section 22 shall name Landlord as an occurrence basis, covering bodily injury and death to one or more persons and $100,000 in connection with property damage; andadditional insured thereunder.
(vid) such other Not less than every three (3) years during the Term, Landlord shall have the right, in Landlord's reasonable business judgment, to require increases in all of Tenant's insurance policy limits for all insurance to be carried by Tenant as set forth in such amounts as Landlord, any Mortgagee and/or any Lessor may reasonably require from time to time for premises comparable to the Premisesthis Article.
Appears in 2 contracts
Samples: Office Suite Lease Agreement (High Desert Holding Corp.), Office Suite Lease Agreement (High Desert Holding Corp.)
Tenant’s Insurance. (a) Tenant, at its expense, 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 PremisesBuilding or the Center, under which Tenant is named as the insured and Landlord, Landlord’s managing agent, Agent and any Lessors, Lessors and any Mortgagees and any other parties whose names shall have been furnished by Landlord to Tenant from time to time are named as additional insureds, which insureds (the “Insured Parties”). Such insurance shall provide primary coverage without contribution from any other insurance carried by or for the benefit of Landlord, Landlord’s managing agent or any Lessors or Mortgagees named as additional insuredsthe Insured Parties, and Tenant agrees to shall obtain blanket broad-form contractual liability coverage to insure its indemnity obligations set forth in Article 32 hereof25. The minimum limits of liability applying exclusively to the Premises shall be a combined single limit with respect to each occurrence in an amount of not less than *****$3,000,000; provided, however, that Landlord may shall retain the right to require Tenant to increase such coverage, coverage from time to time, time to that amount of insurance which in Landlord’s reasonable judgment is then being customarily required by landlords for similar office space in first-class buildings in the City of New York with respect to the Ancillary Space and Comparable Buildings. The self insured retention for comparable entertainment centers in the City of New York with respect to the Music Hall. If the aggregate limit applying to the Premises is reduced by the payment of a claim or establishment of a reserve equal to or greater than 50% of the annual aggregate, Tenant such policy shall immediately arrange to have the aggregate limit restored by endorsement to the existing policy or the purchase of an additional insurance policy unless, in Landlord’s reasonable judgment, Tenant maintains sufficient excess liability insurance to satisfy the liability requirements of this Lease without the reinstatement of the aggregate limitnot exceed $10,000;
(ii) insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard forms of “all riskSpecial Form Causes of Loss” or “All Risk” property insurance policies with extended coverage, having a deductible amount, if any, as reasonably approved by Landlord, insuring (A) with respect to the Ancillary Space, Tenant’s Property and all Ancillary Space Alterations and improvements to the Ancillary SpacePremises (including the Initial Installations) to the extent such Alterations and improvements exceed the cost of the 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 value thereof, (B) all having a deductible amount, if any, not in excess of Tenant’s Property and (C) Landlord’s Studio Apartment Property; all such insurance shall name Tenant as the insured and, except with respect to Tenant’s insurance covering Tenant’s Property and Landlord’s Studio Apartment Property, Landlord and any Lessors and any Mortgagees whose names shall have been furnished by Landlord to Tenant from time to time shall be named as additional insureds and loss payees;$25,000.
(iii) during the performance of any Alteration, until completion thereof, Builder’s risk Risk insurance on an “all risk” basis and on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (and their respective contractors and subcontractors), any Mortgagee and any Lessor ) in all work incorporated in the Buildings Building and all materials and equipment in or about the Premises;
(iv) Workers’ Compensation Insurance, as required by law;
(v) Liquor Liability (dram shop) Insurance with a minimum limit of liability in an amount of not less than $1,000,000 on an occurrence basis, covering bodily injury and death to one or more persons and $100,000 in connection with property damageBusiness Interruption Insurance; and
(vi) such other insurance in such amounts as Landlord, any Mortgagee and/or any Lessor the Insured Parties may reasonably require from time to time for premises comparable to the Premisestime.
Appears in 2 contracts
Samples: Lease Agreement (Xstelos Holdings, Inc.), Lease Agreement (Omrix Biopharmaceuticals, Inc.)
Tenant’s Insurance. (a) Tenant, at its expense, 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, death and/or property damage occurring in or about the Premises, under which Tenant is named as the insured and Landlord, Landlord’s managing agentagent for the Building, Landlord’s asset manager and any Lessors, Superior Lessors and any Mortgagees and any other parties (whose names shall have been furnished by Landlord to Tenant from time to time Tenant) are named as additional insureds, which insurance shall provide primary coverage without contribution from any other insurance carried by or for the benefit of Landlord, Landlord’s managing agent or any Superior Lessors or Mortgagees named as additional insureds, insureds and Tenant agrees to obtain blanket such coverage shall include without limitation broad-form contractual liability coverage to insure its indemnity obligations set forth in Article 32 28 hereof. The minimum limits of Tenant’s primary commercial general liability policy shall contain a provision that the policy shall be noncancellable unless twenty (20) days’ written notice shall have been given to Landlord and Landlord shall similarly receive twenty (20) days’ notice of any material change in coverage or non-renewal upon expiration. Tenant shall maintain commercial general liability insurance covering claims for bodily injury, death or property damage occurring upon, in or about the Real Property, having a minimum combined single limit with respect to each occurrence in an amount of not less than *****; provided, $2,000,000.00. Notwithstanding the foregoing however, that Landlord may shall retain the right to require Tenant to increase such coverage, from time to time, said coverage to that amount of insurance which in Landlord’s reasonable judgment is then being customarily required by prudent landlords in first-class of comparable buildings in the City of New York Chicago, and provided further that Landlord shall require similar increases of other tenants of space in the Building comparable to the Premises. The foregoing policies of insurance if provided on a blanket policy with respect to more than the Ancillary Space and for comparable entertainment centers in the City of New York with respect Real Property shall apply to the Music Halleach location as though each had its own separate policies. If the aggregate limit applying to the Premises is reduced by the payment of a claim or establishment of a reserve equal to or greater than 50% of the annual aggregate, Tenant shall immediately arrange to have also obtain and keep in full force and effect during the aggregate limit restored by endorsement to the existing policy or the purchase of an additional insurance policy unlessTerm, in Landlord’s reasonable judgment, Tenant maintains sufficient excess liability insurance to satisfy the liability requirements of this Lease without the reinstatement of the aggregate limit;
(iia) insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard forms of “all riskrisk property” property insurance policies with extended coveragepolicies, having a deductible amount, if any, as reasonably approved by Landlord, insuring (A) with respect to the Ancillary Space, all Ancillary Space Tenant’s Property and Tenant’s Alterations and improvements to the Ancillary Space, for the full insurable value thereof or on a replacement cost value thereof, basis; (B) all of Tenant’s Property and (C) Landlord’s Studio Apartment Property; all such insurance shall name Tenant as the insured and, except with respect to Tenant’s insurance covering Tenant’s Property and Landlord’s Studio Apartment Property, Landlord and any Lessors and any Mortgagees whose names shall have been furnished by Landlord to Tenant from time to time shall be named as additional insureds and loss payees;
(iii) during the performance of any Alteration, until completion thereof, Builder’s risk insurance on an “all risk” basis and on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (and their respective contractors and subcontractors), any Mortgagee and any Lessor in all work incorporated in the Buildings and all materials and equipment in or about the Premises;
(ivb) Workers’ Compensation Insurance, as required by law;
law and Employer’s Liability Insurance; (vc) Liquor Liability (dram shop) Business Interruption Insurance with a minimum limit of liability in an amount of not less than $1,000,000 on an occurrence basis, covering bodily injury twelve (12) months of annual Rent under this Agreement; and death to one or more persons and $100,000 in connection with property damage; and
(vid) such other insurance in such amounts as Landlord, any Mortgagee and/or any Superior Lessor may reasonably require from time to time for premises comparable time. All insurance required to be carried by Tenant pursuant to the Premisesterms of this Lease shall be effected under valid and enforceable policies issued by reputable and independent insurers permitted to do business in the State of Illinois, and rated in Best’s Insurance Guide, or any successor thereto (or if there be none, an organization having a national reputation) as having a Best’s Rating” of “A-” and a “Financial Size Category” of at least “XI” or if such ratings are not then in effect, the equivalent thereof.
Appears in 2 contracts
Samples: Lease Agreement (Groupon, Inc.), Lease Agreement (Groupon, Inc.)
Tenant’s Insurance. Tenant shall obtain and thereafter maintain during the Term, on or before the earlier to occur of (a) Tenantthe Commencement Date, at its expenseor (b) the date that Tenant or any Tenant Party (as hereinafter defined) enters the Premises for any purpose, shall obtain and keep in full force and effect during the Term:including, without limitation, pursuant to Subsection 1B(iv) hereof):
(i) a A policy of commercial general liability and property damage insurance on an occurrence basis against claims for personal injurybasis, death and/or property damage occurring in or about the Premises, under which Tenant is named as the insured and Landlord, Landlord’s managing agent, any Lessors, any Mortgagees and any other parties whose names shall have been furnished by Landlord to Tenant from time to time are named as additional insureds, which insurance shall provide primary coverage without contribution from any other insurance carried by or for the benefit of Landlord, Landlord’s managing agent or any Lessors or Mortgagees named as additional insureds, and Tenant agrees to obtain blanket broad-with a broad form contractual liability coverage to insure its indemnity obligations set forth in Article 32 hereofendorsement. The minimum limits of liability shall be a combined single limit with respect to each occurrence in an amount of not less than *****; provided$1,000,000 per occurrence/$5,000,000 general aggregate for injury (or death) and damage to property, however, that Landlord which amount may require Tenant to increase such be satisfied with a primary commercial general liability policy of not less than $1,000,000 and an excess (or umbrella) liability policy affording coverage, from time to timeat least as broad as that afforded by the primary commercial general liability policy, to that in an amount not less than the difference between $5,000,000 and the amount of the primary policy. Such insurance which in Landlord’s reasonable judgment is then being customarily required by landlords in first-class buildings in the City of New York with respect to the Ancillary Space and for comparable entertainment centers in the City of New York with respect to the Music Hall. If the aggregate limit applying to may be carried under a blanket policy covering the Premises is reduced by and other locations of Tenant, provided such a policy contains an endorsement (a) naming the payment of a claim or establishment of a reserve equal to or greater than 50% of Landlord Indemnitees as additional insureds and (b) specifically referencing the annual aggregate, Tenant shall immediately arrange to have the aggregate limit restored by endorsement to the existing policy or the purchase of an additional insurance policy unlessPremises. Whenever, in Landlord’s reasonable judgment, good business practice and changing conditions indicate a need for additional amounts or different types of insurance coverage, Tenant maintains sufficient excess liability shall, within twenty (20) days after Landlord’s request, obtain such insurance to satisfy the liability requirements of this Lease without the reinstatement of the aggregate limit;coverage, at Tenant’s expense.
(ii) An insurance against loss or damage by firepolicy for Tenant’s property and Alterations, and such other risks and hazards as are in either case to the extent insurable under then the available standard forms of “all risk” property insurance policies with extended coveragepolicies, having a deductible amount, if any, as reasonably approved by Landlord, insuring in an amount equal to one hundred (A100%) with respect to percent of the Ancillary Space, all Ancillary Space Alterations and improvements to the Ancillary Space, for the full insurable value thereof or replacement cost value thereof, (B) all of Tenant’s Property and (C) Landlord’s Studio Apartment Property; all such insurance shall name Tenant as the insured and, except with respect to Tenant’s insurance covering Tenant’s Property and Landlord’s Studio Apartment Property, Landlord and any Lessors and any Mortgagees whose names shall have been furnished by Landlord to Tenant from time to time shall be named as additional insureds and loss payees;.
(iii) during the performance of any Alteration, until completion thereof, BuilderWorkers’ compensation insurance providing statutory benefits for Tenant’s risk insurance on an “all risk” basis employees and on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (and their respective contractors and subcontractors), any Mortgagee and any Lessor in all work incorporated in the Buildings and all materials and equipment in or about the Premises;employer’s liability.
(iv) Workers’ Compensation Insurance, as required by law;
(v) Liquor Liability (dram shop) Insurance Business interruption or rental insurance with a minimum limit of liability at least $250,000.00 per year. All insurance required to be carried by Tenant pursuant to the terms of this Lease shall be effected under valid and enforceable policies issued by reputable and independent insurers permitted to do business in the State of New York, and rated in Best’s Insurance Guide, or any successor thereto (or if there be none, an amount organization having a national reputation) as having a general policyholder rating of “A” and a financial rating of at least “13”. All such policies shall contain a provision that the insurance company will not less than $1,000,000 on an occurrence basiscancel or refuse to renew the policy, covering bodily injury or change in any material way the nature or extent of the coverage provided by such policy (a “Cancellation or Modification Notice”), without first giving Landlord and death Tenant at least thirty (30) days’ written notice by certified mail, return receipt requested. In the event that Tenant’s insurer will not agree to one give Landlord a Cancellation or more persons Modification Notice, Tenant shall, upon receipt of a Cancellation or Modification Notice, promptly deliver a copy thereof to Landlord (and $100,000 in connection Tenant’s failure to do so will be a default under this Lease). Prior to the time such insurance is first required to be carried by Tenant and thereafter at least thirty (30) days prior to the termination of any existing policy, Tenant shall deliver to Landlord a certificate evidencing the effectiveness of the insurance policies required to be maintained hereunder. Each policy required hereunder shall contain a clause that the policy and the coverage evidenced thereby shall be primary with property damage; and
(vi) such other insurance in such amounts as respect to any policies carried by Landlord, and that any Mortgagee and/or coverage carried by Landlord shall be excess insurance. The limits of the insurance required under this Article shall not limit the liability of Tenant under this Lease. In the event that Tenant fails to continuously maintain insurance as required hereby, Landlord may, at its option and without relieving Tenant of any Lessor may reasonably require from time to time obligation hereunder, order such insurance and pay for premises comparable to the Premisessame at the expense of Tenant. In such event, Tenant shall repay the amount expended by Landlord, with interest thereon, as Additional Rent. Tenant acknowledges that Landlord will not carry insurance on and shall not be responsible for damage to, Tenant’s Alterations, fixtures, furnishings, equipment or other property, and that Landlord shall not carry insurance against, or be responsible for any loss suffered by Tenant due to, interruption of Tenant’s business.
Appears in 2 contracts
Samples: Lease Agreement (Compass, Inc.), Lease Agreement (Urban Compass, Inc.)
Tenant’s Insurance. Tenant shall maintain throughout the Term the following insurance policies: (a1) Tenant, at its expense, shall obtain and keep in full force and effect during the Term:
(i) a policy of commercial general liability insurance on an in amounts of $3,000,000 per occurrence basis against claims for personal injuryor, death and/or property damage occurring in or about following the Premisesexpiration of the initial Term, under which Tenant is named such other amounts as the insured and Landlord, Landlord’s managing agent, any Lessors, any Mortgagees and any other parties whose names shall have been furnished by Landlord to Tenant may from time to time are named 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 additional insuredsLandlord may reasonably require), which insuring Tenant, Landlord, Landlord's agents and their respective Affiliates 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, (2) insurance covering the full value of Tenant's property and improvements, and other property (including property of others) in the Premises, (3) 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), (4) worker's compensation insurance, and (5) business interruption insurance. Tenant's insurance shall provide primary coverage without contribution from to Landlord when any policy issued to Landlord provides duplicate or similar coverage, and in such circumstance Landlord's policy will be excess over Tenant's policy. Tenant shall furnish to Landlord certificates of such insurance and such other evidence satisfactory to Landlord of the maintenance of all insurance carried by or for the benefit of Landlord, Landlord’s managing agent or any Lessors or Mortgagees named as additional insuredscoverages required hereunder, and Tenant agrees shall obtain a written obligation on the part of each insurance company to obtain blanket broad-form contractual liability coverage to insure its indemnity obligations set forth in Article 32 hereofnotify Landlord at least 30 days before cancellation or a material change of any such insurance policies. The minimum limits of liability All such insurance policies shall be a combined single limit with respect to each occurrence in an amount of not less than *****; provided, however, that Landlord may require Tenant to increase such coverage, from time to time, to that amount of insurance which in Landlord’s reasonable judgment is then being customarily required by landlords in first-class buildings in the City of New York with respect to the Ancillary Space and for comparable entertainment centers in the City of New York with respect to the Music Hall. If the aggregate limit applying to the Premises is reduced by the payment of a claim or establishment of a reserve equal to or greater than 50% of the annual aggregate, Tenant shall immediately arrange to have the aggregate limit restored by endorsement to the existing policy or the purchase of an additional insurance policy unless, in Landlord’s reasonable judgment, Tenant maintains sufficient excess liability insurance to satisfy the liability requirements of this Lease without the reinstatement of the aggregate limit;
(ii) insurance against loss or damage by fireform, and such other risks and hazards as are insurable under then available standard forms of “all risk” property insurance policies with extended coverageissued by companies, having a deductible amount, if any, as reasonably approved by satisfactory to Landlord, insuring (A) with respect to the Ancillary Space, all Ancillary Space Alterations and improvements to the Ancillary Space, for the full insurable value thereof or replacement cost value thereof, (B) all of Tenant’s Property and (C) Landlord’s Studio Apartment Property; all such insurance shall name Tenant as the insured and, except with respect to Tenant’s insurance covering Tenant’s Property and Landlord’s Studio Apartment Property, Landlord and any Lessors and any Mortgagees whose names shall have been furnished by Landlord to Tenant from time to time shall be named as additional insureds and loss payees;
(iii) during the performance of any Alteration, until completion thereof, Builder’s risk insurance on an “all risk” basis and on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (and their respective contractors and subcontractors), any Mortgagee and any Lessor in all work incorporated in the Buildings and all materials and equipment in or about the Premises;
(iv) Workers’ Compensation Insurance, as required by law;
(v) Liquor Liability (dram shop) Insurance with a minimum limit of liability in an amount of not less than $1,000,000 on an occurrence basis, covering bodily injury and death to one or more persons and $100,000 in connection with property damage; and
(vi) such other insurance in such amounts as Landlord, any Mortgagee and/or any Lessor may reasonably require from time to time for premises comparable to the Premises.
Appears in 2 contracts
Samples: Lease Agreement (Daisytek International Corporation /De/), Lease Agreement (Panoramic Care Systems Inc)
Tenant’s Insurance. During the Lease Term, Tenant shall maintain the following types of insurance, in the amounts specified and in the form hereinafter provided for:
(a) Liability insurance in the Commercial General Liability form (including Broad Form Property Damage and Contractual Liabilities or reasonable equivalent thereto) covering the Leased Premises and Tenant’s use thereof against claims for bodily injury or death, at its expenseproperty damage and product liability occurring upon, shall obtain and keep in full force and effect during or about the Term:
(i) a policy of commercial general liability Leased Premises, such insurance to be written on an occurrence basis against (not a claims made basis), to be in combined single limits amounts not less than $3,000,000 and to have general aggregate limits of not less than $5,000,000 for each policy year.
(b) All Risk Coverage, Vandalism and Malicious Mischief, and Sprinkler Leakage insurance, if applicable, for the full cost of replacement of Tenant’s trade fixtures, merchandise and personal injuryproperty.
(c) Worker’s Compensation: minimum statutory amount. All policies of insurance provided for in this Section 8.02 (i) shall be issued in form reasonably acceptable to Landlord, death and/or property damage occurring in or about the Premises, under which Tenant is named as the insured and (ii) shall name Landlord, Landlord’s managing agent, any Lessors, any Mortgagees mortgagee and any other parties whose names shall have been furnished party reasonably designated by Landlord to Tenant from time to time are named as additional insureds, which insurance shall provide primary coverage without contribution from any other insurance carried by or for the benefit of Landlord, Landlord’s managing agent or any Lessors or Mortgagees named as additional insureds, and Tenant agrees to obtain blanket broad-form contractual liability coverage to insure its indemnity obligations set forth in Article 32 hereof. The minimum limits of liability shall be a combined single limit with respect to each occurrence in an amount of not less than *****; provided, however, that Landlord may require Tenant to increase such coverage, from time to time, to that amount of insurance which in Landlord’s reasonable judgment is then being customarily required by landlords in first-class buildings in the City of New York with respect to the Ancillary Space and for comparable entertainment centers in the City of New York with respect to the Music Hall. If the aggregate limit applying to the Premises is reduced by the payment of a claim or establishment of a reserve equal to or greater than 50% of the annual aggregate, Tenant shall immediately arrange to have the aggregate limit restored by endorsement to the existing policy or the purchase of an additional insurance policy unless, in Landlord’s reasonable judgment, Tenant maintains sufficient excess liability insurance to satisfy the liability requirements of this Lease without the reinstatement of the aggregate limit;
(ii) insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard forms of “all risk” property insurance policies with extended coverage, having a deductible amount, if any, as reasonably approved by Landlord, insuring (A) with respect to the Ancillary Space, all Ancillary Space Alterations and improvements to the Ancillary Space, for the full insurable value thereof or replacement cost value thereof, (B) all of Tenant’s Property and (C) Landlord’s Studio Apartment Property; all such insurance shall name Tenant as the insured and, except with respect to Tenant’s insurance covering Tenant’s Property and Landlord’s Studio Apartment Property, Landlord and any Lessors and any Mortgagees whose names shall have been furnished by Landlord to Tenant from time to time shall be named as additional insureds and loss payees;
(iii) shall provide that they may not be materially changed or canceled on less than thirty (30) days’ prior written notice to Landlord. Tenant shall furnish Landlord with Certificates of Insurance evidencing all required coverages on or before the Commencement Date, and thereafter within thirty (30) days prior to the expiration of each such policy. If Tenant fails to carry such insurance, Landlord may obtain such insurance and Tenant shall promptly reimburse Landlord therefor. If Tenant elects not to carry business interruption insurance, Tenant releases Landlord from any and all liability arising during the performance of any Alteration, until completion thereof, Builder’s risk Lease Term which would have been covered by business interruption insurance on an “all risk” basis and on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and had Tenant (and their respective contractors and subcontractors), any Mortgagee and any Lessor in all work incorporated in the Buildings and all materials and equipment in or about the Premises;
(iv) Workers’ Compensation Insurance, as required by law;
(v) Liquor Liability (dram shop) Insurance with a minimum limit of liability in an amount of not less than $1,000,000 on an occurrence basis, covering bodily injury and death to one or more persons and $100,000 in connection with property damage; and
(vi) carried such other insurance in such amounts as Landlord, any Mortgagee and/or any Lessor may reasonably require from time to time for premises comparable to the Premisesinsurance.
Appears in 2 contracts
Samples: Industrial Lease Agreement, Industrial Lease Agreement (Primerica, Inc.)
Tenant’s Insurance. (a) Tenant, at its expense, 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 PremisesBuilding, under which Tenant is named as the insured and Landlord, Landlord’s managing agent, Agent and any Lessors, Lessors and any Mortgagees and any other parties whose names shall have been furnished by Landlord to Tenant from time to time are named as additional insureds, which insureds (the “Insured Parties”). Such insurance shall provide primary coverage without contribution from any other insurance carried by or for the benefit of Landlord, Landlord’s managing agent or any Lessors or Mortgagees named as additional insuredsthe Insured Parties, and Tenant agrees to shall obtain blanket broad-form contractual liability coverage to insure its indemnity obligations set forth in Article 32 hereof25. The minimum limits of liability applying exclusively to the Premises shall be a combined single limit with respect to each occurrence in an amount of not less than *****$5,000,000; provided, however, that Landlord may shall retain the right to require Tenant to increase such coverage, coverage from time to time, time to that amount of insurance which in Landlord’s reasonable judgment is then being customarily required by landlords for similar office space in first-class buildings in Comparable Buildings. The self insured retention for such policy shall not exceed $10,000. Tenant may satisfy the City limits of New York liability required herein with a combination of umbrella and/or excess policies of insurance, provided that such policies comply with all of the provisions hereof (including, without limitation, with respect to the Ancillary Space scope of coverage and for comparable entertainment centers in the City of New York with respect to the Music Hall. If the aggregate limit applying to the Premises is reduced by the payment of a claim or establishment of a reserve equal to or greater than 50% naming of the annual aggregate, Tenant shall immediately arrange to have the aggregate limit restored by endorsement to the existing policy or the purchase of an additional insurance policy unless, in Landlord’s reasonable judgment, Tenant maintains sufficient excess liability insurance to satisfy the liability requirements of this Lease without the reinstatement of the aggregate limitInsured Parties);
(ii) insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard forms of “all riskSpecial Form Causes of Loss” or “All Risk” property insurance policies with extended coverage, having a deductible amount, if any, as reasonably approved by Landlordpolicies, insuring (A) with respect to the Ancillary Space, Tenant’s Property and all Ancillary Space Alterations and improvements to the Ancillary SpacePremises (including the initial installations) to the extent such Alterations and improvements exceed the cost of the 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 value thereof, (B) all having a deductible amount, if any, not in excess of Tenant’s Property and (C) Landlord’s Studio Apartment Property; all such insurance shall name Tenant as the insured and, except with respect to Tenant’s insurance covering Tenant’s Property and Landlord’s Studio Apartment Property, Landlord and any Lessors and any Mortgagees whose names shall have been furnished by Landlord to Tenant from time to time shall be named as additional insureds and loss payees$25,000;
(iii) during the performance of any Alteration, until completion thereof, Builder’s risk Risk insurance on an “all risk” basis and on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (and their respective contractors and subcontractors), any Mortgagee and any Lessor ) in all work incorporated in the Buildings Building and all materials and equipment in or about the PremisesPremises to the extent such Alteration activities are not covered by Tenant’s then-existing property insurance policies;
(iv) Workers’ Compensation Insurance, as required by law;
(v) Liquor Business Interruption Insurance covering a minimum of one year of anticipated gross income;
(vi) if the Building or Real Property includes a parking garage or surface parking lot that is utilized by Tenant, Commercial Automobile Liability (dram shop) Insurance for any owned, non-owned or hired vehicles with a minimum combined single limit of liability with respect to each occurrence in an amount of not less than $1,000,000 on an occurrence basis, covering bodily injury and death to one or more persons and $100,000 in connection with property damage1,000,000; and
(vivii) such other insurance in such amounts as Landlord, any Mortgagee and/or any Lessor the Insured Parties may reasonably require from time to time for premises comparable to the Premisestime.
Appears in 2 contracts
Samples: Lease Agreement (Marchex Inc), Lease Agreement (Marchex Inc)
Tenant’s Insurance. (a) TenantTenant shall maintain insurance complying ------------------ with all of the following:
A. Tenant shall procure, at its expense, shall obtain pay for and keep in full force and effect during the Termfollowing:
(i1) a policy of commercial Commercial general liability insurance on an occurrence basis insurance, including property damage, against claims liability for personal injury, bodily injury, death and/or and damage to property damage occurring in or about about, or resulting from an occurrence in or about, the PremisesPremises with combined single limit coverage of not less than the amount of Tenant's Liability Insurance Minimum specified in Section Q of the Summary, under which Tenant is named as insurance shall --------- contain a "contractual liability" endorsement insuring Tenant's performance of Xxxxxx's obligation to indemnify Landlord contained in Section 10.3;
(2) Fire and property damage insurance in so-called "all risk" form insuring Tenant's Trade Fixtures and Tenant's Alterations for the insured and Landlord, Landlord’s managing agent, any Lessors, any Mortgagees and any full actual replacement cost thereof; and
(3) Such other parties whose names shall have been furnished by Landlord to Tenant insurance that from time to time are named is either (i) required by any Lender, or (ii) reasonably required by Landlord and customarily carried by tenants of similar property in similar businesses in the vicinity of the Project.
B. Each policy of insurance required to he carried by Tenant pursuant to this Section 9.1: (i) shall name Landlord and such other parties in interest as Landlord reasonably designates as additional insureds, insured; (ii) shall be primary insurance which insurance provides that the insurer shall provide primary coverage be liable for the full amount of the loss up to and including the total amount of liability set forth in the declarations without the right of contribution from any other insurance carried by or for the benefit coverage of Landlord, Landlord’s managing agent or any Lessors or Mortgagees named as additional insureds, and Tenant agrees to obtain blanket broad-form contractual liability coverage to insure its indemnity obligations set forth in Article 32 hereof. The minimum limits of liability shall be a combined single limit with respect to each occurrence in an amount of not less than *****; provided, however, that Landlord may require Tenant to increase such coverage, from time to time, to that amount of insurance which in Landlord’s reasonable judgment is then being customarily required by landlords in first-class buildings in the City of New York with respect to the Ancillary Space and for comparable entertainment centers in the City of New York with respect to the Music Hall. If the aggregate limit applying to the Premises is reduced by the payment of a claim or establishment of a reserve equal to or greater than 50% of the annual aggregate, Tenant shall immediately arrange to have the aggregate limit restored by endorsement to the existing policy or the purchase of an additional insurance policy unless, in Landlord’s reasonable judgment, Tenant maintains sufficient excess liability insurance to satisfy the liability requirements of this Lease without the reinstatement of the aggregate limit;
(ii) insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard forms of “all risk” property insurance policies with extended coverage, having a deductible amount, if any, as reasonably approved by Landlord, insuring (A) with respect to the Ancillary Space, all Ancillary Space Alterations and improvements to the Ancillary Space, for the full insurable value thereof or replacement cost value thereof, (B) all of Tenant’s Property and (C) Landlord’s Studio Apartment Property; all such insurance shall name Tenant as the insured and, except with respect to Tenant’s insurance covering Tenant’s Property and Landlord’s Studio Apartment Property, Landlord and any Lessors and any Mortgagees whose names shall have been furnished by Landlord to Tenant from time to time shall be named as additional insureds and loss payees;
(iii) during the performance of any Alteration, until completion thereof, Builder’s risk insurance on an “all risk” basis and on shall be in a completed value form including a Permission satisfactory to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (and their respective contractors and subcontractors), any Mortgagee and any Lessor in all work incorporated in the Buildings and all materials and equipment in or about the Premises;
Landlord; (iv) Workers’ Compensation Insuranceshall be carried with companies reasonably acceptable to Landlord and having a rating of A+, as required by lawAAA or better in "Best's Insurance Guide;
(v) Liquor Liability (dram shop) Insurance with a minimum limit of liability in an amount of not less than $1,000,000 on an occurrence basis, covering bodily injury and death to one or more persons and $100,000 in connection with property damage; and
(vi) such other insurance in such amounts as Landlord, any Mortgagee and/or any Lessor may reasonably require from time to time for premises comparable to the Premises."
Appears in 1 contract
Samples: Office Lease (Netflix Com Inc)
Tenant’s Insurance. (a) Tenant, at its expense, 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 PremisesBuilding, under which Tenant is named as the insured and Landlord, Landlord’s managing agent, Agent and any Lessors, Lessors and any Mortgagees and any other parties whose names shall have been furnished by Landlord to Tenant from time to time are named as additional insureds, which insureds (the “Insured Parties”). Such insurance shall provide primary coverage without contribution from any other insurance carried by or for the benefit of Landlord, Landlord’s managing agent or any Lessors or Mortgagees named as additional insuredsthe Insured Parties, and Tenant agrees to shall obtain blanket broad-form contractual liability coverage to insure its indemnity obligations set forth in Article 32 hereof25. The minimum limits of liability shall be (a) a combined single limit with respect to each occurrence in an amount of not less than *****$1,000,000; provided, however, that Landlord may require Tenant to increase such coverage, from time to time, to that amount and (b) Umbrella/Excess Liability with limits of insurance which not less than $10,000,000 combined single limit in Landlord’s reasonable judgment is then being customarily required by landlords in first-class buildings in the City of New York with respect to the Ancillary Space and for comparable entertainment centers in the City of New York with respect to the Music Hall. If the aggregate limit applying to the Premises is reduced by the payment of a claim or establishment of a reserve equal to or greater than 50% excess of the annual aggregate, Tenant above-referenced commercial general liability. The deductible or self insured retention for such policy shall immediately arrange to have the aggregate limit restored by endorsement to the existing policy or the purchase of an additional insurance policy unless, in Landlord’s reasonable judgment, Tenant maintains sufficient excess liability insurance to satisfy the liability requirements of this Lease without the reinstatement of the aggregate limitnot exceed $25,000;
(ii) insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard forms of “all riskSpecial Form Causes of Loss” or “All Risk” property insurance policies with extended coverage, having a deductible amount, if any, as reasonably approved by Landlordpolicies, insuring (A) with respect to the Ancillary Space, Tenant’s Property and all Ancillary Space Alterations and improvements to the Ancillary SpacePremises (including the initial installations) to the extent such Alterations and improvements exceed the cost of the 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 value thereof, (B) all having a deductible amount, if any, not in excess of Tenant’s Property $25,000; and (C) Landlord’s Studio Apartment Property; all 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 shall name Tenant as policies, insuring the insured andExisting Furnishings for the full insurable value thereof or replacement cost thereof, except with respect to Tenant’s insurance covering Tenant’s Property and Landlord’s Studio Apartment Propertyhaving a deductible amount, Landlord and any Lessors and any Mortgagees whose names shall have been furnished by Landlord to Tenant from time to time shall be named as additional insureds and loss payeesif any, not in excess of $25,000;
(iii) during the performance of any Alteration, until completion thereof, Builder’s risk Risk insurance on an “all risk” basis and on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (and their respective contractors and subcontractors), any Mortgagee and any Lessor ) in all work incorporated in the Buildings Building and all materials and equipment in or about the Premises;
(iv) Workers’ Compensation Insurance, as required by law;
(v) Liquor Liability (dram shop) Insurance with a minimum limit of liability in an amount of not less than $1,000,000 on an occurrence basis, covering bodily injury and death to one or more persons and $100,000 in connection with property damage[Intentionally Omitted]; and
(vi) during the Extension Term, such other insurance in such amounts as Landlord, any Mortgagee and/or any Lessor the Insured Parties may reasonably require from time to time for premises comparable time, but only if Landlord has informed Tenant of such other insurance requirements prior to the Premisesdate on which Tenant gives Landlord notice that Tenant elects to lease the Premises for the Extension Term pursuant to Rider No. 1 — Extension Option.
(b) All insurance required to be carried by Tenant (i) shall contain a provision that (x) no act or omission of Tenant shall affect or limit the obligation of the insurance company to pay the amount of any loss sustained, and (y) shall be noncancellable and/or no material change in coverage shall be made thereto unless the Insured Parties receive 30 days’ prior notice of the same, by certified mail, return receipt requested, and (ii) shall be effected under valid and enforceable policies issued by reputable insurers permitted to do business in the Commonwealth of Virginia and rated in Best’s Insurance Guide, or any successor thereto as having a “Best’s Rating” of “A-” or better and a “Financial Size Category” of at least “X” or better or, if such ratings are not then in effect, the equivalent thereof or such other financial rating as Landlord may at any time consider appropriate.
(c) On or prior to the Commencement Date, Tenant shall deliver to Landlord appropriate policies of insurance, including evidence of waivers of subrogation required to be carried pursuant to this Article 11 and that the Insured Parties are named as additional insureds (the “Policies”). Tenant shall provide evidence of each renewal or replacement of the Policies and shall use commercially reasonable efforts to deliver such evidence to Landlord at least 10 days prior to the expiration of the Policies. Tenant shall also advise all Insured Parties in writing by certified mail, return receipt requested, at least 30 days in advance of any termination or change to the Policies that would affect the interest of any of the Insured Parties. In lieu of the Policies, Tenant may deliver to Landlord a certification from Tenant’s insurance company (on the form currently designated “Xxxxx 27” (Evidence of Property Insurance) and “Xxxxx 25-S” (Certificate of Liability Insurance), or the equivalent, provided that attached thereto is an endorsement to Tenant’s commercial general liability policy naming the Insured Parties as additional insureds) which shall be binding on Tenant’s insurance company, and which shall expressly provide that such certification conveys to the Insured Parties all the rights and privileges afforded under the Policies as primary insurance.
Appears in 1 contract
Samples: Sublease Agreement (K12 Inc)
Tenant’s Insurance. (a) Tenant, at its expense, 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 PremisesBuilding or the Center, under which Tenant is named as the insured and Landlord, Landlord’s managing agent, any Lessors, any Mortgagees 's Agent and any other parties Lessors and any Mortgages whose names shall have been furnished by Landlord to Tenant from time to time are named as additional insureds, which insureds (the "INSURED PARTIES"). Such insurance shall provide primary coverage without contribution from any other insurance carried by or for the benefit of Landlord, Landlord’s managing agent or any Lessors or Mortgagees named as additional insuredsthe Insured Parties, and Tenant agrees to shall obtain blanket broad-form contractual liability coverage to insure its indemnity obligations set forth in Article 32 hereofARTICLE 25. The minimum limits of liability applying exclusively to the Premises shall be a combined single limit with respect to each occurrence in an amount of not less than *****$15,000,000; provided, however, that Landlord may shall retain the right (but not more frequently than once in any three (3) year period) to require Tenant to increase such coverage, coverage from time to time, time to that amount of insurance which in Landlord’s 's reasonable judgment is then being customarily required by landlords for similar office space in first-class buildings Comparable Buildings. Tenant may provide such insurance coverage as part of a blanket or umbrella policy, which includes other premises of Tenant, provided the aggregate limits of insurance coverage required to be in effect for the City of New York with respect Premises pursuant to the Ancillary Space terms hereof shall not be reduced as a result of claims made against other premises or property of Tenant covered under such policies, and such blanket or umbrella polices shall comply with the terms hereof. The deductible or self insured retention for comparable entertainment centers in the City of New York with respect to the Music Hall. If the aggregate limit applying to the Premises is reduced by the payment of a claim or establishment of a reserve equal to or greater than 50% of the annual aggregate, Tenant such policy shall immediately arrange to have the aggregate limit restored by endorsement to the existing policy or the purchase of an additional insurance policy unless, in Landlord’s reasonable judgment, Tenant maintains sufficient excess liability insurance to satisfy the liability requirements of this Lease without the reinstatement of the aggregate limitnot exceed $10,000;
(ii) insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard forms of “"all risk” " property insurance policies with extended coverage, having a deductible amount, if any, as reasonably approved by Landlord, insuring (A) with respect to the Ancillary Space, Tenant's Property and all Ancillary Space Alterations and improvements to the Ancillary SpacePremises (including the Initial Installations) to the extent such Alterations and improvements exceed the cost of the 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 value thereof, (B) all of Tenant’s Property and (C) Landlord’s Studio Apartment Property; all such insurance shall name Tenant as the insured and, except with respect to Tenant’s insurance covering Tenant’s Property and Landlord’s Studio Apartment Property, Landlord and any Lessors and any Mortgagees whose names shall have been furnished by Landlord to Tenant from time to time shall be named as additional insureds and loss payees;having a commercially reasonable deductible amount.
(iii) during the performance of any Alteration, until completion thereof, Builder’s risk 's Risk insurance on an “"all risk” " basis and on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (and their respective contractors and subcontractors), any Mortgagee and any Lessor ) in all work incorporated in the Buildings Building and all materials and equipment in or about the Premises;
(iv) Workers’ ' Compensation Insurance, as required by law;
(v) Liquor Liability (dram shop) Insurance with a minimum limit of liability in an amount of not less than $1,000,000 on an occurrence basis, covering bodily injury and death to one or more persons and $100,000 in connection with property damageBusiness Interruption Insurance; and
(vi) such other insurance in such amounts as Landlord, any Mortgagee and/or any Lessor the Insured Parties may reasonably require from time to time for premises comparable time.
(b) All insurance required to be carried by Tenant (i) shall contain a provision that (x) no act or omission of Tenant shall affect or limit the Premises.obligation of the insurance company to pay the amount of any loss sustained, and (y) shall be noncancellable and/or no material change in coverage shall be made thereto unless the Insured Parties receive 30 days' (or 10 days in the case of non-payment) prior notice of the same, by certified mail, return receipt requested, and (ii) shall be effected under valid and enforceable policies issued by reputable insurers permitted to do business in the State of New York and rated in Best's Insurance Guide, or any successor thereto as having a "Best's Rating" of "A-" or better and a
Appears in 1 contract
Samples: Lease (Franklin Resources Inc)
Tenant’s Insurance. Effective as of the earlier of (a1) Tenantthe date Tenant enters or occupies the Premises, at its expenseor (2) the Commencement Date, shall obtain and keep in full force and effect during continuing throughout the Term:
, Tenant shall maintain the following insurance policies: (iA) a policy of commercial general liability insurance on an in amounts of $3,000,000 per occurrence basis against claims for personal injuryor, death and/or property damage occurring 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 or about the Premisessuch amounts as Landlord may reasonably require), under which Tenant is named as the insured and insuring Tenant, Landlord, Landlord’s managing agentproperty 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 Lessors, any Mortgagees and any other parties whose names shall have been furnished consent by Landlord to Tenant from time to time are named the installation thereof) the installation, operation, maintenance, repair or removal of Tenant’s Off-Premises Equipment, (B) insurance covering the replacement cost of all alterations and improvements and betterments in the Premises, naming Landlord and Xxxxxxxx’s Mortgagee as additional insuredsloss payees as their interests may appear, which (C) insurance covering the replacement cost of all furniture, trade fixtures 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), (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) , (E) worker’s compensation insurance, and (F) business interruption insurance in an amount reasonably acceptable to Landlord. Tenant’s insurance shall provide primary coverage without contribution from to Landlord when any other insurance carried by policy issued to Landlord provides duplicate or for the benefit of Landlordsimilar coverage, and in such circumstance Landlord’s managing agent or any Lessors or Mortgagees named as additional insureds, and Tenant agrees to obtain blanket broad-form contractual liability coverage to insure its indemnity obligations set forth in Article 32 hereofpolicy will be excess over Tenant’s policy. The minimum limits of liability shall be a combined single limit with respect to each occurrence in an amount of not less than *****; provided, however, that Landlord may require Tenant to increase such coverage, from time to time, to that amount of insurance which in Landlord’s reasonable judgment is then being customarily required by landlords in first-class buildings in the City of New York with respect to the Ancillary Space and for comparable entertainment centers in the City of New York with respect to the Music Hall. If the aggregate limit applying to the Premises is reduced by the payment of a claim or establishment of a reserve equal to or greater than 50% of the annual aggregate, Tenant shall immediately arrange furnish to have the aggregate limit restored by endorsement to the existing policy or the purchase Landlord certificates of an additional such insurance policy unless, in Landlord’s reasonable judgment, Tenant maintains sufficient excess liability insurance to satisfy the liability requirements of this Lease without the reinstatement of the aggregate limit;
(ii) insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard forms evidence satisfactory to Landlord of “the maintenance of all risk” property insurance coverages required hereunder on or before the Commencement Date. Tenant shall promptly notify Landlord if any insurance required hereunder will not be renewed. Upon the renewal of the insurance required hereunder, Tenant shall, no later than fifteen (15) days after the renewal, furnish to Landlord insurance certificate(s) evidencing the renewal. If, during the Term, any insurance coverage required hereunder is changed in any manner, Tenant shall, no later than fifteen (15) days after the change, furnish to Landlord insurance certificate(s) evidencing the change. Tenant shall obtain a written obligation on the part of each insurance company to notify Landlord at least 30 days before the cancellation of any such insurance policies. All such insurance policies shall be in form, and issued by companies with extended coveragean A.M. Best rating of A+:VII or better, having a deductible amountreasonably 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, if any, as reasonably approved by Landlord, insuring (A) with respect 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 on demand the Ancillary Space, all Ancillary Space Alterations and improvements to the Ancillary Space, for the full insurable value thereof or replacement cost value premium costs thereof, (B) all plus an administrative fee of Tenant’s Property and (C) Landlord’s Studio Apartment Property; all 15% of such insurance shall name Tenant as the insured and, except with respect to Tenant’s insurance covering Tenant’s Property and Landlord’s Studio Apartment Property, Landlord and any Lessors and any Mortgagees whose names shall have been furnished by Landlord to Tenant from time to time shall be named as additional insureds and loss payees;
(iii) during the performance of any Alteration, until completion thereof, Builder’s risk insurance on an “all risk” basis and on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (and their respective contractors and subcontractors), any Mortgagee and any Lessor in all work incorporated in the Buildings and all materials and equipment in or about the Premises;
(iv) Workers’ Compensation Insurance, as required by law;
(v) Liquor Liability (dram shop) Insurance with a minimum limit of liability in an amount of not less than $1,000,000 on an occurrence basis, covering bodily injury and death to one or more persons and $100,000 in connection with property damage; and
(vi) such other insurance in such amounts as Landlord, any Mortgagee and/or any Lessor may reasonably require from time to time for premises comparable to the Premisescost.
Appears in 1 contract
Tenant’s Insurance. Tenant shall at its sole cost and expense obtain and maintain throughout the Term with reputable insurance companies qualified to do business in Massachusetts, the following insurance, designating Landlord as a named insured:
(a) Tenant, at its expense, shall obtain and keep in full force and effect during the Term:
(i) a policy of commercial general Comprehensive liability insurance on an occurrence basis indemnify Landlord and Tenant against all claims and demands for personal injury, death and/or any injury to person or property damage occurring which may be claimed to have occurred in or about the Premises, under in amounts which Tenant is named as shall at the insured and Landlordbeginning of the Term, Landlord’s managing agentbe not less than the amounts set forth in Section 1.2, any Lessors, any Mortgagees and any other parties whose names shall have been furnished by Landlord to Tenant from time to time during the Term, may be for such higher amounts as Landlord may require, taking into account the region in which the premises are named as additional insuredslocated and similar Property, which used for similar purposes:
(b) So-called "all-risk" property insurance shall provide primary coverage without contribution from in the amount of the full replacement cost of all Tenant's property, fixtures, improvements and betterments;
(c) Workmen's compensation, automobile insurance and any other insurance required by law or the nature of Tenant's business (it is understood that the Landlord will not be designated as a named insured on these policies);
(d) Insurance against such other hazards as may from time to time be required by Landlord, or others with a financial interest in the Premises, provided that such insurance is customarily carried by in the region in which the Premises are located, on property similar to the Premises and used for similar Purposes.
(e) If Tenant's use or occupancy of the Premises causes any increase in insurance premiums for the benefit Building or Premises, Tenant will pay such additional cost. Tenant shall furnish Landlord with certificates or policies of all such insurance prior to the beginning of the Term and of each renewal policy at least 20 days prior to the expiration of the policy being renewed. Tenant's use and occupancy of the Premises shall conform to and comply with all requirements of Landlord's insurers, Landlord’s managing agent as such requirements may be amended or any Lessors or Mortgagees named as additional insureds, and Tenant agrees to obtain blanket broad-form contractual liability coverage to insure its indemnity obligations set forth in Article 32 hereof. The minimum limits of liability shall be a combined single limit with respect to each occurrence in an amount of not less than *****; provided, however, that Landlord may require Tenant to increase such coverage, modified from time to time, to that amount of insurance which in Landlord’s reasonable judgment is then being customarily required by landlords in first-class buildings in the City of New York with respect to the Ancillary Space and for comparable entertainment centers in the City of New York with respect to the Music Hall. If the aggregate limit applying to the Premises is reduced by the payment of a claim or establishment of a reserve equal to or greater than 50% of the annual aggregate, Tenant shall immediately arrange to have the aggregate limit restored by endorsement to the existing policy or the purchase of an additional insurance policy unless, in Landlord’s reasonable judgment, Tenant maintains sufficient excess liability insurance to satisfy the liability requirements of this Lease without the reinstatement of the aggregate limit;
(ii) insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard forms of “all risk” property insurance policies with extended coverage, having a deductible amount, if any, as reasonably approved by Landlord, insuring (A) with respect to the Ancillary Space, all Ancillary Space Alterations and improvements to the Ancillary Space, for the full insurable value thereof or replacement cost value thereof, (B) all of Tenant’s Property and (C) Landlord’s Studio Apartment Property; all such insurance shall name Tenant as the insured and, except with respect to Tenant’s insurance covering Tenant’s Property and Landlord’s Studio Apartment Property, Landlord and any Lessors and any Mortgagees whose names shall have been furnished by Landlord to Tenant from time to time shall be named as additional insureds and loss payees;
(iii) during the performance of any Alteration, until completion thereof, Builder’s risk insurance on an “all risk” basis and on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (and their respective contractors and subcontractors), any Mortgagee and any Lessor in all work incorporated in the Buildings and all materials and equipment in or about the Premises;
(iv) Workers’ Compensation Insurance, as required by law;
(v) Liquor Liability (dram shop) Insurance with a minimum limit of liability in an amount of not less than $1,000,000 on an occurrence basis, covering bodily injury and death to one or more persons and $100,000 in connection with property damage; and
(vi) such other insurance in such amounts as Landlord, any Mortgagee and/or any Lessor may reasonably require from time to time for premises comparable to the Premises.
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Tenant’s Insurance. Tenant shall maintain the following coverages in the following amounts.
10.3.1 Commercial general liability insurance written on the current ISO CG 00 01 occurrence form or an equivalent reasonably acceptable to Landlord (a) Tenantthe “CGL”), at its expense, shall obtain and keep in full force and effect during the Term:
(i) a policy covering liability arising from bodily injury (including mental anguish and death), property damage, premises (including the use or occupancy of commercial general liability insurance on an occurrence basis against claims for personal injury, death and/or property damage occurring in or about the Premises, under which Tenant is named as the insured Building and Landlord, Landlord’s managing agent, any Lessors, any Mortgagees and any other parties whose names shall have been furnished by Landlord to Tenant from time to time are named as additional insureds, which insurance shall provide primary coverage without contribution from any other insurance carried by or for the benefit of Landlord, Landlord’s managing agent or any Lessors or Mortgagees named as additional insureds, and Tenant agrees to obtain blanket broad-form contractual liability coverage to insure its indemnity obligations set forth in Article 32 hereof. The minimum limits of liability shall be a combined single limit with respect to each occurrence in an amount of not less than *****; provided, however, that Landlord may require Tenant to increase such coverage, from time to time, to that amount of insurance which in Landlord’s reasonable judgment is then being customarily required by landlords in first-class buildings in the City of New York with respect to the Ancillary Space and for comparable entertainment centers in the City of New York with respect to the Music Hall. If the aggregate limit applying all areas appurtenant to the Premises and the Building, including any parking areas and areas outside the Premises that Tenant is reduced by the payment of a claim or establishment of a reserve equal authorized to or greater than 50% of the annual aggregateuse temporarily), Tenant shall immediately arrange to have the aggregate limit restored by endorsement to the existing policy or the purchase of an additional insurance policy unlessoperations, in Landlord’s reasonable judgmentindependent contractors, Tenant maintains sufficient excess liability insurance to satisfy the liability requirements of this Lease without the reinstatement of the aggregate limit;
personal and advertising injury, (ii) insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard forms of “all risk” property insurance policies with extended coverage, having a deductible amount, if any, as reasonably approved by Landlord, insuring (A) with respect to the Ancillary Space, all Ancillary Space Alterations and improvements to the Ancillary Space, for the full insurable value thereof or replacement cost value thereof, (B) all of Tenant’s Property and (C) Landlord’s Studio Apartment Property; all such insurance shall name Tenant as the insured and, except with respect to Tenant’s insurance covering Tenant’s Property and Landlord’s Studio Apartment Property, Landlord and any Lessors and any Mortgagees whose names shall have been furnished by Landlord to Tenant from time to time shall be named as additional insureds and loss payees;
(iii) during the performance of any Alteration, until completion thereof, Builder’s risk insurance on an “all risk” basis and on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (and their respective contractors and subcontractors), any Mortgagee and any Lessor in all work incorporated in the Buildings and all materials and equipment in or about the Premises;
(iv) Workers’ Compensation Insurance, as required by law;
(v) Liquor Liability (dram shop) Insurance with a minimum limit of liability in an amount limits of not less than $1,000,000 on each occurrence, $1,000,000 personal and advertising injury, $2,000,000 general aggregate, (iii) with separation of insureds provision, and (iv) including the Landlord Parties (as defined below) as additional insureds, using ISO additional insured endorsement CG 20 11 or an occurrence basis, covering bodily injury and death equivalent acceptable to one or more persons and $100,000 in connection with property damage; and
(vi) such other insurance in such amounts as Landlord, any Mortgagee and/or any Lessor may reasonably require from time . The CGL must not include a “designated premises” endorsement that limits Tenant’s coverage under the CGL to time for premises comparable matters related to the Premises. The CGL must apply as primary and non-contributing insurance with respect to any other insurance or self-insurance programs afforded to the Landlord Parties.
10.3.2 Products liability policy on a form reasonably acceptable to Landlord, with a limit of not less than $2,000,000.
10.3.3 Commercial excess or umbrella liability insurance with respect to Tenant’s CGL, business auto liability and employers liability insurance, with a limit of not less than $6,000,000 each occurrence. This insurance must (i) provide coverage at least as broad as the applicable primary coverages (and, if excess, must be “true follow form”), (ii) include the Landlord Parties as additional insureds with respect to the CGL, (iii) apply on a primary basis with respect to any commercial general liability insurance carried by the Landlord Parties, and (iv) provide that if the allocations of minimum primary and excess/umbrella limits established in this Section, Tenant may provide lower minimum limits of primary insurance so long as the minimum limit of the excess/umbrella insurance is increased by the amount of the primary reduction.
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Tenant’s Insurance. (a) TenantTenant shall maintain insurance complying with all of the following:
A. Tenant shall procure, at its expense, shall obtain pay for and keep in full force and effect during the Termfollowing:
(i1) a policy of commercial Commercial general liability insurance on an occurrence basis insurance, including property damage, against claims liability for personal injury, bodily injury, death and/or and damage to property damage occurring in or about about, or resulting from an occurrence in or about, the Premises, under which Tenant is named as Premises with combined single limit coverage of not less than the insured and Landlord, Landlordamount of Tenant’s managing agent, any Lessors, any Mortgagees and any other parties whose names shall have been furnished by Landlord to Tenant from time to time are named as additional insuredsLiability Insurance Minimum specified in Section P of the Summary, which insurance shall provide contain a “contractual liability” endorsement insuring Tenant’s performance of Tenant’s obligation to indemnify Landlord contained in ¶10.3;
(2) Fire and property damage insurance in so-called “all risk” form insuring Tenant’s Trade Fixtures and Tenant’s Alterations for the full actual replacement cost thereof;
(3) Such other insurance that reasonably is either (i) required by any Lender, or (ii) reasonably required by Landlord and customarily carried by tenants of similar property in similar business.
B. Where applicable and required by Landlord, each policy of insurance required to be carried by Tenant pursuant to this ¶9.1: (i) shall name Landlord and such other parties in interest as Landlord reasonably designates as additional insured; (ii) shall be primary coverage insurance which provides that the insurer shall be liable for the full amount of the loss up to and including the total amount of liability set forth in the declarations without the right of contribution from any other insurance carried by or for the benefit coverage of Landlord, Landlord’s managing agent or any Lessors or Mortgagees named as additional insureds, and Tenant agrees to obtain blanket broad-form contractual liability coverage to insure its indemnity obligations set forth in Article 32 hereof. The minimum limits of liability ; (iii) shall be in a combined single limit form satisfactory to Landlord; (iv) shall be carried with respect companies reasonably acceptable to each occurrence Landlord; (v) shall provide that such policy shall not be subject to cancellation, lapse or change except after at least 3 days prior written notice to Landlord so long as such provision of 30 days notice is reasonably obtainable, but in an amount of any event not less than *****10 days prior written notice; provided(vi) shall not have a “deductible” in excess of such amount as is approved reasonably by Landlord; (vii) shall contain a cross liability endorsement; and (viii) shall contain a “severability” clause. If Tenant has in full force and effect a blanket policy of liability insurance with the same coverage for the Premises as described above, howeveras well as other coverage of other premises and properties of Tenant, or in which Tenant has some interest, such blanket insurance shall satisfy the requirements of this ¶9.1.
C. A copy of each paid-up policy evidencing the insurance required to be carried by Tenant pursuant to this ¶9.1 (appropriately authenticated by the insurer) or a certificate of the insurer, certifying that such policy has been issued, providing the coverage required by this ¶9.1, and containing the provisions specified herein, shall be delivered to Landlord may require prior to the time Tenant or any of its Agents enters the Premises and upon renewal of such policies, but not less than 5 days prior to increase the expiration of the term of such coverage. Landlord may, at any time, and from time to time, inspect and/or copy any and all insurance policies required to be procured by Tenant pursuant to this ¶9.
1. If any Lender or insurance advisor reasonably determines at any time that the amount of coverage required for any policy of insurance which in Landlord’s reasonable judgment Tenant is to obtain pursuant to this ¶9.1 is not adequate, then being customarily required by landlords in first-class buildings in the City of New York with respect to the Ancillary Space and for comparable entertainment centers in the City of New York with respect to the Music Hall. If the aggregate limit applying to the Premises is reduced by the payment of a claim or establishment of a reserve equal to or greater than 50% of the annual aggregate, Tenant shall immediately arrange to have the aggregate limit restored by endorsement to the existing policy or the purchase of an additional insurance policy unless, in Landlord’s reasonable judgment, Tenant maintains sufficient excess liability increase such coverage for such insurance to satisfy such amount as such Lender or insurance advisor reasonably deems adequate, not to exceed the liability requirements level of this Lease without the reinstatement of the aggregate limit;
(ii) insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard forms of “all risk” property insurance policies with extended coverage, having a deductible amount, if any, as reasonably approved by Landlord, insuring (A) with respect to the Ancillary Space, all Ancillary Space Alterations and improvements to the Ancillary Space, coverage for the full insurable value thereof or replacement cost value thereof, (B) all of Tenant’s Property and (C) Landlord’s Studio Apartment Property; all such insurance shall name Tenant as the insured and, except with respect to Tenant’s insurance covering Tenant’s Property and Landlord’s Studio Apartment Property, Landlord and any Lessors and any Mortgagees whose names shall have been furnished commonly carried by Landlord to Tenant from time to time shall be named as additional insureds and loss payees;
(iii) during the performance of any Alteration, until completion thereof, Builder’s risk insurance on an “all risk” basis and on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (and their respective contractors and subcontractors), any Mortgagee and any Lessor in all work incorporated in the Buildings and all materials and equipment in or about the Premises;
(iv) Workers’ Compensation Insurance, as required by law;
(v) Liquor Liability (dram shop) Insurance with a minimum limit of liability in an amount of not less than $1,000,000 on an occurrence basis, covering bodily injury and death to one or more persons and $100,000 in connection with property damage; and
(vi) such other insurance in such amounts as Landlord, any Mortgagee and/or any Lessor may reasonably require from time to time for premises comparable to the Premisesbusinesses similarly situated.
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Tenant’s Insurance. (aA) TenantTenant shall procure and maintain throughout the Term of this Lease, at its expense, shall obtain and keep in full force and effect during the Term:
(i) a policy of commercial comprehensive general liability insurance on an occurrence basis against claims providing coverage for personal injury, death and/or bodily injury (including death) and property damage occurring in or about the Premisesand products liability insurance, under which Tenant is named as the insured and Landlord, Landlord’s managing agent, any Lessors, any Mortgagees and any other parties whose names necessary. This policy shall have been furnished by Landlord to Tenant from time to time are named as additional insureds, which insurance shall provide primary coverage without contribution from any other insurance carried by or for the benefit of Landlord, Landlord’s managing agent or any Lessors or Mortgagees named as additional insureds, and Tenant agrees to obtain blanket broad-contain a broad form contractual liability coverage to insure its indemnity endorsement insuring Tenant's obligations set forth in Article 32 hereof. The minimum limits of liability shall be under Section 4.06(A) hereof with a combined single limit with respect to of at least One Million Dollars ($1,000,000) per occurrence and Three Million Dollars ($3,000,000) in the aggregate for all occurrences within each occurrence policy year, or such greater amounts as Landlord may require. Tenant shall also procure fire and extended coverage insurance covering Tenant's personal property, fixtures, equipment and improvements, in an amount of not less than *****; provided, however, that Landlord may require Tenant to increase such coverage, from time to time, to that amount of insurance which in Landlord’s reasonable judgment is then being customarily required by landlords in first-class buildings in the City of New York with respect equal to the Ancillary Space and for comparable entertainment centers in the City of New York with respect to the Music Hall. If the aggregate limit applying to the Premises is reduced by the payment of a claim or establishment of a reserve equal to or greater than 50% replacement value of the annual aggregatesame and containing the waiver of subrogation required in Section 6.03 of this Lease, Tenant shall immediately arrange to have the aggregate limit restored by endorsement to the existing policy or the purchase of an additional insurance policy unless, in Landlord’s reasonable judgment, Tenant maintains sufficient excess state worker's compensation and employers liability insurance to satisfy the liability requirements with limits of this Lease without the reinstatement of the aggregate limit;
at least Five Hundred Thousand Dollars (ii$500,000) insurance against loss or damage by fire, and such other risks and hazards insurance as are insurable under then available standard forms of “all risk” property insurance policies with extended coverage, having a deductible amount, if any, as reasonably approved by Landlord, insuring (A) with respect to the Ancillary Space, all Ancillary Space Alterations and improvements to the Ancillary Space, for the full insurable value thereof or replacement cost value thereof, (B) all of Tenant’s Property and (C) Landlord’s Studio Apartment Property; all such insurance shall name Tenant as the insured and, except with respect to Tenant’s insurance covering Tenant’s Property and Landlord’s Studio Apartment Property, Landlord and any Lessors and any Mortgagees whose names shall have been furnished by Landlord to Tenant from time to time shall be named as additional insureds and loss payees;
(iii) during the performance of any Alteration, until completion thereof, Builder’s risk insurance on an “all risk” basis and on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (and their respective contractors and subcontractors), any Mortgagee and any Lessor in all work incorporated in the Buildings and all materials and equipment in or about the Premises;
(iv) Workers’ Compensation Insurance, as required by law;
(v) Liquor Liability (dram shop) Insurance with a minimum limit of liability in an amount of not less than $1,000,000 on an occurrence basis, covering bodily injury and death to one or more persons and $100,000 in connection with property damage; and
(vi) such other insurance in such amounts as Landlord, any Mortgagee and/or any Lessor may reasonably require from time to time for premises comparable time.
(B) All of the foregoing insurance policies (with the exception of worker's compensation insurance to the Premisesextent not available under statutory law) shall name Landlord, any holder of a Mortgage (as defined in Section 5.01 hereof), any managing agent for the Building and such other parties as Landlord shall designate as an additional insured as their respective interests may appear, and shall provide that any loss shall be payable to Landlord and any other additional insured parties as their respective interests may appear. All insurance required hereunder shall be placed with companies which are rated A:XI or better by Best's Insurance Guide and licensed to do business in the state in which the Building is located and written as primary policies, with any other policies, including Landlord's policy, serving as excess coverage. Tenant shall deliver duplicate original copies of all such policies and all endorsements thereto, prior to the Commencement Date, or, in the case of renewals thereto, fifteen (15) days prior to the expiration of the prior insurance policy, together with evidence that such policies are fully paid for, and that no change or non-renewal thereof shall be effective except upon thirty (30) days' prior written notice from the insurer to Landlord. If Tenant shall fail at any time to procure and/or maintain the insurance required herein, Landlord may procure such insurance on Tenant's behalf and the cost thereof shall be payable, upon demand, as Additional Rent.
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Tenant’s Insurance. (a) TenantA. During the Term of this Lease, at its expenseTenant shall maintain insurance against public liability, 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 including that from personal injury, death and/or injury or property damage occurring in or about the Premises resulting from the occupation, use or operation of the Premises, under which Tenant is named as the insured insuring both Landlord and LandlordTenant, Landlord’s managing agent, any Lessors, any Mortgagees and any other parties whose names shall have been furnished by Landlord to Tenant from time to time are named as additional insureds, which insurance shall provide primary coverage without contribution from any other insurance carried by or for the benefit of Landlord, Landlord’s managing agent or any Lessors or Mortgagees named as additional insureds, and Tenant agrees to obtain blanket broad-form contractual liability coverage to insure its indemnity obligations set forth in Article 32 hereof. The minimum limits of liability shall be a combined single limit with respect to each occurrence in an amount of not less than *****; providedOne Million Dollars ($1,000,000) Combined Single Limit for both bodily injury and property damage.
B. Tenant shall maintain insurance upon all property in the Premises owned by Tenant, howeveror for which Tenant is legally liable, that and shall provide Landlord may require Tenant to increase with evidence of such coverageinsurance. The insurance specified herein shall provide protection against perils included within the standard Florida form of fire and extended coverage insurance policy, from time to time, to that amount together with insurance against vandalism and malicious mischief.
C. All policies of insurance which provided for herein shall be issued in Landlord’s reasonable judgment is then being customarily required a form acceptable to Landlord by landlords in first-class buildings insurance companies with general policyholder's rating of "A" as rated in the City most current available "Best's Insurance Reports", and qualified to do business in Florida. Each and every such policy:
(i) shall be issued in the name of New York with respect Tenant and shall name Landlord and any other parties in interest designated in writing by notice from Landlord to Tenant as additional insured, and to the Ancillary Space and for comparable entertainment centers in extent necessary to ensure that the City of New York with respect additional insured are afforded maximum coverage under the applicable insurance policies, Tenant will obtain any necessary endorsements to the Music Hall. If the aggregate limit applying to the insurance policies (e.g., without limitation, CG 20 11 Additional Insured – Managers or Lessors of Premises is reduced by the payment of a claim or establishment of a reserve equal to or greater than 50% of the annual aggregate, Tenant shall immediately arrange to have the aggregate limit restored by endorsement to the existing policy or the purchase of an additional insurance policy unless, in Landlord’s reasonable judgment, Tenant maintains sufficient excess liability insurance to satisfy the liability requirements of this Lease without the reinstatement of the aggregate limitendorsement);
(ii) insurance against loss or damage by fire, shall be for the mutual and joint benefit and protection of Landlord and Tenant and any such other risks and hazards as are insurable under then available standard forms of “all risk” property insurance policies with extended coverage, having a deductible amount, if any, as reasonably approved by Landlord, insuring (A) with respect to the Ancillary Space, all Ancillary Space Alterations and improvements to the Ancillary Space, for the full insurable value thereof or replacement cost value thereof, (B) all of Tenant’s Property and (C) Landlord’s Studio Apartment Property; all such insurance shall name Tenant as the insured and, except with respect to Tenant’s insurance covering Tenant’s Property and Landlord’s Studio Apartment Property, Landlord and any Lessors and any Mortgagees whose names shall have been furnished by Landlord to Tenant from time to time shall be named parties in interest as additional insureds and loss payeesinsured;
(iii) during the performance of any Alteration, until completion thereof, Builder’s risk insurance on an “all risk” basis and on a completed value form including a Permission shall be delivered to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (any such other parties in interest designated by Landlord on or before the Delivery Date and their respective contractors after such Delivery Date, within 30 days prior to the expiration of each policy, and subcontractors)as often as any such policy shall expire or terminate, any Mortgagee renewal or additional policies shall be procured and any Lessor maintained in all work incorporated in the Buildings like manner and all materials and equipment in or about the Premisesto like extent;
(iv) Workers’ Compensation Insuranceshall contain a provision that the insurer will give to Landlord and such other parties in interest designated by Landlord at least 30 days notice in writing in advance of any cancellation, as required by lawtermination or lapse, or the effective date of any reduction in the amount of insurance;
(v) Liquor Liability (dram shop) Insurance with shall be written as a minimum limit primary policy which does not contribute to and is not in excess of liability in an amount of not less than $1,000,000 on an occurrence basis, covering bodily injury and death to one or more persons and $100,000 in connection with property damagecoverage which Landlord may carry; and
(vi) shall contain a provision that Landlord and any such other parties in interest, although named as an insured, shall nevertheless be entitled to recover under said policies for any loss occasioned to it, its servants, officers, agents, invitees and employees by reason of the negligence of Tenant.
D. Any insurance provided for in such amounts as Landlordthis Article IX may be maintained by means of a policy or policies of blanket insurance, provided, however, that: (i) Landlord and any Mortgagee and/or any Lessor may reasonably require other parties in interest from time to time for premises comparable designated by Landlord to Tenant shall be named as an additional insured under such blanket policy of insurance as their respective interest may appear; (ii) the coverage afforded Landlord and any such other parties in interest will not be reduced or diminished by reason of the use of such blanket policy of insurance; and (iii) the requirements set forth in this Article IX are otherwise satisfied.
E. These insurance requirements are subject to reasonable modification that does not have financial impact on the Tenant in the event, and to the Premisesextent any mortgagee of Landlord requires different insurance. In such event, the requirements of such mortgagee shall control. In addition, not more than once in any 3 year period, if, in the reasonable opinion of Landlord, the amount of liability insurance required under Article IX should not be adequate, Tenant will increase said insurance coverage as required by Landlord.
F. Tenant waives any and all rights of recovery against Landlord, or against the officers, employees, agents and representatives of Landlord, for loss of or damage to Tenant or its property of others under its control to the extent that such loss or damage is insured against under any insurance policy in force at the time of such loss or damages.
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Tenant’s Insurance. Effective as of the earlier of (a1) Tenantthe date Tenant enters or occupies the Premises, at its expenseor (2) the Commencement Date, shall obtain and keep in full force and effect during continuing throughout the Term:
, Tenant shall maintain the following insurance policies: (iA) a policy of commercial general liability insurance on an in amounts of [**] per occurrence basis against claims for personal injuryor, death and/or property damage occurring following the expiration of the initial Term, such other amounts as Landlord from time to time reasonably requires (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 in or about the Premisessuch amounts as Landlord may reasonably require), under which Tenant is named as the insured and insuring Tenant, Landlord, Landlord’s managing agentproperty 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 Lessors, any Mortgagees and any other parties whose names shall have been furnished consent by Landlord to Tenant from time to time are named the installation thereof) the installation, operation, maintenance, repair or removal of Tenant’s Off-Premises Equipment, (B) insurance covering the full value of all alterations and improvements and betterments in the Premises, naming Landlord and Xxxxxxxx’s Mortgagee as additional insuredsloss payees as their interests may appear, which (C) insurance covering the full value of all furniture, trade fixtures 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 Xxxxxx’s Off-Premises Equipment), (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), (E) worker’s compensation insurance, (F) business interruption insurance in an amount at least equal to nine (9) months of Basic Rent, and (G) an umbrella insurance policy in an amount at least equal to $[**] in the aggregate. The commercial general liability insurance to be maintained by Tenant may have a deductible of no more than [**] per occurrence; the property insurance to be maintained by Tenant may have a deductible of no more than [**] per occurrence. Tenant’s insurance shall provide primary coverage without contribution 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 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 [**] days after written notice from any other insurance carried by or for the benefit of Landlord, Landlord’s managing agent , in addition to any other remedy available pursuant to this Lease or any Lessors or Mortgagees named as additional insuredsotherwise, may, but shall not be obligated to, obtain such insurance and Tenant agrees shall pay to obtain blanket broad-form contractual liability coverage to insure its indemnity obligations set forth in Article 32 hereof. The minimum limits of liability shall be a combined single limit with respect to each occurrence in an amount of not less than Landlord within [**] after written notice from Landlord, the premium costs thereof, plus an administrative fee of [***; provided, however, that Landlord may require Tenant to increase ] of such coverage, from time to time, to that amount of insurance which in Landlord’s reasonable judgment is then being customarily required by landlords in first-class buildings in the City of New York with respect to the Ancillary Space and for comparable entertainment centers in the City of New York with respect to the Music Hallcost. If the aggregate limit applying to the Premises is reduced by the payment of a claim or establishment of a reserve equal to or greater than 50% of the annual aggregate, Tenant shall immediately arrange to have the aggregate limit restored by endorsement to the existing policy or the purchase of an additional insurance policy unless, in Landlord’s reasonable judgment, Tenant maintains sufficient excess liability insurance to satisfy the liability requirements of this 14 Approved Texas Industrial Lease without the reinstatement of the aggregate limit;
(ii) insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard forms of “all risk” property insurance policies with extended coverage, having a deductible amount, if any, as reasonably approved by Landlord, insuring (A) with respect to the Ancillary Space, all Ancillary Space Alterations and improvements to the Ancillary Space, for the full insurable value thereof or replacement cost value thereof, (B) all of Tenant’s Property and (C) Landlord’s Studio Apartment Property; all such insurance shall name Tenant as the insured and, except with respect to Tenant’s insurance covering Tenant’s Property and Landlord’s Studio Apartment Property, Landlord and any Lessors and any Mortgagees whose names shall have been furnished by Landlord to Tenant from time to time shall be named as additional insureds and loss payees;
(iii) during the performance of any Alteration, until completion thereof, Builder’s risk insurance on an “all risk” basis and on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (and their respective contractors and subcontractors), any Mortgagee and any Lessor in all work incorporated in the Buildings and all materials and equipment in or about the Premises;
(iv) Workers’ Compensation Insurance, as required by law;
(v) Liquor Liability (dram shop) Insurance with a minimum limit of liability in an amount of not less than $1,000,000 on an occurrence basis, covering bodily injury and death to one or more persons and $100,000 in connection with property damage; and
(vi) such other insurance in such amounts as Landlord, any Mortgagee and/or any Lessor may reasonably require from time to time for premises comparable to the Premises.Form Based On Master Lease Version 22
Appears in 1 contract
Samples: Lease Agreement (Immatics N.V.)
Tenant’s Insurance. Tenant will secure and maintain, at Tenant’s sole expense, with companies acceptable to Landlord during the Term and any extension or renewal hereof the following insurance for the Premises:
(a) Tenant, at its expense, 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, death and/or property damage occurring in or about the Premises, under which Tenant is named as the insured and Landlord, Landlord’s managing agent, any Lessors, any Mortgagees and any other parties whose names shall have been furnished by Landlord to Tenant from time to time are named as additional insureds, which insurance shall provide primary coverage without contribution from any other insurance carried by or for the benefit of Landlord, Landlord’s managing agent or any Lessors or Mortgagees named as additional insureds, and Tenant agrees to obtain blanket broad-form contractual liability coverage to insure its indemnity obligations set forth in Article 32 hereof. The minimum limits of liability shall be a combined single limit with respect to each occurrence in an amount of not less than *****; provided, however, that Landlord may require Tenant to increase such coverage, from time to time, to that amount of insurance which in Landlord’s reasonable judgment is then being customarily required by landlords in first-class buildings in the City of New York with respect to the Ancillary Space and for comparable entertainment centers in the City of New York with respect to the Music Hall. If the aggregate limit applying to the Premises is reduced by the payment of a claim or establishment of a reserve equal to or greater than 50% of the annual aggregate, Tenant shall immediately arrange to have the aggregate limit restored by endorsement to the existing policy or the purchase of an additional insurance policy unless, in Landlord’s reasonable judgment, Tenant maintains sufficient excess liability insurance to satisfy the liability requirements of this Lease without the reinstatement of the aggregate limit;
(ii) insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard forms of “all risk” property insurance policies with extended coverage, having a deductible amount, if any, as reasonably approved by Landlord, insuring (A) with respect to the Ancillary Space, all Ancillary Space Alterations and improvements to the Ancillary Space, for the full insurable value thereof or replacement cost value thereof, (B) all of Tenant’s Property and (C) Landlord’s Studio Apartment Property; all such insurance shall name Tenant as the insured and, except with respect to Tenant’s insurance covering Tenant’s Property and Landlord’s Studio Apartment Property, Landlord and any Lessors and any Mortgagees whose names shall have been furnished by Landlord to Tenant from time to time shall be named as additional insureds and loss payees;
(iii) during the performance of any Alteration, until completion thereof, Builder’s risk insurance on an “all risk” basis and on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (and their respective contractors and subcontractors), any Mortgagee and any Lessor in all work incorporated in the Buildings and all materials and equipment in or about the Premises;
(iv) Workers’ Compensation Insurance, as required by law;
(v) Liquor Liability (dram shop) Insurance with a minimum limit of liability in an amount of not less than $1,000,000 on an occurrence basisper occurrence, covering with a $2,000,000 general aggregate for bodily injury and death to one or more persons and $100,000 in connection with property damage; and, and (ii) all risk property insurance covering Tenant’s trade fixtures, inventory and other personal property for the full replacement cost thereof. Coverage may be provided by any combination of primary and umbrella or excess policies provided that such umbrella or excess policies shall be no less broad than the underlying policies and shall have the same inception and expirations dates as the underlying coverage. Landlord shall be named as an additional insured on the aforesaid liability insurance and shall be provided with evidence confirming such coverage. All policies required to be carried by Tenant hereunder must be issued by and binding upon an insurance company licensed to do business in the state in which the property is located with a rating of at least “A-““VII” or better as set forth in the most current issue of AM Best’s Key Rating Guide, unless otherwise approved by Landlord, Tenant will not do or permit anything to be done that would invalidate the insurance policies required. Liability insurance maintained by Tenant will be primary coverage without right of contribution by any similar insurance that may be maintained by Landlord. Certificates of insurance, acceptable to Landlord, evidencing the existence and amount of each liability insurance policy required hereunder and Evidence of Property Insurance Form, Accord 27, evidencing property insurance as required will be delivered to Landlord prior to the delivery or possession of the Premise and ten (10) days prior to each renewal date.
(vib) such other Certificates of Insurance will include an endorsement for each policy showing that the Required Additional Insureds (as defined in clause (c) above) are included as additional insureds on liability policies (except employer’s liability). The Evidence of Property Insurance Form will include Landlord as loss payee for property insurance as respects Landlord’s interest in such amounts as improvements and betterments. Further, the certificates must include an endorsement for each policy whereby the insurer agrees not to cancel the policy, or reduce the coverage below the limits required in this Lease, without at least thirty (30) days prior notice to Landlord and Landlord’s managing agent, any Mortgagee and/or any Lessor may reasonably require from time except that only ten (10) days prior notice will be provided for cancellation based on non-payment of premiums and no notice will be sent on expiration of the policy term or cancellation by Tenant. If Tenant fails to time for premises comparable provide evidence of insurance required to be provided by Tenant hereunder, prior to commencement of the term and thereafter during the term, within ten (10) days following Landlord’s request thereof, and ten (10) days prior to the Premisesexpiration date of any such coverage, Landlord will be authorized (but not required) to procure such coverage in the amount stated with all costs thereof to be chargeable to Tenant and payable upon written invoice thereof. The limits of insurance required by this Lease, or as carried by Tenant, will not limit the liability of Tenant or relieve Tenant of any obligation thereunder, except to the extent provided under Paragraph 13.1 below (Waiver of Subrogation). Any deductibles selected by Tenant must be reasonable and will be the sole responsibility of Tenant. Landlord may, in its reasonable discretion, change the insurance policy limits and forms that are required to be provided by Tenant; such changes will be made to conform with common insurance requirements for similar properties in similar geographic locations. Landlord will not change required insurance limits or forms during the first five (5) year of the Lease Term and thereafter not more often than once every three (3) years.
Appears in 1 contract
Samples: Lease Agreement
Tenant’s Insurance. 20.1 On or before the earlier to occur of (ai) Tenantthe Commencement Date, at its expenseor (ii) the date Tenant commences any work of any type in the Premises pursuant to this Lease (which may be prior to the Commencement Date), shall obtain and continuing throughout the entire Term hereof and any other period of occupancy, Tenant agrees to keep in full force and effect during effect, at its sole cost and expense, the Term:
(i) a policy of commercial general liability insurance specified on an occurrence basis against claims for personal injury, death and/or property damage occurring in or about Exhibit E attached hereto. Landlord reserves the Premises, under which Tenant is named as the insured and Landlord, Landlord’s managing agent, any Lessors, any Mortgagees and right to require any other parties whose names shall have been furnished by form or forms of insurance as Tenant or Landlord to Tenant from time to time are named as additional insureds, which insurance shall provide primary coverage without contribution from any other insurance carried by or for the benefit of Landlord, Landlord’s managing agent or any Lessors or Mortgagees named as additional insureds, and Tenant agrees to obtain blanket broad-form contractual liability coverage to insure its indemnity obligations set forth in Article 32 hereof. The minimum limits of liability shall be a combined single limit with respect to each occurrence in an amount of not less than *****; provided, however, that Landlord may require Tenant to increase such coverage, from time to time, to that amount of insurance which in Landlord’s reasonable judgment is then being customarily required by landlords in first-class buildings in the City of New York with respect to the Ancillary Space and for comparable entertainment centers in the City of New York with respect to the Music Hall. If the aggregate limit applying to the Premises is reduced by the payment of a claim or establishment of a reserve equal to or greater than 50% of the annual aggregate, Tenant shall immediately arrange to have the aggregate limit restored by endorsement to the existing policy or the purchase of an additional insurance policy unless, in Landlord’s reasonable judgment, Tenant maintains sufficient excess liability insurance to satisfy the liability requirements of this Lease without the reinstatement of the aggregate limit;
(ii) insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard forms of “all risk” property insurance policies with extended coverage, having a deductible amount, if any, as reasonably approved by Landlord, insuring (A) with respect to the Ancillary Space, all Ancillary Space Alterations and improvements to the Ancillary Space, for the full insurable value thereof or replacement cost value thereof, (B) all of Tenant’s Property and (C) Landlord’s Studio Apartment Property; all such insurance shall name Tenant as the insured and, except with respect to Tenant’s insurance covering Tenant’s Property and Landlord’s Studio Apartment Property, Landlord and any Lessors and any Mortgagees whose names shall have been furnished by Landlord to Tenant from time to time shall be named as additional insureds and loss payees;
(iii) during the performance of any Alteration, until completion thereof, Builder’s risk insurance on an “all risk” basis and on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest mortgagees of Landlord and Tenant (and their respective contractors and subcontractors), any Mortgagee and any Lessor in all work incorporated in the Buildings and all materials and equipment in or about the Premises;
(iv) Workers’ Compensation Insurance, as required by law;
(v) Liquor Liability (dram shop) Insurance with a minimum limit of liability in an amount of not less than $1,000,000 on an occurrence basis, covering bodily injury and death to one or more persons and $100,000 in connection with property damage; and
(vi) such other insurance in such amounts as Landlord, any Mortgagee and/or any Lessor may reasonably require from time to time in form, in amounts, and for premises comparable insurance risks against which a prudent tenant would protect itself, but only to the Premisesextent coverage for such risks and amounts are available in the insurance market at commercially acceptable rates. Landlord makes no representation that the limits of liability required to be carried by Tenant under the terms of this Lease are adequate to protect Tenant’s interests and Tenant should obtain such additional insurance or increased liability limits as Tenant deems appropriate.
20.2 All policies required to be held by Tenant under this Lease must be in a form reasonably satisfactory to Landlord and issued by an insurer permitted to do business in the State. All policies must be issued by insurers with a policyholder rating of “A-” and a financial rating of ‘‘VIII’’ in the most recent version of Best’s Key Rating Guide. All policies must contain a requirement to notify Landlord (and Landlord’s property manager and any mortgagees or ground lessors of Landlord who are named as additional insured, if any) in writing not less than thirty (30) days prior to any material change, reduction in coverage, cancellation or other termination thereof, if such cancellation is due to non-payment of premium. Tenant agrees to deliver to Landlord, as soon as practicable after placing the required insurance, but in any event within the time frame specified above, certificate(s) of insurance, additional insured endorsements and/or if required by Landlord, certified copies of each policy evidencing the existence of such insurance and Tenant’s compliance with the provisions of this Section. Tenant agrees to cause replacement policies or certificates and additional insured endorsements to be delivered to Landlord not less than ten (10) days prior to the expiration of any such policy or policies. If any such initial or replacement policies or certificates are not furnished within the time(s) specified herein, Landlord will have the right, but not the obligation, to obtain such insurance as Landlord deems necessary to protect Landlord’s interests at Tenant’s expense. Each policy shall contain: (i) a cross-liability endorsement; and (ii) a provision that such policy and the coverage evidenced thereby shall be primary and noncontributing with respect to any policies carried by Landlord which shall be excess insurance.
20.3 Notwithstanding anything contained herein to the contrary, the foregoing shall not be construed, interpreted, or deemed (i) a waiver of any default created by reason of Tenant’s failure to provide the insurance called for in this Lease; (ii) to limit any other right or remedy of Landlord; (iii) to relieve Tenant of its obligations regarding maintenance of insurance as provided by the Lease; or (iv) be considered a policy of insurance in favor of Tenant.
20.4 Failure of Landlord to demand delivery of, or identify deficiency within, any certificate of insurance, additional insured endorsement or policy form shall not be construed as a waiver of Tenant’s obligations under this Section. The acceptance of delivery by the Landlord of any certificate of insurance, additional insured endorsement or policy does not constitute approval or agreement by the Landlord that the insurance policies evidenced are in compliance with the requirements. No endorsement limiting or excluding a required coverage is permitted. By requiring insurance, Landlord does not represent that coverage and limits will necessarily be adequate to protect the Tenant. Insurance effected or procured by the Tenant will not reduce or limit the Tenant’s contractual obligation to indemnify and defend Landlord for claims or suits that result from or are connected with this Agreement.
20.5 Not less than every three (3) years during the Term, Landlord shall have the right to make changes in the minimum requirements for all insurance to be carried by Tenant as set forth in this Section. Such changes will be consistent with the insurance required in leases then being negotiated by Landlord involving similar tenants, buildings, geography, and other relevant factors.
Appears in 1 contract
Samples: Office Lease Agreement
Tenant’s Insurance. Tenant shall maintain throughout the Term the following insurance policies: (a1) Tenant, at its expense, shall obtain and keep in full force and effect during the Term:
(i) a policy of commercial general liability insurance on an in amounts of $3,000,000.00 per occurrence basis against claims for personal injuryor, death and/or property damage occurring in or about following the Premisesexpiration of the initial Term, under which Tenant is named such other amounts as the insured and Landlord, Landlord’s managing agent, any Lessors, any Mortgagees and any other parties whose names shall have been furnished by Landlord to Tenant may from time to time are named 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 additional insuredsLandlord may reasonably require), which insuring Tenant, Landlord, Landlord's agents and their respective Affiliates 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, (2) insurance covering the full value of Tenant's property and improvements, and other property (including property of others) in the Premises, (3) 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), (4) worker's compensation insurance, and (5) business interruption insurance. Tenant's insurance shall provide primary coverage without contribution from to Landlord when any policy issued to Landlord provides duplicate or similar coverage, and in such circumstance Landlord's policy will be excess over Tenant's policy. Tenant shall furnish to Landlord certificates of such insurance and such other evidence satisfactory to Landlord of the maintenance of all insurance carried by or for the benefit of Landlord, Landlord’s managing agent or any Lessors or Mortgagees named as additional insuredscoverages required hereunder, and Tenant agrees shall obtain a written obligation on the part of each insurance company to obtain blanket broad-form contractual liability coverage to insure its indemnity obligations set forth in Article 32 hereofnotify Landlord at least 30 days before cancellation or a material change of any such insurance policies. The minimum limits of liability All such insurance policies shall be a combined single limit with respect to each occurrence in an amount of not less than *****; provided, however, that Landlord may require Tenant to increase such coverage, from time to time, to that amount of insurance which in Landlord’s reasonable judgment is then being customarily required by landlords in first-class buildings in the City of New York with respect to the Ancillary Space and for comparable entertainment centers in the City of New York with respect to the Music Hall. If the aggregate limit applying to the Premises is reduced by the payment of a claim or establishment of a reserve equal to or greater than 50% of the annual aggregate, Tenant shall immediately arrange to have the aggregate limit restored by endorsement to the existing policy or the purchase of an additional insurance policy unless, in Landlord’s reasonable judgment, Tenant maintains sufficient excess liability insurance to satisfy the liability requirements of this Lease without the reinstatement of the aggregate limit;
(ii) insurance against loss or damage by fireform, and such other risks and hazards as are insurable under then available standard forms of “all risk” property insurance policies with extended coverageissued by companies, having a deductible amount, if any, as reasonably approved by satisfactory to Landlord, insuring (A) with respect to the Ancillary Space, all Ancillary Space Alterations and improvements to the Ancillary Space, for the full insurable value thereof or replacement cost value thereof, (B) all of Tenant’s Property and (C) Landlord’s Studio Apartment Property; all such insurance shall name Tenant as the insured and, except with respect to Tenant’s insurance covering Tenant’s Property and Landlord’s Studio Apartment Property, Landlord and any Lessors and any Mortgagees whose names shall have been furnished by Landlord to Tenant from time to time shall be named as additional insureds and loss payees;
(iii) during the performance of any Alteration, until completion thereof, Builder’s risk insurance on an “all risk” basis and on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (and their respective contractors and subcontractors), any Mortgagee and any Lessor in all work incorporated in the Buildings and all materials and equipment in or about the Premises;
(iv) Workers’ Compensation Insurance, as required by law;
(v) Liquor Liability (dram shop) Insurance with a minimum limit of liability in an amount of not less than $1,000,000 on an occurrence basis, covering bodily injury and death to one or more persons and $100,000 in connection with property damage; and
(vi) such other insurance in such amounts as Landlord, any Mortgagee and/or any Lessor may reasonably require from time to time for premises comparable to the Premises.
Appears in 1 contract
Samples: Lease Agreement (Virtusa Corp)
Tenant’s Insurance. (a) TenantTenant shall maintain insurance complying with all of the following:
A. Tenant shall procure, at its expense, shall obtain pay for and keep in full force and effect during the Termfollowing:
(i) a policy of commercial 1). Commercial general liability insurance on an occurrence basis insurance, including property damage, against claims liability for personal injury, bodily injury, death and/or and damage to property damage occurring in or about about, or resulting from an occurrence in or about, the Premises, under which Tenant is named as Premises with combined single limit coverage of not less than the insured and Landlord, Landlordamount of Tenant’s managing agent, any Lessors, any Mortgagees and any other parties whose names shall have been furnished by Landlord to Tenant from time to time are named as additional insuredsLiability Insurance Minimum specified in Section P of the Summary, which insurance shall provide contain a “contractual liability” endorsement insuring Tenant’s performance of Tenant’s obligation to indemnify Landlord contained in §10.3;
(2). Fire and property damage insurance in so-called “all risk” form insuring Tenant’s Trade Fixtures and Tenant’s Alterations for the full actual replacement cost thereof;
(3). Such other insurance that is either (i) required by any Lender, or (ii) reasonably required by Landlord and customarily carried by tenants of similar property in similar businesses.
B. Where applicable and required by Landlord, each policy of insurance required to be carried by Tenant pursuant to this §9.1: (i) shall name Landlord and such other parties in interest as Landlord reasonably designates as additional insured; (ii) shall be primary coverage insurance which provides that the insurer shall be liable for the full amount of the loss up to and including the total amount of liability set forth in the declarations without the right of contribution from any other insurance carried by or for the benefit coverage of Landlord, Landlord’s managing agent or any Lessors or Mortgagees named as additional insureds, and Tenant agrees to obtain blanket broad-form contractual liability coverage to insure its indemnity obligations set forth in Article 32 hereof. The minimum limits of liability ; (iii) shall be in a combined single limit form satisfactory to Landlord; (iv) shall be carried with respect companies reasonably acceptable to each occurrence Landlord; (v) shall provide that such policy shall not be subject to cancellation, lapse or change except after at least 30 days prior written notice to Landlord so long as such provision of 30 days notice is reasonably obtainable, but in an amount of any event not less than *****10 days prior written notice; provided(vi) shall not have a “deductible” in excess of such amount as is approved by Landlord; (vii) shall contain a cross liability endorsement; and (viii) shall contain a “severability” clause. If Tenant has in full force and effect a blanket policy of liability insurance with the same coverage for the Premises as described above, howeveras well as other coverage of other premises and properties of Tenant, or in which Tenant has some interest, such blanket insurance shall satisfy the requirements of this §9.1.
C. A copy of each paid-up policy evidencing the insurance required to be carried by Tenant pursuant to this §9.1 (appropriately authenticated by the insurer) or a certificate of the insurer, certifying that such policy has been issued, providing the coverage required by this §9.1, and containing the provisions specified herein, shall be delivered to Landlord may require prior to the time Tenant or any of its Agents enters the Premises and upon renewal of such policies, but not less than 5 days prior to increase the expiration of the term of such coverage. Landlord may, at any time, and from time to time, inspect and/or copy any and all insurance policies required to be procured by Tenant pursuant to this §9.1. If any Lender reasonably determines at any time that the amount of coverage required for any policy of insurance which in Landlord’s reasonable judgment Tenant is to obtain pursuant to this §9.1 is not adequate, then being customarily required by landlords in first-class buildings in the City of New York with respect to the Ancillary Space and for comparable entertainment centers in the City of New York with respect to the Music Hall. If the aggregate limit applying to the Premises is reduced by the payment of a claim or establishment of a reserve equal to or greater than 50% of the annual aggregate, Tenant shall immediately arrange to have the aggregate limit restored by endorsement to the existing policy or the purchase of an additional insurance policy unless, in Landlord’s reasonable judgment, Tenant maintains sufficient excess liability increase such coverage for such insurance to satisfy such amount as such Lender reasonably deems adequate, not to exceed the liability requirements level of this Lease without the reinstatement of the aggregate limit;
(ii) insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard forms of “all risk” property insurance policies with extended coverage, having a deductible amount, if any, as reasonably approved by Landlord, insuring (A) with respect to the Ancillary Space, all Ancillary Space Alterations and improvements to the Ancillary Space, coverage for the full insurable value thereof or replacement cost value thereof, (B) all of Tenant’s Property and (C) Landlord’s Studio Apartment Property; all such insurance shall name Tenant as the insured and, except with respect to Tenant’s insurance covering Tenant’s Property and Landlord’s Studio Apartment Property, Landlord and any Lessors and any Mortgagees whose names shall have been furnished commonly carried by Landlord to Tenant from time to time shall be named as additional insureds and loss payees;
(iii) during the performance of any Alteration, until completion thereof, Builder’s risk insurance on an “all risk” basis and on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (and their respective contractors and subcontractors), any Mortgagee and any Lessor in all work incorporated in the Buildings and all materials and equipment in or about the Premises;
(iv) Workers’ Compensation Insurance, as required by law;
(v) Liquor Liability (dram shop) Insurance with a minimum limit of liability in an amount of not less than $1,000,000 on an occurrence basis, covering bodily injury and death to one or more persons and $100,000 in connection with property damage; and
(vi) such other insurance in such amounts as Landlord, any Mortgagee and/or any Lessor may reasonably require from time to time for premises comparable to the Premisesbusinesses similarly situated.
Appears in 1 contract
Tenant’s Insurance. (a) Tenant, at its expense, 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 PremisesBuilding, under which Tenant is named as the insured and Landlord, Landlord’s managing agent, Agent and any Lessors, Lessors and any Mortgagees and any other parties whose names shall have been furnished by Landlord to Tenant from time to time are named as additional insureds, which insureds (the “Insured Parties”). Such insurance shall provide primary coverage without contribution from any other insurance carried by or for the benefit of Landlord, Landlord’s managing agent or any Lessors or Mortgagees named as additional insuredsthe Insured Parties, and Tenant agrees to shall obtain blanket broad-form contractual liability coverage to insure its indemnity obligations set forth in Article 32 hereof25. The minimum limits of liability shall be a combined single limit with respect to each occurrence in an amount of not less than *****$5,000,000; provided, however, that Landlord may shall retain the right to require Tenant to increase such coverage, coverage from time to time, time to that amount of insurance which in Landlord’s reasonable judgment that is then being customarily required by landlords for similar office space in first-class buildings in the City of New York with respect to the Ancillary Space and Comparable Buildings. The deductible or self insured retention for comparable entertainment centers in the City of New York with respect to the Music Hall. If the aggregate limit applying to the Premises is reduced by the payment of a claim or establishment of a reserve equal to or greater than 50% of the annual aggregate, Tenant such policy shall immediately arrange to have the aggregate limit restored by endorsement to the existing policy or the purchase of an additional insurance policy unless, in Landlord’s reasonable judgment, Tenant maintains sufficient excess liability insurance to satisfy the liability requirements of this Lease without the reinstatement of the aggregate limitnot exceed $50,000;
(ii) insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard forms of “all riskSpecial Form Causes of Loss” or “All Risk” property insurance policies with extended coverage, having a deductible amount, if any, as reasonably approved by Landlordpolicies, insuring (A) with respect to the Ancillary Space, Tenant’s Property and all Ancillary Space Alterations and improvements to the Ancillary SpacePremises (including the initial installations) to the extent such Alterations and improvements exceed the cost of the 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 value thereof, (B) all having a deductible amount, if any, not in excess of Tenant’s Property and (C) Landlord’s Studio Apartment Property; all such insurance shall name Tenant as the insured and, except with respect to Tenant’s insurance covering Tenant’s Property and Landlord’s Studio Apartment Property, Landlord and any Lessors and any Mortgagees whose names shall have been furnished by Landlord to Tenant from time to time shall be named as additional insureds and loss payees$25,000;
(iii) during the performance of any Alteration, until completion thereof, Builder’s risk Risk insurance on an “all risk” basis and on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (and their respective contractors and subcontractors), any Mortgagee and any Lessor ) in all work incorporated in the Buildings Building and all materials and equipment in or about the Premises;
(iv) Workers’ Compensation Insurance, as required by law;; and
(v) Liquor Liability (dram shop) Insurance with a minimum limit of liability in an amount of not less than $1,000,000 on an occurrence basis, covering bodily injury and death to one or more persons and $100,000 in connection with property damageBusiness Interruption Insurance; and
(vi) such other insurance in such amounts as Landlord, any Mortgagee and/or any Lessor the Insured Parties may reasonably require from time to time in the exercise of Landlord’s prudent business judgment, if other landlords are requiring the same for premises comparable Comparable Buildings.
(b) All insurance required to be carried by Tenant (i) shall contain a provision that (x) no unintentional act or omission of Tenant shall affect or limit the obligation of the insurance company to pay the amount of any loss sustained, and (y) shall be noncancellable and/or no material change in coverage shall be made thereto unless the Insured Parties receive 30 days’ prior notice of the same (except in the case of non-payment of premiums, in which case only 10 days’ prior notice shall be required), by certified mail, return receipt requested, and (ii) shall be effected under valid and enforceable policies issued by reputable insurers permitted to do business in the Commonwealth of Virginia and rated in Best’s Insurance Guide, or any successor thereto as having a “Best’s Rating” of “A-” or better and a “Financial Size Category” of at least “X” or better or, if such ratings are not then in effect, the equivalent thereof or such other financial rating as Landlord may at any time consider appropriate.
(c) On or prior to the PremisesCommencement Date, Tenant shall deliver to Landlord appropriate policies of insurance, including evidence of waivers of subrogation required to be carried pursuant to this Article 11 and that the Insured Parties are named as additional insureds (the “Policies”). Evidence of each renewal or replacement of the Policies shall be delivered by Tenant to Landlord at least 10 days prior to the expiration of the Policies. In lieu of the Policies, Tenant may deliver to Landlord a certification from Tenant’s insurance company (on the form currently designated “Axxxx 27” (Evidence of Property Insurance) and “Axxxx 25-S” (Certificate of Liability Insurance), or the equivalent, provided that attached thereto is an endorsement to Tenant’s commercial general liability policy naming the Insured Parties as additional insureds) which shall be binding on Tenant’s insurance company, and which shall expressly provide that such certification (i) conveys to the Insured Parties all the rights and privileges afforded under the Policies as primary insurance, and (ii) contains an unconditional obligation of the insurance company to advise all Insured Parties in writing by certified mail, return receipt requested, at least 30 days in advance of any termination or change to the Policies that would affect the interest of any of the Insured Parties.
Appears in 1 contract
Samples: Sublease (K12 Inc)
Tenant’s Insurance. (a) Tenant, at its expense, 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 bodily injury, death and/or property damage occurring in or about the PremisesPremises or the Real Property, under which Tenant is named as the insured and Landlord, Landlord’s Affiliates and subsidiaries now or hereafter existing, Landlord’s managing agentagent (if any), Landlord’s leasing agent (if any), any Lessors, and any Mortgagees Mortgagees, now or hereafter existing, and their successors and assigns and (provided that Tenant shall not be required to bear any additional expenses to obtain same) any other parties whose names shall have been furnished by Landlord to Tenant from time to time are named as additional insureds, which insurance shall provide primary coverage without contribution from any other insurance carried by or for the benefit of Landlord, Landlord’s Affiliates and subsidiaries, Landlord’s managing agent agent, Landlord’s leasing agent, any Lessors, and any Mortgagees, now or any Lessors or Mortgagees hereafter existing, and their successors and assigns and such other parties named as additional insureds, ; and Tenant agrees to obtain blanket broad-form contractual liability coverage to insure its indemnity obligations set forth in Article 32 hereof. The minimum limits of liability shall be a combined single limit with respect to each occurrence in an amount of not less than *****$5,000,000.00; provided, however, that Landlord may require Tenant to increase such 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 first-class buildings in the City Borough of New York with respect to the Ancillary Space and for comparable entertainment centers in the City of New York with respect to the Music HallManhattan. If the aggregate limit applying to the Premises is reduced by the payment of a claim or establishment of a reserve equal to or greater than fifty percent (50% %) of the annual aggregate, Tenant shall immediately arrange to have the aggregate limit restored by endorsement to the existing policy or the purchase of an additional insurance policy unless, in Landlord’s reasonable judgment, Tenant maintains sufficient concurrent excess liability insurance to satisfy the liability requirements of this Lease without the reinstatement of the aggregate limit;
(ii) insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard forms of “all risk” property insurance policies with extended coverage, having a deductible amount, if any, as reasonably approved by Landlordpolicies, insuring (A) with respect to the Ancillary SpaceTenant’s Property, and all Ancillary Space Alterations and improvements to the Ancillary SpacePremises to the extent such Alterations and improvements exceed the cost of the improvements typically performed in connection with the initial occupancy of tenants in the Building (hereinafter, “Building Standard Installations”), for the full insurable value thereof or replacement cost value thereof, (B) all whichever is greater, having a deductible amount, if any, of Tenant’s Property and (C) Landlord’s Studio Apartment Property; all such insurance shall name Tenant as the insured and, except with respect to Tenant’s insurance covering Tenant’s Property and Landlord’s Studio Apartment Property, Landlord and any Lessors and any Mortgagees whose names shall have been furnished by Landlord to Tenant from time to time shall be named as additional insureds and loss payeesnot more than $100,000.00;
(iii) during the performance of any Alteration, until completion thereof, Builder’s risk insurance on an “all risk” basis and on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (and their respective contractors and subcontractors), any Mortgagee and any Lessor in all work incorporated in the Buildings Building and all materials and equipment in or about the Premises;
(iv) Workers’ Compensation Insurance, as required by law;
(v) Liquor Liability New York State disability benefits as required by law;
(dram shopvi) Insurance with a minimum limit of liability in an amount of not less than $1,000,000 on an occurrence basis, covering bodily injury and death to one or more persons and $100,000 in connection with property damageBusiness Interruption Insurance; and
(vivii) such other insurance in such amounts as Landlord, any Mortgagee and/or any Lessor may reasonably require from time to time for premises comparable and which is, at the applicable time, generally or customarily required by landlords in mid-town Manhattan, New York in connection with buildings similar to the PremisesBuilding.
(b) All insurance required to be carried by Tenant pursuant to the terms of this Lease (i) shall contain a provision that (A) no act or omission of Tenant shall affect or limit the obligation of the insurance company to pay the amount of any loss sustained, (B) the policy shall be noncancellable and/or no material change in coverage shall be made thereto unless Landlord, Lessors and Mortgagees shall have received thirty (30) days’ prior notice of the same, and (C) Tenant shall be solely responsible for the payment of all premiums under such policies and Landlord, Lessors and Mortgagees shall have no obligation for the payment thereof (provided, however, that Tenant shall not be required to name Landlord, Landlord’s Affiliates and subsidiaries, any Lessors or any Mortgagees as additional insureds on property damage insurance policies insuring only Tenant’s Property), and (ii) shall be effected under valid and enforceable policies issued by reputable and independent insurers permitted to do business in the State of New York, and rated in Best’s Insurance Guide, or any successor thereto (or if there be none, an organization having a national reputation) as having a Best’s Rating of “A-” and a “Financial Size Category” of at least “X” or if such ratings are not then in effect, the equivalent thereof or such other financial rating as Landlord may at any time consider appropriate.
(c) On or prior to the Commencement Date, Tenant shall deliver to Landlord appropriate policies of insurance, including evidence of waivers of subrogation, required to be carried by each party pursuant to this Article. Evidence of each renewal or replacement of a policy shall be delivered by Tenant to Landlord at least ten (10) days prior to the expiration of such policy. In lieu of the policies of insurance required to be delivered to Landlord pursuant to this Article (the “Policies”), Tenant may deliver to Landlord a certification from Tenant’s insurance company (on the form currently designated “Axxxx 27”, or the equivalent), with such certification evidencing coverage, and which shall expressly provide that such certification (i) conveys to Landlord and any other named insured and/or additional insureds thereunder (the “Insured Parties”) all the rights and privileges afforded under the applicable Policies as primary insurance, and (ii) contains an unconditional obligation of the insurance company to advise all Insured Parties in writing at least thirty (30) days in advance, of any termination of or change to the applicable Policies that would affect the interest of any of the Insured Parties.
Appears in 1 contract
Samples: Lease Agreement (Pzena Investment Management, Inc.)
Tenant’s Insurance. (a) Tenant, at its expense, 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 PremisesBuilding, under which Tenant is named as the insured and Landlord, Landlord’s managing agent, Agent and any Lessors, Lessors and any Mortgagees and any other parties whose names shall have been furnished by Landlord to Tenant from time to time are named as additional insureds, which insureds (the “Insured Parties”). Such insurance shall provide primary coverage without contribution from any other insurance carried by or for the benefit of Landlord, Landlord’s managing agent or any Lessors or Mortgagees named as additional insuredsthe Insured Parties, and Tenant agrees to shall obtain blanket broad-form contractual liability coverage to insure its indemnity obligations set forth in Article 32 hereof25. The minimum limits of liability applying exclusively to the Premises shall be a combined single limit with respect to each occurrence in an amount of not less than *****$3,000,000; provided, however, that Landlord may shall retain the right to require Tenant to increase such coverage, coverage from time to time, time to that amount of insurance which in Landlord’s reasonable judgment is then being customarily required by landlords for similar office space in first-class buildings in Comparable Buildings. The self insured retention for such policy shall not exceed $10,000. Tenant may satisfy the City limits of New York liability required herein with a combination of umbrella and/or excess policies of insurance, provided that such policies comply with all of the provisions hereof (including, without limitation, with respect to the Ancillary Space scope of coverage and for comparable entertainment centers in the City of New York with respect to the Music Hall. If the aggregate limit applying to the Premises is reduced by the payment of a claim or establishment of a reserve equal to or greater than 50% naming of the annual aggregate, Tenant shall immediately arrange to have the aggregate limit restored by endorsement to the existing policy or the purchase of an additional insurance policy unless, in Landlord’s reasonable judgment, Tenant maintains sufficient excess liability insurance to satisfy the liability requirements of this Lease without the reinstatement of the aggregate limitInsured Parties);
(ii) insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard forms of “all riskSpecial Form Causes of Loss” or “All Risk” property insurance policies with extended coverage, having a deductible amount, if any, as reasonably approved by Landlordpolicies, insuring (A) with respect to the Ancillary Space, Tenant’s Property and all Ancillary Space Alterations and improvements to the Ancillary SpacePremises (including the Initial Installations) to the extent such Alterations and improvements exceed the cost of the 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 value thereof, (B) all having a deductible amount, if any, not in excess of Tenant’s Property and (C) Landlord’s Studio Apartment Property; all such insurance shall name Tenant as the insured and, except with respect to Tenant’s insurance covering Tenant’s Property and Landlord’s Studio Apartment Property, Landlord and any Lessors and any Mortgagees whose names shall have been furnished by Landlord to Tenant from time to time shall be named as additional insureds and loss payees$25,000;
(iii) during the performance of any Alteration, until completion thereof, Builder’s risk Risk insurance on an “all risk” basis and on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (and their respective contractors and subcontractors), any Mortgagee and any Lessor ) in all work incorporated in the Buildings Building and all materials and equipment in or about the Premises;
(iv) Workers’ Compensation Insurance, as required by law;
(v) Liquor Business Interruption Insurance covering a minimum of one year of anticipated gross income;
(vi) if the Building, Complex or Real Property includes a parking garage or surface parking lot that is utilized by Tenant, Commercial Automobile Liability (dram shop) Insurance for any owned, non-owned or hired vehicles with a minimum combined single limit of liability with respect to each occurrence in an amount of not less than $1,000,000 on an occurrence basis, covering bodily injury and death to one or more persons and $100,000 in connection with property damage1,000,000; and
(vivii) such other insurance in such amounts as Landlord, any Mortgagee and/or any Lessor the insured Parties may reasonably require from time to time.
(b) All insurance required to be carried by Tenant (i) shall contain a provision that (x) no act or omission of Tenant shall affect or limit the obligation of the insurance company to pay the amount of any loss sustained, and (y) shall be noncancellable and/or no material change in coverage shall be made thereto unless the Insured Parties receive 30 days’ prior notice of the same, by certified mail, return receipt requested, and (ii) shall be effected under valid and enforceable policies issued by reputable insurers admitted to do business in the State of Illinois and rated in Best’s Insurance Guide, or any successor thereto as having a “Best’s Rating” of “A-” or better and a “Financial Size Category” of at least “X” or better, or, if such ratings are not then in effect, the equivalent thereof or such other financial rating as Landlord may at any time for premises comparable consider appropriate.
(c) On or prior to the Commencement Date, Tenant shall deliver to Landlord appropriate policies of insurance, including evidence of waivers of subrogation required to be carried pursuant to this Article 11 and that the Insured Parties are named as additional insured’s (the “Policies”), Evidence of each renewal or replacement of the Policies shall be delivered by Tenant to Landlord at least 10 days prior to the expiration of the Policies. In lieu of the Policies, Tenant may deliver to Landlord a certification from Tenant’s insurance company, on the form currently designated “Accord 27” (Evidence of Property Insurance) and “Accord 25-S” (Certificate of Liability Insurance), or the equivalent, provided that attached thereto is an endorsement to Tenant’s commercial general liability policy naming the Insured Parties as additional insured’s, which endorsement is at least as broad as ISO policy form “CG 20 11 Additional Insured - Managers or Lessors of Premises” (pre-1999 edition) and which endorsement expressly provides coverage for the negligence of the additional insured’s, which certification shall be binding on Tenant’s insurance company, and which shall expressly provide that such certification (i) conveys to the Insured Parties all the rights and privileges afforded under the Policies as primary insurance, and (ii) contains an unconditional obligation of the insurance company to advise all Insured Parties in writing by certified mail, return receipt requested, at least 30 days in advance of any termination or change to the Policies that would affect the interest of any of the Insured Parties.
Appears in 1 contract
Samples: Lease Agreement (Affirmative Insurance Holdings Inc)
Tenant’s Insurance. (a) Commencing as of the Commencement Date, and continuing thereafter throughout the Term, Tenant, at its expense, 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 PremisesBuilding, under which Tenant is named as the insured and Landlord, Landlord’s managing agent, Agent and any Lessors, Lessors and any Mortgagees and any or other parties whose names shall have been furnished by Landlord to Tenant from time to time are named as additional insureds, which insureds (the “Insured Parties”). Such insurance shall provide primary coverage without contribution from any other insurance carried by or for the benefit of Landlord, Landlord’s managing agent or any Lessors or Mortgagees named as additional insuredsthe Insured Parties, and Tenant agrees to shall obtain blanket broad-form contractual liability coverage to insure its indemnity obligations set forth in Article 32 hereof25. The minimum limits of liability applying exclusively to the Premises shall be a combined single limit with respect to each occurrence in an amount of not less than *****$5,000,000; provided, however, that Landlord may shall retain the right to require Tenant to increase such coverage, coverage from time to time, time to that amount of insurance which in Landlord’s reasonable judgment is then being customarily required by landlords for similar office space in first-class buildings in the City of New York with respect to the Ancillary Space and Comparable Buildings. The self insured retention for comparable entertainment centers in the City of New York with respect to the Music Hall. If the aggregate limit applying to the Premises is reduced by the payment of a claim or establishment of a reserve equal to or greater than 50% of the annual aggregate, Tenant such policy shall immediately arrange to have the aggregate limit restored by endorsement to the existing policy or the purchase of an additional insurance policy unless, in Landlord’s reasonable judgment, Tenant maintains sufficient excess liability insurance to satisfy the liability requirements of this Lease without the reinstatement of the aggregate limitnot exceed $10,000;
(ii) insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard forms of “all riskSpecial Form Causes of Loss” or “All Risk” property insurance policies with extended coverage, having a deductible amount, if any, as reasonably approved by Landlordpolicies, insuring (A) with respect to the Ancillary Space, Tenant’s Property and all Ancillary Space Alterations and improvements to the Ancillary SpacePremises (including the Initial Alterations) to the extent such Alterations and improvements exceed the cost of the 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 value thereof, (B) all having a deductible amount, if any, not in excess of Tenant’s Property and (C) Landlord’s Studio Apartment Property; all such insurance shall name Tenant as the insured and, except with respect to Tenant’s insurance covering Tenant’s Property and Landlord’s Studio Apartment Property, Landlord and any Lessors and any Mortgagees whose names shall have been furnished by Landlord to Tenant from time to time shall be named as additional insureds and loss payees$25,000;
(iii) during the performance of any Alteration, until completion thereof, Builder’s risk Risk insurance on an “all risk” basis and on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (and their respective contractors and subcontractors), any Mortgagee and any Lessor ) in all work incorporated in the Buildings Building and all materials and equipment in or about the Premises;
(iv) Workers’ Compensation Insurance, as required by law;
(v) Liquor Business Interruption Insurance for a period of at least six (6) months;
(vi) Commercial Automobile Liability (dram shop) Insurance for any owned, non-owned or hired vehicles with a minimum combined single limit of liability with respect to each occurrence in an amount of not less than $1,000,000 on an occurrence basis, covering bodily injury and death to one or more persons and $100,000 in connection with property damage1,000,000; and
(vivii) such other insurance in such amounts as Landlord, any Mortgagee and/or any Lessor the Insured Parties may reasonably require from time to time for premises comparable to the Premisestime.
Appears in 1 contract
Samples: Lease Agreement (Inphi Corp)
Tenant’s Insurance. Tenant shall provide and maintain insurance as specified below.
(ai) Insurance policies required by this Paragraph 14(b) shall be in a form reasonably acceptable to Landlord, with an insurer or insurers qualified to do business in the State of Minnesota with Financial Performance rating of A+ and a Financial Size Category of VII (A+VII) or better in accordance with the current Best Key Rating Guide®, Property Casualty, United States. Such policy(ies) shall require at least thirty (30) days prior written notice to Landlord (and, if requested by Landlord, Landlord’s mortgagee(s)) and shall include a Notice of Cancellation Endorsement in form and substance reasonably acceptable to Landlord. All policies required shall be primary and non-contributory to any other insurance available to Landlord.
(ii) Tenant shall, at its sole cost and expense, maintain in effect at all times during the Term a commercial general liability insurance policy, on an “occurrence” rather than on a “claims made” basis, with a total combined policy limit of at least $2,000,000.00. The policy shall include, but not be limited to, coverages for Bodily Injury, Property Damage, Personal Injury and Contractual Liability (applying to this Lease), or an equivalent form (or forms) affording coverage at least as broad. Landlord and Landlord’s Managing Agent shall be named as Additional Insureds under the policy and Tenant shall deliver to Landlord an Additional Insured Endorsement to Tenant’s policy in form and substance satisfactory to Landlord naming Landlord, Landlord’s Managing Agent and Landlord’s mortgagee(s), if any as additional insureds. No coverage shall be deleted from the standard policy without notification of individual exclusions being attached for review and acceptance by Landlord. The liability insurance under this subparagraph 14(b)(ii) shall be primary with respect to Landlord and its agents and not participating with any other available insurance.
(iii) Tenant shall, at its sole cost and expense, maintain in effect at all times during the Term, a policy or polices of insurance covering all of Tenant’s improvements, fixtures, inventory and other personal property in the Premises against loss by fire and other hazards covered by an “all-risk” form of policy, in an amount equal to the full replacement cost thereof, without deduction for physical depreciation. Such insurance shall include Valuable papers and Records coverage providing for the Reproduction Costs measure of recovery and coverage for damage to Electronic Data Processing Equipment and Media, including coverage of the perils of mechanical breakdown and electronic disturbance.
(iv) If the use of the Premises by Tenant increases the premium rate for insurance carried by Landlord on the Building, Tenant shall pay Landlord, upon demand, as Additional Rent, the amount of such premium increase.
(v) Tenant, at its expenseupon actual knowledge or receipt of written notice by Landlord, shall obtain not carry any stock of goods, inventory, or Hazardous Substances (as defined in this Lease) or do anything in or about the Premises that will in any way impair or invalidate the obligation of the insurer under any policy of insurance required by this Lease. Prior to the Commencement Date, on each anniversary of the Commencement Date and keep at such other times as Landlord may request, Tenant shall deliver to Landlord evidence satisfactory to Landlord showing the coverages and endorsements required to be provided hereunder are in full force and effect during effect. If Tenant has a blanket insurance policy providing coverage for several properties of Tenant, including the TermPremises, Landlord will accept evidence of such insurance provided:
(i1) a policy of commercial general liability insurance on an occurrence basis against claims for personal injury, death and/or property damage occurring the evidence is in or about the Premises, under which Tenant is named as the insured form and Landlord, Landlord’s managing agent, any Lessors, any Mortgagees and any other parties whose names shall have been furnished by Landlord substance satisfactory to Tenant from time to time are named as additional insureds, which insurance shall provide primary coverage without contribution from any other insurance carried by or for the benefit of Landlord, Landlord’s managing agent or any Lessors or Mortgagees named as additional insureds, and Tenant agrees to obtain blanket broad-form contractual liability coverage to insure its indemnity obligations set forth in Article 32 hereof. The minimum limits of liability shall be a combined single limit with respect to each occurrence in an amount of not less than *****; provided, however, that Landlord may require Tenant to increase such coverage, from time to time, to that amount of insurance which in Landlord’s reasonable judgment is then being customarily required by landlords in first-class buildings in the City of New York with respect to the Ancillary Space and for comparable entertainment centers in the City of New York with respect to the Music Hall. If the aggregate limit applying to the Premises is reduced by the payment of a claim or establishment of a reserve equal to or greater than 50% of the annual aggregate, Tenant shall immediately arrange to have the aggregate limit restored by endorsement to the existing policy or the purchase of an additional insurance policy unless, in Landlord’s reasonable judgment, Tenant maintains sufficient excess liability insurance to satisfy the liability requirements of this Lease without the reinstatement of the aggregate limit;
(ii) insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard forms of “all risk” property insurance policies with extended coverage, having a deductible amount, if any, as reasonably approved by Landlord, insuring (A) with respect to the Ancillary Space, all Ancillary Space Alterations and improvements to the Ancillary Space, for the full insurable value thereof or replacement cost value thereof, (B) all of Tenant’s Property and (C) Landlord’s Studio Apartment Property; all such insurance shall name Tenant as the insured and, except with respect to Tenant’s insurance covering Tenant’s Property and Landlord’s Studio Apartment Property, Landlord and any Lessors includes the Notice of Cancellation and any Mortgagees whose names shall have been furnished by Landlord to Tenant from time to time shall be named as additional insureds and loss payees;
(iii) during the performance of any Alteration, until completion thereof, Builder’s risk insurance on an “all risk” basis and on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (and their respective contractors and subcontractors), any Mortgagee and any Lessor in all work incorporated in the Buildings and all materials and equipment in or about the Premises;
(iv) Workers’ Compensation Insurance, as Additional Insured endorsements required by law;
(v) Liquor Liability (dram shop) Insurance with a minimum limit of liability in an amount of not less than $1,000,000 on an occurrence basis, covering bodily injury and death to one or more persons and $100,000 in connection with property damageabove; and
(vi2) such the policy complies with the other insurance requirements in such amounts as Landlord, any Mortgagee and/or any Lessor may reasonably require from time to time for premises comparable to the Premisesthis Lease.
Appears in 1 contract
Samples: Lease Agreement
Tenant’s Insurance. (a) Tenant, at its expense, Tenant shall obtain and keep maintain the following coverages in full force and effect during the Termfollowing amounts:
(i) a policy of commercial general liability insurance 10.3.1 Commercial General Liability Insurance on an ISO CG 00 01 occurrence basis form covering the insured against claims for personal of bodily injury, death and/or personal and advertising injury and property damage occurring (including loss of use thereof) arising out of Tenant’s operations, products/completed operations, and contractual liability including a Broad Form endorsement covering the insuring provisions of this Lease and the performance by Tenant of the indemnity agreements set forth in or about Section 10.1 of this Lease (including products and completed operations coverage) for limits of liability of not less than those set forth below, which may be accomplished by any combination of primary and excess layers, provided the Premisesumbrella sits excess to the underlying commercial generally liability, under which Tenant is named as automobile liability, and employer’s liability insurance. Such insurance shall be written on an “occurrence” basis. Landlord and any other party the insured and LandlordLandlord so specifies that has a material financial interest in the Project, Landlordincluding Xxxxxxxx’s managing agent, any Lessors, any Mortgagees and any other parties whose names shall have been furnished by Landlord to Tenant from time to time are named as additional insureds, which insurance shall provide primary coverage without contribution from any other insurance carried by or for the benefit of Landlord, Landlord’s managing agent or any Lessors or Mortgagees named as additional insureds, and Tenant agrees to obtain blanket broad-form contractual liability coverage to insure its indemnity obligations set forth in Article 32 hereof. The minimum limits of liability shall be a combined single limit with respect to each occurrence in an amount of not less than *****; provided, however, that Landlord may require Tenant to increase such coverage, from time to time, to that amount of insurance which in Landlord’s reasonable judgment is then being customarily required by landlords in first-class buildings in the City of New York with respect to the Ancillary Space and for comparable entertainment centers in the City of New York with respect to the Music Hall. If the aggregate limit applying to the Premises is reduced by the payment of a claim or establishment of a reserve equal to or greater than 50% of the annual aggregate, Tenant shall immediately arrange to have the aggregate limit restored by endorsement to the existing policy or the purchase of an additional insurance policy unless, in Landlord’s reasonable judgment, Tenant maintains sufficient excess liability insurance to satisfy the liability requirements of this Lease without the reinstatement of the aggregate limit;
(ii) insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard forms of “all risk” property insurance policies with extended coverage, having a deductible amountground lessor and/or lender, if any, as reasonably approved by Landlord, insuring (A) with respect to the Ancillary Space, all Ancillary Space Alterations and improvements to the Ancillary Space, for the full insurable value thereof or replacement cost value thereof, (B) all of Tenant’s Property and (C) Landlord’s Studio Apartment Property; all such insurance shall name Tenant as the insured and, except with respect to Tenant’s insurance covering Tenant’s Property and Landlord’s Studio Apartment Property, Landlord and any Lessors and any Mortgagees whose names shall have been furnished by Landlord to Tenant from time to time shall be named as additional insureds as their interests may appear using Insurance Service Organization’s form CG2011 or a comparable form approved by Landlord. The coverage shall also be extended to include damage caused by heat, smoke or fumes from a hostile fire. The policy shall not contain any intra-insured exclusions as between insured persons or organizations. Limits of liability insurance shall not be less than the following (provided, however, such limits may be achieved through the use of an umbrella/excess policy): Bodily Injury and loss payees;Property Damage Liability $11,000,000 each occurrence$11,000,000 annual aggregate Personal Injury and Advertising Liability $11,000,000 each occurrence$11,000,000 annual aggregate 0% Insured’s participation Tenant Legal Liability/Damage to Rented Premises Liability $10,000,000
10.3.2 Property Insurance covering (iiii) during all office furniture, business and trade fixtures, office equipment, free-standing cabinet work, movable partitions, merchandise and all other items of Tenant’s property on the performance Premises installed by, for, or at the expense of Tenant, and (ii) the Tenant Improvements described in Exhibit 1.1.1-2 and any other tenant improvements that exist in the Premises (excluding the Base Building) as of the Lease Commencement Date (the “Original Improvements”). Such insurance shall be written on a Special Form 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 (a) all perils included in the CP 10 30 04 02 Coverage Special Form, (b) water damage from any cause whatsoever, including, but not limited to, sprinkler leakage, bursting, leaking or stoppage of any Alterationpipes, until completion thereofexplosion, Builder’s risk and backup or overflow from sewers or drains, (c) terrorism (to the extent such terrorism insurance is available as a result of the Terrorism Risk Insurance Act of 2002 (Pub. L. 107-297, 116 Stat. 2322), the Terrorism Risk Insurance Program Reauthorization Act of 2005 (Pub. l. 109-144), and the Terrorism Risk Insurance Program Reauthorization Act of 2007 (Pub. L. 110-160, 121 Stat. 183), any successor statute or regulation, or is otherwise available at commercially reasonable rates) and (d) earthquake insurance. Such insurance shall be written on an “all riskrisks” basis and on a completed value form including a Permission to Complete and Occupy endorsementof physical loss or damage basis, for the full replacement cost value covering (subject to reasonable deductible amounts) new without deduction for depreciation of the interest covered items and in amounts that meet any co-insurance clauses of Landlord the policies of insurance and shall include coverage for damage or other loss caused by fire or other peril including, but not limited to, vandalism and malicious mischief, theft, water damage of any type, including sprinkler leakage, bursting or stoppage of pipes, and explosion. Notwithstanding the foregoing, Tenant (may elect to self-insure terrorism and their respective contractors earthquake insurance required in this Section 10.3.1 and subcontractors), any Mortgagee self-insurance shall not reduce the coverage amounts required to be maintained by Tenant hereunder and any Lessor self-insured amount shall be deemed to contain all of the terms and conditions applicable to the insurance required in all work incorporated this Lease, including, without limitation, full waiver of subrogation in favor of Landlord.
10.3.3 Business Income Interruption for one (1) year plus Extra Expense insurance in such amounts as will reimburse Tenant for actual direct or indirect loss of earnings and continuing expenses, including rent, attributable to the Buildings and all materials and equipment risks outlined in or about the Premises;
(iv) Workers’ Compensation Insurance, as required by law;
(v) Liquor Liability (dram shop) Insurance Section 10.3.2 above with a three hundred and sixty-five (365) day extended period of indemnity.
10.3.4 Worker’s Compensation and Employer’s Liability with limits not less than $1,000,000 each accident; $1,000,000 disease – each employee; and $1,000,000 disease policy limit with minimum limit of liability in an amount limits of not less than $1,000,000 on an occurrence basis, covering bodily injury each accident/employee/disease or other similar insurance pursuant to all applicable state and death to one or more persons local statutes and $100,000 regulations. The policy will include a waiver of subrogation in connection with property damage; and
(vi) such other insurance in such amounts as Landlord, any Mortgagee and/or any Lessor may reasonably require from time to time for premises comparable to favor of the PremisesLandlord Parties.
Appears in 1 contract
Tenant’s Insurance. Effective as of the earlier of (a1) Tenantthe date Tenant enters or occupies the Premises, at its expenseor (2) the Commencement Date, shall obtain and keep in full force and effect during continuing throughout the Term:
, Tenant shall maintain the following insurance policies: (iA) a policy of commercial general liability insurance on an in amounts of $2,000,000 per occurrence basis against claims for personal injuryor, death and/or property damage occurring in or about following the Premisesexpiration of the initial Term, under which Tenant is named such other amounts as the insured and Landlord, Landlord’s managing agent, any Lessors, any Mortgagees and any other parties whose names shall have been furnished by Landlord to Tenant may from time to time are named 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, (B) insurance covering the full value of all alterations and improvements and betterments in the Premises, naming Landlord and Landlord's Mortgagee as additional insuredsloss payees as their interests may appear, which (C) insurance covering the full value of all furniture, trade fixtures 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), (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), (E) worker's compensation insurance (to the extent required under applicable Laws), and (F) business interruption insurance in an amount reasonable and standard for a similarly situated tenant in the Dallas, Texas market. Tenant's insurance shall provide primary coverage without contribution to Landlord when any policy issued to Landlord provides duplicate or similar coverage, and in such circumstance Landlord's policy will be excess over Tenant's policy. Tenant’s insurance may have commercially reasonable deductibles. Tenant shall furnish to Pegasus Park Office Lease (Taysha Gene Therapies, Inc.) – Page 11 Landlord certificates of such insurance and such other evidence satisfactory to Landlord of the maintenance of all insurance coverages required hereunder at least two days prior to the earlier of the Commencement Date or the date Tenant enters or occupies the Premises, and at least 15 days prior to each renewal of said insurance, and Tenant shall obtain a written obligation on the part of each insurance company to notify Landlord at least 30 days before cancellation of any such insurance policies. All such insurance policies shall be in form, 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 after receipt of fifteen (15) days’ notice from any other insurance carried by or for the benefit of Landlord, Landlord’s managing agent , in addition to any other remedy available pursuant to this Lease or any Lessors or Mortgagees named as additional insuredsotherwise, may, but shall not be obligated to, obtain such insurance and Tenant agrees shall pay to obtain blanket broad-form contractual liability coverage to insure its indemnity obligations set forth in Article 32 hereof. The minimum limits Landlord on demand the premium costs thereof, plus an administrative fee of liability shall be a combined single limit with respect to each occurrence in an amount of not less than *****; provided, however, that Landlord may require Tenant to increase such coverage, from time to time, to that amount of insurance which in Landlord’s reasonable judgment is then being customarily required by landlords in first-class buildings in the City of New York with respect to the Ancillary Space and for comparable entertainment centers in the City of New York with respect to the Music Hall. If the aggregate limit applying to the Premises is reduced by the payment of a claim or establishment of a reserve equal to or greater than 5015% of the annual aggregate, Tenant shall immediately arrange to have the aggregate limit restored by endorsement to the existing policy or the purchase of an additional insurance policy unless, in Landlord’s reasonable judgment, Tenant maintains sufficient excess liability insurance to satisfy the liability requirements of this Lease without the reinstatement of the aggregate limit;
(ii) insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard forms of “all risk” property insurance policies with extended coverage, having a deductible amount, if any, as reasonably approved by Landlord, insuring (A) with respect to the Ancillary Space, all Ancillary Space Alterations and improvements to the Ancillary Space, for the full insurable value thereof or replacement cost value thereof, (B) all of Tenant’s Property and (C) Landlord’s Studio Apartment Property; all such insurance shall name Tenant as the insured and, except with respect to Tenant’s insurance covering Tenant’s Property and Landlord’s Studio Apartment Property, Landlord and any Lessors and any Mortgagees whose names shall have been furnished by Landlord to Tenant from time to time shall be named as additional insureds and loss payees;
(iii) during the performance of any Alteration, until completion thereof, Builder’s risk insurance on an “all risk” basis and on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (and their respective contractors and subcontractors), any Mortgagee and any Lessor in all work incorporated in the Buildings and all materials and equipment in or about the Premises;
(iv) Workers’ Compensation Insurance, as required by law;
(v) Liquor Liability (dram shop) Insurance with a minimum limit of liability in an amount of not less than $1,000,000 on an occurrence basis, covering bodily injury and death to one or more persons and $100,000 in connection with property damage; and
(vi) such other insurance in such amounts as Landlord, any Mortgagee and/or any Lessor may reasonably require from time to time for premises comparable to the Premisescost.
Appears in 1 contract
Tenant’s Insurance. (a) TenantTenant shall maintain insurance complying with all of the following:
A. Tenant shall procure, at its expense, shall obtain pay for and keep in full force and effect during the Termfollowing:
(i) a policy of commercial 1). Commercial general liability insurance on an occurrence basis insurance, including property damage, against claims liability for personal injury, bodily injury, death and/or and damage to property damage occurring in or about about, or resulting from an occurrence in or about, the Premises, under which Tenant is named as Premises with combined single limit coverage of not less than the insured and Landlord, Landlordamount of Tenant’s managing agent, any Lessors, any Mortgagees and any other parties whose names shall have been furnished by Landlord to Tenant from time to time are named as additional insuredsLiability Insurance Minimum specified in Section P of the Summary, which insurance shall provide contain a “contractual liability” endorsement insuring Tenant’s performance of Tenant’s obligation to indemnify Landlord contained in ¶10.3;
(2). Fire and property damage insurance in so-called “all risk” form insuring Tenant’s Trade Fixtures and Tenant’s Alterations for the full actual replacement cost thereof;
(3). Such other insurance that is either (i) required by any Lender, or (ii) reasonably required by Landlord and customarily carried by tenants of similar property in similar businesses.
B. Where applicable and required by Landlord, each policy of insurance required to be carried by Tenant pursuant to this ¶9.1: (i) shall name Landlord and such other parties in interest as Landlord reasonably designates as additional insured; (ii) shall be primary coverage insurance which provides that the insurer shall be liable for the full amount of the loss up to and including the total amount of liability set forth in the declarations without the right of contribution from any other insurance carried by or for the benefit coverage of Landlord, Landlord’s managing agent or any Lessors or Mortgagees named as additional insureds, and Tenant agrees to obtain blanket broad-form contractual liability coverage to insure its indemnity obligations set forth in Article 32 hereof. The minimum limits of liability ; (iii) shall be in a combined single limit form satisfactory to Landlord; (iv) shall be carried with respect companies reasonably acceptable to each occurrence Landlord; (v) shall provide that such policy shall not be subject to cancellation, lapse or change except after at least 30 days prior written notice to Landlord so long as such provision of 30 days notice is reasonably obtainable, but in an amount of any event not less than *****10 days prior written notice; provided(vi) shall not have a “deductible” in excess of such amount as is approved by Landlord; (vii) shall contain a cross liability endorsement; and (viii) shall contain a “severability” clause. If Tenant has in full force and effect a blanket policy of liability insurance with the same coverage for the Premises as described above, howeveras well as other coverage of other premises and properties of Tenant, or in which Tenant has some interest, such blanket insurance shall satisfy the requirements of this ¶9.1.
C. A copy of each paid-up policy evidencing the insurance required to be carried by Tenant pursuant to this ¶9.1 (appropriately authenticated by the insurer) or a certificate of the insurer, certifying that such policy has been issued, providing the coverage required by this ¶9.1, and containing the provisions specified herein, shall be delivered to Landlord may require prior to the time Tenant or any of its Agents enters the Premises and upon renewal of such policies, but not less than 5 days prior to increase the expiration of the term of such coverage. Landlord may, at any time, and from time to time, inspect and/or copy any and all insurance policies required to be procured by Tenant pursuant to this ¶9.
1. If any Lender or insurance advisor reasonably determines at any time that the amount of coverage required for any policy of insurance which in Landlord’s reasonable judgment Tenant is to obtain pursuant to this ¶9.1 is not adequate, then being customarily required by landlords in first-class buildings in the City of New York with respect to the Ancillary Space and for comparable entertainment centers in the City of New York with respect to the Music Hall. If the aggregate limit applying to the Premises is reduced by the payment of a claim or establishment of a reserve equal to or greater than 50% of the annual aggregate, Tenant shall immediately arrange to have the aggregate limit restored by endorsement to the existing policy or the purchase of an additional insurance policy unless, in Landlord’s reasonable judgment, Tenant maintains sufficient excess liability increase such coverage for such insurance to satisfy such amount as such Lender or insurance advisor reasonably deems adequate, not to exceed the liability requirements level of this Lease without the reinstatement of the aggregate limit;
(ii) insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard forms of “all risk” property insurance policies with extended coverage, having a deductible amount, if any, as reasonably approved by Landlord, insuring (A) with respect to the Ancillary Space, all Ancillary Space Alterations and improvements to the Ancillary Space, coverage for the full insurable value thereof or replacement cost value thereof, (B) all of Tenant’s Property and (C) Landlord’s Studio Apartment Property; all such insurance shall name Tenant as the insured and, except with respect to Tenant’s insurance covering Tenant’s Property and Landlord’s Studio Apartment Property, Landlord and any Lessors and any Mortgagees whose names shall have been furnished commonly carried by Landlord to Tenant from time to time shall be named as additional insureds and loss payees;
(iii) during the performance of any Alteration, until completion thereof, Builder’s risk insurance on an “all risk” basis and on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (and their respective contractors and subcontractors), any Mortgagee and any Lessor in all work incorporated in the Buildings and all materials and equipment in or about the Premises;
(iv) Workers’ Compensation Insurance, as required by law;
(v) Liquor Liability (dram shop) Insurance with a minimum limit of liability in an amount of not less than $1,000,000 on an occurrence basis, covering bodily injury and death to one or more persons and $100,000 in connection with property damage; and
(vi) such other insurance in such amounts as Landlord, any Mortgagee and/or any Lessor may reasonably require from time to time for premises comparable to the Premisesbusinesses similarly situated.
Appears in 1 contract
Samples: Lease (Tegal Corp /De/)
Tenant’s Insurance. (a) Tenant, at its expense, Tenant shall obtain and keep in full force and effect during maintain throughout the TermTerm the ------------------ following insurance policies:
(i1) a policy of commercial general liability insurance on an in amounts of $3,000,000 per occurrence basis against claims for personal injuryor, death and/or property damage occurring in or about following the Premisesexpiration of the initial Term, under which Tenant is named such other amounts as the insured and Landlord, Landlord’s managing agent, any Lessors, any Mortgagees and any other parties whose names shall have been furnished by Landlord to Tenant may from time to time are named 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 additional insuredsLandlord may reasonably require), which insuring Tenant, Landlord, Landlord's agents and their respective Affiliates 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, (2) insurance covering the full value of Tenant's property and improvements, and other property (including property of others) in the Premises, (3) 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), (4) worker's compensation insurance, and (5) business interruption insurance. Tenant's insurance shall provide primary coverage without contribution from to Landlord when any policy issued to Landlord provides duplicate or similar coverage, and in such circumstance Landlord's policy will be excess over Tenant's policy. Tenant shall furnish to Landlord certificates of such insurance and such other evidence satisfactory to Landlord of the maintenance of all insurance carried by or for the benefit of Landlord, Landlord’s managing agent or any Lessors or Mortgagees named as additional insuredscoverages required hereunder, and Tenant agrees shall obtain a written obligation on the part of each insurance company to obtain blanket broad-form contractual liability coverage to insure its indemnity obligations set forth in Article 32 hereofnotify Landlord at least 30 days before cancellation or a material change of any such insurance policies. The minimum limits of liability All such insurance policies shall be a combined single limit with respect to each occurrence in an amount of not less than *****; provided, however, that Landlord may require Tenant to increase such coverage, from time to time, to that amount of insurance which in Landlord’s reasonable judgment is then being customarily required by landlords in first-class buildings in the City of New York with respect to the Ancillary Space and for comparable entertainment centers in the City of New York with respect to the Music Hall. If the aggregate limit applying to the Premises is reduced by the payment of a claim or establishment of a reserve equal to or greater than 50% of the annual aggregate, Tenant shall immediately arrange to have the aggregate limit restored by endorsement to the existing policy or the purchase of an additional insurance policy unless, in Landlord’s reasonable judgment, Tenant maintains sufficient excess liability insurance to satisfy the liability requirements of this Lease without the reinstatement of the aggregate limit;
(ii) insurance against loss or damage by fireform, and such other risks and hazards as are insurable under then available standard forms of “all risk” property insurance policies with extended coverageissued by companies, having a deductible amount, if any, as reasonably approved by satisfactory to Landlord, insuring (A) with respect to the Ancillary Space, all Ancillary Space Alterations and improvements to the Ancillary Space, for the full insurable value thereof or replacement cost value thereof, (B) all of Tenant’s Property and (C) Landlord’s Studio Apartment Property; all such insurance shall name Tenant as the insured and, except with respect to Tenant’s insurance covering Tenant’s Property and Landlord’s Studio Apartment Property, Landlord and any Lessors and any Mortgagees whose names shall have been furnished by Landlord to Tenant from time to time shall be named as additional insureds and loss payees;
(iii) during the performance of any Alteration, until completion thereof, Builder’s risk insurance on an “all risk” basis and on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (and their respective contractors and subcontractors), any Mortgagee and any Lessor in all work incorporated in the Buildings and all materials and equipment in or about the Premises;
(iv) Workers’ Compensation Insurance, as required by law;
(v) Liquor Liability (dram shop) Insurance with a minimum limit of liability in an amount of not less than $1,000,000 on an occurrence basis, covering bodily injury and death to one or more persons and $100,000 in connection with property damage; and
(vi) such other insurance in such amounts as Landlord, any Mortgagee and/or any Lessor may reasonably require from time to time for premises comparable to the Premises.
Appears in 1 contract
Samples: Lease Agreement (Tenfold Corp /Ut)
Tenant’s Insurance. (a) Tenant, at its expense, 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, death and/or property damage occurring in or about the Premises, under which Tenant Xxxxxx is named as the insured and Landlord, LandlordXxxxxxxx’s managing agent, any Lessors, any Mortgagees and any other parties whose names shall have been furnished by Landlord to Tenant from time to time are named as additional insureds, which insurance shall provide primary coverage without contribution from any other insurance carried by or for the benefit of Landlord, LandlordXxxxxxxx’s managing agent or any Lessors or Mortgagees named as additional insureds, and Tenant Xxxxxx agrees to obtain blanket broad-form contractual liability coverage to insure its indemnity obligations set forth in Article 32 hereof. The minimum limits of liability shall be a combined single limit with respect to each occurrence in an amount of not less than [*****]; provided, however, that Landlord may require Tenant to increase such coverage, from time to time, to that amount of insurance which in Landlord’s reasonable judgment is then being customarily required by landlords in first-class buildings in the City of New York with respect to the Ancillary Space and for comparable entertainment centers in the City of New York with respect to the Music Hall. If the aggregate limit applying to the Premises is reduced by the payment of a claim or establishment of a reserve equal to or greater than 50% of the annual aggregate, Tenant shall immediately arrange to have the aggregate limit restored by endorsement to the existing policy or the purchase of an additional insurance policy unless, in Landlord’s reasonable judgment, Tenant maintains sufficient excess liability insurance to satisfy the liability requirements of this Lease without the reinstatement of the aggregate limit;
(ii) insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard forms of “all risk” property insurance policies with extended coverage, having a deductible amount, if any, as reasonably approved by Landlord, insuring (A) with respect to the Ancillary Space, all Ancillary Space Alterations and improvements to the Ancillary Space, for the full insurable value thereof or replacement cost value thereof, (B) all of Tenant’s Property and (C) Landlord’s Studio Apartment Property; all such insurance shall name Tenant as the insured and, except with respect to Tenant’s insurance covering Tenant’s Property and Landlord’s Studio Apartment Property, Landlord and any Lessors and any Mortgagees whose names shall have been furnished by Landlord to Tenant from time to time shall be named as additional insureds and loss payees;
(iii) during the performance of any Alteration, until completion thereof, Builder’s risk insurance on an “all risk” basis and on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (and their respective contractors and subcontractors), any Mortgagee and any Lessor in all work incorporated in the Buildings and all materials and equipment in or about the Premises;
(iv) Workers’ Compensation Insurance, as required by law;
(v) Liquor Liability (dram shop) Insurance with a minimum limit of liability in an amount of not less than $1,000,000 on an occurrence basis, covering bodily injury and death to one or more persons and $100,000 in connection with property damage; and
(vi) such other insurance in such amounts as Landlord, any Mortgagee and/or any Lessor may reasonably require from time to time for premises comparable to the Premises.
Appears in 1 contract
Samples: Lease (MSGE Spinco, Inc.)
Tenant’s Insurance. (a) TenantTenant shall maintain insurance complying with all of the following:
A. Tenant shall procure, at its expense, shall obtain pay for and keep in full force and effect during the Termeffect:
(i) a policy of commercial general liability insurance on an occurrence basis insurance, including property damage, against claims liability for personal injury, bodily injury, death and/or and damage to property damage occurring in or about, or resulting from on occurrence in or about the Premises, under which Tenant is named as Premises with combined single limit coverage of not less than the insured and Landlord, Landlord’s managing agent, any Lessors, any Mortgagees and any other parties whose names shall have been furnished by Landlord to Tenant from time to time are named as additional insuredsamount specified in Section O of the Summary, which insurance shall provide primary coverage without contribution contain a "contractual liability" enforcement insuring performance of Tenant's obligation to indemnify Landlord contained in Section 10.3; (ii) fire and property damage insurance in so-called "all risk" from any insuring Tenant's Alterations for their full actual replacement costs; and (iii) such other insurance and amounts of insurance as are either (1) reasonably required by any Lender, or (2) reasonably required by Landlord required by Landlord and customarily carried by or for the benefit tenants of similar property in similar businesses.
B. Where applicable and required by Landlord, each policy of insurance required to be carried by Tenant pursuant to this paragraph 9.1: (i) shall name Landlord and such other parties in interest as Landlord reasonably designates as additional insured; (ii) shall be primary and not secondary or contributing; (iii) shall be in a form and carried with companies reasonably acceptable to Landlord’s managing agent ; (iv) shall provide that such policy shall not be subject to cancellation, lapse or change except after at least thirty (30) days prior written notice to Landlord; (v) shall not have a "deductible" in excess of such amounts as are approved by Landlord; and (vi) shall contain a cross liability endorsement and a "severability" clause.
C. A copy of each paid-up evidencing the insurance required to be carried by Tenant pursuant to this paragraph 9.1 (appropriately authenticated by the insurer) shall be delivered to Landlord prior to the time Tenant or any Lessors or Mortgagees named as additional insuredsof its Agents enters the Premises and upon renewal of such policies, and Tenant agrees to obtain blanket broad-form contractual liability coverage to insure its indemnity obligations set forth in Article 32 hereof. The minimum limits of liability shall be a combined single limit with respect to each occurrence in an amount of but not less than *****five (5) days prior to the expiration of the term of such coverage.
D. Tenant shall have the right to maintain the required liability insurance in the form of a blanket policy covering other business locations of Tenant in addition to the Premises; provided, however, that Tenant shall provide Landlord may require Tenant to increase such coverage, from time to time, to that amount with a certificate of insurance specifically naming the location of the Premises and naming Landlord as required in this Section, the limits of which in Landlord’s reasonable judgment is then being customarily required by landlords in first-class buildings in the City of New York with respect to the Ancillary Space and for comparable entertainment centers in the City of New York with respect to the Music Hall. If the aggregate limit applying coverage applicable to the Premises is reduced by the payment of a claim or establishment of a reserve equal are to or greater than 50% of the annual aggregate, Tenant shall immediately arrange to have the aggregate limit restored by endorsement to the existing policy or the purchase of an additional insurance policy unless, in Landlord’s reasonable judgment, Tenant maintains sufficient excess liability insurance to satisfy the liability requirements of this Lease without the reinstatement of the aggregate limit;
(ii) insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard forms of “all risk” property insurance policies with extended coverage, having a deductible amount, if any, as reasonably approved by Landlord, insuring (A) with respect to the Ancillary Space, all Ancillary Space Alterations and improvements to the Ancillary Space, for the full insurable value thereof or replacement cost value thereof, (B) all of Tenant’s Property and (C) Landlord’s Studio Apartment Property; all such insurance shall name Tenant as the insured and, except with respect to Tenant’s insurance covering Tenant’s Property and Landlord’s Studio Apartment Property, Landlord and any Lessors and any Mortgagees whose names shall have been furnished by Landlord to Tenant from time to time shall be named as additional insureds and loss payees;
(iii) during the performance of any Alteration, until completion thereof, Builder’s risk insurance on an “all risk” basis and on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (and their respective contractors and subcontractors), any Mortgagee and any Lessor in all work incorporated in the Buildings and all materials and equipment amounts set forth in or about the Premises;
(iv) Workers’ Compensation Insurance, as required by law;
(v) Liquor Liability (dram shop) Insurance with a minimum limit of liability in an amount of not less than $1,000,000 on an occurrence basis, covering bodily injury and death to one or more persons and $100,000 in connection with property damage; and
(vi) such other insurance in such amounts as Landlord, any Mortgagee and/or any Lessor may reasonably require from time to time for premises comparable to the Premisesthis Section.
Appears in 1 contract
Tenant’s Insurance. (a) Tenant, at its Tenant’s expense, shall obtain and keep in full force and effect during the Term:
(i) a policy of commercial general liability insurance on an occurrence basis (utilizing then current ISO forms or equivalent) against claims for contractual liability, personal injury, bodily injury, death and/or property damage occurring in or about the PremisesBuilding, under which Tenant Xxxxxx is named as the insured and Landlord, Landlord’s managing agent, Agent and any Lessors, Lessors and any Mortgagees and any other parties whose names shall have been furnished by Landlord to Tenant from time to time are named as additional insureds, which insureds (the “Insured Parties”). Such insurance shall provide primary coverage without contribution from any other insurance carried by or for the benefit of Landlord, Landlord’s managing agent or any Lessors or Mortgagees named as additional insureds, and Tenant agrees to obtain blanket broad-form contractual liability coverage to insure its indemnity obligations set forth in Article 32 hereofthe Insured Parties. The minimum limits of liability provided in any combination by a commercial general liability policy and excess liability or umbrella policy applying exclusively to the Premises shall be a combined single limit with respect to each occurrence and in the aggregate in an amount of not less than *****$4,000,000; provided, however, that Landlord may shall retain the right to require Tenant to increase such coverage, coverage from time to time, time to that amount of insurance which in Landlord’s reasonable judgment is then being customarily required by landlords for similar office space in first-class buildings in the City of New York with respect to the Ancillary Space and Comparable Buildings. The deductible or self insured retention for comparable entertainment centers in the City of New York with respect to the Music Hall. If the aggregate limit applying to the Premises is reduced by the payment of a claim or establishment of a reserve equal to or greater than 50% of the annual aggregate, Tenant such policy shall immediately arrange to have the aggregate limit restored by endorsement to the existing policy or the purchase of an additional insurance policy unless, in Landlord’s reasonable judgment, Tenant maintains sufficient excess liability insurance to satisfy the liability requirements of this Lease without the reinstatement of the aggregate limitnot exceed $10,000;
(ii) insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard forms of “all riskSpecial Form Causes of Loss” or “All Risk” property insurance policies with extended coverage, having a deductible amount, if any, as reasonably approved by Landlordpolicies, insuring (A) with respect to the Ancillary Space, Tenant’s Property and all Ancillary Space Alterations and improvements to the Ancillary SpacePremises (including the initial Tenant Improvements) to the extent such Alterations and improvements exceed the cost of the 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 value thereof, (B) all having a deductible amount, if any, not in excess of Tenant’s Property and (C) Landlord’s Studio Apartment Property; all such insurance shall name Tenant as the insured and, except with respect to Tenant’s insurance covering Tenant’s Property and Landlord’s Studio Apartment Property, Landlord and any Lessors and any Mortgagees whose names shall have been furnished by Landlord to Tenant from time to time shall be named as additional insureds and loss payees$25,000;
(iii) prior to and during the performance of any AlterationAlterations (other than Decorative Alterations), until completion thereof, Builder’s risk Risk insurance on an “all risk” basis and on a completed value form faun including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (and their respective contractors and subcontractors), any Mortgagee and any Lessor ) in all work incorporated in the Buildings Building and all materials and equipment in or about the Premises, Workers’ Compensation and Employer’s Liability Insurance (covering all persons to be employed by Tenant, and Tenant’s contractors and subcontractors in connection with such Alterations) and commercial general liability (including property damage coverage) insurance, all in such form, for such periods, in such amounts and with such companies as Landlord may reasonably require, naming Landlord, Landlord’s Agent and any Mortgagee (of which Tenant has been given notice) as additional insureds to all policies except the Workers’ Compensation and Employer’s Liability Insurance policy;
(iv) Workers’ Compensation Insurance, as required by law;
(v) Liquor law and Employers Liability (dram shop) Insurance with a minimum limit of liability in an the amount of not less than $1,000,000 on an occurrence basis, covering bodily injury and death to one or more persons and $100,000 in connection with property damage500,000;
(v) Business Interruption/Rental Insurance; and
(vi) such other insurance in such amounts as Landlord, any Mortgagee and/or any Lessor the Insured Parties may reasonably require from time to time.
(b) All insurance required to be carried by Tenant (i) shall contain a provision that (x) no act or omission of Tenant shall affect or limit the obligation of the insurance company to pay the amount of any loss sustained, and (y) shall be noncancellable and/or no material change in coverage shall be made thereto unless the Insured Parties receive thirty (30) days’ prior notice of the same, by certified mail, return receipt requested, and (ii) shall be effected under valid and enforceable policies issued by reputable insurers permitted to do business in the State and rated in Best’s Key Rating Guide, or any successor thereto as having a “Best’s Rating” of “A-” or better and a “Financial Size Category” of at least “X” or better or, if such ratings are not then in effect, the equivalent thereof or such other financial rating as Landlord may at any time for premises comparable reasonably consider appropriate.
(c) On or prior to the PremisesCommencement Date, Tenant shall deliver to Landlord appropriate policies of insurance, including evidence of waivers of subrogation required to be carried pursuant to this Article and that the Insured Parties are named as additional insureds (the “Policies”). Evidence of each renewal or replacement of the Policies shall be delivered by Tenant to Landlord at least ten (10) days prior to the expiration of the Policies. In lieu of the Policies, Tenant may deliver to Landlord a certification from Tenant’s insurance company (on the form currently designated “XXXXX 27” (Evidence of Property Insurance) and “XXXXX 25-S” (Certificate of Liability Insurance), or the equivalent, provided that attached thereto is an endorsement to Tenant’s commercial general liability policy naming the Insured Parties as additional insureds) which shall be binding on Tenant’s insurance company, and which shall expressly provide that such certification (i) conveys to the Insured Parties all the rights and privileges afforded under the Policies as primary insurance, and (ii) contains an unconditional obligation of the insurance company to advise all Insured Parties in writing by certified mail, return receipt requested, at least thirty (30) days in advance of any termination or change to the Policies that would affect the interest of any of the Insured Parties.
Appears in 1 contract
Samples: Deed of Lease (Carlyle Group L.P.)
Tenant’s Insurance. (a) Tenant, at its expense, The Tenant shall obtain throughout the Term provide and keep in full force force. fire insurance (including standard extended coverage endorsement perils and effect during leakage from fire protective devices) in respect of the Term:
(i) a policy of commercial general liability insurance on an occurrence basis against claims for personal injuryTenant's fixtures, death and/or furniture, equipment, inventory and stock-in-trade, the Tenant's leasehold improvements to the extent that the Landlord has not elected 'to insure them pursuant to clause 13.1, and such other property damage occurring in or about forming part of the Premises, under Leased Premises (not being property which Tenant the Landlord is named bound to insure pursuant to clause 13.1) as the insured and Landlord, Landlord’s managing agent, any Lessors, any Mortgagees and any other parties whose names shall have been furnished by Landlord to Tenant may from time to time are named as additional insuredsrequire; plate and other glass insurance; if any boiler or pressure vessel is operated in the Leased Premises, which boiler and pressure vessel insurance shall provide primary coverage without contribution from any other insurance carried by or for the benefit of Landlord, Landlord’s managing agent or any Lessors or Mortgagees named as additional insureds, and Tenant agrees to obtain blanket broad-form contractual liability coverage to insure its indemnity obligations set forth in Article 32 hereof. The minimum limits of liability shall be a combined single limit with respect to each occurrence in an amount of not less than *****thereto; provided, however, that Landlord may require Tenant to increase such coverage, from time to time, to that amount of and comprehensive general business liability insurance which in Landlord’s reasonable judgment is then being customarily required by landlords in first-class buildings in the City of New York with respect to the Ancillary Space business carried on in or from the Leased Premises and the use and occupancy thereof for comparable entertainment centers in the City personal injury or death and damage to property of New York with respect to the Music Hallothers. If the aggregate limit applying to the Premises is reduced Insurance effected by the payment of a claim or establishment of a reserve equal Tenant under this clause shall be with insurers duly licensed to or greater than 50% of transact insurance in Alberta, shall be in amounts which the annual aggregate, Tenant Landlord shall immediately arrange to have the aggregate limit restored by endorsement to the existing policy or the purchase of an additional insurance policy unless, in Landlord’s reasonable judgment, Tenant maintains sufficient excess liability insurance to satisfy the liability requirements of this Lease without the reinstatement of the aggregate limit;
(ii) insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard forms of “all risk” property insurance policies with extended coverage, having a deductible amount, if any, as reasonably approved by Landlord, insuring (A) with respect to the Ancillary Space, all Ancillary Space Alterations and improvements to the Ancillary Space, for the full insurable value thereof or replacement cost value thereof, (B) all of Tenant’s Property and (C) Landlord’s Studio Apartment Property; all such insurance shall name Tenant as the insured and, except with respect to Tenant’s insurance covering Tenant’s Property and Landlord’s Studio Apartment Property, Landlord and any Lessors and any Mortgagees whose names shall have been furnished by Landlord to Tenant from time to time determine as being reasonable and sufficient (and in the case of insurance under paragraphs (a) and (b) shall be named as additional insureds and loss payees;
(iii) during the performance of any Alteration, until completion thereof, Builder’s risk insurance on an “all risk” basis and on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering cost basis subject only to such deductibles and exclusions as the interest of Landlord may approve and Tenant (and their respective contractors and subcontractors), any Mortgagee and any Lessor in all work incorporated in the Buildings case of insurance under paragraphs (c) and all materials and equipment in or about the Premises;
(ivd) Workers’ Compensation Insurance, as required by law;
(v) Liquor Liability (dram shop) Insurance with a minimum limit of liability in an amount of shall have initial limits not less than $1,000,000 on an occurrence basis2,000,000 in respect of any one accident or occurrence), covering bodily injury shall permit the release of the Landlord from certain liability as set out in clause 13.3, shall as appropriate be without subrogation against the Landlord and death to one those for whom the Landlord is responsible at law or more persons name the Landlord and $100,000 in connection those for whom the Landlord is responsible at law as additional named insureds with property damage; and
(vi) the benefit of severability of interest and cross liability clauses, and shall otherwise be upon such other insurance in such amounts terms and conditions as Landlord, any Mortgagee and/or any Lessor may reasonably require the Landlord shall from time to time for premises comparable require as being reasonable and sufficient. At the request of the Landlord the Tenant shall file with the Landlord such copies of current policies or certificates or other proofs as may be required to establish the Tenant's insurance coverage in effect from time to time and the payment of premiums thereon, and if the Tenant fails to insure or pay premiums or to file satisfactory proof thereof as so required, the Landlord may without notice to the PremisesTenant effect such insurance and recover any premiums paid therefor from the Tenant on demand.
Appears in 1 contract
Tenant’s Insurance. Liability insurance in the Commercial General Liability form (aor reasonable equivalent thereto) covering the Demised Premises and Tenant’s use thereof against claims for personal injury or death, at its expenseproperty damage and product liability occurring upon, shall obtain and keep in full force and effect during or about the Term:
(i) a policy of commercial general liability Demised Premises, such insurance to be written on an occurrence basis against (not a claims for personal injurymade basis), death and/or property damage occurring to be in or about the Premises, under which Tenant is named as the insured and Landlord, Landlord’s managing agent, any Lessors, any Mortgagees and any other parties whose names shall have been furnished by Landlord to Tenant from time to time are named as additional insureds, which insurance shall provide primary coverage without contribution from any other insurance carried by or for the benefit of Landlord, Landlord’s managing agent or any Lessors or Mortgagees named as additional insureds, and Tenant agrees to obtain blanket broad-form contractual liability coverage to insure its indemnity obligations set forth in Article 32 hereof. The minimum limits of liability shall be a combined single limit with respect limits amounts not less than $1,000,000.00 and to each occurrence in an amount have general aggregate limits of not less than *****; $1,000,000.00 for each policy year. The insurance coverage required under this Paragraph 5.01 (b) shall, if available, extend to any liability of Tenant arising out of the indemnities provided for in Article VI and, if necessary, the policy shall contain a contractual endorsement to that effect. The general aggregate limits under the Commercial General Liability insurance policy or policies must apply separately to the Demised Premises and to Tenant’s use thereof (and not to any other location or use of Tenant) and such policy shall contain an endorsement to that effect. Notwithstanding the foregoing, Tenant shall have the right to carry the liability insurance provided above in the form of a blanket insurance policy, covering additional items or locations or insureds, provided, however, that that: (i) Landlord, and any’ other patties in interest designated by Landlord may require Tenant to increase such coverageTenant, from time to time, to that amount of insurance which in Landlord’s reasonable judgment is then being customarily required by landlords in first-class buildings in the City of New York with respect to the Ancillary Space and for comparable entertainment centers in the City of New York with respect to the Music Hall. If the aggregate limit applying to the Premises is reduced by the payment of a claim or establishment of a reserve equal to or greater than 50% of the annual aggregate, Tenant shall immediately arrange to have the aggregate limit restored by endorsement to the existing policy or the purchase of an additional insurance policy unless, in Landlord’s reasonable judgment, Tenant maintains sufficient excess liability insurance to satisfy the liability requirements of this Lease without the reinstatement of the aggregate limit;
(ii) insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard forms of “all risk” property insurance policies with extended coverage, having a deductible amount, if any, as reasonably approved by Landlord, insuring (A) with respect to the Ancillary Space, all Ancillary Space Alterations and improvements to the Ancillary Space, for the full insurable value thereof or replacement cost value thereof, (B) all of Tenant’s Property and (C) Landlord’s Studio Apartment Property; all such insurance shall name Tenant as the insured and, except with respect to Tenant’s insurance covering Tenant’s Property and Landlord’s Studio Apartment Property, Landlord and any Lessors and any Mortgagees whose names shall have been furnished by Landlord to Tenant from time to time shall be named as additional insureds thereunder as its interests may appear; (ii) the coverage afforded Landlord and loss payees;
such other parties designated by Landlord will not be reduced or diminished by reason of use of such blanket policy of insurance; and (iii) during the performance of any Alterationsuch policy shall provide, until completion thereof, Builder’s risk insurance on an “all risk” basis and on at a completed value form including a Permission to Complete and Occupy endorsementminimum, for full replacement value covering the interest of Landlord minimum liability limitations hereinabove provided in this Article VI with respect to Tenant’s interests in and Tenant (and their respective contractors and subcontractors), any Mortgagee and any Lessor in all work incorporated in the Buildings and all materials and equipment in or about the Premises;
(iv) Workers’ Compensation Insurance, as required by law;
(v) Liquor Liability (dram shop) Insurance with a minimum limit of liability in an amount of not less than $1,000,000 on an occurrence basis, covering bodily injury and death to one or more persons and $100,000 in connection with property damage; and
(vi) such other insurance in such amounts as Landlord, any Mortgagee and/or any Lessor may reasonably require from time to time for premises comparable to the Demised Premises.
Appears in 1 contract
Samples: Lease Agreement (Rockwell Medical Technologies Inc)
Tenant’s Insurance. Tenant shall maintain the following coverages in the following amounts. The required evidence of coverage must be delivered to Landlord on or before the date required under Section 10.4 below (a) Tenant, at its expense, shall obtain and keep in full force and effect during as applicable). Tenant may carry the Term:
(i) insurance required to be carried by Tenant hereunder under a blanket policy of commercial general insurance that covers other locations where Tenant and Tenant's affiliates conduct business, provided that such blanket policy shall be endorsed to specifically cover the Premises and shall provide the same amount and types of coverage for the Premises and Tenant's activities in the Building that would be provided by a separate policy meeting the requirements of this Section 10.3.
10.3.1 Commercial General Liability Insurance, including Broad Form contractual liability covering the insured against claims of bodily injury, personal injury and property damage (including loss of use thereof) based upon or arising out of Tenant's operations, occupancy or maintenance of the Premises and all areas appurtenant thereto. Such insurance shall be written on an occurrence basis against claims for personal injury"occurrence" basis. Landlord and any other party the Landlord so specifies that has a material financial interest in the Project, death and/or property damage occurring in or about the Premises, under which Tenant is named as the insured and including Landlord, Landlord’s 's managing agent, any Lessors, any Mortgagees and any other parties whose names shall have been furnished by Landlord to Tenant from time to time are named as additional insureds, which insurance shall provide primary coverage without contribution from any other insurance carried by or for the benefit of Landlord, Landlord’s managing agent or any Lessors or Mortgagees named as additional insureds, and Tenant agrees to obtain blanket broad-form contractual liability coverage to insure its indemnity obligations set forth in Article 32 hereof. The minimum limits of liability shall be a combined single limit with respect to each occurrence in an amount of not less than *****; provided, however, that Landlord may require Tenant to increase such coverage, from time to time, to that amount of insurance which in Landlord’s reasonable judgment is then being customarily required by landlords in first-class buildings in the City of New York with respect to the Ancillary Space and for comparable entertainment centers in the City of New York with respect to the Music Hall. If the aggregate limit applying to the Premises is reduced by the payment of a claim or establishment of a reserve equal to or greater than 50% of the annual aggregate, Tenant shall immediately arrange to have the aggregate limit restored by endorsement to the existing policy or the purchase of an additional insurance policy unless, in Landlord’s reasonable judgment, Tenant maintains sufficient excess liability insurance to satisfy the liability requirements of this Lease without the reinstatement of the aggregate limit;
(ii) insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard forms of “all risk” property insurance policies with extended coverage, having a deductible amountground lessor and/or lender, if any, as reasonably approved by Landlord, insuring (A) with respect to the Ancillary Space, all Ancillary Space Alterations and improvements to the Ancillary Space, for the full insurable value thereof or replacement cost value thereof, (B) all of Tenant’s Property and (C) Landlord’s Studio Apartment Property; all such insurance shall name Tenant as the insured and, except with respect to Tenant’s insurance covering Tenant’s Property and Landlord’s Studio Apartment Property, Landlord and any Lessors and any Mortgagees whose names shall have been furnished by Landlord to Tenant from time to time shall be named as additional insureds as their interests may appear using Insurance Service Organization's form CG2011 or a comparable form approved by Landlord. Tenant shall provide an endorsement or policy excerpt showing that Tenant's coverage is primary and loss payees;any insurance carried by Landlord shall be excess and non-contributing. The coverage shall also be extended to include damage caused by heat, smoke or fumes from a hostile fire. The policy shall not contain any intra-insured exclusions as between insured persons or organizations. This policy shall include coverage for all liabilities assumed under this Lease as an insured contract for the performance of all of Tenant's indemnity obligations under this Lease. The limits of said insurance shall not, however, limit the liability of Tenant nor relieve Tenant of any obligation hereunder. Limits of liability insurance shall not be less than the following; provided, however, such limits may be achieved through the use of an Umbrella/Excess Policy Bodily Injury and Property Damage Liability $5,000,000 each occurrence Personal Injury, Advertising and Auto Liability $5,000,000 each occurrence Tenant Legal Liability/Damage to Rented Premises Liability $1,000,000.00
10.3.2 Special Form (Causes of Loss) Property Insurance covering (i) all office furniture, business 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, (ii) the "Tenant Improvements," as that term is defined in Section 2.1 of the Tenant Work Letter (excluding the Base Building), and (iii) during all Alterations. Such insurance shall be for the performance full replacement cost (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, vandalism and malicious mischief, theft, water damage of any Alterationtype, until completion thereofincluding sprinkler leakage, Builder’s risk insurance on an “all risk” basis bursting or stoppage of pipes, and on explosion, and providing business interruption coverage for a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest period of Landlord and Tenant (and their respective contractors and subcontractors), any Mortgagee and any Lessor in all work incorporated in the Buildings and all materials and equipment in or about the Premises;
(iv) Workers’ Compensation Insurance, as required by law;
(v) Liquor Liability (dram shop) Insurance with a minimum limit of liability in an amount of not less than $1,000,000 on an occurrence basis, covering bodily injury and death to one or more persons and $100,000 in connection with property damage; and
(vi) such other insurance in such amounts as Landlord, any Mortgagee and/or any Lessor may reasonably require from time to time for premises comparable to the Premisesyear.
Appears in 1 contract
Samples: Lease (Veeco Instruments Inc)
Tenant’s Insurance. (a) TenantTenant shall maintain insurance complying with all of the following:
A. Tenant shall procure, at its expense, shall obtain pay for and keep in full force and effect during affect the Termfollowing:
(i1) a policy of commercial Commercial general liability insurance on an occurrence basis insurance, including property damage, against claims liability for personal injury, bodily injury, death and/or and damage to property damage occurring in or about about, or resulting from an occurrence in or about, the PremisesPremises with combined single limit coverage of not less than the amount of Tenant’s Liability Insurance Minimum specified in Section Q of the Summary, under which Tenant is named as insurance shall contain a “contractual liability” endorsement insuring Tenant’s performance of Tenant’s obligation to indemnify Landlord contained in Section 10.3;
(2) Fire and property damage insurance in so-called “all risk” form insuring Tenant’s Trade Fixtures and Tenant’s Alterations for the insured and Landlord, Landlord’s managing agent, any Lessors, any Mortgagees and any full actual replacement cost thereof; and
(3) Such other parties whose names shall have been furnished by Landlord to Tenant insurance that from time to time are named is either (i) required by any Lender, or (ii) reasonably required by Landlord and customarily carried by tenants of similar property in similar businesses in the vicinity of the Project.
B. Each policy of insurance required to be carried by Tenant pursuant to this Section 9.1: (i) shall name Landlord and such other parties in interest as Landlord reasonably designates as additional insureds, insured; (ii) shall be primary insurance which insurance provides that the insurer shall provide primary coverage be liable for the full amount of the loss up to and including the total amount of liability set forth in the declarations without the right of contribution from any other insurance carried by or for the benefit coverage of Landlord, Landlord’s managing agent or any Lessors or Mortgagees named as additional insureds, and Tenant agrees to obtain blanket broad-form contractual liability coverage to insure its indemnity obligations set forth in Article 32 hereof. The minimum limits of liability shall be a combined single limit with respect to each occurrence in an amount of not less than *****; provided, however, that Landlord may require Tenant to increase such coverage, from time to time, to that amount of insurance which in Landlord’s reasonable judgment is then being customarily required by landlords in first-class buildings in the City of New York with respect to the Ancillary Space and for comparable entertainment centers in the City of New York with respect to the Music Hall. If the aggregate limit applying to the Premises is reduced by the payment of a claim or establishment of a reserve equal to or greater than 50% of the annual aggregate, Tenant shall immediately arrange to have the aggregate limit restored by endorsement to the existing policy or the purchase of an additional insurance policy unless, in Landlord’s reasonable judgment, Tenant maintains sufficient excess liability insurance to satisfy the liability requirements of this Lease without the reinstatement of the aggregate limit;
(ii) insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard forms of “all risk” property insurance policies with extended coverage, having a deductible amount, if any, as reasonably approved by Landlord, insuring (A) with respect to the Ancillary Space, all Ancillary Space Alterations and improvements to the Ancillary Space, for the full insurable value thereof or replacement cost value thereof, (B) all of Tenant’s Property and (C) Landlord’s Studio Apartment Property; all such insurance shall name Tenant as the insured and, except with respect to Tenant’s insurance covering Tenant’s Property and Landlord’s Studio Apartment Property, Landlord and any Lessors and any Mortgagees whose names shall have been furnished by Landlord to Tenant from time to time shall be named as additional insureds and loss payees;
(iii) during the performance of any Alteration, until completion thereof, Builder’s risk insurance on an “all risk” basis and on shall be in a completed value form including a Permission satisfactory to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (and their respective contractors and subcontractors), any Mortgagee and any Lessor in all work incorporated in the Buildings and all materials and equipment in or about the Premises;
Landlord; (iv) Workers’ Compensation Insuranceshall be carried with companies reasonably acceptable to Landlord and having a rating of A+, as required by lawAAA or better in “Best’s Insurance Guide;
(v) Liquor Liability (dram shop) Insurance with a minimum limit of liability in an amount of not less than $1,000,000 on an occurrence basis, covering bodily injury and death to one or more persons and $100,000 in connection with property damage; and
(vi) such other insurance in such amounts as Landlord, any Mortgagee and/or any Lessor may reasonably require from time to time for premises comparable to the Premises.”
Appears in 1 contract
Tenant’s Insurance. Effective as of the earlier of (a) Tenantthe date Tenant enters or occupies the Premises, at its expenseor (b) the Commencement Date, shall obtain and keep in full force and effect during continuing throughout the Term:
, Tenant shall maintain the following insurance policies: (i1) a policy of commercial general liability insurance on an in amounts of $3,000,000 per occurrence basis against claims for personal injuryand in the aggregate or, death and/or property damage occurring 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, 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 in or about the Premisessuch amounts as Landlord may reasonably require), under which Tenant is named as the insured and insuring Tenant, Landlord, Landlord’s managing agentproperty management company and Landlord’s asset management company 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, any Lessors(2) property insurance covering the full value of all alterations and improvements and betterments in the Premises, any Mortgagees naming Landlord and any other parties whose names shall have been furnished by Landlord to Tenant from time to time are named Landlord’s Mortgagee as additional insuredsloss payees as their interests may appear, which (3) property insurance covering the full value of all furniture, trade fixtures and personal property (including property of Tenant or others) in the Premises or otherwise placed in the Premises by or on behalf of a Tenant Party, (4) 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), and (5) worker’s compensation insurance. Tenant’s insurance shall provide primary coverage without contribution from to Landlord when any other insurance carried by policy issued to Landlord provides duplicate or for the benefit of Landlordsimilar coverage, and in such circumstance Landlord’s managing agent policy will be excess over Tenant’s policy. 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 prior to the earlier of the Commencement Date or any Lessors the date Tenant enters or Mortgagees named as additional insuredsoccupies the Premises, and prior to each renewal of said insurance, and Tenant agrees shall obtain a written obligation on the part of each insurance company to obtain blanket broadnotify Landlord at least 30 days before cancellation (other than for non-form contractual liability coverage to insure its indemnity obligations set forth in Article 32 hereofpayment of premium for which 10 days notice will be given) or a material change of any such insurance policies. The minimum limits of liability All such insurance policies shall be a combined single limit with respect in form reasonably satisfactory to each occurrence in an amount of not less than *****; providedLandlord, however, that Landlord may require Tenant shall be issued by companies licensed to increase such coverage, from time to time, to that amount of insurance which in Landlord’s reasonable judgment is then being customarily required by landlords in first-class buildings do business in the City of New York with respect to the Ancillary Space and for comparable entertainment centers state in the City of New York with respect to the Music Hall. If the aggregate limit applying to which the Premises is reduced by the payment located and having an A.M. Best rating of a claim or establishment of a reserve equal to or greater than 50% of the annual aggregate, Tenant shall immediately arrange to have the aggregate limit restored by endorsement to the existing policy at least A-:VII (or the purchase equivalent of an additional insurance policy unless, such rating) or otherwise approved in Landlord’s reasonable judgment, Tenant maintains sufficient excess liability insurance to satisfy the liability requirements of this Lease without the reinstatement of the aggregate limit;
(ii) insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard forms of “all risk” property insurance policies with extended coverage, having a deductible amount, if any, as reasonably approved writing by Landlord, insuring and may include commercially reasonable deductibles not to exceed $100,000. 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 five (A5) with respect to the Ancillary Space, all Ancillary Space Alterations and improvements to the Ancillary Space, for the full insurable value thereof or replacement cost value business days following written notice thereof, (B) all of Tenant’s Property and (C) Landlord’s Studio Apartment Property; all , 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 name Tenant as pay to Landlord on demand the insured and, except with respect to Tenant’s insurance covering Tenant’s Property and Landlord’s Studio Apartment Property, Landlord and any Lessors and any Mortgagees whose names shall have been furnished by Landlord to Tenant from time to time shall be named as additional insureds and loss payees;
(iii) during the performance of any Alteration, until completion premium costs thereof, Builder’s risk insurance on plus an “all risk” basis and on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest administrative fee of Landlord and Tenant (and their respective contractors and subcontractors), any Mortgagee and any Lessor in all work incorporated in the Buildings and all materials and equipment in or about the Premises;
(iv) Workers’ Compensation Insurance, as required by law;
(v) Liquor Liability (dram shop) Insurance with a minimum limit 15% of liability in an amount of not less than $1,000,000 on an occurrence basis, covering bodily injury and death to one or more persons and $100,000 in connection with property damage; and
(vi) such other insurance in such amounts as Landlord, any Mortgagee and/or any Lessor may reasonably require from time to time for premises comparable to the Premisescost.
Appears in 1 contract
Samples: Lease Agreement (Solyndra, Inc.)
Tenant’s Insurance. (a) On or before the Commencement Date or Tenant's prior entry into the Premises, at its expense, shall Tenant will obtain and keep have in full force and effect during the Termeffect, insurance coverage as follows:
(i) a policy of commercial general liability insurance on an occurrence basis against claims for personal injury, death and/or property damage occurring in or about the Premises, under which Tenant is named as the insured and Landlord, Landlord’s managing agent, any Lessors, any Mortgagees and any other parties whose names shall have been furnished by Landlord to Tenant from time to time are named as additional insureds, which insurance shall provide primary coverage without contribution from any other insurance carried by or for the benefit of Landlord, Landlord’s managing agent or any Lessors or Mortgagees named as additional insureds, and Tenant agrees to obtain blanket broad-form contractual liability coverage to insure its indemnity obligations set forth in Article 32 hereof. The minimum limits of liability shall be a combined single limit with respect to each occurrence workers’ compensation in an amount of not less than *****; provided, however, that Landlord may require Tenant to increase such coverage, from time to time, to that amount of insurance which in Landlord’s reasonable judgment is then being customarily required by landlords in first-class buildings in the City of New York with respect to the Ancillary Space and for comparable entertainment centers in the City of New York with respect to the Music Hall. If the aggregate limit applying to the Premises is reduced by the payment of a claim or establishment of a reserve equal to or greater than 50% of the annual aggregate, Tenant shall immediately arrange to have the aggregate limit restored by endorsement to the existing policy or the purchase of an additional insurance policy unless, in Landlord’s reasonable judgment, Tenant maintains sufficient excess liability insurance to satisfy the liability requirements of this Lease without the reinstatement of the aggregate limit;
(ii) insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard forms of “all risk” property insurance policies with extended coverage, having a deductible amount, if any, as reasonably approved by Landlord, insuring (A) with respect to the Ancillary Space, all Ancillary Space Alterations and improvements to the Ancillary Space, for the full insurable value thereof or replacement cost value thereof, (B) all of Tenant’s Property and (C) Landlord’s Studio Apartment Property; all such insurance shall name Tenant as the insured and, except with respect to Tenant’s insurance covering Tenant’s Property and Landlord’s Studio Apartment Property, Landlord and any Lessors and any Mortgagees whose names shall have been furnished by Landlord to Tenant from time to time shall be named as additional insureds and loss payees;
(iii) during the performance of any Alteration, until completion thereof, Builder’s risk insurance on an “all risk” basis and on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (and their respective contractors and subcontractors), any Mortgagee and any Lessor in all work incorporated in the Buildings and all materials and equipment in or about the Premises;
(iv) Workers’ Compensation Insurance, as required by law;
(vii) Liquor Liability commercial general liability with commercially reasonable limits for a company such as Tenant 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;
(dram shopiii) Insurance with a minimum limit all risk property insurance for the full replacement value of liability in an amount all of Tenant’s furniture, fixtures, equipment, alterations, improvements or additions that do not less than $1,000,000 on an occurrence basis, covering bodily injury and death to one or more persons and $100,000 in connection with become Landlord’s property damageupon installation; and
(viiv) such any other form or forms of insurance or any increase in such amounts the limits of any of the coverages described above or other forms of insurance as Landlord, any Mortgagee and/or any Lessor Landlord or the mortgagees or ground lessors (if any) of Landlord may reasonably require from time to time for premises if 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, or better (or equivalent rating by a comparable rating agency if Best no longer exists) and licensed 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) days' prior written notice by the insurance carrier to Landlord. If the forms of policies, endorsements, certificates, or evidence of insurance required by this Article are superseded or discontinued, Landlord may require other equivalent or better forms. Evidence of the insurance coverage required to be maintained by 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 Premisesexpiration 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
Samples: Building Lease (Integrated Environmental Technologies, Ltd.)
Tenant’s Insurance. (a) Tenant, at its expense, Tenant shall obtain and keep in full force and effect during the TermTerm of this Lease, at its sole cost and expense, the following insurance:
(ia) a policy of commercial comprehensive general public liability insurance all on an occurrence basis against claims for personal injurywith respect to the business carried on, death and/or property damage occurring in or about from the Premises, under which Tenant is named as Premises and Tenant's use and occupancy of the insured and Landlord, Landlord’s managing agent, any Lessors, any Mortgagees Premises and any other parties whose names shall have been furnished by part of the Project, including public liability and property damage insurance with coverage for personal injuries or deaths of persons for any one occurrence or claim of not less than Two Million Dollars ($2,000,000) or such other amount as Landlord to Tenant from ma reasonably require upon not less than one (1) month notice at any time to time are named as additional insuredsduring the Term, which insurance shall provide primary coverage without contribution from any other insurance carried include Landlord as an additional insured, shall protect Landlord in respect of claims by or for the benefit of Landlord, Landlord’s managing agent or any Lessors or Mortgagees named Tenant as additional insuredsif Landlord were separately insured, and shall cover the performance of Tenant agrees to obtain blanket broad-form contractual liability of the indemnity provision in Section 13.4 hereof;
(b) fire and extended coverage to insure its indemnity obligations set forth insurance with a vandalism and malicious mischief endorsement, covering the Tenant Improvements, Tenant Alterations and Tenant's trade fixtures and furniture and equipment in Article 32 hereof. The minimum limits of liability shall be a combined single limit with respect to each occurrence in an amount of the Premises for not less than *****; provided, however, that Landlord may require Tenant to increase such coverage, from time to time, to that amount of insurance which in Landlord’s reasonable judgment is then being customarily required by landlords in first-class buildings in the City of New York with respect to the Ancillary Space and for comparable entertainment centers in the City of New York with respect to the Music Hall. If the aggregate limit applying to the Premises is reduced by the payment of a claim or establishment of a reserve equal to or greater than 50% ninety percent (90%) of the annual aggregatefull replacement cost thereof, Tenant and which insurance shall immediately arrange to have the aggregate limit restored by endorsement to the existing policy or the purchase of include Landlord as an additional insurance policy unless, in insured as Landlord’s reasonable judgment, Tenant maintains sufficient excess liability insurance to satisfy the liability requirements of this Lease without the reinstatement of the aggregate limit's interest may appear;
(iic) rent or use and occupancy insurance against loss or damage resulting from hazards specified in subsections (a) and (b), above, in an amount equal to twelve (12) months Rent, plus insurance premiums under this Article;
(d) Workers' Compensation and Employer's Liability Insurance in amounts not less than that required by fire, law and satisfactory to Landlord; and
(e) insurance against such other risks perils and hazards in such amounts as are insurable under then available standard forms of “all risk” property insurance policies with extended coverage, having a deductible amount, if any, as reasonably approved by Landlord, insuring (A) with respect to the Ancillary Space, all Ancillary Space Alterations and improvements to the Ancillary Space, for the full insurable value thereof or replacement cost value thereof, (B) all of Tenant’s Property and (C) Landlord’s Studio Apartment Property; all such insurance shall name Tenant as the insured and, except with respect to Tenant’s insurance covering Tenant’s Property and Landlord’s Studio Apartment Property, Landlord and any Lessors and any Mortgagees whose names shall have been furnished by Landlord to Tenant may from time to time shall be named as additional insureds and loss payees;
(iii) during the performance of any Alteration, until completion thereof, Builder’s risk insurance on an “all risk” basis and on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (and their respective contractors and subcontractors), any Mortgagee and any Lessor in all work incorporated in the Buildings and all materials and equipment in or about the Premises;
(iv) Workers’ Compensation Insurance, as required by law;
(v) Liquor Liability (dram shop) Insurance with a minimum limit of liability in an amount of reasonably require upon not less than $1,000,000 ninety (90) days' written notice, such requirement to be made on an occurrence basis, covering bodily injury and death to one or more persons and $100,000 in connection with property damage; and
(vi) such other the basis that the required insurance in such amounts as Landlord, any Mortgagee and/or any Lessor may reasonably require from time to is customary at the time for premises comparable prudent tenants of properties similar to the PremisesProject.
Appears in 1 contract
Samples: Lease Agreement (Svi Solutions Inc)
Tenant’s Insurance. (a) Tenant, at its expense, ------------------ 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, death and/or property damage occurring in or about the PremisesPremises or the Building, under which Tenant is named as the insured and Landlord, Landlord’s 's managing agent, agent and any Lessors, Lessors and any Mortgagees and any other parties whose names shall have been furnished by Landlord to Tenant from time to time are named as additional insureds, which insurance shall provide primary coverage without contribution from any other insurance carried by or for the benefit of Landlord, Landlord’s 's managing agent or any Lessors or Mortgagees named as additional insureds, and Tenant agrees to obtain blanket broad-form contractual liability coverage to insure its indemnity obligations set forth in Article 32 30 hereof. The minimum limits of liability shall be a combined single limit with respect to each occurrence in an amount of not less than *****; Five Million Dollars ($5,000,000.00), provided, however, that Landlord may shall retain the right to require Tenant to increase such coverage, from time to time, coverage on no more than two (2) occasions during the initial Term of this Lease to that amount of insurance which in Landlord’s 's reasonable judgment is then being customarily required by landlords for similar office space in first-class buildings in the City of New York with respect to the Ancillary Space and Cupertino, California or is otherwise required by any Lessor or Mortgagee. The deductible or self insured retention for comparable entertainment centers such policy shall in the City of New York with respect to the Music Hallno event exceed Ten Thousand Dollars ($10,000.00) at any time. If the aggregate limit applying to the Premises is reduced by the payment of a claim or establishment of a reserve equal to or greater than 50% of the annual aggregate, Tenant shall immediately arrange to have the aggregate limit restored by endorsement to the existing policy or the purchase of an additional insurance policy unless, in Landlord’s 's reasonable judgment, Tenant maintains sufficient excess liability insurance to satisfy the liability requirements of this Lease without the reinstatement of the aggregate limit;
(ii) insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard forms of “"all risk” " property insurance policies with extended coverage, having a deductible amountinsuring Tenant's Property, if any, as reasonably approved by Landlord, insuring (A) with respect to the Ancillary Space, and all Ancillary Space Specialty Alterations and improvements to the Ancillary Space, for the full insurable value thereof or replacement cost value thereof, (B) all of Tenant’s Property and (C) having a deductible amount, if any, as reasonably determined by Landlord’s Studio Apartment Property; all such insurance shall name Tenant as the insured and, except with respect to Tenant’s insurance covering Tenant’s Property and Landlord’s Studio Apartment Property, Landlord and any Lessors and any Mortgagees whose names shall have been furnished by Landlord to Tenant from time to time shall be named as additional insureds and loss payees;
(iii) during the performance of any Alteration, until completion thereof, Builder’s 's risk insurance on an “"all risk” " basis and on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (and their respective contractors and subcontractors), any Mortgagee and any Lessor in all work incorporated in the Buildings Building and all materials and equipment in or about the Premises;
(iv) Workers’ ' Compensation Insurance, as required by law;
(v) Liquor Liability (dram shop) Insurance with a minimum limit of liability in an amount of not less than $1,000,000 on an occurrence basis, covering bodily injury and death to one or more persons and $100,000 in connection with property damage; and
(vi) such other insurance as is customarily required to be carried by tenants in first-class office buildings in Cupertino, California and in such amounts as Landlord, any Mortgagee and/or any Lessor may reasonably require from time to time for premises comparable time. Tenant hereby acknowledges and agrees that, if Tenant elects not to carry business interruption insurance, then, to the Premisesfullest extent permitted by law, Tenant forever waives and releases Landlord from any claims or liability arising from or in connection with damage or injury to Tenant's business, which damage or injury would have been covered by business interruption insurance if such policy had been obtained.
Appears in 1 contract
Samples: Lease (Portal Software Inc)
Tenant’s Insurance. (a) TenantThroughout the Term, Tenant shall maintain, at its sole cost and expense, shall obtain and keep in full force and effect during the Term:
: (i) a policy of commercial general liability insurance or its equivalent, written on an occurrence basis against claims basis, with a combined single limit for personal injury, death and/or and property damage occurring of not less than One Million and No/100 Dollars ($1,000,000.00) per occurrence; (ii) property insurance covering Tenant’s alterations, additions and improvements to the Premises and Tenant’s fixtures, furnishings, equipment and personal property, in an amount equal to one hundred percent (100%) of their replacement cost, written on a Causes of Loss – “Special Form” basis or about the Premises, under which Tenant is named as the insured its equivalent. Landlord and Landlord, Landlord’s managing agent, any Lessors, any Mortgagees and any other parties whose names its lenders shall have been furnished by Landlord to Tenant from time to time are be named as additional insureds, which insureds under the liability insurance policies that Tenant is required to obtain hereunder. Tenant’s insurance shall provide primary coverage without contribution from to Landlord when any other insurance carried policy issued to Landlord provides duplicate or similar coverage, and in such circumstance Landlord’s insurance policy will be excess over Tenant’s policy. In no event shall the amount of Tenant’s insurance coverage limit the liability of the Tenant under this Lease.
(b) The insurance policies that Tenant is required to obtain under this Lease (i) shall be issued by or for the benefit of a reputable insurance company licensed in Tennessee and approved by Landlord, Landlord’s managing agent in writing, (ii) shall have a deductible of Fifty Thousand and No/100 Dollars ($50,000.00) or any Lessors or Mortgagees named as additional insuredsless, and Tenant agrees (iii) shall provide that they cannot be amended, cancelled or terminated unless Landlord has been given thirty (30) days prior written notice, if such a provision is available on commercially reasonable terms. Landlord shall have the right to obtain blanket broad-form contractual liability coverage to insure its indemnity obligations set forth in Article 32 hereof. The minimum limits of liability shall be a combined single limit with respect to each occurrence in an amount of not less than *****; provided, however, that Landlord may require Tenant to increase such coveragerequire, from time to time, to that Tenant increase the amount of its insurance which coverage and/or obtain additional insurance coverage so long as Landlord is acting in Landlord’s a commercially reasonable judgment is then being customarily required by landlords in first-class buildings in the City of New York with respect to the Ancillary Space and for comparable entertainment centers in the City of New York with respect to the Music Hallmanner. If Tenant fails to maintain any of the aggregate limit applying insurance required under this Lease, then, in addition to other remedies available hereunder, at law or in equity, Landlord may purchase such insurance, on behalf of Tenant, in which event Tenant shall reimburse Landlord for the Premises cost of such insurance, upon demand. On the Commencement Date and each anniversary thereof, Tenant shall provide Landlord with certificates evidencing that the insurance Tenant is reduced by required to maintain hereunder is in full force and effect. Upon request, Tenant shall furnish Landlord with the original (or a certified copy) of each policy of insurance required hereunder and evidence of the payment of a claim or establishment of a reserve equal to or greater than 50% of the annual aggregate, Tenant shall immediately arrange to have the aggregate limit restored by endorsement to the existing policy or the purchase of an additional insurance policy unless, in Landlord’s reasonable judgment, Tenant maintains sufficient excess liability insurance to satisfy the liability requirements of this Lease without the reinstatement of the aggregate limit;
(ii) insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard forms of “all risk” property insurance policies with extended coverage, having a deductible amount, if any, as reasonably approved by Landlord, insuring (A) with respect to the Ancillary Space, all Ancillary Space Alterations and improvements to the Ancillary Space, premiums for the full insurable value thereof or replacement cost value thereof, (B) all of Tenant’s Property and (C) Landlord’s Studio Apartment Property; all such insurance shall name Tenant as the insured and, except with respect to Tenant’s insurance covering Tenant’s Property and Landlord’s Studio Apartment Property, Landlord and any Lessors and any Mortgagees whose names shall have been furnished by Landlord to Tenant from time to time shall be named as additional insureds and loss payees;
(iii) during the performance of any Alteration, until completion thereof, Builder’s risk insurance on an “all risk” basis and on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (and their respective contractors and subcontractors), any Mortgagee and any Lessor in all work incorporated in the Buildings and all materials and equipment in or about the Premises;
(iv) Workers’ Compensation Insurance, as required by law;
(v) Liquor Liability (dram shop) Insurance with a minimum limit of liability in an amount of not less than $1,000,000 on an occurrence basis, covering bodily injury and death to one or more persons and $100,000 in connection with property damage; and
(vi) such other insurance in such amounts as Landlord, any Mortgagee and/or any Lessor may reasonably require from time to time for premises comparable to the Premisessame.
Appears in 1 contract
Tenant’s Insurance. Effective as of the earlier of (a1) Tenantthe date Tenant enters of occupies the Premises, at its expenseor (2) the Commencement Date, shall obtain and keep in full force and effect during continuing throughout the Term:
, Tenant shall maintain the following insurance policies: (iA) a policy of commercial general liability insurance on an in amounts of $3,000,000 per occurrence basis against claims for personal injuryor, death and/or property damage occurring 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 or about the Premisessuch amounts as Landlord may reasonably require), under which Tenant is named as the insured and insuring Tenant, Landlord, Landlord’s managing agentproperty 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 Lessors, any Mortgagees and any other parties whose names shall have been furnished consent by Landlord to Tenant from time to time are named the installation thereof) the installation, operation, maintenance, repair or removal of Tenant’s Off-Premises Equipment, (B) insurance covering the full value of all alterations and improvements and betterments in the Premises, naming Landlord and Landlord’s Mortgagee as additional insuredsloss payees as their interest may appear, which (C) insurance covering the full value of all furniture, trade fixtures 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, (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), (E) worker’s compensation insurance, and (F) business interruption insurance in an amount reasonably acceptable to Landlord. Any insurance required to be maintained by Tenant may be taken out under a blanket insurance policy or policies covering other premises, property or insureds in addition to the Premises and Tenant, provided such policy or policies otherwise comply with this Section 11(a). Tenant’s insurance shall provide primary coverage without contribution from to Landlord when any other insurance carried by policy issued to Landlord provides duplicate or for the benefit of Landlordsimilar coverage, and in such circumstance Landlord’s managing agent policy will be excess over Tenant’s policy. 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 at least ten days prior to the earlier of the Commencement Date or any Lessors the date Tenant enters or Mortgagees named as additional insuredsoccupies the Premises, and at least 15 days prior to each renewal of said insurance, and Tenant agrees shall obtain a written obligation on the part of each insurance company to obtain blanket broad-form contractual liability coverage to insure its indemnity obligations set forth in Article 32 hereofnotify Landlord at least 30 days before cancellation or a material change of any such insurance. The minimum limits of liability All such insurance policies shall be a combined single limit in form, and issued by companies with respect an A.M. Best rating of A+:VII or better, reasonably satisfactory to each occurrence in an amount of not less than *****; provided, however, that Landlord may require Tenant to increase such coverage, from time to time, to that amount of insurance which in Landlord’s reasonable judgment is then being customarily required by landlords in first-class buildings in the City of New York with respect to the Ancillary Space and for comparable entertainment centers in the City of New York with respect to the Music Hall. If Tenant fails to comply with the aggregate limit applying foregoing insurance requirements or to deliver to Landlord the Premises is reduced by certificates or evidence of coverage required herein, Landlord, in addition to any other remedy available pursuant to this Lease or otherwise, may, but shall not be obligated to, obtain insurance and Tenant shall pay to Landlord on demand the payment premium costs thereof, plus an administrative fee of a claim or establishment of a reserve equal to or greater than 5015% of the annual aggregate, Tenant shall immediately arrange to have the aggregate limit restored by endorsement to the existing policy or the purchase of an additional insurance policy unless, in Landlord’s reasonable judgment, Tenant maintains sufficient excess liability insurance to satisfy the liability requirements of this Lease without the reinstatement of the aggregate limit;
(ii) insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard forms of “all risk” property insurance policies with extended coverage, having a deductible amount, if any, as reasonably approved by Landlord, insuring (A) with respect to the Ancillary Space, all Ancillary Space Alterations and improvements to the Ancillary Space, for the full insurable value thereof or replacement cost value thereof, (B) all of Tenant’s Property and (C) Landlord’s Studio Apartment Property; all such insurance shall name Tenant as the insured and, except with respect to Tenant’s insurance covering Tenant’s Property and Landlord’s Studio Apartment Property, Landlord and any Lessors and any Mortgagees whose names shall have been furnished by Landlord to Tenant from time to time shall be named as additional insureds and loss payees;
(iii) during the performance of any Alteration, until completion thereof, Builder’s risk insurance on an “all risk” basis and on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (and their respective contractors and subcontractors), any Mortgagee and any Lessor in all work incorporated in the Buildings and all materials and equipment in or about the Premises;
(iv) Workers’ Compensation Insurance, as required by law;
(v) Liquor Liability (dram shop) Insurance with a minimum limit of liability in an amount of not less than $1,000,000 on an occurrence basis, covering bodily injury and death to one or more persons and $100,000 in connection with property damage; and
(vi) such other insurance in such amounts as Landlord, any Mortgagee and/or any Lessor may reasonably require from time to time for premises comparable to the Premisescost.
Appears in 1 contract
Tenant’s Insurance. (a) Tenant, at its expense, 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, death and/or property damage occurring in or about the PremisesPremises or the Building, under which Tenant is named as the insured and Landlord, Landlord’s 's managing agent, agent and any Lessors, Lessors and any Mortgagees and any other parties whose names shall have been furnished by Landlord to Tenant from time to time are named as additional insureds, which insurance shall provide primary coverage without contribution from any other insurance carried by or for the benefit of Landlord, Landlord’s 's managing agent or any Lessors or Mortgagees named as additional insureds, and Tenant agrees to obtain blanket broad-form contractual liability coverage to insure its indemnity obligations set forth in Article 32 35 hereof. The minimum limits of liability shall be a combined single limit with respect to each occurrence in an amount of not less than *****; $5,000,000 per location, provided, however, that Landlord may shall retain the right to require Tenant to increase such coverage, from time to time, coverage to that amount of insurance which in Landlord’s 's reasonable judgment is then being customarily required by landlords for similar office space in first-class renovated buildings in the City of New York with respect York, provided, however, that such amount of insurance shall not be increased at any time by a percentage that exceeds 125 percent of the proportionate increase of the Consumer Price Index from that in effect for the month preceding the month in which the date of this Lease occurs to the Ancillary Space and month preceding the month in which the date of the calculation of such increase occurs. The deductible or self insured retention for comparable entertainment centers such policy shall in the City of New York with respect to the Music Hallno event exceed $50,000 at any time. If the aggregate limit applying to the Premises is reduced by the payment of a claim or establishment of a reserve equal to or greater than 50% of the annual aggregatereserve, Tenant shall immediately arrange to have the aggregate limit restored by endorsement to the existing policy or the purchase of an additional insurance policy unless, in Landlord’s 's reasonable judgment, Tenant maintains sufficient excess liability insurance to satisfy the liability requirements of this Lease without the reinstatement of the aggregate limit;
(ii) insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard forms of “"all risk” property " insurance policies with extended coverage, having a deductible amountinsuring Tenant's Property, if any, as reasonably approved by Landlord, insuring (A) with respect to the Ancillary Space, and all Ancillary Space Alterations and improvements to the Ancillary SpacePremises (including the Initial Installations) to the extent such Alterations and improvements exceed the cost of the improvements typically performed in connection with the initial occupancy of tenants in the Building (hereinafter "Building Standard Installations"), for the full insurable value thereof or replacement cost value thereof, (B) all of Tenant’s Property and (C) having a deductible amount, if any, as reasonably determined by Landlord’s Studio Apartment Property; all such insurance shall name Tenant as the insured and, except with respect to Tenant’s insurance covering Tenant’s Property and Landlord’s Studio Apartment Property, Landlord and any Lessors and any Mortgagees whose names shall have been furnished by Landlord to Tenant from time to time shall be named as additional insureds and loss payees;
(iii) during the performance of any Alteration, until completion thereof, Builder’s 's risk insurance on an “"all risk” " basis and on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (and their respective contractors and subcontractors), any Mortgagee and any Lessor in all work incorporated in the Buildings Building and all materials and equipment in or about the Premises;
(iviii) Workers’ workers' Compensation Insurance, as required by law;
(viv) Liquor Liability (dram shop) Insurance with a minimum limit of liability in an amount of not less than $1,000,000 on an occurrence basis, covering bodily injury and death to one or more persons and $100,000 in connection with property damagedisability Benefits Policy Insurance; and
(viv) such other insurance in such amounts as Landlord, any Mortgagee and/or any Lessor may reasonably require from time to time for premises comparable to the Premisestime.
Appears in 1 contract
Samples: Lease (Kasper a S L LTD)
Tenant’s Insurance. (a) Tenant, at its expense, shall obtain and keep maintain in full force and effect during the Termfollowing insurance policies throughout the term of the Lease:
(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 PremisesBuilding, under which Tenant is named as the insured and Landlord, Landlord’s managing agent, 's Agent and any Lessors, Lessors and any Mortgagees and any other parties whose names shall have been furnished by Landlord to Tenant from time to time are named as additional insureds, which insureds (the "INSURED PARTIES"). Such insurance shall provide primary coverage without contribution from any other insurance carried by or for the benefit of Landlord, Landlord’s managing agent or any Lessors or Mortgagees named as additional insuredsthe Insured Parties, and Tenant agrees to shall obtain blanket broad-form contractual liability coverage to insure its indemnity obligations set forth in Article 32 hereof25. The minimum limits of liability applying exclusively to the Premises shall be a combined single limit with respect to each occurrence in an amount of not less than *****; $10,000,000 provided, however, that Landlord may shall retain the right to require Tenant to increase such coverage, coverage from time to time, time to that amount of insurance which in Landlord’s reasonable judgment is then being customarily required by landlords for similar office space in first-class buildings in Comparable Buildings. The deductible or self insured retention for such policy shall not exceed $10,000. Tenant may satisfy the City limits of New York liability required herein with a combination of umbrella and/or excess policies of insurance, provided that such policies comply with all of the provisions hereof (including, without limitation, with respect to the Ancillary Space scope of coverage and for comparable entertainment centers in the City of New York with respect to the Music Hall. If the aggregate limit applying to the Premises is reduced by the payment of a claim or establishment of a reserve equal to or greater than 50% naming of the annual aggregate, Tenant shall immediately arrange to have the aggregate limit restored by endorsement to the existing policy or the purchase of an additional insurance policy unless, in Landlord’s reasonable judgment, Tenant maintains sufficient excess liability insurance to satisfy the liability requirements of this Lease without the reinstatement of the aggregate limitInsured Parties);
(ii) insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard forms of “all risk” "Special Form Causes of Loss" or "All Risk" property insurance policies with extended coverage, having a deductible amount, if any, as reasonably approved by Landlordpolicies, insuring (A) with respect to the Ancillary Space, all Ancillary Space Alterations and improvements to the Ancillary SpacePremises (including the Improvements) to the extent such Alterations and improvements exceed the cost of the 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 value thereof, (B) all having a deductible amount, if any, not in excess of Tenant’s Property and (C) Landlord’s Studio Apartment Property; all such insurance shall name Tenant as the insured and, except with respect to Tenant’s insurance covering Tenant’s Property and Landlord’s Studio Apartment Property, Landlord and any Lessors and any Mortgagees whose names shall have been furnished by Landlord to Tenant from time to time shall be named as additional insureds and loss payees$25,000;
(iii) during the performance of any Alteration, until completion thereof, Builder’s risk 's Risk insurance on an “"all risk” " basis and on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (and their respective contractors and subcontractors), any Mortgagee and any Lessor ) in all work incorporated in the Buildings Building and all materials and equipment in or about the Premises;
(iv) Workers’ ' Compensation InsuranceInsurance or similar insurance, as in form and amounts required by law;, whether common law or by statute, and Employer's Liability with a combined single limit with respect to each occurrence, each policy and each employee of $1,000,000; and
(v) Liquor if the Building or Real Property includes a parking garage or surface parking lot that is utilized by Tenant, Commercial Automobile Liability (dram shop) Insurance for any owned, non-owned or hired vehicles with a minimum combined single limit of liability with respect to each occurrence in an amount of not less than $1,000,000 on an occurrence basis, covering bodily injury and death to one or more persons and $100,000 in connection with property damage; and1,000,000.
(vib) All insurance required to be carried by Tenant (i) shall contain a provision that (x) no act or omission of Tenant shall affect or limit the obligation of the insurance company to pay the amount of any loss sustained, and (y) shall be noncancellable and/or no material change in coverage shall be made thereto unless the Insured Parties receive 30 days' prior notice of the same by certified mail, return receipt requested or by a recognized overnight delivery service and (ii) shall be effected under valid and enforceable policies issued by reputable insurers admitted to do business in the Commonwealth of Pennsylvania and rated in Best's Insurance Guide, or any successor thereto as having a "Best's Rating" of "A-" or better and a "Financial Size Category" of at least "X" or better or, if such ratings are not then in effect, the equivalent thereof or such other financial rating as Landlord may at any time consider appropriate. The policy must include a provision which provides that the rights of Landlord under such insurance in such amounts as Landlord, policy shall not be prejudiced or interfered with notwithstanding any Mortgagee and/or gross negligence or willful misconduct of Tenant or any Lessor may reasonably require from time to time for premises comparable to the PremisesTenant Parties.
Appears in 1 contract
Samples: Lease Agreement (Philadelphia Consolidated Holding Corp)
Tenant’s Insurance. (a) TenantThe Tenant shall, during and throughout the Term, or any renewal of it, at its sole cost and expense, shall obtain take out and keep in full force and effect during the Termfollowing insurance with the Landlord added as an additional insured as its interest may appear:
(i) a policy of commercial comprehensive general liability insurance on an occurrence basis against claims for personal injury, death and/or property damage occurring with respect to any use and occupancy of or things in or about the Premises, under which and with respect to the use and occupancy of any part of the Premises by the Tenant or any of its servants, agents, employees, invitees, licensees, subtenants, contractors or persons for whom the Tenant is named in law responsible, with coverage for any occurrence of not less than five million dollars ($5,000,000.00) or such higher amount as the insured and Landlord, Landlord’s managing agent, any Lessors, any Mortgagees and Landlord may reasonably require; and
(ii) any other parties whose names shall have been furnished by form of insurance as the Landlord to Tenant acting reasonably, requires from time to time are named as additional insuredsin the form, amounts and for insurance risks against which a prudent tenant would insure.
(b) Each of the Tenant’s insurance policies shall provide primary coverage without contribution from contain:
(i) a waiver by the insurer of any other insurance carried by or for rights of subrogation to which such insurer might otherwise be entitled against the benefit of Landlord, Landlord’s managing agent Landlord or any Lessors or Mortgagees named as additional insureds, and Tenant agrees to obtain blanket broad-form contractual liability coverage to insure its indemnity obligations set forth person for whom the Landlord is in Article 32 hereof. The minimum limits of liability shall be a combined single limit with respect to each occurrence in an amount of not less than *****; provided, however, that Landlord may require Tenant to increase such coverage, from time to time, to that amount of insurance which in Landlord’s reasonable judgment is then being customarily required by landlords in first-class buildings in the City of New York with respect to the Ancillary Space and for comparable entertainment centers in the City of New York with respect to the Music Hall. If the aggregate limit applying to the Premises is reduced by the payment of a claim or establishment of a reserve equal to or greater than 50% of the annual aggregate, Tenant shall immediately arrange to have the aggregate limit restored by endorsement to the existing policy or the purchase of an additional insurance policy unless, in Landlord’s reasonable judgment, Tenant maintains sufficient excess liability insurance to satisfy the liability requirements of this Lease without the reinstatement of the aggregate limitlaw responsible;
(ii) insurance against loss or damage an undertaking by fire, and such other risks and hazards as are insurable under then available standard forms of “all risk” property insurance policies with extended coverage, having a deductible amount, if any, as reasonably approved by Landlord, insuring (A) with respect the insurer that no material change adverse to the Ancillary Space, all Ancillary Space Alterations Landlord or the Tenant will be made and improvements the policy will not lapse or be terminated except after not less than thirty (30) days’ written notice to the Ancillary SpaceLandlord; and
(iii) a severability of interests clause, a cross-liability clause and a stated amount for a co-insurance endorsement.
(c) The Tenant shall ensure that the full insurable value thereof or replacement cost value thereof, (B) Landlord shall at all times be in possession of Tenant’s Property and (C) Landlord’s Studio Apartment Property; all such insurance shall name Tenant as evidence of the insured and, except with respect to Tenant’s insurance covering policies executed by the underwriting insurance company which are in good standing and in compliance with the Tenant’s Property and Landlord’s Studio Apartment Property, obligations hereunder.
(d) The Tenant shall carry insurance in its own name to provide coverage with respect the risk of business interruption to the extent sufficient to allow the Tenant to meet its ongoing obligations to the Landlord and to protect theTenant against loss of revenues.
(e) The Tenant shall carry insurance in its own name insuring against the risk of damage to the Tenant’s property within the Premises caused by fire or other perils and the policy shall provide for coverage on a replacement cost basis to protect the Tenant’s stock-in-trade, equipment, trade fixtures, decorations and improvements.
(f) The Tenant shall carry, at its own cost, such other insurance as would a prudent tenant.
(g) If the Tenant fails to maintain in force, or pay any Lessors and premiums for, any Mortgagees whose names shall have been furnished insurance required to be maintained by Landlord to the Tenant hereunder, or if the Tenant fails from time to time to deliver to the Landlord satisfactory proof of the good standing of any such insurance or the payment of premiums therefor, then the Landlord, without prejudice to any of its other rights and remedies hereunder, shall have the right, but not the obligation, to effect such insurance on behalf of the Tenant and the cost thereof and all other reasonable expenses incurred by the Landlord in that regard shall be named as additional insureds and loss payees;
(iii) during paid by the performance of any Alteration, until completion thereof, Builder’s risk insurance on an “all risk” basis and on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (and their respective contractors and subcontractors), any Mortgagee and any Lessor in all work incorporated in the Buildings and all materials and equipment in or about the Premises;
(iv) Workers’ Compensation Insurance, as required by law;
(v) Liquor Liability (dram shop) Insurance with a minimum limit of liability in an amount of not less than $1,000,000 on an occurrence basis, covering bodily injury and death to one or more persons and $100,000 in connection with property damage; and
(vi) such other insurance in such amounts as Landlord, any Mortgagee and/or any Lessor may reasonably require from time to time for premises comparable to the PremisesLandlord as Additional Rent forthwith upon demand.
Appears in 1 contract
Samples: Tenancy Agreement
Tenant’s Insurance. During the term, Tenant will provide and keep in force the following insurance:
(a) Tenant, at its expense, 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 relating to Tenant's business (carried on, in or from the Premises) and Tenant's use and occupancy, for personal injuryand bodily injury and death, death and/or property and damage occurring to others' property, with limits of not less than the Liability Insurance Amount for any one accident or occurrence; and
(b) all risk or fire insurance (including standard extended endorsement perils, leakage from fire protective devices and other water damage) relating to Tenant's fixtures, furnishings, equipment, documents, files, work products, inventory and stock-in-trade on a full replacement cost basis in amounts sufficient to prevent Tenant from becoming a co-insurer and subject only to such deductibles and exclusions as Tenant may reasonably determine; and
(c) if any boiler or about machinery is operated in the Premises, under boiler and machinery insurance. Landlord and the holder of any Encumbrance of which Landlord has given Tenant is notice will be named as an additional insureds in the insured policy described in Section 11.2(a), which will include cross liability and severability of interests clauses and will be on an "occurrence" (and not a "claims made") form. Landlord and the holder of any Encumbrance will be named as a loss payee, as its interest may appear, in the policies described in Section 11.2(c), and such policies will permit the release of Landlord and the holder of any Encumbrance from certain liability under Section 13.2 (as long as such permission may be obtained without material additional cost and without rendering void the protection afforded by the policy). Tenant will file with Landlord, Landlord’s managing agenton or before the Commencement Date and at least 10 days before the expiration date of expiring policies, any Lessorssuch copies of either current policies, any Mortgagees and any an insurance binder, Evidence of Insurance (in form Accord 27), a binding certificate or other parties whose names shall have been furnished by Landlord proofs, as may be reasonably required to Tenant establish Tenant's insurance coverage in effect from time to time are named as additional insureds, which insurance shall provide primary coverage without contribution from any other insurance carried by or for the benefit and payment of Landlord, Landlord’s managing agent or any Lessors or Mortgagees named as additional insureds, and premiums. If Tenant agrees to obtain blanket broad-form contractual liability coverage fails to insure its indemnity obligations set forth or pay premiums, or to file satisfactory proof as required, Landlord may, upon a minimum of fifteen (15) days notice (which notice expressly recites Landlord's cure rights in Article 32 hereof. The minimum limits of liability shall be a combined single limit with respect to each occurrence in an amount of not less than *****; providedthis sentence), however, that Landlord may require Tenant to increase such coverage, from time to time, to that amount of insurance which in Landlord’s reasonable judgment is then being customarily required by landlords in first-class buildings in the City of New York with respect to the Ancillary Space and for comparable entertainment centers in the City of New York with respect to the Music Hall. If the aggregate limit applying to the Premises is reduced by the payment of a claim or establishment of a reserve equal to or greater than 50% of the annual aggregate, Tenant shall immediately arrange to have the aggregate limit restored by endorsement to the existing policy or the purchase of an additional insurance policy unless, in Landlord’s reasonable judgment, Tenant maintains sufficient excess liability insurance to satisfy the liability requirements of this Lease without the reinstatement of the aggregate limit;
(ii) insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard forms of “all risk” property insurance policies with extended coverage, having a deductible amount, if any, as reasonably approved by Landlord, insuring (A) with respect to the Ancillary Space, all Ancillary Space Alterations and improvements to the Ancillary Space, for the full insurable value thereof or replacement cost value thereof, (B) all of Tenant’s Property and (C) Landlord’s Studio Apartment Property; all obtain such insurance shall name and recover from Tenant as the insured and, except with respect to Tenant’s insurance covering Tenant’s Property and Landlord’s Studio Apartment Property, Landlord and on demand any Lessors and any Mortgagees whose names shall have been furnished by Landlord to Tenant from time to time shall be named as additional insureds and loss payees;
(iii) during the performance of any Alteration, until completion thereof, Builder’s risk insurance on an “all risk” basis and on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (and their respective contractors and subcontractors), any Mortgagee and any Lessor in all work incorporated in the Buildings and all materials and equipment in or about the Premises;
(iv) Workers’ Compensation Insurance, as required by law;
(v) Liquor Liability (dram shop) Insurance with a minimum limit of liability in an amount of not less than $1,000,000 on an occurrence basis, covering bodily injury and death to one or more persons and $100,000 in connection with property damage; and
(vi) such other insurance in such amounts as Landlord, any Mortgagee and/or any Lessor may reasonably require from time to time for premises comparable to the Premisespremiums paid.
Appears in 1 contract
Tenant’s Insurance. Section 8.02 of the Lease is hereby deleted and, in lieu thereof, the following is instead substituted: Tenant shall purchase, at its own expense, and keep in force at all times during the Lease Term the policies of insurance set forth below (collectively, “Tenant’s Policies”). All Tenant’s Policies shall (a) be issued by an insurance company with a Best’s rating of A or better (excluding situations where the Tenant self-insures as provided herein) and otherwise reasonably acceptable to Landlord and shall be licensed to do business in the state in which the Leased Premises is located; (b) provide that said insurance shall not be canceled unless 30 days’ prior written notice shall have been given to Landlord; (c) provide for deductible amounts that are reasonably acceptable to Landlord (and its lender, if applicable) and (d) otherwise be in such form, and include such coverages, as Landlord may reasonably require. The Tenant, at its expense, shall obtain and keep ’s Policies described in full force and effect during the Term:
(i) a policy of commercial general liability insurance and (ii) below shall (1) provide coverage on an occurrence basis against claims for personal injurybasis; (2) name Landlord (and its lender, death and/or property damage occurring in or about the Premises, under which Tenant is named as the insured and Landlord, Landlord’s managing agent, any Lessors, any Mortgagees and any other parties whose names shall have been furnished by Landlord to Tenant from time to time are named if applicable) as additional insuredsinsured; (3) provide coverage, which insurance shall provide primary coverage without contribution from any other insurance carried by or to the extent insurable, for the benefit of Landlord, Landlord’s managing agent or any Lessors or Mortgagees named as additional insureds, and Tenant agrees to obtain blanket broad-form contractual liability coverage to insure its indemnity obligations set forth in Article 32 hereof. The minimum limits of liability shall Tenant under this Lease; (4) contain a separation of insured parties provision; (5) be a combined single limit primary, with respect to each occurrence Tenant’s obligations under the Lease, not contributing with, and not in an amount of not less than *****; providedexcess of, however, coverage that Landlord may require carry (with Landlord’s insurance being primary with respect to Landlord’s obligations under the lease); and (6) provide coverage with no exclusion for a pollution incident arising from a hostile fire. All Tenant’s Policies (or, at Landlord’s option, Certificates of Insurance and applicable endorsements, including, without limitation, an “Additional Insured-Managers or Landlords of Premises” or similar endorsement) shall be delivered to Landlord prior to the Commencement Date and upon renewal and request a Certificate of Insurance will be delivered. In the event that Tenant to increase such coveragefails, at any time or from time to time, to that amount of insurance which in Landlord’s reasonable judgment is then being customarily required by landlords in first-class buildings in comply with the City of New York with respect to the Ancillary Space and for comparable entertainment centers in the City of New York with respect to the Music Hall. If the aggregate limit applying to the Premises is reduced by the payment of a claim or establishment of a reserve equal to or greater than 50% requirements of the annual aggregatepreceding sentence, Tenant shall immediately arrange to have the aggregate limit restored by endorsement to the existing policy or the purchase of an additional insurance policy unless, in Landlord’s reasonable judgment, Tenant maintains sufficient excess liability insurance to satisfy the liability requirements of this Lease without the reinstatement of the aggregate limit;
(ii) insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard forms of “all risk” property insurance policies with extended coverage, having a deductible amount, if any, as reasonably approved by Landlord, insuring Landlord may (A) with respect order such insurance and charge the cost thereof to the Ancillary SpaceTenant, all Ancillary Space Alterations and improvements which amount shall be payable by Tenant to the Ancillary SpaceLandlord upon demand, for the full insurable value thereof as Additional Rent or replacement cost value thereof, (B) all impose on Tenant, as Additional Rent, a monthly delinquency fee, for each month during which Tenant fails to comply with the foregoing obligation, in an amount equal to five percent (5%) of the Monthly Rental Installments then in effect. Tenant shall give prompt notice to Landlord and Agent of any bodily injury, death, personal injury, advertising injury or property damage occurring in and about the Property. Tenant shall purchase and maintain, throughout the Term, a Tenant’s Property Policy(ies) of: (i) commercial general or excess liability insurance, including personal injury and (C) Landlord’s Studio Apartment Property; all such insurance shall name Tenant as the insured andproperty damage, except with respect to Tenant’s insurance covering Tenant’s Property and Landlord’s Studio Apartment Property, Landlord and any Lessors and any Mortgagees whose names shall have been furnished by Landlord to Tenant from time to time shall be named as additional insureds and loss payees;
(iii) during the performance of any Alteration, until completion thereof, Builder’s risk insurance on an “all risk” basis and on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (and their respective contractors and subcontractors), any Mortgagee and any Lessor in all work incorporated in the Buildings and all materials and equipment in or about the Premises;
(iv) Workers’ Compensation Insurance, as required by law;
(v) Liquor Liability (dram shop) Insurance with a minimum limit of liability in an amount of not less than $1,000,000 on an occurrence basis2,000,000.00 per occurrence, and $5,000,000.00 annual general aggregate, per location; (ii) comprehensive automobile liability insurance covering bodily injury and death to one Tenant against any personal injuries or more deaths of persons and property damage based upon or arising out of the ownership, use, occupancy or maintenance of a motor vehicle at the Premises and all areas appurtenant thereto in the amount of not less than $100,000 1,000,000, combined single limit; (iii) omitted; (iv) workers’ compensation insurance per the applicable state statutes covering all employees of Tenant; (v) business interruption insurance with limits not less than an amount equal to two (2) years’ rent due hereunder; and if Tenant handles, stores or utilizes Hazardous Substances in connection with property damage; and
its business operations, (vi) such other pollution legal liability insurance. The foregoing notwithstanding, Landlord hereby consents to Tenant’s self-insurance program provided that, at all times throughout the Term during which Tenant desires that Landlord accept Tenant’s self-insurance program, said program contains procedures (reasonably acceptable to Landlord) governing the investigation, litigation, processing, funding of reserves, and payment of insurance claims (including claims brought by Landlord in such amounts its capacity as an additional insured under this Lease), which procedures shall be consistent with those of third-party insurers. At all times, Tenant’s self-insurance program shall be subject to, and comply with, all of the requirements for Tenant’s insurance policies as described in this Section 8.02 and Landlord’s consent to Tenant’s self-insurance program shall not diminish or abrogate any or all of said requirements in any way. Upon Landlord’s request, Tenant shall deliver to Landlord certificates and written details, reasonably acceptable to Landlord, evidencing the compliance of its self-insurance program with the provisions of this paragraph. Landlord’s consent to Tenant’s self-insurance program will automatically terminate upon the effective date of any Mortgagee and/or assignment, transfer or assumption of the Lease by or to any Lessor may reasonably require from time third party, including transfers by operation of law, regardless of whether or not Landlord consents to time for premises comparable such transfer (and without, in any way or to the Premisesany extent, constituting a waiver of any requirement imposed under this Lease that Landlord consent to, and approve of, any such assignment, transfer or assumption).
Appears in 1 contract
Tenant’s Insurance. (aEffective as of the earlier of v) Tenantthe date Tenant enters or occupies the Premises, at its expenseor vi) the Commencement Date, shall obtain and keep in full force and effect during continuing throughout the Term:
, Tenant shall maintain the following insurance policies: (i1) a policy of commercial general liability insurance on an in amounts of $3,000,000 per occurrence basis against claims for personal injuryor, death and/or property damage occurring 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, 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 in or about the Premisessuch amounts as Landlord may reasonably require), under which Tenant is named as the insured and insuring Tenant, Landlord, and, if requested in writing by Landlord, Landlord’s managing agentMortgagee, 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 Lessors, any Mortgagees and any other parties whose names shall have been furnished consent by Landlord to Tenant from time to time are named the installation thereof) the installation, operation, maintenance, repair or removal of Tenant’s equipment, (2) insurance covering the full value of all alterations and improvements and betterments in the Premises, naming Landlord and Landlord’s Mortgagee as additional insuredsloss payees as their interests may appear, which (3) insurance covering the full value of all furniture, trade fixtures 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 equipment), (4) 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), (5) worker’s compensation insurance, and (6) business interruption insurance in an amount reasonably acceptable to Landlord. Tenant’s insurance shall provide primary coverage without contribution from to Landlord when any other insurance carried by policy issued to Landlord provides duplicate or for the benefit of Landlordsimilar coverage, and in such circumstance Landlord’s managing agent policy will be excess over Tenant’s policy. 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 at least ten days prior to the earlier of the Commencement Date or any Lessors the date Tenant enters or Mortgagees named as additional insuredsoccupies the Premises, and at least 15 days prior to each renewal of said insurance, and Tenant agrees shall obtain a written obligation on the part of each insurance company to obtain blanket broad-form contractual liability coverage to insure its indemnity obligations set forth in Article 32 hereofnotify Landlord at least 30 days before cancellation or a material change of any such insurance policies. The minimum limits of liability All such insurance policies shall be a combined single limit in form, and issued by companies with respect an A.M. Best rating of A+:VII or better, reasonably satisfactory to each occurrence in an amount of not less than *****; provided, however, that Landlord may require Tenant to increase such coverage, from time to time, to that amount of insurance which in Landlord’s reasonable judgment is then being customarily required by landlords in first-class buildings in the City of New York with respect to the Ancillary Space and for comparable entertainment centers in the City of New York with respect to the Music Hall. If Tenant fails to comply with the aggregate limit applying foregoing insurance requirements or to deliver to Landlord the Premises is reduced by certificates or evidence of coverage required herein, 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 on demand the payment premium costs thereof, plus an administrative fee of a claim or establishment of a reserve equal to or greater than 5015% of the annual aggregate, Tenant shall immediately arrange to have the aggregate limit restored by endorsement to the existing policy or the purchase of an additional insurance policy unless, in Landlord’s reasonable judgment, Tenant maintains sufficient excess liability insurance to satisfy the liability requirements of this Lease without the reinstatement of the aggregate limit;
(ii) insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard forms of “all risk” property insurance policies with extended coverage, having a deductible amount, if any, as reasonably approved by Landlord, insuring (A) with respect to the Ancillary Space, all Ancillary Space Alterations and improvements to the Ancillary Space, for the full insurable value thereof or replacement cost value thereof, (B) all of Tenant’s Property and (C) Landlord’s Studio Apartment Property; all such insurance shall name Tenant as the insured and, except with respect to Tenant’s insurance covering Tenant’s Property and Landlord’s Studio Apartment Property, Landlord and any Lessors and any Mortgagees whose names shall have been furnished by Landlord to Tenant from time to time shall be named as additional insureds and loss payees;
(iii) during the performance of any Alteration, until completion thereof, Builder’s risk insurance on an “all risk” basis and on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (and their respective contractors and subcontractors), any Mortgagee and any Lessor in all work incorporated in the Buildings and all materials and equipment in or about the Premises;
(iv) Workers’ Compensation Insurance, as required by law;
(v) Liquor Liability (dram shop) Insurance with a minimum limit of liability in an amount of not less than $1,000,000 on an occurrence basis, covering bodily injury and death to one or more persons and $100,000 in connection with property damage; and
(vi) such other insurance in such amounts as Landlord, any Mortgagee and/or any Lessor may reasonably require from time to time for premises comparable to the Premisescost.
Appears in 1 contract
Samples: Lease Agreement (Oncovista Innovative Therapies, Inc)
Tenant’s Insurance. (a) TenantTenant shall, at its Tenant’s expense, shall obtain and keep in full force and effect during the Term:
(i) Term of this Lease, a policy of commercial general liability insurance on an occurrence basis policy insuring Tenant against claims for the risks of, bodily injury and property damage, personal injury, death and/or property damage occurring in contractual liability, completed operations, owned and non-owned automobile liability arising out of the ownership, use, occupancy or about maintenance of the Premises, under which Tenant is named as the insured Leased Premises and Landlord, Landlord’s managing agent, any Lessors, any Mortgagees and any other parties whose names shall have been furnished by Landlord to Tenant from time to time are named as additional insureds, which all areas appurtenant thereto. Such insurance shall provide primary coverage without contribution from any other insurance carried by or for the benefit of Landlord, Landlord’s managing agent or any Lessors or Mortgagees named as additional insureds, and Tenant agrees to obtain blanket broad-form contractual liability coverage to insure its indemnity obligations set forth in Article 32 hereof. The minimum limits of liability shall be a combined single limit with respect to each occurrence policy in an amount of not less than *****; provided, however, that Landlord may require Tenant to increase such coverage, from time to time, to that amount of insurance which in Landlord’s reasonable judgment is then being customarily required by landlords in first-class buildings in the City of New York Two Million Dollars ($2,000,000.00) per occurrence with respect to the Ancillary Space and for comparable entertainment centers in the City of New York with respect to the Music Hall. If the aggregate limit applying to the Premises is reduced by the payment of a claim or establishment of a reserve equal to or greater than 50% of the Three Million Dollar ($3,000,000.00) annual aggregate, Tenant shall immediately arrange to have the aggregate limit restored by endorsement to the existing policy or the purchase of an additional insurance policy unless, in Landlord’s reasonable judgment, Tenant maintains sufficient excess liability insurance to satisfy the liability requirements of this Lease without the reinstatement of the aggregate limit;
(ii) insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard forms of “all risk” property insurance policies with extended coverage, having a deductible amount, if any, as reasonably approved by Landlord, insuring (A) with respect to the Ancillary Space, all Ancillary Space Alterations and improvements to the Ancillary Space, for the full insurable value thereof or replacement cost value thereof, (B) all of Tenant’s Property and (C) Landlord’s Studio Apartment Property; all such insurance shall name Tenant as the insured and, except with respect to Tenant’s insurance covering Tenant’s Property and Landlord’s Studio Apartment Property, . Landlord and any Lessors lender and any Mortgagees whose names shall have been furnished other party in interest designated by Landlord to Tenant from time to time shall be named as additional insured(s). The policy shall contain cross liability endorsements with coverage for Landlord for the negligence of Tenant even though Landlord is named as an additional insured; shall insure performance by Tenant of the indemnity provisions of this Lease; shall be primary, not contributing with, and not in excess of coverage which Landlord may carry; shall provide for severability of interest; shall provide that an act or omission of one of the insured or additional insureds and loss payees;
(iii) during which would void or otherwise reduce coverage shall not void or reduce coverages as to the performance other insured or additional insureds. The limits of said insurance shall not limit any Alterationliability of Tenant hereunder. Not more frequently than every year, until completion thereofif, Builder’s risk insurance on an “all risk” basis and on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (and their respective contractors and subcontractors), any Mortgagee and any Lessor in all work incorporated in the Buildings and all materials and equipment in or about reasonable opinion of Landlord, the Premises;
amount of liability insurance required hereunder is not adequate, Tenant shall, within thirty (iv30) Workers’ Compensation Insurancedays following Landlord’s notice, increase said insurance coverage as required by law;
(v) Liquor Liability (dram shop) Insurance with a minimum limit of liability in an amount of not less than $1,000,000 on an occurrence basis, covering bodily injury and death to one or more persons and $100,000 in connection with property damage; and
(vi) such other insurance in such amounts as Landlord, any Mortgagee and/or any Lessor may reasonably require from time to time for premises comparable to the Premises.
Appears in 1 contract
Tenant’s Insurance. Tenant shall, throughout the Term (a) Tenantand any other period when Tenant is in possession of the Premises), maintain at its expense, shall obtain and keep in full force and effect during sole cost the Termfollowing insurance:
(iA) All risks property insurance, naming Tenant and Landlord as insured parties, containing a policy waiver of commercial subrogation rights which Xxxxxx's insurers may have against Landlord. Such insurance shall insure property of every kind owned by Tenant in an amount not less than the full replacement cost thereof (new), with such cost to be adjusted no less than annually.
(B) Comprehensive general liability insurance. Such policy shall contain inclusive limits per occurrence of not less than the amount specified in the Lease Summary; provide for severability of interests; and include Landlord and any mortgagee of Landlord as additional insureds.
(C) Worker's compensation and employer's liability insurance on an occurrence basis against claims for personal injury, death and/or property damage occurring in or about the Premises, under compliance with applicable legal requirements.
(D) Any other form of insurance which Tenant is named as the insured and or Landlord, Landlord’s managing agentacting reasonably, requires from time to time in form, in amounts, and for risks against which a prudent tenant would insure.
a) Tenant fails to take out or to keep in force any Lessorsinsurance referred to in this section 6.1, or should any Mortgagees such insurance not be approved by either Landlord or any mortgagee, and any other parties whose names shall have been furnished b) Tenant does not commence and continue to diligently cure such default within forty-eight (48) hours after written notice by Landlord to Tenant specifying the nature of such default, then Landlord has the right, without assuming any obligation in connection therewith, to effect such insurance at the sole cost of Tenant and all outlays by Landlord shall be paid by Tenant to Landlord without prejudice to any other rights or remedies of Landlord under this Lease. Tenant shall not keep or use in the Premises any article which may be prohibited by any fire or casualty insurance policy in force from time to time are named as additional insureds, which insurance shall provide primary coverage without contribution from any other insurance carried by or for the benefit of Landlord, Landlord’s managing agent or any Lessors or Mortgagees named as additional insureds, and Tenant agrees to obtain blanket broad-form contractual liability coverage to insure its indemnity obligations set forth in Article 32 hereof. The minimum limits of liability shall be a combined single limit with respect to each occurrence in an amount of not less than *****; provided, however, that Landlord may require Tenant to increase such coverage, from time to time, to that amount of insurance which in Landlord’s reasonable judgment is then being customarily required by landlords in first-class buildings in the City of New York with respect to the Ancillary Space and for comparable entertainment centers in the City of New York with respect to the Music Hall. If the aggregate limit applying to covering the Premises is reduced by the payment of a claim or establishment of a reserve equal to or greater than 50% of the annual aggregate, Tenant shall immediately arrange to have the aggregate limit restored by endorsement to the existing policy or the purchase of an additional insurance policy unless, in Landlord’s reasonable judgment, Tenant maintains sufficient excess liability insurance to satisfy the liability requirements of this Lease without the reinstatement of the aggregate limit;
(ii) insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard forms of “all risk” property insurance policies with extended coverage, having a deductible amount, if any, as reasonably approved by Landlord, insuring (A) with respect to the Ancillary Space, all Ancillary Space Alterations and improvements to the Ancillary Space, for the full insurable value thereof or replacement cost value thereof, (B) all of Tenant’s Property and (C) Landlord’s Studio Apartment Property; all such insurance shall name Tenant as the insured and, except with respect to Tenant’s insurance covering Tenant’s Property and Landlord’s Studio Apartment Property, Landlord and any Lessors and any Mortgagees whose names shall have been furnished by Landlord to Tenant from time to time shall be named as additional insureds and loss payees;
(iii) during the performance of any Alteration, until completion thereof, Builder’s risk insurance on an “all risk” basis and on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (and their respective contractors and subcontractors), any Mortgagee and any Lessor in all work incorporated in the Buildings and all materials and equipment in or about the Premises;
(iv) Workers’ Compensation Insurance, as required by law;
(v) Liquor Liability (dram shop) Insurance with a minimum limit of liability in an amount of not less than $1,000,000 on an occurrence basis, covering bodily injury and death to one or more persons and $100,000 in connection with property damage; and
(vi) such other insurance in such amounts as Landlord, any Mortgagee and/or any Lessor may reasonably require from time to time for premises comparable to the PremisesBuilding.
Appears in 1 contract
Samples: Industrial Lease (Intellicell Corp)
Tenant’s Insurance. (a) TenantTenant shall maintain insurance complying with ------------------ all of the following:
A. Tenant shall procure, at its expense, shall obtain pay for and keep in full force and effect during the Termfollowing:
(i1) a policy of commercial Commercial general liability insurance on an occurrence basis including property damage, against claims liability for personal injury, bodily injury, death and/or and damage to property damage occurring in or about about, or resulting from an occurrence in or about, the Premises, under which Tenant is named as Premises with combined single limit coverage of not less than the insured and Landlord, Landlord’s managing agent, any Lessors, any Mortgagees and any other parties whose names shall have been furnished by Landlord to Tenant from time to time are named as additional insuredsamount of Tenant's Liability I nsurance Minimum specified in Section P of the Summary, which insurance shall provide contain a "contractual liability" endorsement insuring ----------- Tenant's performance of Tenant's obligation to indemnify Landlord contained in Paragraph 10.3.
(2) Fire and property damage insurance in so-called "all risk" form insuring Tenant's Trade fixtures and Tenant's Alterations for the full actual replacement cost thereof;
(3) Such other insurance that is either (i) reasonably required by any Lender, or (ii) reasonably required by Landlord and customarily carried by tenants of similar properly in similar businesses.
B. Where applicable and required by Landlord, each policy of insurance required to be carried by Tenant pursuant to this paragraph 9.1: (i) shall name Landlord and such other parties in interest as Landlord reasonably designates as additional insured; (ii) shall be primary coverage insurance which provides that the insurer shall be liable for the full amount of the loss up to and including the total amount of liability set forth in the declarations without the right of contribution from any other insurance carried by or for the benefit coverage of Landlord, Landlord’s managing agent or any Lessors or Mortgagees named as additional insureds, and Tenant agrees to obtain blanket broad-form contractual liability coverage to insure its indemnity obligations set forth in Article 32 hereof. The minimum limits of liability ; (iii) shall be in a combined single limit form satisfactory to Landlord; (iv) shall be carried with respect companies reasonably acceptable to each occurrence Landlord; (v) shall provide that such policy shall not be subject to cancellation, lapse or change except after at least 30 days prior written notice to Landlord so long as such provision of 30 days notice is reasonably obtainable, but in an amount of any event not less than *****10 day prior written notice; provided(vi) shall not have "deductible" in excess of such amount as is approved by Landlord; (vii) shall contain a cross liability endorsement: and (viii) shall contain a "severability" clause. If Tenant has in full force and effect a
C. A copy of a certificate of the insurer, howevercertifying that such policy has been issued, that providing the coverage required by this Paragraph 9.1 and containing the provisions specified herein, shall be delivered to Landlord may require prior to the time Tenant or any of its Agents enters the Premises and upon renewal of such policies, but not less than 5 days prior to increase the expiration of the term of such coverage. Landlord may, at any time, and from time to time, inspect any and all insurance policies required to be procured by Tenant pursuant to this Paragraph 9.
1. If any Lender or insurance advisor reasonably determines at any time that the amount of coverage required for any policy of insurance which in Landlord’s reasonable judgment Tenant is to obtain pursuant to this Paragraph 9.1 is not adequate, then being customarily required by landlords in first-class buildings in the City of New York with respect to the Ancillary Space and for comparable entertainment centers in the City of New York with respect to the Music Hall. If the aggregate limit applying to the Premises is reduced by the payment of a claim or establishment of a reserve equal to or greater than 50% of the annual aggregate, Tenant shall immediately arrange to have the aggregate limit restored by endorsement to the existing policy or the purchase of an additional insurance policy unless, in Landlord’s reasonable judgment, Tenant maintains sufficient excess liability increase such coverage for such insurance to satisfy such amount as such Lender or insurance advisor reasonably deems adequate, not to exceed the liability requirements level of this Lease without the reinstatement of the aggregate limit;
(ii) insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard forms of “all risk” property insurance policies with extended coverage, having a deductible amount, if any, as reasonably approved by Landlord, insuring (A) with respect to the Ancillary Space, all Ancillary Space Alterations and improvements to the Ancillary Space, coverage for the full insurable value thereof or replacement cost value thereof, (B) all of Tenant’s Property and (C) Landlord’s Studio Apartment Property; all such insurance shall name Tenant as the insured and, except with respect to Tenant’s insurance covering Tenant’s Property and Landlord’s Studio Apartment Property, Landlord and any Lessors and any Mortgagees whose names shall have been furnished commonly carried by Landlord to Tenant from time to time shall be named as additional insureds and loss payees;
(iii) during the performance of any Alteration, until completion thereof, Builder’s risk insurance on an “all risk” basis and on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (and their respective contractors and subcontractors), any Mortgagee and any Lessor in all work incorporated in the Buildings and all materials and equipment in or about the Premises;
(iv) Workers’ Compensation Insurance, as required by law;
(v) Liquor Liability (dram shop) Insurance with a minimum limit of liability in an amount of not less than $1,000,000 on an occurrence basis, covering bodily injury and death to one or more persons and $100,000 in connection with property damage; and
(vi) such other insurance in such amounts as Landlord, any Mortgagee and/or any Lessor may reasonably require from time to time for premises comparable to the Premisesbusinesses similarly situated.
Appears in 1 contract
Samples: Lease (Quicklogic Corporation)
Tenant’s Insurance. Tenant shall maintain the following coverages in the following amounts.
10.3.1 Commercial general liability insurance written on the current ISO CG 00 01 occurrence form or an equivalent acceptable to Landlord (a) Tenantthe “CGL”), at its expense, shall obtain and keep in full force and effect during the Term:
(i) a policy covering liability arising from bodily injury (including mental anguish and death), property damage, premises (including the use or occupancy of commercial general liability insurance on an occurrence basis against claims for personal injury, death and/or property damage occurring in or about the Premises, under which Tenant is named as the insured Building and Landlord, Landlord’s managing agent, any Lessors, any Mortgagees and any other parties whose names shall have been furnished by Landlord to Tenant from time to time are named as additional insureds, which insurance shall provide primary coverage without contribution from any other insurance carried by or for the benefit of Landlord, Landlord’s managing agent or any Lessors or Mortgagees named as additional insureds, and Tenant agrees to obtain blanket broad-form contractual liability coverage to insure its indemnity obligations set forth in Article 32 hereof. The minimum limits of liability shall be a combined single limit with respect to each occurrence in an amount of not less than *****; provided, however, that Landlord may require Tenant to increase such coverage, from time to time, to that amount of insurance which in Landlord’s reasonable judgment is then being customarily required by landlords in first-class buildings in the City of New York with respect to the Ancillary Space and for comparable entertainment centers in the City of New York with respect to the Music Hall. If the aggregate limit applying all areas appurtenant to the Premises and the Building, including any parking areas and areas outside the Premises that Tenant is reduced by the payment of a claim or establishment of a reserve equal authorized to or greater than 50% of the annual aggregateuse temporarily), Tenant shall immediately arrange to have the aggregate limit restored by endorsement to the existing policy or the purchase of operations, independent contractors, personal and advertising injury, and liability assumed under an additional insurance policy unlessinsured contract, in Landlord’s reasonable judgment, Tenant maintains sufficient excess liability insurance to satisfy the liability requirements of this Lease without the reinstatement of the aggregate limit;
(ii) insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard forms of “all risk” property insurance policies with extended coverage, having a deductible amount, if any, as reasonably approved by Landlord, insuring (A) with respect to the Ancillary Space, all Ancillary Space Alterations and improvements to the Ancillary Space, for the full insurable value thereof or replacement cost value thereof, (B) all of Tenant’s Property and (C) Landlord’s Studio Apartment Property; all such insurance shall name Tenant as the insured and, except with respect to Tenant’s insurance covering Tenant’s Property and Landlord’s Studio Apartment Property, Landlord and any Lessors and any Mortgagees whose names shall have been furnished by Landlord to Tenant from time to time shall be named as additional insureds and loss payees;
(iii) during the performance of any Alteration, until completion thereof, Builder’s risk insurance on an “all risk” basis and on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (and their respective contractors and subcontractors), any Mortgagee and any Lessor in all work incorporated in the Buildings and all materials and equipment in or about the Premises;
(iv) Workers’ Compensation Insurance, as required by law;
(v) Liquor Liability (dram shop) Insurance with a minimum limit of liability in an amount limits of not less than $1,000,000 on an occurrence basiseach occurrence, covering bodily injury $1,000,000 personal and death to one or more persons advertising injury, $2,000,000 general aggregate, and $100,000 2,000,000 products-completed operations aggregate, (iii) with defense provided in connection addition to policy limits, (iv) with property damage; and
a standard ISO separation of insureds provision or a substantially similar provision, and (viv) such other insurance including the Landlord Parties (as defined below) as additional insureds, using ISO additional insured endorsement CG 20 11 or an equivalent acceptable to Landlord. If the additional insured endorsement restricts the Landlord Parties’ coverage under the CGL to liability arising out of the ownership, maintenance or use of premises described in such amounts as Landlordthe endorsement, then the description of these premises in the endorsement must include the Premises, any Mortgagee and/or parking areas at the Property that Tenant is authorized to use, and any Lessor may reasonably require from time other areas of the Property outside the Premises that Tenant is authorized to time use temporarily. Tenant shall ensure that the CGL policy provides coverage for premises comparable the Landlord Parties’ own acts related to the Premises, and does not limit their coverage to liability arising from Tenant’s acts. The CGL must not include a “designated premises” endorsement that limits Tenant’s coverage under the CGL to matters related to the Premises. The CGL must apply as primary and non-contributing insurance with respect to any other insurance or self-insurance programs afforded to the Landlord Parties. If the CGL contains a general aggregate limit, it must apply separately to the Premises on a “per project” or “per location” basis.
10.3.2 Commercial excess or umbrella liability insurance with respect to Tenant’s CGL, business autoliability and employers liability insurance, with a limit of not less than $4,000,000 each occurrence. This insurance must (i) provide coverage at least as broad as the applicable primary coverages (and. if excess, must be “true follow form”), (ii) include the Landlord Parties as additional insureds with respect to the CGL, (iii) apply on a primary basis with respect to any commercial general liability insurance carried by the Landlord Parties, (iv) provide that aggregate limits of liability apply separately with respect to the Premises, and (v) provide that if the allocations of minimum primary and excess/umbrella limits established in this Section, Tenant may provide lower minimum limits of primary insurance so long as the minimum limit of the excess/umbrella insurance is increased by the amount of the primary reduction.
Appears in 1 contract
Tenant’s Insurance. (a) TenantTenant covenants to obtain on or before Tenant enters upon or takes occupancy of the Premises, at its Tenant’s sole cost and expense, shall obtain and to keep in full force and effect during the Term:Early Entry Period and the Lease Term (the “Insurance Requirements”):
(ia) a policy of commercial Comprehensive general liability insurance on an occurrence basis against claims for personal injury, death and/or property damage occurring in or about the Premises, under which Tenant is named as the insured and Landlord, Landlord’s managing agent, any Lessors, any Mortgagees and any other parties whose names shall have been furnished by Landlord to Tenant from time to time are named as additional insureds, which insurance shall provide primary coverage without contribution from any other insurance carried by or for the benefit of Landlord, Landlord’s managing agent or any Lessors or Mortgagees named as additional insureds, and Tenant agrees to obtain blanket broad-form contractual liability coverage to insure its indemnity obligations set forth in Article 32 hereof. The minimum limits of liability shall be a combined single limit with respect to each occurrence in an amount of not less than *****; provided, however, that Landlord may require Tenant to increase such coverage, from time to time, to that amount of insurance which in Landlord’s reasonable judgment is then being customarily required by landlords in first-class buildings in the City of New York with respect to the Ancillary Space business carried on, in or from the Premises and the use and occupancy thereof, covering bodily injury, death and damage to property of others (with endorsements for comparable entertainment centers in the City of New York assumed contractual liability with respect to the Music Hall. If the aggregate limit applying to the Premises is reduced liabilities assumed by the payment of a claim or establishment of a reserve equal to or greater than 50% of the annual aggregate, Tenant shall immediately arrange to have the aggregate limit restored by endorsement to the existing policy or the purchase of an additional insurance policy unless, in Landlord’s reasonable judgment, Tenant maintains sufficient excess liability insurance to satisfy the liability requirements of this Lease without the reinstatement of the aggregate limit;
(ii) insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard forms of “all risk” property insurance policies Section 9.11); with extended coverage, having a deductible amount, if any, as reasonably approved by Landlord, insuring (A) with respect to the Ancillary Space, all Ancillary Space Alterations and improvements to the Ancillary Space, for the full insurable value thereof or replacement cost value thereof, (B) all of Tenant’s Property and (C) Landlord’s Studio Apartment Property; all such insurance shall name Tenant as the insured and, except with respect to Tenant’s insurance covering Tenant’s Property and Landlord’s Studio Apartment Property, Landlord and any Lessors and any Mortgagees whose names shall have been furnished by Landlord to Tenant from time to time shall be named as additional insureds and loss payees;
(iii) during the performance of any Alteration, until completion thereof, Builder’s risk insurance on an “all risk” basis and on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (and their respective contractors and subcontractors), any Mortgagee and any Lessor in all work incorporated in the Buildings and all materials and equipment in or about the Premises;
(iv) Workers’ Compensation Insurance, as required by law;
(v) Liquor Liability (dram shop) Insurance with a minimum limit of liability in an amount combined single limits of not less than $1,000,000 5,000,000 in respect of any one accident or occurrence and
(b) All-Risk Property (Special Cause of Loss) Insurance including, without limitation, coverage for loss or damage to the Premises by fire and other perils including windstorm, sprinkler leakage, ordinance and law, sewer back-up, building ordinance extension endorsement (including cost of demolition, increased costs of construction and the value of the undamaged portion of the building and soft costs coverage), and boiler and machinery coverage (if separate policy, that policy must include loss of rents or business interruption coverage). The policy shall be in an amount not less than the full insurable value on an occurrence basis, a replacement cost basis of the insured Premises and personal property related thereto (without deduction for depreciation). The replacement cost is agreed to be $13,200,000.00. If the policy is a blanket policy covering bodily injury the Premises and death to one or more persons other properties, the policy must specify the dollar amount of the total blanket limit of the policy that is allocated to each property, and the amount so allocated to the Premises must not be less than the full insurable value on a replacement cost basis.
(c) All-Risk Property (Special Cause of Loss) insurance covering the full replacement cost of all furniture, trade fixtures and personal property (including property of Tenant or others) in the Premises or otherwise placed in the Premises by or on behalf of Tenant or a Tenant Responsible Party, (iv) 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).
(d) Builder’s Risk Insurance any time Tenant engages or causes to be engaged any contractor to perform work in or on the Premises (which shall be done only in accordance with the provisions of this Lease). Tenant shall require such contractor to carry and maintain, at no expense to Landlord, non-deductible commercial general liability insurance, and Tenant shall maintain in full force and effect a builder’s completed value risk policy (a “Builder’s Risk Policy”) in a nonreporting form, with no coinsurance requirement, insuring against all “Special Form” risk of physical loss or damage to the Premises, including, but not limited to, contractor’s liability coverage, completed operations coverage, broad form property damage endorsement and contractor’s protection liability coverage, risk of loss from fire and other hazards, collapse, transit coverage, vandalism, malicious mischief, theft, earthquake (if the Premises is in earthquake zone 1 or 2) and sinkholes (if usually recommended in the area of the Premises). The Builder’s Risk Policy shall include endorsements providing coverage for building materials and supplies and temporary property. The Builder’s Risk Policy shall be in the amount of the full replacement cost of the applicable improvements and shall contain a deductible amount acceptable to Landlord. The Builder’s Risk Policy shall include an endorsement permitting initial occupancy.
(e) Business Interruption Insurance for not less than twelve (12) months of income and normal operating expenses, including payroll and Basic Rent payable hereunder with an endorsement extending the period of indemnity by at least ninety (90) days (Building Ordinance—Increased Period of Restoration Endorsement) and in an amount to prevent Landlord from becoming a co-insurer.
(f) Workers’ compensation insurance as required by applicable law and employers’ liability insurance, each with a limit of not less than $100,000 per accident, $500,000 for a disease policy limit, and $100,000 in connection with property damage; andfor disease limit for each employee.
(vig) Boiler and machinery coverage covering loss or damage, on a replacement cost basis, from explosion of any steam and pressure boilers, hot water heaters, and similar apparatus located in, on or about the Premises with limits of not less than the replacement cost of the Improvements. In the event coverage hereunder is afforded by more than one insurance company, all such other insurance in such amounts as Landlord, any Mortgagee and/or any Lessor may reasonably require from time to time for premises comparable companies shall furnish a joint loss endorsement to the Premisespolicies covering the risk set forth in this Section.
(h) Any other form or forms or amounts of insurance or any changes or endorsements to the insurance required herein as may be required by Fee Mortgagee.
Appears in 1 contract
Tenant’s Insurance. (a) Tenant, at its expense, shall obtain and keep in full force and effect during the TermTerm and prior to having access to the Premises:
(i) a policy of commercial general liability insurance on an occurrence basis against claims for personal injury, death and/or property damage occurring in or about the PremisesPremises or the Building, under which Tenant is named as the insured and Landlord, Landlord’s 's managing agent, any Lessors, any Mortgagees and any other parties whose names shall have been furnished by Landlord to Tenant from time to time are named as additional insureds, which insurance shall provide primary coverage without contribution from any other insurance carried by or for the benefit of Landlord, Landlord’s 's managing agent or any Lessors or Mortgagees named as additional insureds, and Tenant agrees to obtain blanket broad-form contractual liability coverage to insure its indemnity obligations set forth in Article 32 hereof. The minimum limits of liability applying exclusively to the Premises shall be a combined single limit with respect to each occurrence and in the aggregate in an amount of not less than *****$5,000,000; provided, however, that Landlord may shall retain the right to require Tenant to increase such coverage, from time to time, to that amount of insurance which in Landlord’s 's reasonable judgment is then being customarily required by landlords for similar office space in first-class buildings in the City of New York with respect to the Ancillary Space and York. The deductible or self insured retention for comparable entertainment centers such policy shall in the City of New York with respect to the Music Hallno event exceed $10,000 per occurrence at any time. If the aggregate limit applying to the Premises is reduced by the payment of a claim or establishment of a reserve equal to or greater than 50% of the annual aggregate, Tenant shall immediately arrange to have the aggregate limit restored by endorsement to the existing policy or the purchase of an additional insurance policy unless, in Landlord’s 's reasonable judgment, Tenant maintains sufficient excess liability insurance (with a drop down endorsement) to satisfy the liability requirements of this Lease without the reinstatement of the aggregate limit;
(ii) insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard forms of “"all risk” " property insurance policies with extended coverage, having a deductible amountinsuring Tenant's Property, if any, as reasonably approved by Landlord, insuring (A) with respect to the Ancillary Space, and all Ancillary Space Specialty Alterations and improvements to the Ancillary Space, for the full insurable value thereof or replacement cost value thereof, (B) all having a deductible amount, if any, not in excess of Tenant’s Property and (C) Landlord’s Studio Apartment Property; all such insurance shall name Tenant as the insured and, except with respect to Tenant’s insurance covering Tenant’s Property and Landlord’s Studio Apartment Property, Landlord and any Lessors and any Mortgagees whose names shall have been furnished by Landlord to Tenant from time to time shall be named as additional insureds and loss payees$25,000;
(iii) during the performance of any Alteration, until completion thereof, Builder’s 's risk insurance on an “"all risk” " basis and on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (and their respective contractors and subcontractors), any Mortgagee and any Lessor in all work incorporated in the Buildings Building and all materials and equipment in or about the Premises;
(iv) Workers’ ' Compensation Insurance, as required by law;
(v) Liquor Liability (dram shop) Insurance with a minimum limit of liability in an amount of not less than $1,000,000 on an occurrence basis, covering bodily injury and death to one or more persons and $100,000 in connection with property damageBusiness Interruption Insurance; and
(vi) such other insurance in such amounts as Landlord, any Mortgagee and/or any Lessor may reasonably require from time to time for premises comparable and which is then customarily required from office tenants by owners of first-class buildings in midtown Manhattan.
(b) All insurance required to be carried by Tenant pursuant to the Premisesterms of this Lease (i) shall contain a provision that (A) no act or omission of Tenant other than intentional acts shall affect or limit the obligation of the insurance company to pay the amount of any loss sustained, (B) the policy shall be noncancellable and/or no material change in coverage shall be made thereto unless Landlord, Lessors and Mortgagees shall have received 30 days' prior notice of the same, by certified mail, return receipt requested, and (C) Tenant shall be solely responsible for the payment of all premiums under such policies and Landlord, Lessors and Mortgagees shall have no obligation for the payment thereof, and (ii) shall be effected under valid and enforceable policies issued by reputable and independent insurers permitted to do business in the State of New York and rated in Best's Insurance Guide, or any successor thereto (or if there be none, an organization having a national reputation) as having a Best's Rating of "A-" and a "Financial Size Category" of at least "X" or, if such ratings are not then in effect, the equivalent thereof or such other financial rating as Landlord may at any time consider appropriate.
Appears in 1 contract
Samples: Lease (Greenhill & Co Inc)
Tenant’s Insurance. (a) Tenant, at its expense, shall obtain and keep The Tenant agrees to maintain in full force and effect during from the Commencement Date, throughout the Term:
(i) , and thereafter, so long as the Tenant is in occupancy of any part of the Premises, a policy of commercial general liability insurance on an occurrence basis against claims for personal injury, death and/or property damage occurring in or about the Premises, under which the Landlord (and any individuals or entities affiliated with the Landlord, any ground lessor and any holder of a mortgage on the Property of whom the Tenant is named as notified by the insured and Landlord, Landlord’s managing agent, any Lessors, any Mortgagees and any other parties whose names shall have been furnished by Landlord to Tenant from time to time ) are named as additional insureds, and under which the insurer provides a contractual liability endorsement insuring against all cost, expense and liability arising out of or based upon any and all claims, accidents, injuries and damages described in Section 7.1, in the broadest form of such coverage from time to time available. Each policy required hereunder shall be noncancellable and nonamendable (to the extent that any proposed amendment reduces the limits or the scope of the insurance shall provide primary coverage required in this Lease) with respect to the Landlord and such ground lessors and mortgagees without contribution from any other insurance carried by or for thirty (30) days’ prior notice to the benefit Landlord and such ground lessors and mortgagees and at the election of the Landlord, either a certificate of insurance or a duplicate original policy shall be delivered to the Landlord’s managing agent or any Lessors or Mortgagees named as additional insureds, and Tenant agrees to obtain blanket broad-form contractual liability coverage to insure its indemnity obligations set forth in Article 32 hereof. The minimum limits of Tenant’s liability shall be a combined single limit with respect to each occurrence in an amount insurance as of not less than *****; provided, however, that Landlord may require the Commencement Date (or such earlier date upon which the Tenant to increase such coverage, from time to time, to that amount first commences occupancy of insurance which in Landlord’s reasonable judgment is then being customarily required all or any part of the Premises for the commencement of any alterations or additions undertaken by landlords in first-class buildings in the City of New York with respect Tenant pursuant to the Ancillary Space and for comparable entertainment centers in the City of New York with respect to the Music Hall. If the aggregate limit applying to the Premises is reduced by the payment of a claim or establishment of a reserve equal to or greater than 50% of the annual aggregate, Tenant shall immediately arrange to have the aggregate limit restored by endorsement to the existing policy or the purchase of an additional insurance policy unless, in Landlord’s reasonable judgment, Tenant maintains sufficient excess liability insurance to satisfy the liability requirements terms of this Lease without the reinstatement or otherwise) shall be Two Million Dollars ($2,000,000.00) for combined bodily injury (or death) and damage to property (per occurrence) with an aggregate annual limit of the aggregate limit;
liability of Three Million Dollars (ii) insurance against loss or damage by fire$3,000,000.00), and such other risks and hazards as are insurable under then available standard forms of “all risk” property insurance policies with extended coverage, having a deductible amount, if any, as reasonably approved by Landlord, insuring (A) with respect to the Ancillary Space, all Ancillary Space Alterations and improvements to the Ancillary Space, for the full insurable value thereof or replacement cost value thereof, (B) all of Tenant’s Property and (C) Landlord’s Studio Apartment Property; all such insurance shall name Tenant as the insured and, except with respect to Tenant’s insurance covering Tenant’s Property and Landlord’s Studio Apartment Property, Landlord and any Lessors and any Mortgagees whose names shall have been furnished by Landlord to Tenant from time to time during the Term such limits of liability shall be named increased to reflect such higher limits as additional insureds are customarily required pursuant to new leases of space in the Baltimore, Maryland area with respect to similar properties and loss payees;
(iii) during the performance similar uses. Such liability insurance may be effected with a combination of a base commercial general liability policy and umbrella insurance provided that any Alteration, until completion thereof, Builder’s risk insurance on an “all risk” basis and such umbrella coverages provided are on a completed value form including a Permission ““following form”“ basis. The Landlord shall have reasonable approval over the identity of the Tenant’s insurance underwriters. Each policy of insurance required to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and be carried by Tenant (and their respective contractors and subcontractors), any Mortgagee and any Lessor in all work incorporated in the Buildings and all materials and equipment in or about the Premises;
(iv) Workers’ Compensation Insurance, as required under this Lease shall be issued by law;
(v) Liquor Liability (dram shop) Insurance with a minimum limit of liability in an amount of companies rated not less than $1,000,000 on an occurrence basisA-/IX by Best’s Rating Service (or its successor) or otherwise acceptable to Landlord in the Landlord’s reasonable discretion and licensed to do business in the State of Maryland, covering bodily injury and death Tenant’s liability insurance policy shall be primary with respect to one or more persons and $100,000 in connection with property damage; and
(vi) such other insurance in such amounts as Landlord, any Mortgagee and/or any Lessor may reasonably require from time to time for premises comparable to the Premisesall claims.
Appears in 1 contract
Tenant’s Insurance. (a) Tenant31.1 Notwithstanding the agreement in paragraph 29.2 above, at its expenseand in addition thereto, shall obtain and keep in full force and effect during Tenant covenants to provide on or before the Term:
(i) a policy of commercial general liability insurance on an occurrence basis against claims for personal injury, death and/or property damage occurring in or about the Premises, under which Tenant is named as the insured and Landlord, Landlord’s managing agent, any Lessors, any Mortgagees and any other parties whose names shall have been furnished by Landlord to Tenant from time to time are named as additional insureds, which insurance shall provide primary coverage without contribution from any other insurance carried by or Commencement Date for the benefit of Landlord, the Managing Agent and Tenant tend naming Landlord’s managing agent , Tenant and any Managing Agent of the Property as insured parties) a comprehensive policy of liability insurance protecting Landlord and Tenant against any liability whatsoever occasioned by accident on or about the Premises or any Lessors or Mortgagees named as additional insuredsappurtenances thereto. Such policy is to be written by insurance companies qualified to do business in the State of New Jersey and the limits of liability hereunder shall not be less than the amount of One Million Dollars ($1,000,000.00) in respect of any one person, in respect of any one occurrence, and in respect of property damage. Such insurance may be carried under a blanket policy covering the Premises and other locations of Tenant, if any.
31.2 Prior to the time such insurance is first required by this Article 31 to be carried by Tenant, and hereafter, at least fifteen (15) days prior to the expiration of any such policy, Tenant agrees to obtain blanket broad-form contractual liability coverage deliver to insure its indemnity obligations set forth in Article 32 hereof. The minimum limits Landlord either a duplicate original of liability the aforesaid policy or a certificate evidencing such insurance, provided said certificate contains an endorsement that such insurance may not be cancelled except upon thirty (30) days notice to Landlord, together with evidence of payment for the policy.
31.3 Upon failure at any time on the part of tenant to procure and deliver to Landlord the policy or certificate of insurance, as hereinabove provided, stamped "Premium Paid" by the issuing company at least fifteen (15) days before the expiration of the prior insurance policy or certificate, if any, or to pay the premiums therefor, Landlord shall be a combined single limit with respect to each occurrence in an amount of not less than *****; provided, however, that Landlord may require Tenant to increase such coverageat liberty, from time to time, as often as such failure shall occur, to that amount procure such insurance and to pay the premium therefor, and any sums paid for insurance by Landlord shall be and become, and are hereby declared, to be Additional Rent hereunder for the collection of which Landlord shall have all the remedies provided for in this Lease or by law for the collection of rent. Payment by Landlord of such premium or the carrying by Landlord of any such policy shall not be deemed to waive or release the default of Tenant with respect thereto. Tenant's failure to provide and keep in force the aforementioned insurance which shall be regarded as a default hereunder entitling Landlord by exercise any or all of the remedies as provided in Landlord’s reasonable judgment is then being customarily required by landlords in first-class buildings this Lease in the City of New York with respect to the Ancillary Space and for comparable entertainment centers in the City of New York with respect to the Music Hall. If the aggregate limit applying to the Premises is reduced by the payment of a claim or establishment of a reserve equal to or greater than 50% of the annual aggregate, Tenant shall immediately arrange to have the aggregate limit restored by endorsement to the existing policy or the purchase event of an additional insurance policy unless, in Landlord’s reasonable judgment, Tenant maintains sufficient excess liability insurance to satisfy the liability requirements Event of this Lease without the reinstatement of the aggregate limit;
(ii) insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard forms of “all risk” property insurance policies with extended coverage, having a deductible amount, if any, as reasonably approved by Landlord, insuring (A) with respect to the Ancillary Space, all Ancillary Space Alterations and improvements to the Ancillary Space, for the full insurable value thereof or replacement cost value thereof, (B) all of Tenant’s Property and (C) Landlord’s Studio Apartment Property; all such insurance shall name Tenant as the insured and, except with respect to Tenant’s insurance covering Tenant’s Property and Landlord’s Studio Apartment Property, Landlord and any Lessors and any Mortgagees whose names shall have been furnished by Landlord to Tenant from time to time shall be named as additional insureds and loss payees;
(iii) during the performance of any Alteration, until completion thereof, Builder’s risk insurance on an “all risk” basis and on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (and their respective contractors and subcontractors), any Mortgagee and any Lessor in all work incorporated in the Buildings and all materials and equipment in or about the Premises;
(iv) Workers’ Compensation Insurance, as required by law;
(v) Liquor Liability (dram shop) Insurance with a minimum limit of liability in an amount of not less than $1,000,000 on an occurrence basis, covering bodily injury and death to one or more persons and $100,000 in connection with property damage; and
(vi) such other insurance in such amounts as Landlord, any Mortgagee and/or any Lessor may reasonably require from time to time for premises comparable to the PremisesDefault.
Appears in 1 contract
Samples: Sublease (Alphanet Solutions Inc)
Tenant’s Insurance. Tenant shall procure at its expense before the earlier of the Commencement Date, the Delivery Date, the Turnover Date or such earlier access date provided for in Article 5.3 and shall thereafter maintain throughout the Lease Term a policy or policies of (a) all risk, real and personal property insurance insuring Tenant’s interest in any and all trade fixtures, at its expensefurniture, shall obtain equipment, supplies, and keep other personal property (excluding documentation and professional work product) owned, leased, held or possessed by it and contained therein, whether considered Tenant Improvements, Tenant Alterations or otherwise, such insurance coverage to be in an amount equal to the full force replacement value of such improvements and effect during the Term:
property, as such may increase from time to time (ibut such insurance may provide for a reasonable deductible), and (b) a policy or policies of workers’ compensation insurance in statutory limits, or provide evidence of self-insured status of such workers’ compensation insurance from the Commonwealth of Virginia (as required by applicable law), and employers liability insurance in amounts not less than $1,000,000 for bodily injury by accident (each accident), $1,000,000 for bodily injury by disease (policy limit) and $1,000,000 for bodily injury by disease (each employee), and (c) commercial general liability insurance insuring against any and all liability for injury to or death of a person or persons and for damage to property occasioned by or arising out of any construction work being done by or on an occurrence behalf of Tenant on the Demised Premises, or arising out of the condition, use, or occupancy of the Demised Premises, or in any way occasioned by or arising out of the activities of Tenant, its agents, contractors, employees or invitees in the Demised Premises, the limits of such policy or policies to be issued on a combined single limits basis against claims for both personal injury, death and/or injury and property damage occurring in amounts not less than $1,000,000 for each occurrence (subject to annual aggregate limits of not less than $2,000,000). Such insurance shall, in addition, extend to any liability of Tenant arising out of the indemnities provided for in this Lease, except the indemnity provided in Article 12.2 of this Lease. Prior to the earlier to occur of the Commencement Date, the Delivery Date, the Turnover Date or about such earlier access date provided for in Article 5.3, Tenant shall also procure at its expense and shall thereafter maintain throughout the PremisesLease Term, under which Excess/Umbrella Liability coverage with limits not less than $10,000,000. Such coverage shall provide excess coverage above the commercial general liability and the employer’s liability policies above. All insurance policies procured and maintained by Tenant is named as the insured and pursuant to this Article 16 shall name Landlord, Landlord’s managing agentprincipals, any Lessors, any Mortgagees Landlord’s property manager and any other parties whose names shall have been furnished by Landlord to Tenant from time to time are named Landlord’s lender(s) as additional insureds, which shall be carried with companies having a rating pursuant to the latest version of A.M. Best’s Insurance Guide of A- VII or higher (or an equivalent rating if such publication is discontinued) and shall be non-cancelable except after thirty (30) days’ written notice to Landlord. Duly executed certificates of such insurance shall provide primary coverage without contribution from be made available to Landlord via Tenant’s website prior to the date Tenant occupies any other insurance carried by or portion of the Demised Premises for the benefit conduct of Landlordits business and certificates of renewal of such Subject to a request for confidential treatment, Landlord’s managing agent or any Lessors or Mortgagees named as additional insureds, and Tenant agrees to obtain blanket broad-form contractual liability coverage to insure its indemnity obligations set forth in Article 32 hereofcertain portions of this agreement have been intentionally omitted. The minimum limits of liability shall be a combined single limit with respect omitted portions subject to each occurrence in an amount of not less than the confidential treatment request are designated by three asterisks [*****]. A complete version of this agreement has been separately filed with the Securities and Exchange Commission. insurance satisfying the requirements of this Article 16 shall be made available to Landlord via Tenant’s website upon renewal of each respective policy term; provided, however, that Tenant agrees to deliver or cause to be delivered to Landlord may require Tenant to increase a copy of any such coverage, from time to time, to that amount of insurance which in Landlord’s reasonable judgment is then being customarily required by landlords in first-class buildings in the City of New York with respect to the Ancillary Space and for comparable entertainment centers in the City of New York with respect to the Music Hall. If the aggregate limit applying to the Premises is reduced by the payment of a claim or establishment of a reserve equal to or greater than 50% of the annual aggregate, Tenant shall immediately arrange to have the aggregate limit restored by endorsement to the existing policy or the purchase of an additional insurance policy unless, in Landlord’s reasonable judgment, Tenant maintains sufficient excess liability insurance to satisfy the liability requirements of this Lease without the reinstatement of the aggregate limit;
(ii) insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard forms of “all risk” property insurance policies with extended coverage, having a deductible amount, if any, as reasonably approved certificates upon written request therefor by Landlord, insuring (A) with respect to the Ancillary Space, all Ancillary Space Alterations and improvements to the Ancillary Space, for the full insurable value thereof or replacement cost value thereof, (B) all of Tenant’s Property and (C) Landlord’s Studio Apartment Property; all such insurance shall name Tenant as the insured and, except with respect to Tenant’s insurance covering Tenant’s Property and Landlord’s Studio Apartment Property, Landlord and any Lessors and any Mortgagees whose names shall have been furnished by Landlord to Tenant from time to time shall be named as additional insureds and loss payees;
(iii) during the performance of any Alteration, until completion thereof, Builder’s risk insurance on an “all risk” basis and on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (and their respective contractors and subcontractors), any Mortgagee and any Lessor in all work incorporated in the Buildings and all materials and equipment in or about the Premises;
(iv) Workers’ Compensation Insurance, as required by law;
(v) Liquor Liability (dram shop) Insurance with a minimum limit of liability in an amount of not less than $1,000,000 on an occurrence basis, covering bodily injury and death to one or more persons and $100,000 in connection with property damage; and
(vi) such other insurance in such amounts as Landlord, any Mortgagee and/or any Lessor may reasonably require from time to time for premises comparable to the Premises.
Appears in 1 contract
Samples: Deed of Lease Agreement
Tenant’s Insurance. (a) During the Term of this Lease, Tenant, at its sole cost and expense, shall obtain and keep in full force and effect during maintain the Termfollowing insurance:
(i) 15.1.1 A self-insurance program in accordance with and sufficient to cover Tenant’s liability under NRS Chapter 41, as amended from time to time;
15.1.2 An excess liability policy in the amount determined by the State of Nevada. Such policy shall, if permitted by the State of Nevada, name Landlord as a policy of commercial general named insured, otherwise, Landlord shall be named as additional insured;
15.1.3 General public liability insurance on an occurrence basis insurance, otherwise known as “owners, landlords, and tenants insurance,” insuring Landlord and Tenant against all claims for personal injury, death and/or death, or property damage occurring in on or about the Premises, or in, on, or about any Improvements at any time located on the Premises, including any elevators or escalators therein, such insurance to have a single combined liability limit in an amount sufficient to cover the full deductible before the excess liability insurance policy required under which Tenant Section 15.1.2, above, insures the losses. The intent of this insurance policy is to cover any claims and losses falling within the deductible of the above-referenced excess liability policy. The policy required under this Section 15.1.3 shall name Landlord as a named as the insured;
15.1.4 An environmental insurance policy, covering claims for damage or injury caused by hazardous materials, including, without limitation, bodily injury, wrongful death, property damage, including loss of use, removal, cleanup and restoration or work and material. Landlord shall be first named insured and Landlord, Landlord’s managing agent, any Lessors, any Mortgagees and any other parties whose names shall have been furnished by Landlord to Tenant from time to time are named as additional insureds, which insurance shall provide primary coverage without contribution from any other insurance carried by or for the benefit of Landlord, Landlord’s managing agent or any Lessors or Mortgagees named as additional insuredsunder such policy, and Tenant agrees to obtain blanket broad-form contractual liability coverage to insure its indemnity obligations set forth in Article 32 hereofshall be second named insured. The minimum limits amount of liability such insurance shall be a combined single limit with respect to each occurrence in an amount of for not less than *****; provided$5,000,000 per occurrence and in the aggregate, howeverwith a self-insured retention amount or deductible of not more than $50,000;
15.1.5 All risk property insurance, that Landlord may require Tenant insuring loss or damage to increase the Premises. The amount of such coverageinsurance shall be equal to the full replacement cost of the Premises, as the same shall exist from time to time. Such policy shall insure against all risks of duress, to that physical loss or damage, including, the perils of fire, flood and earthquake, also including coverage for any additional costs resulting from debris removal and reasonable amount of insurance which in Landlord’s reasonable judgment is then being customarily required by landlords in first-class buildings in coverage for the City enforcement of New York with respect to any ordinance or law regulating the Ancillary Space and for comparable entertainment centers in the City reconstruction or replacement of New York with respect to the Music Hall. If the aggregate limit applying to any undamaged section of the Premises is reduced required to be demolished or removed by reason of the payment enforcement of any building, zoning, safety or land use laws, as a result of a claim or establishment covered cause of a reserve equal to or greater than 50% of the annual aggregate, loss. Tenant shall immediately arrange be responsible for any deductibles related to have the aggregate limit restored by endorsement to the existing policy or the purchase of an additional insurance policy unless, in Landlord’s reasonable judgment, Tenant maintains sufficient excess liability insurance to satisfy the liability requirements of this Lease without the reinstatement of the aggregate limit;
(ii) insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard forms of “all risk” property insurance policies with extended coverage, having a deductible amount, if any, as reasonably approved by Landlord, insuring (A) with respect to the Ancillary Space, all Ancillary Space Alterations and improvements to the Ancillary Space, for the full insurable value thereof or replacement cost value thereof, (B) all of claims. Tenant’s Property and (C) Landlord’s Studio Apartment Property; all such property insurance shall name Tenant Landlord as a Loss Payee and additional insured pursuant to the insured and, except with respect to Tenant’s insurance covering Tenant’s Property and Landlord’s Studio Apartment Property, Landlord and any Lessors and any Mortgagees whose names shall have been furnished by Landlord to Tenant from time to time shall be named as additional insureds and loss payees;
(iii) during the performance terms of any Alteration, until completion thereof, Builder’s risk insurance on an “all risk” basis and on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (and their respective contractors and subcontractors), any Mortgagee and any Lessor in all work incorporated in the Buildings and all materials and equipment in or about the Premises;
(iv) Workers’ Compensation Insurance, as required by law;
(v) Liquor Liability (dram shop) Insurance with a minimum limit of liability in an amount of not less than $1,000,000 on an occurrence basis, covering bodily injury and death to one or more persons and $100,000 in connection with property damagethis Lease; and
(vi) such other 15.1.6 Property insurance in such amounts as Landlord, any Mortgagee and/or any Lessor may reasonably require from time to time for premises comparable to on its contents within the Premises, and Tenant shall carry and provide proof of workers’ compensation insurance if such insurance is required of Tenant by NRS 616B.627 or proof that compliance with the provisions of NRS, Chapters 616A-D, or any other related chapters, is not required. Tenant shall provide Landlord with evidence of such coverage upon full execution of this Lease.
Appears in 1 contract
Samples: Campus Buildings and Grounds Lease
Tenant’s Insurance. (a) TenantTenant shall maintain insurance complying with all of the following:
A. Tenant shall procure, at its expense, shall obtain pay for and keep in full force and effect during the Termfollowing:
(i1) a policy of commercial Commercial general liability insurance on an occurrence basis insurance, including property damage, against claims liability for personal injury, bodily injury, death and/or and damage to property damage occurring in or about about, or resulting from an occurrence in or about, the PremisesPremises with combined single limit coverage of not less than the amount of Tenant’s Liability Insurance Minimum specified in Section Q of the Summary, under which Tenant is named as insurance shall contain a “contractual liability” endorsement insuring Tenant’s performance of Tenant’s obligation to indemnify Landlord contained in Section 10.3;
(2) Fire and property damage insurance in so-called “all risk” form insuring Tenant’s Trade Fixtures and Tenant’s Alterations for the insured and Landlord, Landlord’s managing agent, any Lessors, any Mortgagees and any full actual replacement cost thereof; and
(3) Such other parties whose names shall have been furnished by Landlord to Tenant insurance that from time to time are named is either (i) required by any Lender, or (ii) reasonably required by Landlord and customarily carried by tenants of similar property in similar businesses in the vicinity of the Project.
B. Each policy of insurance required to be carried by Tenant pursuant to this Section 9.1: (i) shall name Landlord and such other parties in interest as Landlord reasonably designates as additional insureds, insured; (ii) shall be primary insurance which insurance provides that the insurer shall provide primary coverage be liable for the full amount of the loss up to and including the total amount of liability set forth in the declarations without the right of contribution from any other insurance carried by or for the benefit coverage of Landlord, Landlord’s managing agent or any Lessors or Mortgagees named as additional insureds, and Tenant agrees to obtain blanket broad-form contractual liability coverage to insure its indemnity obligations set forth in Article 32 hereof. The minimum limits of liability shall be a combined single limit with respect to each occurrence in an amount of not less than *****; provided, however, that Landlord may require Tenant to increase such coverage, from time to time, to that amount of insurance which in Landlord’s reasonable judgment is then being customarily required by landlords in first-class buildings in the City of New York with respect to the Ancillary Space and for comparable entertainment centers in the City of New York with respect to the Music Hall. If the aggregate limit applying to the Premises is reduced by the payment of a claim or establishment of a reserve equal to or greater than 50% of the annual aggregate, Tenant shall immediately arrange to have the aggregate limit restored by endorsement to the existing policy or the purchase of an additional insurance policy unless, in Landlord’s reasonable judgment, Tenant maintains sufficient excess liability insurance to satisfy the liability requirements of this Lease without the reinstatement of the aggregate limit;
(ii) insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard forms of “all risk” property insurance policies with extended coverage, having a deductible amount, if any, as reasonably approved by Landlord, insuring (A) with respect to the Ancillary Space, all Ancillary Space Alterations and improvements to the Ancillary Space, for the full insurable value thereof or replacement cost value thereof, (B) all of Tenant’s Property and (C) Landlord’s Studio Apartment Property; all such insurance shall name Tenant as the insured and, except with respect to Tenant’s insurance covering Tenant’s Property and Landlord’s Studio Apartment Property, Landlord and any Lessors and any Mortgagees whose names shall have been furnished by Landlord to Tenant from time to time shall be named as additional insureds and loss payees;
(iii) during the performance of any Alteration, until completion thereof, Builder’s risk insurance on an “all risk” basis and on shall be in a completed value form including a Permission satisfactory to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (and their respective contractors and subcontractors), any Mortgagee and any Lessor in all work incorporated in the Buildings and all materials and equipment in or about the Premises;
Landlord; (iv) Workers’ Compensation Insuranceshall be carried with companies reasonably acceptable to Landlord and having a rating of A+, as required by lawAAA or better in “Best’s Insurance Guide;
(v) Liquor Liability (dram shop) Insurance with a minimum limit of liability in an amount of not less than $1,000,000 on an occurrence basis, covering bodily injury and death to one or more persons and $100,000 in connection with property damage; and
(vi) such other insurance in such amounts as Landlord, any Mortgagee and/or any Lessor may reasonably require from time to time for premises comparable to the Premises.”
Appears in 1 contract
Tenant’s Insurance. (a) Tenant, at its expense, shall obtain and keep in full force and effect during the TermTerm and prior to having access to the Premises:
(i) a policy of commercial general liability insurance on an occurrence basis against claims for personal injury, death and/or property damage occurring in or about the PremisesPremises or the Building, under which Tenant is named as the insured and Landlord, Landlord’s 's managing agent, any Lessors, any Mortgagees and any other parties whose names shall have been furnished by Landlord to Tenant from time to time are named as additional insureds, which insurance shall provide primary coverage without contribution from any other insurance carried by or for the benefit of Landlord, Landlord’s 's managing agent or any Lessors or Mortgagees named as additional insureds, and Tenant agrees to obtain blanket broad-form contractual liability coverage to insure its indemnity obligations set forth in Article 32 hereof. The minimum limits of liability applying exclusively to the Premises shall be a combined single limit with respect to each occurrence and in the aggregate in an amount of not less than *****$10,000,000; provided, however, that Landlord may shall retain the right to require Tenant to increase such coverage, from time to time, to that amount of insurance which in Landlord’s 's reasonable judgment is then being customarily required by landlords for similar office space in first-class buildings in the City of New York with respect to the Ancillary Space and York. The deductible or self insured retention for comparable entertainment centers such policy shall in the City of New York with respect to the Music Hallno event exceed $10,000 per occurrence at any time. If the aggregate limit applying to the Premises is reduced by the payment of a claim or establishment of a reserve equal to or greater than 50% of the annual aggregate, Tenant shall immediately arrange to have the aggregate limit restored by endorsement to the existing policy or the purchase of an additional insurance policy unless, in Landlord’s 's reasonable judgment, Tenant maintains sufficient excess liability insurance (with a drop down endorsement) to satisfy the liability requirements of this Lease without the reinstatement of the aggregate limit;
(ii) insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard forms of “"all risk” " property insurance policies with extended coverage, having a deductible amountinsuring Tenant's Property, if any, as reasonably approved by Landlord, insuring (A) with respect to the Ancillary Space, and all Ancillary Space Specialty Alterations and improvements to the Ancillary Space, for the full insurable value thereof or replacement cost value thereof, (B) all of Tenant’s Property and (C) having a deductible amount, if any, as reasonably determined by Landlord’s Studio Apartment Property; all such insurance shall name Tenant as the insured and, except with respect to Tenant’s insurance covering Tenant’s Property and Landlord’s Studio Apartment Property, Landlord and any Lessors and any Mortgagees whose names shall have been furnished by Landlord to Tenant from time to time shall be named as additional insureds and loss payees;
(iii) during the performance of any Alteration, until completion thereof, Builder’s 's risk insurance on an “"all risk” " basis and on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (and their respective contractors and subcontractors), any Mortgagee and any Lessor in all work incorporated in the Buildings Building and all materials and equipment in or about the Premises;
(iv) Workers’ ' Compensation Insurance, as required by law;
(v) Liquor Liability (dram shop) Insurance with a minimum limit of liability in an amount of not less than $1,000,000 on an occurrence basis, covering bodily injury and death to one or more persons and $100,000 in connection with property damageBusiness Interruption Insurance; and
(vi) such other insurance in such amounts as Landlord, any Mortgagee and/or any Lessor may reasonably require from time to time for premises comparable time.
(b) All insurance required to be carried by Tenant pursuant to the Premisesterms of this Lease (i) shall contain a provision that (A) no act or omission of Tenant other than intentional acts shall affect or limit the obligation of the insurance company to pay the amount of any loss sustained, (B) the policy shall be noncancellable and/or no material change in coverage shall be made thereto unless Landlord, Lessors and Mortgagees shall have received 30 days' prior notice of the same, by certified mail, return receipt requested, and (C) Tenant shall be solely responsible for the payment of all premiums under such policies and Landlord, Lessors and Mortgagees shall have no obligation for the payment thereof, and (ii) shall be effected under valid and enforceable policies issued by reputable and independent insurers permitted to do business in the State of New York and rated in Best's Insurance Guide, or any successor thereto (or if there be none, an organization having a national reputation) as having a Best's Rating of "A-" and a "Financial Size Category" of at least "X" or, if such ratings are not then in effect, the equivalent thereof or such other financial rating as Landlord may at any time consider appropriate.
Appears in 1 contract
Samples: Lease (Greenhill & Co Inc)
Tenant’s Insurance. (a) TenantTenant shall maintain insurance complying ------------------ with all of the following:
A. Tenant shall procure, at its expense, shall obtain pay for and keep in full force and effect during the Termfollowing:
(i1) a policy Facility: _______________ of commercial general liability insurance on an occurrence basis against claims for personal injury, death and/or property damage occurring in or about the Premises, under which Tenant is named as the insured and Landlord, Landlord’s managing agent, any Lessors, any Mortgagees and any other parties whose names shall have been furnished by Landlord to Tenant from time to time are named as additional insuredsSummary, which insurance shall provide primary coverage without contribution from any other contain a "contractual liability" endorsement insuring Tenant's performance of Tenant's obligation to indemnify Landlord contained in Section 10.3;
(2) Fire and property damage insurance carried by or in so-called "all- risk" form insuring Tenant's Trade Fixtures and Tenant's Alterations for the benefit of Landlord, Landlord’s managing agent or any Lessors or Mortgagees named as additional insureds, and Tenant agrees to obtain blanket broad-form contractual liability coverage to insure its indemnity obligations set forth in Article 32 hereof. The minimum full actual replacement cost thereof; and
(3) Business interruption insurance with limits of liability shall be a combined single limit with respect to each occurrence in an amount representing at least one (1) year of not less than *****; providedincome, howeverbusiness auto liability covering owned, that Landlord may require Tenant to increase such coverage, from time to time, to that amount of insurance which in Landlord’s reasonable judgment is then being customarily required by landlords in firstnon-class buildings in the City of New York with respect to the Ancillary Space owned and for comparable entertainment centers in the City of New York with respect to the Music Hall. If the aggregate limit applying to the Premises is reduced by the payment of a claim or establishment of a reserve equal to or greater than 50% of the annual aggregate, Tenant shall immediately arrange to have the aggregate limit restored by endorsement to the existing policy or the purchase of an additional insurance policy unless, in Landlord’s reasonable judgment, Tenant maintains sufficient excess liability insurance to satisfy the liability requirements of this Lease without the reinstatement of the aggregate limit;
(ii) insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard forms of “all risk” property insurance policies with extended coverage, having a deductible amount, if any, as reasonably approved by Landlord, insuring (A) with respect to the Ancillary Space, all Ancillary Space Alterations and improvements to the Ancillary Space, for the full insurable value thereof or replacement cost value thereof, (B) all of Tenant’s Property and (C) Landlord’s Studio Apartment Property; all such insurance shall name Tenant as the insured and, except with respect to Tenant’s insurance covering Tenant’s Property and Landlord’s Studio Apartment Property, Landlord and any Lessors and any Mortgagees whose names shall have been furnished by Landlord to Tenant from time to time shall be named as additional insureds and loss payees;
(iii) during the performance of any Alteration, until completion thereof, Builder’s risk insurance on an “all risk” basis and on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (and their respective contractors and subcontractors), any Mortgagee and any Lessor in all work incorporated in the Buildings and all materials and equipment in or about the Premises;
(iv) Workers’ Compensation Insurance, as required by law;
(v) Liquor Liability (dram shop) Insurance hired vehicles with a minimum limit of liability in an amount of not less than $1,000,000 on an occurrence basisper accident, covering bodily injury insurance protecting against liability under workers' compensation laws with limits at least as required by statute, insurance for all plate glass in the Premises, and death such other insurance that is either (i) required by any Lender, or (ii) reasonably required by Landlord and customarily carried by tenants of comparable premises.
B. Where applicable and required by Landlord, each policy of insurance required to one be carried by Tenant pursuant to this Section 9.1: (i) shall name Landlord and such other parties in interest as Landlord reasonably designates as additional insured; (ii) shall be primary insurance which provides that the insurer shall be liable for the full amount of the loss up to and including the total amount of liability set forth in the declarations without the right of contribution from any other insurance coverage of Landlord (it being understood that Landlord's insurance shall provide excess coverage for Landlord after applying Tenant's insurance); (iii) shall be in a form reasonably satisfactory to Landlord; (iv) shall be carried with companies having as Best's Insurance rating of at least A- VIII; (v) shall provide that such policy shall not be subject to cancellation, lapse or more persons and $100,000 in connection with property damagematerial change except after at least thirty (30) days prior written notice to Landlord; and
(vi) shall not have a "deductible" in excess of such other amount as is reasonably approved by Landlord; (vii) shall contain a cross liability endorsement; and (viii) shall contain a "severability" clause.
C. A copy of each paid-up policy evidencing the insurance in required to be carried by Tenant pursuant to this Section 9.1 (appropriately authenticated by the insurer) or a certificate of the insurer, certifying that such amounts as Landlordpolicy has been issued, providing the coverage required by this Section 9.1, and containing the provisions specified herein, shall be delivered to Landlord prior to the Commencement Date and upon renewal of such policies, but not less than thirty (30) days prior to the expiration of the term of such coverage. Landlord may, at any Mortgagee and/or any Lessor may reasonably require time, and from time to time, inspect and copy any and all insurance policies required to be procured by Tenant pursuant to this Section 9.
1. If any Lender or insurance advisor reasonably determines at any time that the amount of coverage required for premises any policy of insurance Tenant is to obtain pursuant to this Section 9.1 is not adequate, then Tenant shall increase such coverage for such insurance to such amount as such Lender or insurance advisor reasonably deems adequate, not to exceed the level of coverage for such insurance commonly carried by tenants of comparable to the Premisespremises.
Appears in 1 contract
Samples: Lease (Borland Software Corp)
Tenant’s Insurance. (a) Tenant, at its expense, 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 PremisesBuilding, under which Tenant is named as the insured and Landlord, Landlord’s managing agent, Agent and any Lessors, Lessors and any Mortgagees and any other parties whose names shall have been furnished by Landlord to Tenant from time to time are named as additional insureds, which insureds (the “Insured Parties”). Such insurance shall provide primary coverage without contribution from any other insurance carried by or for the benefit of Landlord, Landlord’s managing agent or any Lessors or Mortgagees named as additional insuredsthe Insured Parties, and Tenant agrees to shall obtain blanket broad-form contractual liability coverage to insure its indemnity obligations set forth in Article 32 hereofARTICLE 25. The minimum limits of liability shall be a combined single limit with respect to each occurrence in an amount of not less than *****$5,000,000; provided, however, that Landlord may shall retain the right to require Tenant to increase such coverage, coverage from time to time, time to that amount of insurance which in Landlord’s reasonable judgment is then being customarily required by landlords for similar office space in first-class buildings in the City of New York with respect to the Ancillary Space and Comparable Buildings. The deductible or self insured retention for comparable entertainment centers in the City of New York with respect to the Music Hall. If the aggregate limit applying to the Premises is reduced by the payment of a claim or establishment of a reserve equal to or greater than 50% of the annual aggregate, Tenant such policy shall immediately arrange to have the aggregate limit restored by endorsement to the existing policy or the purchase of an additional insurance policy unless, in Landlord’s reasonable judgment, Tenant maintains sufficient excess liability insurance to satisfy the liability requirements of this Lease without the reinstatement of the aggregate limitnot exceed $10,000;
(ii) insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard forms of “all riskSpecial Form Causes of Loss” or “All Risk” property insurance policies with extended coverage, having a deductible amount, if any, as reasonably approved by Landlord, insuring (A) with respect to the Ancillary Space, Tenant’s Property and all Ancillary Space Alterations and improvements to the Ancillary SpacePremises (including the Initial Installations) to the extent such Alterations and improvements exceed the cost of the 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 value thereof, (B) all having a deductible amount, if any, not in excess of Tenant’s Property and (C) Landlord’s Studio Apartment Property; all such insurance shall name Tenant as the insured and, except with respect to Tenant’s insurance covering Tenant’s Property and Landlord’s Studio Apartment Property, Landlord and any Lessors and any Mortgagees whose names shall have been furnished by Landlord to Tenant from time to time shall be named as additional insureds and loss payees$25,000;
(iii) during the performance of any Alteration, until completion thereof, Builder’s risk Risk insurance on an “all risk” basis and on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (and their respective contractors and subcontractors), any Mortgagee and any Lessor ) in all work incorporated in the Buildings Building and all materials and equipment in or about the Premises;
(iv) Workers’ Compensation Insurance, as required by law;
(v) Liquor Liability (dram shop) Business Interruption Insurance with a minimum limit of liability in an amount of not less than $1,000,000 on an occurrence basis, covering bodily injury and death equal to at least one or more persons and $100,000 in connection with property damageyear’s rent; and
(vi) such other insurance in such amounts as Landlord, any Mortgagee and/or any Lessor the Insured Parties may reasonably require from time to time.
(b) All insurance required to be carried by Tenant (i) shall contain a provision that (x) no act or omission of Tenant shall affect or limit the obligation of the insurance company to pay the amount of any loss sustained, and (y) shall be noncancellable and/or no material change in coverage shall be made thereto unless the Insured Parties receive 30 days’ prior notice of the same, by certified mail, return receipt requested, and (ii) shall be effected under valid and enforceable policies issued by reputable insurers permitted to do business in the State of Illinois and rated in Best’s Insurance Guide, or any successor thereto as having a “Best’s Rating” of “A-” or better and a “Financial Size Category” of at least “X” or better or, if such ratings are not then in effect, the equivalent thereof or such other financial rating as Landlord may at any time for premises comparable consider appropriate.
(c) On or prior to the PremisesCommencement Date, Tenant shall deliver to Landlord appropriate policies of insurance, including evidence of waivers of subrogation required to be carried pursuant to this ARTICLE 11 and that the Insured Parties are named as additional insureds (the “Policies”). Evidence of each renewal or replacement of the Policies shall be delivered by Tenant to Landlord at least 10 days prior to the expiration of the Policies. In lieu of the Policies, Tenant may deliver to Landlord a certification from Tenant’s insurance company (on the form currently designated “Xxxxx 27” (Evidence of Property Insurance) and “Xxxxx 25-S” (Certificate of Liability Insurance), or the equivalent, provided that attached thereto is an endorsement to Tenant’s commercial general liability policy naming the Insured Parties as additional insureds) which shall be binding on Tenant’s insurance company, and which shall expressly provide that such certification (i) conveys to the Insured Parties all the rights and privileges afforded under the Policies as primary insurance, and (ii) contains an unconditional obligation of the insurance company to advise all Insured Parties in writing by certified mail, return receipt requested, at least 30 days in advance of any termination or change to the Policies that would affect the interest of any of the Insured Parties.
Appears in 1 contract
Samples: Lease Agreement (BTHC VII Inc)
Tenant’s Insurance. (a) Tenant, at its expense, Tenant shall obtain and keep in full force and effect during maintain throughout the TermTerm the ------------------ following insurance policies:
(i1) a policy of commercial general liability insurance on an in amounts of $2,000,000.00 per occurrence basis against claims for personal injuryor, death and/or property damage occurring in or about following the Premisesexpiration of the initial Term, under which Tenant is named such other amounts as the insured and Landlord, Landlord’s managing agent, any Lessors, any Mortgagees and any other parties whose names shall have been furnished by Landlord to Tenant may from time to time are named 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 additional insuredsLandlord may reasonably require), which insuring Tenant, Landlord, Landlord's agents and their respective Affiliates 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, (2) insurance covering the full value of Tenant's property and improvements, and other property (including property of others) in the Premises, (3) 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), (4) worker's compensation insurance, and (5) business interruption insurance. Tenant's liability insurance shall provide primary coverage without contribution from to Landlord when any policy issued to Landlord provides duplicate or similar coverage, and in such circumstance Landlord's policy will be excess over Tenant's policy. Tenant shall furnish to Landlord certificates of such insurance and such other evidence satisfactory to Landlord of the maintenance of all insurance carried by or for the benefit of Landlord, Landlord’s managing agent or any Lessors or Mortgagees named as additional insuredscoverages required hereunder, and Tenant agrees shall obtain a written obligation on the part of each insurance company to obtain blanket broad-form contractual liability coverage to insure its indemnity obligations set forth in Article 32 hereofnotify Landlord at least 30 days before cancellation or a material change of any such insurance policies. The minimum limits of liability All such insurance policies shall be a combined single limit with respect to each occurrence in an amount of not less than *****; provided, however, that Landlord may require Tenant to increase such coverage, from time to time, to that amount of insurance which in Landlord’s reasonable judgment is then being customarily required by landlords in first-class buildings in the City of New York with respect to the Ancillary Space and for comparable entertainment centers in the City of New York with respect to the Music Hall. If the aggregate limit applying to the Premises is reduced by the payment of a claim or establishment of a reserve equal to or greater than 50% of the annual aggregate, Tenant shall immediately arrange to have the aggregate limit restored by endorsement to the existing policy or the purchase of an additional insurance policy unless, in Landlord’s reasonable judgment, Tenant maintains sufficient excess liability insurance to satisfy the liability requirements of this Lease without the reinstatement of the aggregate limit;
(ii) insurance against loss or damage by fireform, and such other risks and hazards as are insurable under then available standard forms of “all risk” property insurance policies with extended coverageissued by companies, having a deductible amount, if any, as reasonably approved by satisfactory to Landlord, insuring (A) with respect to the Ancillary Space, all Ancillary Space Alterations and improvements to the Ancillary Space, for the full insurable value thereof or replacement cost value thereof, (B) all of Tenant’s Property and (C) Landlord’s Studio Apartment Property; all such insurance shall name Tenant as the insured and, except with respect to Tenant’s insurance covering Tenant’s Property and Landlord’s Studio Apartment Property, Landlord and any Lessors and any Mortgagees whose names shall have been furnished by Landlord to Tenant from time to time shall be named as additional insureds and loss payees;
(iii) during the performance of any Alteration, until completion thereof, Builder’s risk insurance on an “all risk” basis and on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (and their respective contractors and subcontractors), any Mortgagee and any Lessor in all work incorporated in the Buildings and all materials and equipment in or about the Premises;
(iv) Workers’ Compensation Insurance, as required by law;
(v) Liquor Liability (dram shop) Insurance with a minimum limit of liability in an amount of not less than $1,000,000 on an occurrence basis, covering bodily injury and death to one or more persons and $100,000 in connection with property damage; and
(vi) such other insurance in such amounts as Landlord, any Mortgagee and/or any Lessor may reasonably require from time to time for premises comparable to the Premises.
Appears in 1 contract
Samples: Lease Agreement (Verisity LTD)
Tenant’s Insurance. (a) Tenant, at its expense, 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, death and/or property damage occurring in or about the PremisesPremises or the Building, under which Tenant is named as the insured and Landlord, Landlord’s 's managing agent, agent and any Lessors, Lessors and any Mortgagees and any other parties whose names shall have been furnished by Landlord to Tenant from time to time are named as additional insureds, which insurance shall provide primary coverage without contribution from any other insurance carried by or for the benefit of Landlord, Landlord’s 's managing agent or any Lessors or Mortgagees named as additional insureds, and Tenant agrees to obtain blanket broad-form contractual liability coverage to insure its indemnity obligations set forth in Article 32 30 hereof. The minimum limits of liability shall be a combined single limit with respect to each occurrence in an amount of not less than *****; Five Million Dollars ($5,000,000.00), provided, however, that Landlord may shall retain the right to require Tenant to increase such coverage, from time to time, coverage on no more than two (2) occasions during the initial Term of this Lease to that amount of insurance which in Landlord’s 's reasonable judgment is then being customarily required by landlords for similar office space in first-class buildings in the City of New York with respect to the Ancillary Space and Cupertino, California or is otherwise required by any Lessor or Mortgagee. The deductible or self insured retention for comparable entertainment centers such policy shall in the City of New York with respect to the Music Hallno event exceed Ten Thousand Dollars ($10,000.00) at any time. If the aggregate limit applying to the Premises is reduced by the payment of a claim or establishment of a reserve equal to or greater than 50% of the annual aggregate, Tenant shall immediately arrange to have the aggregate limit restored by endorsement to the existing policy or the purchase of an additional insurance policy unless, in Landlord’s 's reasonable judgment, Tenant maintains sufficient excess liability insurance to satisfy the liability requirements of this Lease without the reinstatement of the aggregate limit;
(ii) insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard forms of “"all risk” " property insurance policies with extended coverage, having a deductible amountinsuring Tenant's Property, if any, as reasonably approved by Landlord, insuring (A) with respect to the Ancillary Space, and all Ancillary Space Specialty Alterations and improvements to the Ancillary Space, for the full insurable value thereof or replacement cost value thereof, (B) all of Tenant’s Property and (C) having a deductible amount, if any, as reasonably determined by Landlord’s Studio Apartment Property; all such insurance shall name Tenant as the insured and, except with respect to Tenant’s insurance covering Tenant’s Property and Landlord’s Studio Apartment Property, Landlord and any Lessors and any Mortgagees whose names shall have been furnished by Landlord to Tenant from time to time shall be named as additional insureds and loss payees;
(iii) during the performance of any Alteration, until completion thereof, Builder’s 's risk insurance on an “"all risk” " basis and on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (and their respective contractors and subcontractors), any Mortgagee and any Lessor in all work incorporated in the Buildings Building and all materials and equipment in or about the Premises;
(iv) Workers’ ' Compensation Insurance, as required by law;
(v) Liquor Liability (dram shop) Insurance with a minimum limit of liability in an amount of not less than $1,000,000 on an occurrence basis, covering bodily injury and death to one or more persons and $100,000 in connection with property damage; and
(vi) such other insurance as is customarily required to be carried by tenants in first-class office buildings in Cupertino, California and in such amounts as Landlord, any Mortgagee and/or any Lessor may reasonably require from time to time for premises comparable time. Tenant hereby acknowledges and agrees that, if Tenant elects not to carry business interruption insurance, then, to the Premisesfullest extent permitted by law, Tenant forever waives and releases Landlord from any claims or liability arising from or in connection with damage or injury to Tenant's business, which damage or injury would have been covered by business interruption insurance if such policy had been obtained.
(b) All insurance required to be carried by Tenant pursuant to the terms of this Lease (i) shall contain a provision that (x) other than those customary exclusions found in customary forms of commercial general liability policies, no act or omission of Tenant shall affect or limit the obligation of the insurance company to pay the amount of any loss sustained, (y) the policy shall be noncancellable and/or no material change in coverage shall be made thereto unless Landlord, Lessors and Mortgagees shall have received 30 days' prior notice of the same, by certified mail, return receipt requested, and (z) Tenant shall be solely responsible for the payment of all premiums under such policies and Landlord, Lessors and Mortgagees shall have no obligation for the payment thereof, and (ii) shall be effected under valid and enforceable policies issued by reputable and independent insurers permitted to do business in the State of California and rated in Best's Insurance Guide, or any successor thereto (or if there be none, an organization having a national reputation) as having a "Best's Rating" of "A-" and a "Financial Size Category" of at least "X" or, if such ratings are not then in effect, the equivalent thereof or such other financial rating as Landlord may at any time consider appropriate.
Appears in 1 contract
Samples: Lease (Portal Software Inc)
Tenant’s Insurance. Effective as of the earlier of (a1) Tenantthe date Tenant enters or occupies the Premises, at its expenseor (2) the Commencement Date, shall obtain and keep in full force and effect during continuing throughout the Term:
, Tenant shall maintain the following insurance policies: (iA) a policy of commercial general liability insurance on an in amounts of $3,000,000 per occurrence basis against claims for personal injuryor, death and/or property damage occurring 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 or about the Premisessuch amounts as Landlord may reasonably require), under which Tenant is named as the insured and insuring Tenant, Landlord, Landlord’s managing agentproperty 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 Lessors, any Mortgagees and any other parties whose names shall have been furnished consent by Landlord to Tenant from time to time are named the installation thereof) the installation, operation, maintenance, repair or removal of Tenant’s Off-Premises Equipment, (B) insurance covering the full value of all alterations and improvements and betterments in the Premises, naming Landlord and Landlord’s Mortgagee as additional insuredsloss payees as their interests may appear, which (C) insurance covering the full value of all furniture, trade fixtures 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), (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), (E) worker’s compensation insurance, and (F) business interruption insurance in an amount reasonably acceptable to Landlord. The commercial general liability insurance to be maintained by Tenant 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 without contribution from to Landlord when any other insurance carried by policy issued to Landlord provides duplicate or for the benefit of Landlordsimilar coverage, and in such circumstance Landlord’s managing agent policy will be excess over Tenant’s policy. 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 at least ten days prior to the earlier of the Commencement Date or any Lessors the date Tenant enters or Mortgagees named as additional insuredsoccupies the Premises, and at least 15 days prior to each renewal of said insurance, and Tenant agrees shall obtain a written obligation on the part of each insurance company to obtain blanket broad-form contractual liability coverage to insure its indemnity obligations set forth in Article 32 hereofnotify Landlord at least 30 days before cancellation or a material change of any such insurance policies. The minimum limits of liability All such insurance policies shall be in form, and issued by companies with a combined single limit with respect Best’s rating of A+:VII or better, reasonably satisfactory to each occurrence in an amount of not less than *****; provided, however, that Landlord may require Tenant to increase such coverage, from time to time, to that amount of insurance which in Landlord’s reasonable judgment is then being customarily required by landlords in first-class buildings in the City of New York with respect to the Ancillary Space and for comparable entertainment centers in the City of New York with respect to the Music Hall. If Tenant fails to comply with the aggregate limit applying foregoing insurance requirements or to deliver to Landlord the Premises is reduced by certificates or evidence of coverage required herein, 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 on demand the payment premium costs thereof, plus an administrative fee of a claim or establishment of a reserve equal to or greater than 5015% of the annual aggregate, Tenant shall immediately arrange to have the aggregate limit restored by endorsement to the existing policy or the purchase of an additional insurance policy unless, in Landlord’s reasonable judgment, Tenant maintains sufficient excess liability insurance to satisfy the liability requirements of this Lease without the reinstatement of the aggregate limit;
(ii) insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard forms of “all risk” property insurance policies with extended coverage, having a deductible amount, if any, as reasonably approved by Landlord, insuring (A) with respect to the Ancillary Space, all Ancillary Space Alterations and improvements to the Ancillary Space, for the full insurable value thereof or replacement cost value thereof, (B) all of Tenant’s Property and (C) Landlord’s Studio Apartment Property; all such insurance shall name Tenant as the insured and, except with respect to Tenant’s insurance covering Tenant’s Property and Landlord’s Studio Apartment Property, Landlord and any Lessors and any Mortgagees whose names shall have been furnished by Landlord to Tenant from time to time shall be named as additional insureds and loss payees;
(iii) during the performance of any Alteration, until completion thereof, Builder’s risk insurance on an “all risk” basis and on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (and their respective contractors and subcontractors), any Mortgagee and any Lessor in all work incorporated in the Buildings and all materials and equipment in or about the Premises;
(iv) Workers’ Compensation Insurance, as required by law;
(v) Liquor Liability (dram shop) Insurance with a minimum limit of liability in an amount of not less than $1,000,000 on an occurrence basis, covering bodily injury and death to one or more persons and $100,000 in connection with property damage; and
(vi) such other insurance in such amounts as Landlord, any Mortgagee and/or any Lessor may reasonably require from time to time for premises comparable to the Premisescost.
Appears in 1 contract
Tenant’s Insurance. (a) Tenant, at its expense, shall obtain and keep in full force and effect during the TermTerm and prior to having access to the Premises:
(i) a policy of commercial general liability insurance on an occurrence basis against claims for personal injury, death and/or property damage occurring in or about the PremisesPremises or the Building, under which Tenant is named as the insured and Landlord, Landlord’s 's managing agent, any Lessors, any Mortgagees and any other parties whose names shall have been furnished by Landlord to Tenant from time to time are named as additional insureds, which insurance shall provide primary coverage without contribution from any other insurance carried by or for the benefit of Landlord, Landlord’s 's managing agent or any Lessors or Mortgagees named as additional insureds, and Tenant agrees to obtain blanket broad-form contractual liability coverage to insure its indemnity obligations set forth in Article 32 hereof. The minimum limits of liability shall be a combined single limit with respect to each occurrence and in the aggregate in an amount of not less than *****$10,000,000; provided, however, that Landlord may shall during the Renewal Term retain the right to require Tenant to increase such coverage, from time to time, to that amount of insurance which in Landlord’s 's reasonable judgment is then being customarily required by landlords for similar office space in first-class buildings in the City of New York with respect York. Tenant may provide such insurance coverage as part of a blanket or umbrella policy, which includes other premises of Tenant, provided the aggregate limits of insurance coverage required to be in effect for the Premises pursuant to the Ancillary Space terms hereof shall not be reduced as a result of claims made against other premises or property of Tenant covered under such policies, and such blanket or umbrella polices shall comply with the terms hereof. The deductible or self insured retention for comparable entertainment centers such policy shall in the City of New York with respect to the Music Hallno event exceed $10,000 per occurrence at any time. If the aggregate limit applying to the Premises is reduced by the payment of a claim or establishment of a reserve equal to or greater than 50% of the annual aggregate, Tenant shall immediately arrange to have the aggregate limit restored by endorsement to the existing policy or the purchase of an additional insurance policy unless, in Landlord’s 's reasonable judgment, Tenant maintains sufficient excess liability insurance (with a drop down endorsement) to satisfy the liability requirements of this Lease without the reinstatement of the aggregate limit;
(ii) insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard forms of “"all risk” " property insurance policies with extended coverage, having a deductible amountinsuring Tenant's Property, if any, as reasonably approved by Landlord, insuring (A) with respect to the Ancillary Space, and all Ancillary Space Specialty Alterations and improvements to the Ancillary Space, for the full insurable value thereof or replacement cost value thereof, (B) all of Tenant’s Property and (C) having a reasonable deductible amount, if any, as reasonably determined by Landlord’s Studio Apartment Property; all such insurance shall name Tenant as the insured and, except with respect to Tenant’s insurance covering Tenant’s Property and Landlord’s Studio Apartment Property, Landlord and any Lessors and any Mortgagees whose names shall have been furnished by Landlord to Tenant from time to time shall be named as additional insureds and loss payees;
(iii) during the performance of any Alteration, until completion thereof, Builder’s 's risk insurance on an “"all risk” " basis and on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (and their respective contractors and subcontractors), any Mortgagee and any Lessor in all work incorporated in the Buildings Building and all materials and equipment in or about the Premises;
(iv) Workers’ ' Compensation Insurance, as required by law;
(v) Liquor Liability (dram shop) Insurance with a minimum limit of liability in an amount of not less than $1,000,000 on an occurrence basis, covering bodily injury and death to one or more persons and $100,000 in connection with property damageBusiness Interruption Insurance; and
(vi) such other insurance in such amounts as Landlord, any Mortgagee and/or any Lessor may reasonably require from time to time for premises comparable time, and which is then customarily required from office tenants by owners of first-class office buildings in Manhattan.
(b) All insurance required to be carried by Tenant pursuant to the Premisesterms of this Lease (i) shall contain a provision that (A) no act or omission of Tenant other than intentional acts shall affect or limit the obligation of the insurance company to pay the amount of any loss sustained, (B) the policy shall not be cancelled nor shall any material change in coverage be made thereto unless Landlord, Lessors and Mortgagees of which Tenant has notice shall have received 30 days' prior notice of such cancellation or material change, by certified mail, return receipt requested, and (C) Tenant shall be solely responsible for the payment of all premiums under such policies and Landlord, Lessors and Mortgagees shall have no obligation for the payment thereof, and (ii) shall be effected under valid and enforceable policies issued by reputable and independent insurers permitted to do business in the State of New York and rated in Best's Insurance Guide, or any successor thereto (or if there be none, an organization having a national reputation) as having a Best's Rating of "A-" and a "Financial Size Category" of at least "X" or, if such ratings are not then in effect, the equivalent thereof or such other financial rating as Landlord may at any time consider appropriate.
Appears in 1 contract
Samples: Lease (Advent Software Inc /De/)
Tenant’s Insurance. (a) On or before the Commencement Date or Tenant’s prior entry into the Premises, at its expense, shall Tenant will obtain and keep have in full force and effect during the Termeffect, insurance coverage as follows:
(i) a policy of workers’ compensation in an amount required by law; (ii) commercial general liability insurance with a per occurrence limit of Three Million Dollars ($3,000,000) and a general aggregate of Five Million Dollars ($5,000,000) for bodily injury and property damage on an occurrence basis against claims for personal injury, death and/or property damage occurring in or about the Premises, under which Tenant is named as the insured and containing an endorsement naming Landlord, Landlord’s managing agentits agents, any Lessors, any Mortgagees designees and any other parties whose names shall have been furnished by Landlord to Tenant from time to time are named as additional insureds, which insurance shall provide primary coverage without contribution from any other insurance carried by or for the benefit of Landlord, Landlord’s managing agent or any Lessors or Mortgagees named lender as additional insureds, and Tenant agrees to obtain blanket broad-form contractual liability coverage to insure its indemnity obligations set forth in Article 32 hereof. The minimum limits of liability shall be a combined single limit no modification that would make Tenant’s policy excess or contributing with respect to each occurrence in an amount of not less than *****; provided, however, that Landlord may require Tenant to increase such coverage, from time to time, to that amount of insurance which in Landlord’s reasonable judgment is then being customarily required by landlords in first-class buildings in the City of New York with respect to the Ancillary Space and for comparable entertainment centers in the City of New York with respect to the Music Hall. If the aggregate limit applying to the Premises is reduced by the payment of a claim or establishment of a reserve equal to or greater than 50% of the annual aggregate, Tenant shall immediately arrange to have the aggregate limit restored by endorsement to the existing policy or the purchase of an additional insurance policy unless, in Landlord’s reasonable judgment, Tenant maintains sufficient excess liability insurance to satisfy the liability requirements of this Lease without the reinstatement of the aggregate limit;
insurance; (iiiii) insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard forms of “all risk” risk property insurance policies with extended coverage, having a deductible amount, if any, as reasonably approved by Landlord, insuring (A) with respect to the Ancillary Space, all Ancillary Space Alterations and improvements to the Ancillary Space, for the full insurable replacement value thereof or replacement cost value thereof, (B) of all of Tenant’s Property and (C) furniture, fixtures, equipment, alterations, improvements or additions that do not become Landlord’s Studio Apartment Propertyproperty upon installation; all such insurance shall name Tenant as the insured and, except with respect to Tenant’s insurance covering Tenant’s Property and Landlord’s Studio Apartment Property, Landlord and any Lessors and any Mortgagees whose names shall have been furnished by Landlord to Tenant from time to time shall be named as additional insureds and loss payees;
(iii) during the performance of any Alteration, until completion thereof, Builder’s risk insurance on an “all risk” basis and on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (and their respective contractors and subcontractors), any Mortgagee and any Lessor in all work incorporated in the Buildings and all materials and equipment in or about the Premises;
(iv) Workers’ Compensation Insurance, 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 required by law;
Landlord or the mortgagees or ground lessors (vif any) Liquor Liability (dram shop) Insurance with a minimum limit of liability in an amount of not less than $1,000,000 on an occurrence basis, covering bodily injury and death to one or more persons and $100,000 in connection with property damage; and
(vi) such other insurance in such amounts as Landlord, any Mortgagee and/or any Lessor Landlord may reasonably require from time to time for premises if 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, or better (or equivalent rating by a comparable rating agency if Best no longer exists) and licensed 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) days’ prior written notice by the insurance carrier to Landlord. If the forms of policies, endorsements, certificates, or evidence of insurance required by this Article are superseded or discontinued, Landlord may require other equivalent or better forms. Evidence of the insurance coverage required to be maintained by 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 Premisesexpiration 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
Samples: Short Form Lease (Ophthotech Corp.)
Tenant’s Insurance. Tenant shall procure at its expense before the earlier of the Commencement Date, the Delivery Date, the Turnover Date or such earlier access date provided for in Article 5.3 and shall thereafter maintain throughout the Lease Term a policy or policies of (a) all risk, real and personal property insurance insuring Tenant’s interest in any and all trade fixtures, at its expensefurniture, shall obtain equipment, supplies, and keep other personal property (excluding documentation and professional work product) owned, leased, held or possessed by it and contained therein, whether considered Tenant Improvements, Tenant Alterations or otherwise, such insurance coverage to be in an amount equal to the full force replacement value of such improvements and effect during the Term:
property, as such may increase from time to time (ibut such insurance may provide for a reasonable deductible), and (b) a policy or policies of workers’ compensation insurance in statutory limits, or provide evidence of self-insured status of such workers’ compensation insurance from the Commonwealth of Virginia (as required by applicable law), and employers liability insurance in amounts not less than $1,000,000 for bodily injury by accident (each accident), $1,000,000 for bodily injury by disease (policy limit) and $1,000,000 for bodily injury by disease (each employee), and (c) commercial general liability insurance insuring against any and all liability for injury to or death of a person or persons and for damage to property occasioned by or arising out of any construction work being done by or on an occurrence behalf of Tenant on the Demised Premises, or arising out of the condition, use, or occupancy of the Demised Premises, or in any way occasioned by or arising out of the activities of Tenant, its agents, contractors, employees or invitees in the Demised Premises, the limits of such policy or policies to be issued on a combined single limits basis against claims for both personal injury, death and/or injury and property damage occurring in amounts not less than $1,000,000 for each occurrence (subject to annual aggregate limits of not less than $2,000,000). Such insurance shall, in addition, extend to any liability of Tenant arising out of the indemnities provided for in this Lease, except the indemnity provided in Article 12.2 of this Lease. Prior to the earlier to occur of the Commencement Date, the Delivery Date, the Turnover Date or about such earlier access date provided for in Article 5.3, Tenant shall also procure at its expense and shall thereafter maintain throughout the PremisesLease Term, under which Excess/Umbrella Liability coverage with limits not less than $10,000,000. Such coverage shall provide excess coverage above the commercial general liability and the employer’s liability policies above. All insurance policies procured and maintained by Tenant is named as the insured and pursuant to this Article 16 shall name Landlord, Landlord’s managing agentprincipals, any Lessors, any Mortgagees Landlord’s property manager and any other parties whose names shall have been furnished by Landlord to Tenant from time to time are named Landlord’s lender(s) as additional insureds, which shall be carried with companies having a rating pursuant to the latest version of A.M. Best’s Insurance Guide of A- VII or higher (or an equivalent rating if such publication is discontinued) and shall be non-cancelable except after thirty (30) days’ written notice to Landlord. Duly executed certificates of such insurance shall provide primary coverage without contribution from be made available to Landlord via Tenant’s website prior to the date Tenant occupies any other insurance carried by or portion of the Demised Premises for the benefit conduct of Landlord, Landlord’s managing agent or any Lessors or Mortgagees named as additional insureds, its business and Tenant agrees to obtain blanket broad-form contractual liability coverage to insure its indemnity obligations set forth in certificates of renewal of such insurance satisfying the requirements of this Article 32 hereof. The minimum limits of liability 16 shall be a combined single limit with respect made available to Landlord via Tenant’s website upon renewal of each occurrence in an amount of not less than *****respective policy term; provided, however, that Tenant agrees to deliver or cause to be delivered to Landlord may require Tenant to increase a copy of any such coverage, from time to time, to that amount of insurance which in Landlord’s reasonable judgment is then being customarily required by landlords in first-class buildings in the City of New York with respect to the Ancillary Space and for comparable entertainment centers in the City of New York with respect to the Music Hall. If the aggregate limit applying to the Premises is reduced by the payment of a claim or establishment of a reserve equal to or greater than 50% of the annual aggregate, Tenant shall immediately arrange to have the aggregate limit restored by endorsement to the existing policy or the purchase of an additional insurance policy unless, in Landlord’s reasonable judgment, Tenant maintains sufficient excess liability insurance to satisfy the liability requirements of this Lease without the reinstatement of the aggregate limit;
(ii) insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard forms of “all risk” property insurance policies with extended coverage, having a deductible amount, if any, as reasonably approved certificates upon written request therefor by Landlord, insuring (A) with respect to the Ancillary Space, all Ancillary Space Alterations and improvements to the Ancillary Space, for the full insurable value thereof or replacement cost value thereof, (B) all of Tenant’s Property and (C) Landlord’s Studio Apartment Property; all such insurance shall name Tenant as the insured and, except with respect to Tenant’s insurance covering Tenant’s Property and Landlord’s Studio Apartment Property, Landlord and any Lessors and any Mortgagees whose names shall have been furnished by Landlord to Tenant from time to time shall be named as additional insureds and loss payees;
(iii) during the performance of any Alteration, until completion thereof, Builder’s risk insurance on an “all risk” basis and on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (and their respective contractors and subcontractors), any Mortgagee and any Lessor in all work incorporated in the Buildings and all materials and equipment in or about the Premises;
(iv) Workers’ Compensation Insurance, as required by law;
(v) Liquor Liability (dram shop) Insurance with a minimum limit of liability in an amount of not less than $1,000,000 on an occurrence basis, covering bodily injury and death to one or more persons and $100,000 in connection with property damage; and
(vi) such other insurance in such amounts as Landlord, any Mortgagee and/or any Lessor may reasonably require from time to time for premises comparable to the Premises.
Appears in 1 contract
Tenant’s Insurance. (a) Tenant, at its expense, shall obtain (or cause to be obtained) and keep in full force and effect during the TermTerm on and after the Commencement Date:
(i) a policy of commercial general liability insurance on an occurrence basis against claims for personal injury, death and/or bodily injury (including death) and for property damage occurring in or about the PremisesPremises for which Tenant is legally liable, and including actions of the employees, contractors, subcontractors, invitees, agents and others working on behalf of Tenant, under which Tenant is named as the insured and Landlord, Landlord’s managing agent, any Lessors, 's Agent and any Mortgagees and any other parties Lessors whose names shall have been furnished by Landlord to Tenant from time to time are named as additional insureds, which insurance shall provide primary coverage without contribution from any other insurance carried by or for the benefit of Landlord, Landlord’s managing agent 's Agent or any Mortgagees or Lessors or Mortgagees named as additional insureds, and Tenant agrees to obtain blanket broad-form contractual liability coverage to insure its indemnity obligations set forth in Article 32 29 hereof. The minimum limits of liability shall be a combined single ---------- limit with respect to each occurrence in an amount of not less than *****; provided, however, that Landlord may require Tenant to increase Twenty-Five Million Dollars ($25,000,000). The deductible for such coverage, from time to policy shall in no event exceed Ten Thousand Dollars ($10,000) at any time, to that amount of insurance which in Landlord’s reasonable judgment is then being customarily required by landlords in first-class buildings in the City of New York with respect to the Ancillary Space and for comparable entertainment centers in the City of New York with respect to the Music Hall. If the aggregate limit applying to the Premises of such coverage is reduced by the payment of a claim or establishment of a reserve equal to or greater than fifty percent (50% %) of the annual aggregate, Tenant shall immediately arrange to have the aggregate limit restored by endorsement to the existing policy or the purchase of an additional insurance policy unless, in Landlord’s 's reasonable judgment, Tenant maintains sufficient excess liability insurance with a "drop-down" endorsement to satisfy the liability requirements of this Lease without the reinstatement of the aggregate limit;
(ii) insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard forms of “"all risk” " property insurance policies with extended coveragepolicies, insuring Tenant's Property and all Specialty Alterations for the full replacement cost thereof, having a deductible amount, if any, as reasonably approved determined by LandlordTenant, insuring (A) with respect to the Ancillary Space, all Ancillary Space Alterations and improvements to the Ancillary Space, for the full insurable value thereof or replacement cost value thereof, (B) all of Tenant’s Property and (C) Landlord’s Studio Apartment Property; all such insurance shall name Tenant as the insured and, except with respect to Tenant’s insurance covering Tenant’s Property and Landlord’s Studio Apartment Property, Landlord and any Lessors and any Mortgagees whose names shall have been furnished by Landlord to Tenant from time to time shall be named as additional insureds and loss payeesbut in no event greater than $25,000;
(iii) during the performance of any Alteration, including the Initial Installations, until completion thereof, Builder’s builder's risk insurance on an “"all risk” " basis and on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (and their respective contractors and subcontractors), any Mortgagee and any or Lessor of which Tenant has been given notice in all work incorporated in the Buildings Building and all materials and equipment in or about the Premises;
(iv) Workers’ ' Compensation Insurance, as required by law;
(v) Liquor Liability (dram shop) Insurance with a minimum limit of liability in an amount of not less than $1,000,000 on an occurrence basis, covering bodily injury and death to one or more persons and $100,000 in connection with property damageBusiness Interruption Insurance; and
(vi) such other insurance in such amounts as Landlord, Landlord and/or any Mortgagee and/or any or Lessor may reasonably require from time to time for premises comparable and is then being customarily required of tenants in Comparable Buildings.
(b) All insurance required to be carried by Tenant pursuant to the Premisesterms of this Lease (i) shall contain a provision that (x) only material statements or acts that would ordinarily void or suspend coverage will adversely affect the rights of the offending party, (y) the policy shall be noncancellable and/or no material change in coverage shall be made thereto unless Landlord and Mortgagees and Lessors which are additional insureds or loss payees thereunder shall have received thirty (30) days (ten (10) days written notice for non-payment) prior written notice of the same, and (z) Tenant shall be solely responsible for the payment of all premiums under such policies and Landlord and Mortgagees and Lessors shall have no obligation for the payment thereof, and (ii) shall be effected under valid and enforceable policies issued by reputable and independent insurers authorized to do business in the Commonwealth of Virginia and rated in Best's Insurance Guide, or any successor thereto (or if there be none, an organization having a national reputation) as having a "Best's Rating" of "A-" and a "Financial Size Category" of at least "X" or, if such ratings are not then in effect, the equivalent thereof.
Appears in 1 contract
Samples: Deed of Lease (Verisign Inc/Ca)
Tenant’s Insurance. (a) Tenant, at its Tenant’s expense, shall obtain and keep in full force and effect during the Term:
(i) a policy of commercial general liability insurance on an occurrence basis (utilizing then current ISO forms or equivalent) against claims for contractual liability, personal injury, bodily injury, death and/or property damage occurring in or about the PremisesBuilding, under which Tenant is named as the insured and Landlord, Landlord’s managing agent, Agent and any Lessors, Lessors and any Mortgagees and any other parties whose names shall have been furnished by Landlord to Tenant from time to time are named as additional insureds, which insureds (the “Insured Parties”). Such insurance shall provide primary coverage without contribution from any other insurance carried by or for the benefit of Landlord, Landlord’s managing agent or any Lessors or Mortgagees named as additional insureds, and Tenant agrees to obtain blanket broad-form contractual liability coverage to insure its indemnity obligations set forth in Article 32 hereofthe Insured Parties. The minimum limits of liability provided in any combination by a commercial general liability policy and excess liability or umbrella policy applying exclusively to the Premises shall be a combined single limit with respect to each occurrence and in the aggregate in an amount of not less than *****$5,000,000; provided, however, that Landlord may shall retain the right to require Tenant to increase such coverage, coverage from time to time, time to that amount of insurance which in Landlord’s reasonable judgment is then being customarily required by landlords for similar office space in first-class buildings in Comparable Buildings (provided that no such increase will be required for three (3) years following the City of New York with respect to the Ancillary Space and Commencement Date or more than once every three (3) years). The deductible or self insured retention for comparable entertainment centers in the City of New York with respect to the Music Hall. If the aggregate limit applying to the Premises is reduced by the payment of a claim or establishment of a reserve equal to or greater than 50% of the annual aggregate, Tenant such policy shall immediately arrange to have the aggregate limit restored by endorsement to the existing policy or the purchase of an additional insurance policy unless, in Landlord’s reasonable judgment, Tenant maintains sufficient excess liability insurance to satisfy the liability requirements of this Lease without the reinstatement of the aggregate limitnot exceed $50,000;
(ii) insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard forms of “all riskSpecial Form Causes of Loss” property insurance policies with extended coverage, having a deductible amount, if any, as reasonably approved by Landlordpolicies, insuring (A) with respect to the Ancillary Space, Tenant’s Property and all Ancillary Space Alterations and improvements to the Ancillary SpacePremises (including the initial Tenant Improvements) to the extent such Alterations and improvements exceed the cost of the 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 value thereof, (B) all having a deductible amount, if any, not in excess of Tenant’s Property and (C) Landlord’s Studio Apartment Property; all such insurance shall name Tenant as the insured and, except with respect to Tenant’s insurance covering Tenant’s Property and Landlord’s Studio Apartment Property, Landlord and any Lessors and any Mortgagees whose names shall have been furnished by Landlord to Tenant from time to time shall be named as additional insureds and loss payees$20,000;
(iii) prior to and during the performance of any AlterationAlterations (other than Decorative Alterations), until completion thereof, Builder’s risk Risk insurance on an “all risk” basis and on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (and their respective contractors and subcontractors), any Mortgagee and any Lessor ) in all work incorporated in the Buildings Building and all materials and equipment in or about the Premises, Workers’ Compensation and Employer’s Liability Insurance (covering all persons to be employed by Tenant, and Tenant’s contractors and subcontractors in connection with such Alterations) and commercial general liability (including property damage coverage) insurance, all in such form, for such periods, in such amounts and with such companies as Landlord may reasonably require, naming Landlord, Landlord’s Agent and any Mortgagee (of which Tenant has been given notice) as additional insureds to all policies except the Workers’ Compensation and Employer’s Liability Insurance policy;
(iv) Workers’ Compensation Insurance, as required by law;
(v) Liquor law and Employers Liability (dram shop) Insurance with a minimum limit of liability in an the amount of not less than $1,000,000 on an occurrence basis, covering bodily injury and death to one or more persons and $100,000 in connection with property damage500,000; and
(viv) such other insurance in such amounts as Landlord, any Mortgagee and/or any Lessor may reasonably owner’s of Comparable Buildings typically require from time to time.
(b) All insurance required to be carried by Tenant (i) shall contain a provision that (x) no act or omission of Tenant shall affect or limit the obligation of the insurance company to pay the amount of any loss sustained, and (y) shall be noncancellable and/or no material change in coverage shall be made thereto unless the Insured Parties receive thirty (30) days’ prior notice of the same, and (ii) shall be effected under valid and enforceable policies issued by reputable insurers permitted to do business in the State and rated in Best’s Key Rating Guide, or any successor thereto as having a “Best’s Rating” of “A-” or better and a “Financial Size Category” of at least “VIII” or better or, if such ratings are not then in effect, the equivalent thereof or such other financial rating as Landlord may at any time for premises comparable reasonably consider appropriate.
(c) On or prior to the PremisesCommencement Date, Tenant shall deliver to Landlord either appropriate policies of insurance, including evidence of waivers of subrogation required to be carried pursuant to this Article and that the Insured Parties are named as additional insureds (the “Policies”) or certificates evidencing such Policies as set forth below. Evidence of each renewal or replacement of the Policies shall be delivered by Tenant to Landlord at least ten (10) days prior to the expiration of the Policies. In lieu of the Policies, Tenant may deliver to Landlord a certification from Tenant’s insurance company (on the form currently designated “XXXXX 27” (Evidence of Property Insurance) and “XXXXX 25-S” (Certificate of Liability Insurance), or the equivalent) and an endorsement to Tenant’s commercial general liability policy naming the Insured Parties as additional insureds which shall be binding on Tenant’s insurance company, and which shall expressly provide that such certification conveys to the Insured Parties all the rights and privileges afforded under the Policies as primary insurance. Tenant or Tenant’s insurance company shall notify all Insured Parties in writing at least thirty (30) days in advance of any termination or change to the Policies that would adversely affect the interest of any of the Insured Parties.
Appears in 1 contract
Samples: Deed of Lease (FBR & Co.)
Tenant’s Insurance. Tenant shall, during the Lease Term, procure and keep in force the following insurance:
(a) Tenant, at its expense, shall obtain and keep in full force and effect during the Term:
(i) a policy of commercial Commercial general liability (hereinafter referred to as “CGL”) insurance on an occurrence basis against claims for personal injury, death and/or property damage occurring (or the equivalent ISO form in or about the Premises, under which Tenant is named as the insured and Landlord, Landlord’s managing agent, any Lessors, any Mortgagees and any other parties whose names shall have been furnished by Landlord to Tenant use from time to time are named as additional insureds, which insurance shall provide primary coverage without contribution from any other insurance carried by or for in the benefit of state where the Premises is located) naming Landlord, Landlord’s managing agent or any Lessors or Mortgagees named for the Premise, if any, and, if requested, Landlord’s mortgage lender, as additional insuredsinsured parties, providing coverage against any and all claims for bodily injury and property damage occurring in, or about the Premises, Building and Land arising out of use and occupancy of the Premises by Tenant agrees to obtain blanket broad-form contractual liability coverage to insure or its indemnity obligations set forth in Article 32 hereofagents, employees or invitees. The minimum limits of liability Such insurance shall be have a combined single limit with respect to each occurrence in an amount of not less than *****; providedOne Million Dollars ($1,000,000) per occurrence with Two Million Dollars ($2,000,000) aggregate limit and an excess umbrella liability insurance (following form) in the amount of Ten Million Dollars ($10,000,000). If Tenant has other locations that it owns or leases the policy shall include an aggregate limit per location endorsement. Such liability insurance shall be primary and not contributing to any insurance available to Landlord and Landlord’s insurance shall be in excess thereto. In no event shall the limits of such insurance be considered as limiting the liability of Tenant under this Lease and the minimum limits of coverage set forth in this Lease shall not be construed to limit the coverage available to any additional insured party to an amount which is less than the full policy limit(s) of all applicable policies actually carried by Tenant. Notwithstanding any limits of liability set forth herein or shown on any certificate/evidence of insurance, howeverLandlord shall be entitled to additional insured status on all liability insurance maintained by Tenant.
(b) Property insurance insuring all equipment, that Landlord may require Tenant trade fixtures, inventory, fixtures and other personal property located on or in the Premises (hereinafter referred to increase such coverage, as the “Insured Personalty”) for perils covered by the cause of loss — special form (or the equivalent ISO form in use from time to time, to that amount of insurance which in Landlord’s reasonable judgment is then being customarily required by landlords in first-class buildings time in the City of New York with respect to the Ancillary Space and for comparable entertainment centers in the City of New York with respect to the Music Hall. If the aggregate limit applying to state where the Premises is reduced by the payment of located). Such insurance shall be written on a claim or establishment of a reserve replacement cost basis in an amount equal to or greater than 50% of the annual aggregate, Tenant shall immediately arrange to have the aggregate limit restored by endorsement to the existing policy or the purchase of an additional insurance policy unless, in Landlord’s reasonable judgment, Tenant maintains sufficient excess liability insurance to satisfy the liability requirements of this Lease without the reinstatement of the aggregate limit;
(ii) insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard forms of “all risk” property insurance policies with extended coverage, having a deductible amount, if any, as reasonably approved by Landlord, insuring (A) with respect to the Ancillary Space, all Ancillary Space Alterations and improvements to the Ancillary Space, for the full insurable value thereof or replacement cost value thereof, (B) all of Tenant’s Property the aggregate of the Insured Personalty and (C) Landlord’s Studio Apartment Property; all such insurance shall name Tenant as the insured and, except with respect an agreed amount endorsement to Tenant’s insurance covering Tenant’s Property and Landlord’s Studio Apartment Property, Landlord and any Lessors and any Mortgagees whose names shall have been furnished by Landlord to Tenant from time to time shall be named as additional insureds and loss payees;prevent co-insurance.
(iii) during the performance of any Alteration, until completion thereof, Builder’s risk insurance on an “all risk” basis and on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (and their respective contractors and subcontractors), any Mortgagee and any Lessor in all work incorporated in the Buildings and all materials and equipment in or about the Premises;
(ivc) Workers’ Compensation Insurance, as required by law;
(v) Liquor Liability (dram shop) Insurance with a minimum limit of liability in an amount of not less than $1,000,000 on an occurrence basis, covering bodily injury and death to one or more persons and $100,000 in connection with property damage; and
(vi) such other compensation insurance in such amounts as Landlord, any Mortgagee and/or any Lessor may reasonably require from time to time for premises comparable to the Premisesaccordance with statutory law.
Appears in 1 contract
Samples: Lease Agreement (Integra Lifesciences Holdings Corp)
Tenant’s Insurance. (a) Tenant, at its expense, 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, death and/or property damage occurring in or about the PremisesPremises or the Building, under which Tenant is named as the insured and Landlord, Landlord’s 's managing agent, agent and any Lessors, Lessors and any Mortgagees and any other parties whose names shall have been furnished by Landlord to Tenant from time to time are named as additional insureds, which insurance shall provide primary coverage without contribution from any other insurance carried by or for the benefit of Landlord, Landlord’s 's managing agent or any Lessors or Mortgagees named as additional insureds, and Tenant agrees to obtain blanket broad-form contractual liability coverage to insure its indemnity obligations set forth in Article 32 35 hereof. The minimum limits of liability shall be a combined single limit with respect to each occurrence in an amount of not less than *****; $5,000,000 per location, provided, however, that Landlord may shall retain the right to require Tenant to increase such coverage, from time to time, coverage to that amount of insurance which in Landlord’s 's reasonable judgment is then being customarily required by landlords for similar office space in first-class renovated buildings in the City of New York with respect to the Ancillary Space and York. The deductible or self insured retention for comparable entertainment centers such policy shall in the City of New York with respect to the Music Hallno event exceed $10,000 at any time. If the aggregate limit applying to the Premises is reduced by the payment of a claim or establishment of a reserve equal to or greater than 50% of the annual aggregatereserve, Tenant shall immediately arrange to have the aggregate limit restored by endorsement to the existing policy or the purchase of an additional insurance policy unless, in Landlord’s 's reasonable judgment, Tenant maintains sufficient excess liability insurance to satisfy the liability requirements of this Lease without the reinstatement of the aggregate limit;
(ii) insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard forms of “"all risk” property " insurance policies with extended coverage, having a deductible amountinsuring Tenant's Property, if any, as reasonably approved by Landlord, insuring (A) with respect to the Ancillary Space, and all Ancillary Space Specialty Alterations and improvements to the Ancillary Space, for the full insurable value thereof or replacement cost value thereof, (B) all of Tenant’s Property and (C) having a deductible amount, if any, as reasonably determined by Landlord’s Studio Apartment Property; all such insurance shall name Tenant as the insured and, except with respect to Tenant’s insurance covering Tenant’s Property and Landlord’s Studio Apartment Property, Landlord and any Lessors and any Mortgagees whose names shall have been furnished by Landlord to Tenant from time to time shall be named as additional insureds and loss payees;
(iii) during the performance of any Alteration, until completion thereof, Builder’s 's risk insurance on an “"all risk” " basis and on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (and their respective contractors and subcontractors), any Mortgagee and any Lessor in all work incorporated in the Buildings Building and all materials and equipment in or about the Premises;
(iv) Workers’ workers' Compensation Insurance, as required by law;
(v) Liquor Liability disability Benefits Policy Insurance;
(dram shopvi) Insurance with a minimum limit of liability in an amount of not less than $1,000,000 on an occurrence basis, covering bodily injury and death to one or more persons and $100,000 in connection with property damagebusiness Interruption Insurance; and
(vib) such other All insurance required to be carried by Tenant pursuant to the terms of this Lease (i) shall contain a provision that (x) no act or omission of Tenant shall affect or limit the obligation of the insurance company to pay the amount of any loss sustained, (y) the policy shall be noncancellable and/or no material change in such amounts as coverage shall be made thereto unless Landlord, Lessors and Mortgagees shall have received 30 days' prior written notice of the same, and (z) Tenant shall be solely responsible for the payment of all premiums under such policies and Landlord, Lessors and Mortgagees shall have no obligation for the payment thereof, and (ii) shall be effected under valid and enforceable policies issued by reputable and independent insurers permitted to do business in the state in which the Building is located, and rated in Best's Insurance Guide, or any Mortgagee and/or any Lessor may reasonably require from time to time for premises comparable to successor thereto (or if there be none, an organization having a national reputation) as having a "Best's Rating" of "A" and a "Financial Size Category" of at least "VIII" or, if such ratings are not then in effect, the Premisesequivalent thereof.
Appears in 1 contract
Samples: Lease Agreement (Martha Stewart Living Omnimedia Inc)
Tenant’s Insurance. (a) TenantTenant shall maintain insurance complying with all of the following:
A. Tenant shall procure, at its expense, shall obtain pay for and keep in full force and effect during the Termfollowing:
(i1) a policy of commercial Commercial general liability insurance on an occurrence basis insurance, including property damage, against claims liability for personal injury, bodily injury, death and/or and damage to property damage occurring in or about about, or resulting from an occurrence in or about, the Premises, under which Tenant is named as Premises with combined single limit coverage of not less than the insured and Landlord, Landlord’s managing agent, any Lessors, any Mortgagees and any other parties whose names shall have been furnished by Landlord to Tenant from time to time are named as additional insuredsamount of Tenant's Liability Insurance Minimum specified in Section P of the Summary, which insurance shall provide contain a "contractual liability" endorsement insuring Tenant's performance of Tenant's obligation to indemnify Landlord contained in Paragraph 10.3;
(2) Fire and property damage insurance in so-called "all risk" form insuring Tenant's Trade Fixtures and Tenant's Alterations for the full actual replacement cost thereof;
(3) Such other insurance that is either (i) required by any Lender, or (ii) reasonably required by Landlord and customarily carried by tenants of similar property in similar businesses.
B. Where applicable and required by Landlord, each policy of insurance required to be carried by Tenant pursuant to this Paragraph 9.1: (i) shall name Landlord and such other parties in interest as Landlord reasonably designates as additional insured; (ii) shall be primary coverage insurance which provides that the insurer shall be liable for the full amount of the loss up to and including the total amount of liability set forth in the declarations without the right of contribution from any other insurance carried by or for the benefit coverage of Landlord, Landlord’s managing agent or any Lessors or Mortgagees named as additional insureds, and Tenant agrees to obtain blanket broad-form contractual liability coverage to insure its indemnity obligations set forth in Article 32 hereof. The minimum limits of liability ; (iii) shall be in a combined single limit form satisfactory to Landlord; (iv) shall be carried with respect companies reasonably acceptable to each occurrence Landlord; (v) shall provide that such policy shall not be subject to cancellation, lapse or change except after at least thirty (30) days prior written notice to Landlord so long as such provision of 30 days notice is reasonably obtainable, but in an amount of any event not less than *****10 days prior written notice; provided, however, that Landlord may require Tenant to increase (vi) shall not have a "deductible" in excess of such coverage, from time to time, to that amount of insurance which in Landlord’s reasonable judgment as is then being customarily required by landlords in first-class buildings in the City of New York with respect to the Ancillary Space and for comparable entertainment centers in the City of New York with respect to the Music Hall. If the aggregate limit applying to the Premises is reduced by the payment of a claim or establishment of a reserve equal to or greater than 50% of the annual aggregate, Tenant shall immediately arrange to have the aggregate limit restored by endorsement to the existing policy or the purchase of an additional insurance policy unless, in Landlord’s reasonable judgment, Tenant maintains sufficient excess liability insurance to satisfy the liability requirements of this Lease without the reinstatement of the aggregate limit;
(ii) insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard forms of “all risk” property insurance policies with extended coverage, having a deductible amount, if any, as reasonably approved by Landlord, insuring ; (Avii) with respect to the Ancillary Space, all Ancillary Space Alterations and improvements to the Ancillary Space, for the full insurable value thereof or replacement cost value thereof, (B) all of Tenant’s Property shall contain a cross liability endorsement; and (Cviii) Landlord’s Studio Apartment Property; all such insurance shall name Tenant as the insured and, except with respect to Tenant’s insurance covering Tenant’s Property and Landlord’s Studio Apartment Property, Landlord and any Lessors and any Mortgagees whose names shall have been furnished by Landlord to Tenant from time to time shall be named as additional insureds and loss payees;
(iii) during the performance of any Alteration, until completion thereof, Builder’s risk insurance on an “all risk” basis and on contain a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (and their respective contractors and subcontractors), any Mortgagee and any Lessor in all work incorporated in the Buildings and all materials and equipment in or about the Premises;
(iv) Workers’ Compensation Insurance, as required by law;
(v) Liquor Liability (dram shop) Insurance with a minimum limit of liability in an amount of not less than $1,000,000 on an occurrence basis, covering bodily injury and death to one or more persons and $100,000 in connection with property damage; and
(vi) such other insurance in such amounts as Landlord, any Mortgagee and/or any Lessor may reasonably require from time to time for premises comparable to the Premises."severability"
Appears in 1 contract
Samples: Lease (Caliper Technologies Corp)
Tenant’s Insurance. Effective as of the earlier of (a1) Tenantthe date Tenant enters or occupies the Premises, at its expenseor (2) the Commencement Date, shall obtain and keep in full force and effect during continuing throughout the Term:
, Tenant shall maintain the following insurance policies: (iA) a policy of commercial general liability insurance on an in amounts of $3,000,000 per occurrence basis against claims for personal injuryor, death and/or property damage occurring in or about following the Premisesexpiration of the initial Term, under which Tenant is named such other amounts as the insured and Landlord, Landlord’s managing agent, any Lessors, any Mortgagees and any other parties whose names shall have been furnished by Landlord to Tenant may from time to time reasonably require so long as such other amounts are named not materially in excess of amounts that owners of Comparable Buildings are then generally requiring tenants (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 in commercially reasonable amounts), insuring Tenant, Landlord, Landlord's property management company, and, if requested in writing by Landlord, Landlord's Mortgagee, 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 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 value of all alterations and improvements and betterments in the Premises, naming Landlord and Landlord's Mortgagee as additional insuredsloss payees as their interests may appear, which (C) insurance covering the full value of all furniture, trade fixtures 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), (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), (E) worker's compensation insurance in the amount, if any, required by applicable state law, and (F) business interruption insurance sufficient to cover not less than 12 months of interruption. Tenant's insurance shall provide primary coverage without contribution from to Landlord when any policy issued to Landlord provides duplicate or similar coverage, and in such circumstance Landlord's policy will be excess over Tenant's policy. The commercial general liability insurance to be maintained by Tenant 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 carried to be maintained by Tenant shall have no deductible. 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 at least ten days prior to the earlier of the Commencement Date or for the benefit date Tenant enters or occupies the Premises, and at least 15 days prior to each renewal of Landlord, Landlord’s managing agent or any Lessors or Mortgagees named as additional insuredssaid insurance, and Tenant agrees shall obtain a written obligation on the part of each insurance company to obtain blanket broad-form contractual liability coverage to insure its indemnity obligations set forth in Article 32 hereofnotify Landlord at least 30 days before cancellation or a material change of any such insurance policies. The minimum limits of liability All such insurance policies shall be in form, and issued by companies with a combined single limit with respect Best's rating of A:VII or better, reasonably satisfactory to each occurrence in an amount of not less than *****; provided, however, that Landlord may require Tenant to increase such coverage, from time to time, to that amount of insurance which in Landlord’s reasonable judgment is then being customarily required by landlords in first-class buildings in the City of New York with respect to the Ancillary Space and for comparable entertainment centers in the City of New York with respect to the Music Hall. If Tenant fails to comply with the aggregate limit applying foregoing insurance requirements or to deliver to Landlord the certificates or evidence of coverage required herein within three days of receipt of written notice thereof, 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 on demand the premium costs thereof, plus an administrative fee of 10% of such cost. Any insurance required to be maintained by Tenant may be taken out under a blanket insurance policy or policies covering other premises, property or insureds in addition to the Premises is reduced by and Tenant, provided the payment of commercial general liability and umbrella coverages are on a claim per-location aggregate basis (or establishment of contain a reserve equal to or greater than 50% of the annual aggregate, Tenant shall immediately arrange to have the per-location aggregate limit restored by endorsement to the existing endorsement) and such blanket policy or the purchase of an additional insurance policy unless, in Landlord’s reasonable judgment, Tenant maintains sufficient excess liability insurance to satisfy the liability requirements of policies otherwise comply with this Lease without the reinstatement of the aggregate limit;
(ii) insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard forms of “all risk” property insurance policies with extended coverage, having a deductible amount, if any, as reasonably approved by Landlord, insuring (A) with respect to the Ancillary Space, all Ancillary Space Alterations and improvements to the Ancillary Space, for the full insurable value thereof or replacement cost value thereof, (B) all of Tenant’s Property and (C) Landlord’s Studio Apartment Property; all such insurance shall name Tenant as the insured and, except with respect to Tenant’s insurance covering Tenant’s Property and Landlord’s Studio Apartment Property, Landlord and any Lessors and any Mortgagees whose names shall have been furnished by Landlord to Tenant from time to time shall be named as additional insureds and loss payees;
(iii) during the performance of any Alteration, until completion thereof, Builder’s risk insurance on an “all risk” basis and on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (and their respective contractors and subcontractorsSection 11(a), any Mortgagee and any Lessor in all work incorporated in the Buildings and all materials and equipment in or about the Premises;
(iv) Workers’ Compensation Insurance, as required by law;
(v) Liquor Liability (dram shop) Insurance with a minimum limit of liability in an amount of not less than $1,000,000 on an occurrence basis, covering bodily injury and death to one or more persons and $100,000 in connection with property damage; and
(vi) such other insurance in such amounts as Landlord, any Mortgagee and/or any Lessor may reasonably require from time to time for premises comparable to the Premises.
Appears in 1 contract
Samples: Lease Agreement (Blucora, Inc.)
Tenant’s Insurance. Throughout the Lease Term, Tenant shall maintain the following coverages in the following amounts. The required evidence of coverage must be delivered to Landlord on or before the date required under Section 10.4(I) sub-sections (ax) and (y), or Section 10.4(II) below (as applicable). Such policies shall be for a term of at least one (1) year, or the length of the remaining term of this Lease, whichever is less.
10.3.1 Commercial General Liability Insurance, including Broad Form contractual liability covering the insured against claims of bodily injury, personal injury and property damage (including loss of use thereof) based upon or arising out of Tenant’s operations, at its expense, occupancy or maintenance of the Building and all areas appurtenant thereto. Such insurance shall obtain and keep in full force and effect during the Term:
(i) a policy of commercial general liability insurance be written on an occurrence basis against claims for personal injury“occurrence” basis. Landlord and any other party the Landlord so specifies in a writing addressed to Tenant requesting that such party be added as an additional insured party, death and/or property damage occurring that has a material financial interest in or about the PremisesBuilding, under which Tenant is named as the insured and Landlord, including Landlord’s managing agent, any Lessors, any Mortgagees and any other parties whose names shall have been furnished by Landlord to Tenant from time to time are named as additional insureds, which insurance shall provide primary coverage without contribution from any other insurance carried by or for the benefit of Landlord, Landlord’s managing agent or any Lessors or Mortgagees named as additional insureds, and Tenant agrees to obtain blanket broad-form contractual liability coverage to insure its indemnity obligations set forth in Article 32 hereof. The minimum limits of liability shall be a combined single limit with respect to each occurrence in an amount of not less than *****; provided, however, that Landlord may require Tenant to increase such coverage, from time to time, to that amount of insurance which in Landlord’s reasonable judgment is then being customarily required by landlords in first-class buildings in the City of New York with respect to the Ancillary Space and for comparable entertainment centers in the City of New York with respect to the Music Hall. If the aggregate limit applying to the Premises is reduced by the payment of a claim or establishment of a reserve equal to or greater than 50% of the annual aggregate, Tenant shall immediately arrange to have the aggregate limit restored by endorsement to the existing policy or the purchase of an additional insurance policy unless, in Landlord’s reasonable judgment, Tenant maintains sufficient excess liability insurance to satisfy the liability requirements of this Lease without the reinstatement of the aggregate limit;
(ii) insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard forms of “all risk” property insurance policies with extended coverage, having a deductible amountground lessor and/or lender, if any, as reasonably approved by Landlord, insuring (A) with respect to the Ancillary Space, all Ancillary Space Alterations and improvements to the Ancillary Space, for the full insurable value thereof or replacement cost value thereof, (B) all of Tenant’s Property and (C) Landlord’s Studio Apartment Property; all such insurance shall name Tenant as the insured and, except with respect to Tenant’s insurance covering Tenant’s Property and Landlord’s Studio Apartment Property, Landlord and any Lessors and any Mortgagees whose names shall have been furnished by Landlord to Tenant from time to time shall be named as additional insureds as their interests may appear using Insurance Service Organization’s form CG2011 or a comparable form approved by Landlord. Tenant shall provide an endorsement or policy excerpt showing that Tenant’s coverage is primary and loss payees;any insurance carried by Landlord shall be excess and non-contributing. The coverage shall also be extended to include damage caused by heat, smoke or fumes from a hostile fire. The policy shall not contain any intra-insured exclusions as between insured persons or organizations. This policy shall include coverage for all liabilities assumed under this Lease as an insured contract for the performance of all of Tenant’s indemnity obligations under this Lease. The limits of said insurance shall not, however, limit the liability of Tenant nor relieve Tenant of any obligation hereunder. Limits of liability insurance shall not be less than the following; provided, however, such limits may be achieved through the use of an Umbrella/Excess Policy: Bodily Injury and Property Damage Liability $5,000,000 each occurrence Personal Injury and Advertising Liability $5,000,000 each occurrence Tenant Legal Liability/Damage to Rented Premises Liability $1,000,000.00
10.3.2 Property Insurance covering (i) all office furniture, personal property, business and trade fixtures, office equipment, free-standing cabinet work, movable partitions, merchandise and all other items of Tenant’s business personal property on the Premises installed by, for, or at the expense of Tenant, (ii) the Improvements, and any other leasehold improvements which exist in the Premises as of the Lease Commencement Date (excluding the Base Building) (the “Original Improvements”), and (iii) during all Alterations performed in the performance Premises. Such insurance shall be written on a Special Form basis, 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 (a) all perils included in the CP 10 30 04 02 Coverage Special Form, (b) water damage from any cause whatsoever, including, but not limited to, sprinkler leakage, bursting, leaking or stoppage of any Alterationpipes, until completion thereofexplosion, Builder’s risk insurance on an “all risk” basis and on a completed value form including a Permission to Complete backup or overflow from sewers or drains, and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (and their respective contractors and subcontractors), any Mortgagee and any Lessor in all work incorporated in the Buildings and all materials and equipment in or about the Premises;
(ivc) Workers’ Compensation Insurance, as required by law;
(v) Liquor Liability (dram shop) Insurance with a minimum limit of liability in an amount of not less than $1,000,000 on an occurrence basis, covering bodily injury and death to one or more persons and $100,000 in connection with property damage; and
(vi) such other insurance in such amounts as Landlord, any Mortgagee and/or any Lessor may reasonably require from time to time for premises comparable to the Premisesintentionally omitted.
Appears in 1 contract
Samples: Office Lease (Splunk Inc)
Tenant’s Insurance. (a) Tenant, at its expense, 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, death and/or property damage occurring in or about the PremisesBuilding, under which Tenant is named as the insured and Landlord, Landlord’s managing agent, 's Agent and any Lessors, Lessors and any Mortgagees and any other parties whose names shall have been furnished by Landlord to Tenant from time to time are named as additional insureds, which insureds (the "INSURED PARTIES"). Such insurance shall provide primary coverage without contribution from any other insurance carried by or for the benefit of Landlord, Landlord’s managing agent or any Lessors or Mortgagees named as additional insuredsthe Insured Parties, and Tenant agrees to shall obtain blanket broad-form contractual liability coverage to insure its indemnity obligations set forth in Article 32 hereof26. The minimum limits of liability shall be a combined single limit with respect to each occurrence in an amount of not less than *****$5,000,000.00; provided, however, that Landlord may shall retain the right to require Tenant to increase such coverage, coverage from time to time, time to that amount of insurance which in Landlord’s 's reasonable judgment is then being customarily required by landlords for similar office space in first-class buildings in the City of New York with respect to the Ancillary Space and Comparable Buildings. The deductible or self insured retention for comparable entertainment centers in the City of New York with respect to the Music Hall. If the aggregate limit applying to the Premises is reduced by the payment of a claim or establishment of a reserve equal to or greater than 50% of the annual aggregate, Tenant such policy shall immediately arrange to have the aggregate limit restored by endorsement to the existing policy or the purchase of an additional insurance policy unless, in Landlord’s reasonable judgment, Tenant maintains sufficient excess liability insurance to satisfy the liability requirements of this Lease without the reinstatement of the aggregate limitnot exceed $10,000.00;
(ii) insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard forms of “"all risk” " property insurance policies with extended coverage, insuring Tenant's Property and all Alterations and improvements to the Premises (including the Improvements constructed pursuant to the Workletter) to the extent such Alterations and improvements exceed the cost of the Improvements typically performed in connection with the initial occupancy of general office tenants in Comparable Buildings ("Building Standard Installations"), for the full insurable value thereof or replacement cost thereof, having a deductible amount, if any, as reasonably approved determined by Landlord, insuring (A) with respect to the Ancillary Space, all Ancillary Space Alterations and improvements to the Ancillary Space, for the full insurable value thereof or replacement cost value thereof, (B) all of Tenant’s Property and (C) Landlord’s Studio Apartment Property; all such insurance shall name Tenant as the insured and, except with respect to Tenant’s insurance covering Tenant’s Property and Landlord’s Studio Apartment Property, Landlord and any Lessors and any Mortgagees whose names shall have been furnished by Landlord to Tenant from time to time shall be named as additional insureds and loss payees;
(iii) during the performance of any Alteration, until completion thereof, Builder’s risk 's Risk insurance on an “"all risk” " basis and on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (and their respective contractors and subcontractors), any Mortgagee and any Lessor ) in all work incorporated in the Buildings Building and all materials and equipment in or about the Premises;
(iv) Workers’ ' Compensation Insurance, as required by law;
(v) Liquor Liability (dram shop) Insurance with a minimum limit of liability in an amount of not less than $1,000,000 on an occurrence basis, covering bodily injury and death to one or more persons and $100,000 in connection with property damageBusiness Interruption Insurance; and
(vi) such other insurance in such amounts as Landlord, any Mortgagee and/or any Lessor the Insured Parties may reasonably require from time to time for premises comparable time.
(b) All insurance required to be carried by Tenant (i) shall contain a provision that (x) no act or omission of Tenant shall affect or limit the Premises.obligation of the insurance company to pay the
Appears in 1 contract
Tenant’s Insurance. Effective as of the earlier of (a1) Tenantthe date Tenant enters or occupies the Premises, at its expenseor (2) the Rent Commencement Date, shall obtain and keep in full force and effect during continuing throughout the Term:
, Tenant shall maintain the following insurance policies: (iA) a policy of commercial general liability insurance on an in amounts of $3,000,000 per occurrence basis against claims for personal injuryor, death and/or property damage occurring 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 or about the Premisessuch amounts as Landlord may reasonably require), under which Tenant is named as the insured and insuring Tenant, Landlord, Landlord’s managing agentproperty 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 Lessors, any Mortgagees and any other parties whose names shall have been furnished consent by Landlord to Tenant from time to time are named the installation thereof) the installation, operation, maintenance, repair or removal of Tenant’s Off-Premises Equipment, (B) insurance covering the full value of all alterations and improvements and betterments in the Premises, naming Landlord and Landlord’s Mortgagee as additional insuredsloss payees as their interests may appear, which (C) insurance covering the full value of all furniture, trade fixtures 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), (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), (E) worker’s compensation insurance, and (F) business interruption insurance in an amount reasonably acceptable to Landlord. Tenant’s insurance shall provide primary coverage without contribution from to Landlord when any other insurance carried by policy issued to Landlord provides duplicate or for the benefit of Landlordsimilar coverage, and in such circumstance Landlord’s managing agent policy will be excess over Tenant’s policy. 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 at least ten days prior to the earlier of the Rent Commencement Date or any Lessors the date Tenant enters or Mortgagees named as additional insuredsoccupies the Premises, and at least 15 days prior to each renewal of said insurance, and Tenant agrees shall obtain a written obligation on the part of each insurance company to obtain blanket broad-form contractual liability coverage to insure its indemnity obligations set forth in Article 32 hereofnotify Landlord at least 30 days before cancellation or a material change of any such insurance policies. The minimum limits of liability All such insurance policies shall be a combined single limit with respect in form, and issued by companies reasonably satisfactory to each occurrence in an amount of not less than *****; provided, however, that Landlord may require Tenant to increase such coverage, from time to time, to that amount of insurance which in Landlord’s reasonable judgment is then being customarily required by landlords in first-class buildings in the City of New York with respect to the Ancillary Space and for comparable entertainment centers in the City of New York with respect to the Music Hall. If Tenant fails to comply with the aggregate limit applying foregoing insurance requirements or to deliver to Landlord the Premises is reduced by certificates or evidence of coverage required herein, 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 on demand the payment premium costs thereof, plus an administrative fee of a claim or establishment of a reserve equal to or greater than 5015% of the annual aggregate, Tenant shall immediately arrange to have the aggregate limit restored by endorsement to the existing policy or the purchase of an additional insurance policy unless, in Landlord’s reasonable judgment, Tenant maintains sufficient excess liability insurance to satisfy the liability requirements of this Lease without the reinstatement of the aggregate limit;
(ii) insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard forms of “all risk” property insurance policies with extended coverage, having a deductible amount, if any, as reasonably approved by Landlord, insuring (A) with respect to the Ancillary Space, all Ancillary Space Alterations and improvements to the Ancillary Space, for the full insurable value thereof or replacement cost value thereof, (B) all of Tenant’s Property and (C) Landlord’s Studio Apartment Property; all such insurance shall name Tenant as the insured and, except with respect to Tenant’s insurance covering Tenant’s Property and Landlord’s Studio Apartment Property, Landlord and any Lessors and any Mortgagees whose names shall have been furnished by Landlord to Tenant from time to time shall be named as additional insureds and loss payees;
(iii) during the performance of any Alteration, until completion thereof, Builder’s risk insurance on an “all risk” basis and on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (and their respective contractors and subcontractors), any Mortgagee and any Lessor in all work incorporated in the Buildings and all materials and equipment in or about the Premises;
(iv) Workers’ Compensation Insurance, as required by law;
(v) Liquor Liability (dram shop) Insurance with a minimum limit of liability in an amount of not less than $1,000,000 on an occurrence basis, covering bodily injury and death to one or more persons and $100,000 in connection with property damage; and
(vi) such other insurance in such amounts as Landlord, any Mortgagee and/or any Lessor may reasonably require from time to time for premises comparable to the Premisescost.
Appears in 1 contract
Samples: Lease Agreement (Energytec Inc)
Tenant’s Insurance. (ai) Tenant, at The first sentence of Section 20 of the TF Lease is hereby amended and restated in its expense, entirety as follows: Tenant shall obtain provide and keep in full force or cause to be provided and effect during kept in force, throughout the Term:
(i) a policy Term of commercial general liability this Lease, the insurance on an occurrence basis against claims for personal injury, death and/or property damage occurring in or about the Premises, under which Tenant is named as the insured and Landlord, Landlord’s managing agent, any Lessors, any Mortgagees and any other parties whose names shall have been furnished by Landlord to Tenant from time to time are named as additional insureds, which insurance shall provide primary coverage without contribution from any other insurance carried by or for the benefit of Landlord, Landlord’s managing agent or any Lessors or Mortgagees named as additional insureds, and Tenant agrees to obtain blanket broad-form contractual liability coverage to insure its indemnity obligations set forth in Article 32 hereof. The minimum limits of liability shall be a combined single limit with respect to each occurrence in an amount of not less than *****; provided, however, that Landlord may require Tenant to increase such coverage, from time to time, to that amount of insurance which in Landlord’s reasonable judgment is then being customarily specifically required by landlords in first-class buildings in the City of New York with respect to the Ancillary Space and for comparable entertainment centers in the City of New York with respect to the Music Hall. If the aggregate limit applying to the Premises is reduced by the payment of a claim or establishment of a reserve equal to or greater than 50% Section 6.2 of the annual aggregate, Tenant shall immediately arrange to have the aggregate limit restored by endorsement to the existing policy or the purchase of an additional insurance policy unless, in Landlord’s reasonable judgment, Tenant maintains sufficient excess liability insurance to satisfy the liability requirements of this Lease without the reinstatement of the aggregate limit;Environmental Agreement.
(ii) The penultimate sentence of Section 20 of the TF Lease is hereby amended and restated in its entirety as follows: The insurance against loss or damage requirements set forth in this Paragraph 20 may be reviewed by fireLandlord every fifth Lease Year, beginning with the Lease Year that begins on November 1, 2027, and may be reasonably increased as the result of any such other risks and hazards as are insurable under then available standard forms of “all risk” property insurance policies with extended coveragereview, having a deductible amount, if any, as reasonably approved by Landlord, insuring (A) to the extent such increase would be customary with respect to insurance carried by landlords of the Ancillary Space, all Ancillary Space Alterations and improvements to type of commercial or retail tenants then operating at the Ancillary Space, for Premises in the full insurable value thereof or replacement cost value thereof, (B) all of Tenant’s Property and (C) Landlord’s Studio Apartment Property; all such insurance shall name Tenant as geographic area in which the insured and, except with respect to Tenant’s insurance covering Tenant’s Property and Landlord’s Studio Apartment Property, Landlord and any Lessors and any Mortgagees whose names shall have been furnished by Landlord to Tenant from time to time shall be named as additional insureds and loss payees;Premises are located.
(iii) during Two new sentences are added to the performance end of any Alteration, until completion thereof, Builder’s risk Section 20 of the TF Lease as follows: The insurance on an “all risk” basis and on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value required hereunder may be provided by blanket insurance covering the interest of Landlord and Tenant (and their respective contractors and subcontractors), any Mortgagee Premises and any Lessor in all work incorporated in other location or locations owned or leased by the Buildings and all materials and equipment in insured, but only if (i) available coverage limits for the Premises will not be affected by any loss on other properties covered by such blanket policy, (ii) such blanket policy specifically allocates to the Premises the amount of coverage limits required hereunder or about otherwise provides the same protection as would be provided by a separate policy covering only the Premises;
, (iii) such blanket policy is approved in advance by Landlord, such approval not to be unreasonably withheld, conditioned or delayed, and Landlord’s interest is included therein as provided herein, (iv) Workers’ Compensation Insurancesuch policy is otherwise issued in accordance with the terms of this Agreement, as required by law;
and (v) Liquor Liability any changes or amendments made hereafter to such policy (dram shopincluding any endorsements and riders) Insurance with a minimum limit are subject to the approval of liability in an amount of not less than $1,000,000 on an occurrence basis, covering bodily injury and death to one or more persons and $100,000 in connection with property damage; and
(vi) such other insurance in such amounts as Landlord, such approval not to be unreasonably withheld, conditioned or delayed. At all times, approval of any Mortgagee and/or any Lessor may reasonably require from time blanket policy remains subject to time for premises comparable review and approval by Landlord based on the schedule of locations and values applicable to the Premisessuch policy, such approval not to be unreasonably withheld, conditioned or delayed.
Appears in 1 contract
Samples: Ground Lease Agreement
Tenant’s Insurance. Liability insurance in the Commercial General Liability form (aor reasonable equivalent thereto) covering the Demised Premises and Tenant’s use thereof against claims for personal injury or death, at its expenseproperty damage and product liability occurring upon, shall obtain and keep in full force and effect during or about the Term:
(i) a policy of commercial general liability Demised Premises, such insurance to be written on an occurrence basis against (not a claims for personal injurymade basis), death and/or property damage occurring to be in or about the Premises, under which Tenant is named as the insured and Landlord, Landlord’s managing agent, any Lessors, any Mortgagees and any other parties whose names shall have been furnished by Landlord to Tenant from time to time are named as additional insureds, which insurance shall provide primary coverage without contribution from any other insurance carried by or for the benefit of Landlord, Landlord’s managing agent or any Lessors or Mortgagees named as additional insureds, and Tenant agrees to obtain blanket broad-form contractual liability coverage to insure its indemnity obligations set forth in Article 32 hereof. The minimum limits of liability shall be a combined single limit with respect limits amounts not less than $1,000,000.00 and to each occurrence in an amount have general aggregate limits of not less than *****; $1,000,000.00 for each policy year. The insurance coverage required under this Paragraph 5.01 (b) shall, if available, extend to any liability of Tenant arising out of the indemnities provided for in Article VI and, if necessary, the policy shall contain a contractual endorsement to that effect. The general aggregate limits under the Commercial General Liability insurance policy or policies must apply separately to the Demised Premises and to Tenant’s use thereof (and not to any other location or use of Tenant) and such policy shall contain an endorsement to that effect. Notwithstanding the foregoing, Tenant shall have the right to carry the liability insurance provided above in the form of a blanket insurance policy, covering additional items or locations or insureds, provided, however, that that: (i) Landlord, and any’ other patties in interest designated by Landlord may require Tenant to increase such coverageTenant, from time to time, to that amount of insurance which in Landlord’s reasonable judgment is then being customarily required by landlords in first-class buildings in the City of New York with respect to the Ancillary Space and for comparable entertainment centers in the City of New York with respect to the Music Hall. If the aggregate limit applying to the Premises is reduced by the payment of a claim or establishment of a reserve equal to or greater than 50% of the annual aggregate, Tenant shall immediately arrange to have the aggregate limit restored by endorsement to the existing policy or the purchase of an additional insurance policy unless, in Landlord’s reasonable judgment, Tenant maintains sufficient excess liability insurance to satisfy the liability requirements of this Lease without the reinstatement of the aggregate limit;
(ii) insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard forms of “all risk” property insurance policies with extended coverage, having a deductible amount, if any, as reasonably approved by Landlord, insuring (A) with respect to the Ancillary Space, all Ancillary Space Alterations and improvements to the Ancillary Space, for the full insurable value thereof or replacement cost value thereof, (B) all of Tenant’s Property and (C) Landlord’s Studio Apartment Property; all such insurance shall name Tenant as the insured and, except with respect to Tenant’s insurance covering Tenant’s Property and Landlord’s Studio Apartment Property, Landlord and any Lessors and any Mortgagees whose names shall have been furnished by Landlord to Tenant from time to time shall be named as additional insureds thereunder as its interests may appear; (ii) the coverage afforded Landlord and loss payees;
such other parties designated by Landlord will not be reduced or diminished by reason of use of such blanket policy of insurance; and (iii) during the performance of any Alterationsuch policy shall provide, until completion thereof, Builder’s risk insurance on an “all risk” basis and on at a completed value form including a Permission to Complete and Occupy endorsementminimum, for full replacement value covering the interest of Landlord minimum liability limitations hereinabove provided in this Article V with respect to Tenant’s interests in and Tenant (and their respective contractors and subcontractors), any Mortgagee and any Lessor in all work incorporated in the Buildings and all materials and equipment in or about the Premises;
(iv) Workers’ Compensation Insurance, as required by law;
(v) Liquor Liability (dram shop) Insurance with a minimum limit of liability in an amount of not less than $1,000,000 on an occurrence basis, covering bodily injury and death to one or more persons and $100,000 in connection with property damage; and
(vi) such other insurance in such amounts as Landlord, any Mortgagee and/or any Lessor may reasonably require from time to time for premises comparable to the Demised Premises.
Appears in 1 contract
Tenant’s Insurance. (a) Tenant, at its expense, shall obtain and keep in full force and effect during the TermTerm and prior to having access to the Premises:
(i) a policy of commercial general liability insurance on an occurrence basis against claims for personal injury, death and/or property damage occurring in or about the PremisesPremises or the Building, under which Tenant is named as the insured and Landlord, Landlord’s managing agent, any Lessors, any Mortgagees and any other parties whose names shall have been furnished by Landlord to Tenant from time to time are named as additional insureds, which insurance shall provide primary coverage without contribution from any other insurance carried by or for the benefit of Landlord, Landlord’s managing agent or any Lessors or Mortgagees named as additional insureds, and Tenant agrees to obtain blanket broad-form contractual liability coverage to insure its indemnity obligations set forth in Article 32 hereof. The minimum limits of liability applying exclusively to the Premises shall be a combined single limit with respect to each occurrence and in the aggregate in an amount of not less than *****$10,000,000; provided, however, that Landlord may shall retain the right to require Tenant to increase such 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 first-class buildings in the City of New York with respect to the Ancillary Space and York. The deductible or self insured retention for comparable entertainment centers such policy shall in the City of New York with respect to the Music Hallno event exceed $10,000 per occurrence at any time. If the aggregate limit applying to the Premises is reduced by the payment of a claim or establishment of a reserve equal to or greater than 50% of the annual aggregate, Tenant shall immediately arrange to have the aggregate limit restored by endorsement to the existing policy or the purchase of an additional insurance policy unless, in Landlord’s reasonable judgment, Tenant maintains sufficient excess liability insurance (with a drop down endorsement) to satisfy the liability requirements of this Lease without the reinstatement of the aggregate limit;
(ii) insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard forms of “all risk” property insurance policies with extended coverage, having a deductible amountinsuring Tenant’s Property, if any, as reasonably approved by Landlord, insuring (A) with respect to the Ancillary Space, and all Ancillary Space Specialty Alterations and improvements to the Ancillary Space, for the full insurable value thereof or replacement cost value thereof, (B) all of Tenant’s Property and (C) having a deductible amount, if any, as reasonably determined by Landlord’s Studio Apartment Property; all such insurance shall name Tenant as the insured and, except with respect to Tenant’s insurance covering Tenant’s Property and Landlord’s Studio Apartment Property, Landlord and any Lessors and any Mortgagees whose names shall have been furnished by Landlord to Tenant from time to time shall be named as additional insureds and loss payees;
(iii) during the performance of any Alteration, until completion thereof, Builder’s risk insurance on an “all risk” basis and on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (and their respective contractors and subcontractors), any Mortgagee and any Lessor in all work incorporated in the Buildings Building and all materials and equipment in or about the Premises;
(iv) Workers’ Compensation Insurance, as required by law;
(v) Liquor Liability (dram shop) Insurance with a minimum limit of liability in an amount of not less than $1,000,000 on an occurrence basis, covering bodily injury and death to one or more persons and $100,000 in connection with property damageBusiness Interruption Insurance; and
(vi) such other insurance in such amounts as Landlord, any Mortgagee and/or any Lessor may reasonably require from time to time for premises comparable to the Premisestime.
Appears in 1 contract
Samples: Lease Agreement (Greenhill & Co Inc)
Tenant’s Insurance. On or before the earlier to occur of (ai) Tenantthe Commencement Date, at its expenseor (ii) the date Tenant commences any work of any type in the Premises pursuant to this Lease (which may be prior to the Commencement Date), shall obtain and continuing throughout the entire Term hereof and any other period of occupancy, Tenant agrees to keep in full force and effect during the Term:
(i) effect, at its sole cost and expense, a commercial policy of commercial general liability and fire insurance on an occurrence basis against claims for personal injury, death and/or property damage occurring in or about the Premises, under which Tenant is named as the insured and Landlord, Landlord’s managing agent, any Lessors, any Mortgagees and any other parties whose names shall have been furnished by Landlord to Tenant from time to time are named as additional insureds, which insurance shall provide primary coverage without contribution from any other insurance carried by or for the benefit of Landlord, Landlord’s managing agent or any Lessors or Mortgagees named as additional insureds, and Tenant agrees to obtain blanket broad-form contractual liability coverage to insure its indemnity obligations set forth in Article 32 hereof. The minimum limits of liability shall be a combined single limit with respect to each occurrence in an amount of not less than *****; provided, however, that Landlord may require Tenant to increase such coverage, from time to time, to that amount of insurance which in Landlord’s reasonable judgment is then being customarily required by landlords in first-class buildings in the City of New York with respect to the Ancillary Space and for comparable entertainment centers in the City of New York with respect to the Music Hall. If the aggregate limit applying to the Premises is reduced by the payment of a claim or establishment of a reserve equal to or greater than 50% of the annual aggregate, Tenant shall immediately arrange to have the aggregate limit restored by endorsement to the existing policy or the purchase of an additional insurance policy unless, in Landlord’s reasonable judgment, Tenant maintains sufficient excess liability insurance to satisfy the liability requirements of this Lease without the reinstatement of the aggregate limit;
(ii) insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard forms of “all risk” property insurance policies with extended coverage, having a deductible amount, if any, as reasonably approved by Landlord, insuring (A) with respect to the Ancillary Space, all Ancillary Space Alterations and improvements to the Ancillary Space, for the full insurable value thereof or replacement cost value thereof, (B) all of Tenant’s Property and (C) Landlord’s Studio Apartment Property; all such insurance shall name Tenant as the insured and, except with respect to Tenant’s insurance covering Tenant’s Property and Landlord’s Studio Apartment Property, Landlord and any Lessors and any Mortgagees whose names shall have been furnished by Landlord to Tenant from time to time shall be named as additional insureds and loss payees;
(iii) during the performance of any Alteration, until completion thereof, Builder’s risk insurance on an “all risk” basis and on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (and their respective contractors if requested by Landlord, the Landlord’s lender and subcontractors)property manager) against any liability for bodily injury, any Mortgagee property damage (including loss of use of property) and any Lessor in all work incorporated personal injury arising out of the ownership, use, occupancy, or maintenance of the Premises. Such insurance shall be in the Buildings and all materials and equipment in or about the Premises;
(iv) Workers’ Compensation Insurance, as required by law;
(v) Liquor Liability (dram shop) Insurance with a minimum limit of liability in an amount of not less than $1,000,000 on an occurrence basisper occurrence. The limit of any such insurance shall not, covering bodily injury however, limit the liability of Tenant hereunder. Tenant may provide this insurance under a blanket policy, provided that said insurance shall have a Landlord’s protective liability endorsement attached thereto, listing Landlord and death Landlord’s agent(s) as additional insured. Landlord reserves the right to one require any other form or more persons and $100,000 in connection with property damage; and
(vi) such other forms of insurance in such amounts as Landlord, Tenant or Landlord or any Mortgagee and/or any Lessor mortgagees of Landlord may reasonably require from time to time in form, in amounts, and for premises comparable insurance risks against which, a prudent tenant would protect itself, but only to the Premisesextent coverage for such risks and amounts are available in the insurance market at commercially acceptable rates. Landlord makes no representation that the limits of liability required to be carried by Tenant under the terms of this Lease are adequate to protect Tenant’s interests and Tenant should obtain such additional insurance or increased liability limits as Tenant deems appropriate.
Appears in 1 contract
Samples: Multi Tenant Net Commercial Lease (Encore Capital Group Inc)
Tenant’s Insurance. (a) Tenant, at its Tenant’s expense, shall obtain and keep in full force and effect during the Term:
(i) a policy of commercial general liability insurance on an occurrence basis (utilizing then current ISO forms or equivalent) against claims for contractual liability, personal injury, bodily injury, death and/or property damage occurring in or about the PremisesBuilding, under which Tenant is named as the insured and Landlord, Landlord’s managing agent, Agent and any Lessors, Lessors and any Mortgagees and any other parties whose names shall have been furnished by Landlord to Tenant from time to time are named as additional insureds, which insureds (the “Insured Parties”). Such insurance shall provide primary coverage without contribution from any other insurance carried by or for the benefit of Landlord, Landlord’s managing agent or any Lessors or Mortgagees named as additional insureds, and Tenant agrees to obtain blanket broad-form contractual liability coverage to insure its indemnity obligations set forth in Article 32 hereofthe Insured Parties. The minimum limits of liability provided in any combination by a commercial general liability policy and excess liability or umbrella policy applying exclusively to the Premises shall be a combined single limit with respect to each occurrence and in the aggregate in an amount of not less than *****$5,000,000; provided, however, that Landlord may shall retain the right to require Tenant to increase such coverage, coverage from time to time, time to that amount of insurance which in Landlord’s reasonable judgment is then being customarily required by landlords for similar office space in first-class buildings in the City of New York with respect to the Ancillary Space and Comparable Buildings. The deductible or self insured retention for comparable entertainment centers in the City of New York with respect to the Music Hall. If the aggregate limit applying to the Premises is reduced by the payment of a claim or establishment of a reserve equal to or greater than 50% of the annual aggregate, Tenant such policy shall immediately arrange to have the aggregate limit restored by endorsement to the existing policy or the purchase of an additional insurance policy unless, in Landlord’s reasonable judgment, Tenant maintains sufficient excess liability insurance to satisfy the liability requirements of this Lease without the reinstatement of the aggregate limitnot exceed $10,000;
(ii) insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard forms of “all riskSpecial Form Causes of Loss” or “All Risk” property insurance policies with extended coverage, having a deductible amount, if any, as reasonably approved by Landlordpolicies, insuring (A) with respect to the Ancillary Space, Tenant’s Property and all Ancillary Space Alterations and improvements to the Ancillary SpacePremises (including the initial Tenant Improvements) to the extent such Alterations and improvements exceed the cost of the 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 value thereof, (B) all having a deductible amount, if any, not in excess of Tenant’s Property and (C) Landlord’s Studio Apartment Property; all such insurance shall name Tenant as the insured and, except with respect to Tenant’s insurance covering Tenant’s Property and Landlord’s Studio Apartment Property, Landlord and any Lessors and any Mortgagees whose names shall have been furnished by Landlord to Tenant from time to time shall be named as additional insureds and loss payees$25,000;
(iii) prior to and during the performance of any AlterationAlterations (other than Minor Alterations), until completion thereof, Builder’s risk Risk insurance on an “all risk” basis and on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (and their respective contractors and subcontractors), any Mortgagee and any Lessor ) in all work incorporated in the Buildings Building and all materials and equipment in or about the Premises, Workers’ Compensation and Employer’s Liability Insurance (covering all persons to be employed by Tenant, and Tenant’s contractors and subcontractors in connection with such Alterations) and commercial general liability (including property damage coverage) insurance, all in such form, for such periods, in such amounts and with such companies as Landlord may reasonably require, naming Landlord, Landlord’s Agent and any Mortgagee (of which Tenant has been given notice) as additional insureds to all policies except the Workers’ Compensation and Employer’s Liability Insurance policy;
(iv) Workers’ Compensation Insurance, as required by law;
(v) Liquor law and Employers Liability (dram shop) Insurance with a minimum limit of liability in an the amount of not less than $1,000,000 on an occurrence basis, covering bodily injury and death to one or more persons and $100,000 in connection with property damage500,000;
(v) Business Interruption/Rental Insurance; and
(vi) such other insurance in such amounts as Landlord, any Mortgagee and/or any Lessor the Insured Parties may reasonably require from time to time, and which are customarily required by landlords for similar office space in Comparable Buildings.
(b) All insurance required to be carried by Tenant (i) shall contain a provision that (x) no act or omission of Tenant shall affect or limit the obligation of the insurance company to pay the amount of any loss sustained, and (y) shall be noncancellable and/or no material change in coverage shall be made thereto unless the Insured Parties receive thirty (30) days’ prior notice of the same, by certified mail, return receipt requested, and (ii) shall be effected under valid and enforceable policies issued by reputable insurers permitted to do business in the State and rated in Best’s Key Rating Guide, or any successor thereto as having a “Best’s Rating” of “A-” or better and a “Financial Size Category” of at least “X” or better or, if such ratings are not then in effect, the equivalent thereof or such other financial rating as Landlord may at any time for premises comparable reasonably consider appropriate.
(c) On or prior to the PremisesCommencement Date, Tenant shall deliver to Landlord appropriate policies of insurance, including evidence of waivers of subrogation required to be carried pursuant to this Article and that the Insured Parties are named as additional insureds (the “Policies”). Evidence of each renewal or replacement of the Policies shall be delivered by Tenant to Landlord at least ten (10) days prior to the expiration of the Policies. In lieu of the Policies, Tenant may deliver to Landlord a certification from Tenant’s insurance company (on the form currently designated “Xxxxx 27” (Evidence of Property Insurance) and “Xxxxx 25-S” (Certificate of Liability Insurance), or the equivalent, provided that attached thereto is an endorsement to Tenant’s commercial general liability policy naming the Insured Parties as additional insureds) which shall be binding on Tenant’s insurance company, and which shall expressly provide that such certification (i) conveys to the Insured Parties all the rights and privileges afforded under the Policies as primary insurance, and (ii) contains an unconditional obligation of the insurance company to advise all Insured Parties in writing by certified mail, return receipt requested, at least thirty (30) days in advance of any termination or change to the Policies that would affect the interest of any of the Insured Parties.
Appears in 1 contract
Samples: Lease Agreement (Convio, Inc.)
Tenant’s Insurance. Tenant shall carry at its expense and maintain in force during the Term and during such periods, if any, as Tenant shall have possession or conduct activities in, on or about the Premises prior to or after the Term hereof, the following insurance:
(a) Tenant, at its expense, shall obtain Commercial Liability Insurance with a Broad Form Liability Endorsement (including protective liability coverage on operations of independent contractors engaged in construction and keep in full force and effect during the Term:
(ialso blanket contractual 28 liability insurance) a policy of commercial general liability insurance on an occurrence "occurrence" basis against claims for "personal injury" liability, including without limitation bodily injury, death and/or or property damage occurring in or about the Premises, under which Tenant is named as the insured and Landlord, Landlord’s managing agent, any Lessors, any Mortgagees and any other parties whose names shall have been furnished by Landlord to Tenant from time to time are named as additional insureds, which insurance shall provide primary coverage without contribution from any other insurance carried by or for the benefit of Landlord, Landlord’s managing agent or any Lessors or Mortgagees named as additional insureds, and Tenant agrees to obtain blanket broad-form contractual liability coverage to insure its indemnity obligations set forth in Article 32 hereof. The minimum limits of liability shall be with a combined single limit with respect to each occurrence in an amount of not less than *****; provided, however, that Landlord may require Tenant to increase such coverage, from time to time, to that amount of insurance which in Landlord’s reasonable judgment is then being customarily required by landlords in first-class buildings Two Million Dollars ($2,000,000) in the City event of New York with respect "personal injury " to any number of persons or of damages to property arising out of any one " occurrence "; such insurance shall cover Tenant's indemnity obligations hereunder (excluding the Ancillary Space and indemnity obligations relating to Hazardous Materials, so long as such indemnity obligations are not generally insured for comparable entertainment centers by tenants in the City of New York with respect to the Music Hall. If the aggregate limit applying to the Premises is reduced by the payment of a claim or establishment of a reserve equal to or greater than 50% vicinity of the annual aggregateProject) and may be furnished under a "primary" policy and an "umbrella" policy, Tenant shall immediately arrange to have the aggregate limit restored by endorsement to the existing policy provided that it is primary insurance and not excess over or the purchase of an additional contributory with any insurance policy unless, in force for Landlord’s reasonable judgment, Tenant maintains sufficient excess liability insurance to satisfy the liability requirements of this Lease without the reinstatement of the aggregate limit;
(iib) insurance against loss or damage by fire, fire and such other risks and hazards as are insurable under then available present and future standard forms of “all risk” property fire and extended coverage insurance policies with extended coveragepolicies, having a deductible amount, if any, as reasonably approved by Landlord, insuring (A) with respect to the Ancillary Spacepersonal property, all Ancillary Space Alterations furniture, furnishings and improvements fixtures belonging to Tenant located in the Ancillary Space, Premises for not less than 100% of the full insurable value thereof or actual replacement cost value thereof, (B) all of Tenant’s Property and (C) Landlord’s Studio Apartment Property; all such insurance shall name Tenant as the insured and, except with respect to Tenant’s insurance covering Tenant’s Property and Landlord’s Studio Apartment Property, Landlord and any Lessors and any Mortgagees whose names shall have been furnished by Landlord to Tenant from time to time shall be named as additional insureds and loss payees;
(iiic) during the performance of any Alteration, until completion thereof, Builder’s risk insurance on an “all risk” basis Worker's Compensation and on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant Employee's Liability Insurance (and their respective contractors and subcontractors), any Mortgagee and any Lessor in all work incorporated in the Buildings and all materials and equipment in or about the Premises;
(iv) Workers’ Compensation Insurance, as required by state law;
(v) Liquor Liability (dram shop) Insurance with a minimum limit of liability in an amount of not less than $1,000,000 on an occurrence basis, covering bodily injury and death to one or more persons and $100,000 in connection with property damage); and
(vid) such other insurance as is generally required by owners or lenders on buildings similar in such amounts size, character, age and location as Landlordthe Building, any Mortgagee and/or any Lessor as may reasonably require change from time to time for premises comparable to the Premisestime.
Appears in 1 contract
Tenant’s Insurance. (a) Tenant, at its expense, 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, death and/or property damage occurring in or about the PremisesPremises or the Center, in the broadest and most comprehensive form then generally available from time to time, under which Tenant is named as the insured and Landlord, Landlord’s 's managing agent, any Lessors, any Mortgagees and any other parties whose names shall have been furnished by Landlord to Tenant from time to time are named as additional insureds, which insurance shall provide primary coverage without contribution from any other insurance carried by or for the benefit of Landlord, Landlord’s 's managing agent or any Lessors or Mortgagees named as additional insureds, and Tenant agrees to obtain blanket broad-form contractual liability coverage to insure its indemnity obligations set forth in Article 32 hereof. The minimum limits of liability shall be a combined single limit with respect to each occurrence in an amount of not less than *****$5,000,000.00 and in an amount of not less than $10,000,000.00 in the aggregate; provided, however, that Landlord may require Tenant to increase such coverage, from time to time, to that amount of insurance which in Landlord’s 's reasonable judgment is then being customarily required by landlords for similar health-club facilities in first-class buildings in the City of New York with respect to the Ancillary Space and for comparable entertainment centers in the City of New York with respect to the Music HallYork. If the aggregate limit applying to the Premises is reduced by the payment of a claim or establishment of a reserve equal to or greater than 50% of the annual aggregate, Tenant shall immediately arrange to have the aggregate limit restored by endorsement to the existing policy or the purchase of an additional insurance policy unless, in Landlord’s 's reasonable judgment, Tenant maintains sufficient excess liability insurance to satisfy the liability requirements of this Lease without the reinstatement of the aggregate limit;
(ii) insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard forms of “"all risk” " property insurance policies with extended coverage, having a deductible amountinsuring Tenant's Property, if any, as reasonably approved by Landlord, insuring (A) with respect to the Ancillary Space, and all Ancillary Space Alterations and improvements to the Ancillary Space, Premises (including the Initial Installations) for the full insurable value thereof or replacement cost value thereof, (B) all of Tenant’s Property and (C) having a deductible amount, if any, as reasonably determined by Landlord’s Studio Apartment Property; all such insurance shall name Tenant as the insured and, except with respect to Tenant’s insurance covering Tenant’s Property and Landlord’s Studio Apartment Property, Landlord and any Lessors and any Mortgagees whose names shall have been furnished by Landlord to Tenant from time to time shall be named as additional insureds and loss payees;
(iii) during the performance of any AlterationAlteration (including the Initial Installations), until completion thereof, Builder’s builder's risk insurance on an “"all risk” " basis and on a completed value form including a Permission "permission to Complete complete and Occupy occupy endorsement", for full replacement value covering the interest of Landlord and Tenant (and their respective contractors and subcontractors), any Mortgagee and any Lessor Lessor, in all work incorporated in the Buildings Building and all materials and equipment in or about the Premises;
(iv) Workers’ Compensation Insuranceworkers' compensation insurance, in amounts and with coverages as required by law;
(v) Liquor Liability (dram shop) Insurance with a minimum limit of liability business interruption insurance in an amount of not less than $1,000,000 on an occurrence basis, covering bodily injury and death to one or more persons and $100,000 in connection with property damage12 months of the Rent payable under this Lease; and
(vi) such other insurance in such amounts as Landlord, any Mortgagee and/or any Lessor may reasonably require from time to time for premises comparable time.
(b) All insurance required to be carried by Tenant pursuant to the Premisesterms of this Lease (i) shall contain a provision that (A) no act or omission of Tenant shall affect or limit the obligation of the insurance company to pay the amount of any loss sustained, (B) the policy shall be noncancellable and/or no material change in coverage shall be made thereto unless Landlord, Lessors and Mortgagees shall have received 30 days' prior notice of the same by certified mail, return receipt requested, and (C) Tenant shall be solely responsible for the payment of all premiums under such policies and Landlord, Lessors and Mortgagees shall have no obligation for the payment thereof, and (ii) shall be effected under valid and enforceable policies issued by reputable and independent insurers permitted to do business in the State of New York, and rated in Best's Insurance Guide, or any successor thereto (or if there be none, an organization having a national reputation) as having a Best's Rating of "A-" and a "Financial Size Category" of at least "IX" or if such ratings are not then in effect, the equivalent thereof or such other financial rating as Landlord may at any time consider appropriate.
(c) On or prior to the Commencement Date, Tenant shall deliver to Landlord appropriate policies of insurance, including evidence of waivers of subrogation, required to be carried by Tenant pursuant to this Article. Evidence of each renewal or replacement of a policy shall be delivered by Tenant to Landlord at least 10 days prior to the expiration of such policy. In lieu of the policies of insurance required to be delivered to Landlord pursuant to this Article 13 (collectively, the "Policies"), Tenant may deliver to Landlord a certification or certifications from Tenant's insurance company or companies (on the form currently designated "Accord 27", or the equivalent, rather than on the form currently designated "Accord 25-S", or the equivalent) which shall be binding on Tenant's insurance company, and which shall expressly provide that such certification (i) conveys to Landlord and any other named insured and/or additional insureds thereunder (the "Insured Parties") all the rights and privileges afforded under the applicable Policies as primary insurance, and (ii) contains an unconditional obligation of the insurance company to advise all Insured Parties in writing by certified mail, return receipt requested, at least 30 days in advance of any termination of or change to the applicable Policies that would affect the interest of any of the Insured Parties.
Appears in 1 contract
Samples: Lease (Sports Club Co Inc)
Tenant’s Insurance. (a) Tenant, at its expense, shall obtain and keep in full force and effect during To maintain the Term:
following insurance throughout the Term (i) a policy of commercial general liability “all-risk” property insurance on an occurrence basis against claims for the personal injury, death and/or property damage occurring in or about the Premises, under which of Tenant is named as the insured and Landlord, Landlord’s managing agent, any Lessors, any Mortgagees and any other parties whose names shall have been furnished improvements owned by Landlord Tenant and to be removed by Tenant from time to time are named as additional insureds, which insurance shall provide primary coverage without contribution from any other insurance carried by or for at the benefit of Landlord, Landlord’s managing agent or any Lessors or Mortgagees named as additional insureds, and Tenant agrees to obtain blanket broad-form contractual liability coverage to insure its indemnity obligations set forth in Article 32 hereof. The minimum limits of liability shall be a combined single limit with respect to each occurrence in an amount of not less than *****; provided, however, that Landlord may require Tenant to increase such coverage, from time to time, to that amount of insurance which in Landlord’s reasonable judgment is then being customarily required by landlords in first-class buildings in the City of New York with respect to the Ancillary Space and for comparable entertainment centers in the City of New York with respect to the Music Hall. If the aggregate limit applying to the Premises is reduced by the payment of a claim or establishment of a reserve equal to or greater than 50% end of the annual aggregate, Tenant shall immediately arrange to have Term in accordance with the aggregate limit restored by endorsement to the existing policy or the purchase of an additional insurance policy unless, in Landlord’s reasonable judgment, Tenant maintains sufficient excess liability insurance to satisfy the liability requirements provisions of this Lease without the reinstatement of the aggregate limit;
(ii) insurance against covering loss or damage by fire, fire and such other risks and hazards perils as are insurable under then available standard forms of “all risk” property insurance policies with extended coverage, having a deductible amount, if any, as reasonably approved is customarily covered by Landlord, insuring (A) with respect to the Ancillary Space, all Ancillary Space Alterations and improvements to the Ancillary Space, for the full insurable value thereof or replacement cost value thereof, (B) all of Tenant’s Property and (C) Landlord’s Studio Apartment Property; all such insurance shall name Tenant as the insured and, except with respect to Tenant’s insurance covering Tenant’s Property and Landlord’s Studio Apartment Property, Landlord and any Lessors and any Mortgagees whose names shall have been furnished by Landlord to Tenant from time to time shall be named as additional insureds and loss payees;
(iii) during the performance of any Alteration, until completion thereof, Builder’s risk insurance on an “all risk” basis and on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (and their respective contractors and subcontractors), any Mortgagee and any Lessor in all work incorporated similarly situated properties in the Buildings and all materials and equipment in or about the Premises;
(iv) Workers’ Compensation Insurance, as required by law;
(v) Liquor Liability (dram shop) Insurance with a minimum limit of liability area in an amount not less than 100% full replacement cost, without deduction for depreciation, which insurance in any event shall include coverage for flood, earthquake and sprinkler leakage; and (ii) commercial general liability (including protective liability coverage on operations of independent contractors engaged by Tenant in 26 construction for such periods during which construction is occurring and blanket contractual liability insurance) written on a per-occurrence basis with an aggregate limit of not less than $1,000,000 on an 2,000,000, and a per-occurrence basislimit of not less than $1,000,000, covering bodily injury and death endorsed to one or more persons provide that such insurance is primary (and $100,000 in connection with property damage; and
(vinot contributory) such other to any similar insurance in such amounts as carried by Landlord, any Mortgagee and/or any Lessor may and containing a severability of interest clause; and (iii) commercially reasonable business interruption, workers’ compensation and employer’s liability insurance. All such insurance shall: (i) be effected under valid and enforceable policies issued by financially responsible insurers authorized to do business in the Commonwealth of Massachusetts; and (ii) name Landlord, Landlord’s Agent, Landlord’s lender, the Condominium Association, the other Condominium Unit Owners, and such others as Landlord shall reasonably require from time to time for premises comparable required as additional insureds; and (iii) be at Tenant’s sole cost and expense. The all-risk insurance of Tenant required herein shall contain a waiver of subrogation endorsement in favor of Landlord, and the commercial general liability policy of Tenant shall contain a waiver of subrogation endorsement in favor of Landlord to the Premisesextent available without additional cost. Simultaneously with the execution hereof, Tenant shall provide Landlord with the certificates of insurance evidencing the insurance coverages required herein and stating that such insurance will not be terminated or changed without prior notice to Landlord.
Appears in 1 contract
Samples: Lease Agreement (AMICAS, Inc.)
Tenant’s Insurance. Effective as of the earlier of (a1) Tenantthe date Tenant enters or occupies the Premises, at its expenseor (2) the Commencement Date, shall obtain and keep in full force and effect during continuing throughout the Term:
, Tenant shall maintain the following insurance policies: (iA) a policy of commercial general liability insurance on an in amounts of $3,000,000 per occurrence basis against claims for personal injuryor, death and/or property damage occurring in or about following the Premisesexpiration of the initial Term, under which Tenant is named such other amounts as the insured and Landlord, Landlord’s managing agent, any Lessors, any Mortgagees and any other parties whose names shall have been furnished by Landlord to Tenant may from time to time are named 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, (B) insurance covering the full value of all alterations and improvements and betterments in the Premises, naming Landlord and Landlord's Mortgagee as additional insuredsloss payees as their interests may appear, which (C) insurance covering the full value of all furniture, trade fixtures and personal property (including property of Tenant or others) in the Premises or otherwise placed in the Premises by or on behalf of a Tenant Party (including Tenant's Off-Premises Equipment), (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), (E) worker's compensation insurance, and (F) business interruption insurance in an amount reasonably acceptable to Landlord. The commercial general liability insurance to be maintained by Tenant 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 $25,000 per occurrence; and, all other insurance to be maintained by Tenant shall have no deductible. Tenant's insurance shall provide primary coverage without contribution from to Landlord when any policy issued to Landlord provides duplicate or similar coverage, and in such circumstance Landlord's policy will be excess over Tenant's policy. Tenant shall furnish to Landlord certificates of such insurance and such other evidence satisfactory to Landlord of the maintenance of all insurance carried by coverages required hereunder at least ten days prior to the earlier of the Commencement Date or for the benefit date Tenant enters or occupies the Premises, and at least 15 days prior to each renewal of Landlord, Landlord’s managing agent or any Lessors or Mortgagees named as additional insuredssaid insurance, and Tenant agrees shall obtain a written obligation on the part of each insurance company to obtain blanket broad-form contractual liability coverage to insure its indemnity obligations set forth in Article 32 hereofnotify Landlord at least 30 days before cancellation or a material change of any such insurance policies. The minimum limits of liability All such insurance policies shall be in form, and issued by companies with a combined single limit with respect Best's rating of A-:VII or better, reasonably satisfactory to each occurrence in an amount of not less than *****; provided, however, that Landlord may require Tenant to increase such coverage, from time to time, to that amount of insurance which in Landlord’s reasonable judgment is then being customarily required by landlords in first-class buildings in the City of New York with respect to the Ancillary Space and for comparable entertainment centers in the City of New York with respect to the Music Hall. If Tenant fails to comply with the aggregate limit applying foregoing insurance requirements or to deliver to Landlord the Premises is reduced by certificates or evidence of coverage required herein, 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 on demand the payment premium costs thereof, plus an administrative fee of a claim or establishment of a reserve equal to or greater than 5015% of the annual aggregate, Tenant shall immediately arrange to have the aggregate limit restored by endorsement to the existing policy or the purchase of an additional insurance policy unless, in Landlord’s reasonable judgment, Tenant maintains sufficient excess liability insurance to satisfy the liability requirements of this Lease without the reinstatement of the aggregate limit;
(ii) insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard forms of “all risk” property insurance policies with extended coverage, having a deductible amount, if any, as reasonably approved by Landlord, insuring (A) with respect to the Ancillary Space, all Ancillary Space Alterations and improvements to the Ancillary Space, for the full insurable value thereof or replacement cost value thereof, (B) all of Tenant’s Property and (C) Landlord’s Studio Apartment Property; all such insurance shall name Tenant as the insured and, except with respect to Tenant’s insurance covering Tenant’s Property and Landlord’s Studio Apartment Property, Landlord and any Lessors and any Mortgagees whose names shall have been furnished by Landlord to Tenant from time to time shall be named as additional insureds and loss payees;
(iii) during the performance of any Alteration, until completion thereof, Builder’s risk insurance on an “all risk” basis and on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (and their respective contractors and subcontractors), any Mortgagee and any Lessor in all work incorporated in the Buildings and all materials and equipment in or about the Premises;
(iv) Workers’ Compensation Insurance, as required by law;
(v) Liquor Liability (dram shop) Insurance with a minimum limit of liability in an amount of not less than $1,000,000 on an occurrence basis, covering bodily injury and death to one or more persons and $100,000 in connection with property damage; and
(vi) such other insurance in such amounts as Landlord, any Mortgagee and/or any Lessor may reasonably require from time to time for premises comparable to the Premisescost.
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Samples: Lease Agreement (Luvu Brands, Inc.)