Tenant’s Insurance. Tenant shall carry (at its sole expense during the Term) (I) fire and extended coverage insurance insuring Tenant's Improvements to the Premises and any and all furniture, equipment, supplies, contents and other property owned, leased, held or possessed by Tenant and contained therein, such insurance coverage to be in an amount equal to the full replacement value of such improvements and property, as such may increase from time to time; (ii) worker's compensation insurance as required by the laws of the State of Georgia; and (iii) commercial general liability coverage on an occurrence basis for injury to or death of a person or persons and for damage to property occasioned by or arising out of the condition, use, or occupancy of the Premises, or other portions of the Building or Property, including contractual liability and such other coverages and endorsements as are reasonably required by Landlord, such policy to have a combined single limit of not less than Three Million and no/100 Dollars ($3,000,000) for any bodily injury or property damage occurring as a result of or in connection with the above. Landlord and Landlord's property manager shall be named additional insureds on the policies required hereunder and such policies shall provide that the coverage thereunder is primary to, and not contributing with, any policy carried by any such additional insured. Tenant shall have included in all policies of insurance respectively obtained by it with respect to the Building or Premises a waiver by the Insurer of all right of subrogation against the Landlord in connection with any loss or damage thereby insured against, and Landlord shall have included in all property insurance policies required to be maintained by Landlord under this lease a waiver by the insurer of all right of subrogation against the Tenant in connection with any loss or damage thereby insured against. To the full extent permitted by law, Landlord as to its property insurance policies and Tenant as to all its policies, each waives all right of recovery against the other for, and agrees to release the other from liability for, loss or damage to the extent such loss or damage results from a cause covered by valid and collectible insurance in effect at the time of such loss or damage; provided however, that the foregoing release by each party is conditioned upon the other party's carrying insurance with the above described waiver of subrogation to the extent required above, and if such coverage is not obtained or maintained by either party, then the other party's foregoing release shall be deemed to be rescinded until such waiver is either obtained or reinstated. All said insurance policies shall be carried with companies licensed to do business in the State of Georgia reasonably satisfactory to Landlord having. a Best's Rating of A XII or better and shall be noncancellable and nonamendable except after thirty (30) days written notice to Landlord. At Landlord's request, duly executed certificates of such insurance shall be delivered to Landlord prior to the Commencement Date and at least thirty (30) days prior to the expiration of each respective policy term. Landlord shall have the right to periodically review the coverages required hereunder and in the event Landlord deems It reasonably necessary to require additional coverage resulting from inflation or from increases in jury verdicts or other economic conditions in the jurisdiction where the Property is located, Tenant shall obtain the coverage requested by Landlord. Notwithstanding any other provisions in this Lease to the contrary, Tenant shall have the right to self-assume or obtain insurance from an insurance company that is a wholly owned subsidiary of one (1) of the two (2) general partners of the Tenant which insurance company must have a Best's Rating of A XII or better, for all or a portion of the risk which Tenant is required to provide insurance coverage under this Lease. In the event Tenant self-assumes the risk, it will be responsible for all losses and liabilities to the same extent as if valid and collectible insurance were in effect. The foregoing provision concerning the right to self-assume shall only apply to the Tenant as of the date of this Lease, and to no successors and/or assigns unless consented to by Landlord in its sole discretion.
Appears in 2 contracts
Samples: Sub Sublease (Maxxis Group Inc), Sublease (Maxxis Group Inc)
Tenant’s Insurance. Tenant shall carry obtain and keep in full force and effect (at its sole expense during the TermA) an "all risk" insurance policy (Iincluding terrorism coverage) fire and extended coverage insurance insuring with a replacement cost endorsement for all Existing Leasehold Improvements, Tenant's Improvements to Distribution Systems, Alterations (including the Initial Work) and Tenant's Property at the Premises or in the Building and any business interruption coverage (including terrorism coverage) covering a period of not less than twenty four (24) months, (B) a policy of commercial general liability and all furnitureproperty damage insurance on an occurrence basis, equipmentwith a contractual liability endorsement, supplies, contents and other property owned, leased, held or possessed by Tenant and contained therein, such insurance coverage to be in an amount equal to the full replacement value of such improvements and property, as such may increase from time to time; (iiC) worker's compensation insurance policy as may be required by the laws of the State of Georgia; applicable Requirements, (D) employer's liability insurance, and (iiiE) commercial general automobile liability coverage on an occurrence basis for injury insurance including automobile non-ownership liability insurance, as are customarily obtained by operators of comparable businesses. In addition, in the event that Tenant is permitted by Landlord to maintain personal or death of a person or persons other property (i.e., emergency generator, communications dish, and for damage to property occasioned by or arising out of the condition, use, or occupancy of like) in locations other than the Premises, or other portions of the Building or Property, including contractual liability and such other coverages and endorsements as are reasonably required by Landlord, such policy to have a combined single limit of not less than Three Million and no/100 Dollars ($3,000,000) for any bodily injury or property damage occurring as a result of or in connection with the above. Landlord and Landlord's property manager shall be named additional insureds on the policies required hereunder and such policies shall provide that the coverage thereunder is primary to, and not contributing with, any policy carried by any such additional insured. Tenant shall have included in all policies of insurance respectively obtained by it with respect to the Building or Premises a waiver by the Insurer of all right of subrogation against the Landlord in connection with any loss or damage thereby insured against, and Landlord shall have included in all property insurance policies required to be maintained carried by Landlord under this lease a waiver Tenant pursuant to clauses (A) and (B) above shall cover such property and its use by Tenant or Tenant's agents, employees or contractors. Such policies shall provide that Tenant is named as the insurer of all right of subrogation against the Tenant in connection with any loss or damage thereby insured againstinsured. To the full extent permitted by lawLandlord, Landlord as to its property insurance policies and Tenant as to all its policies, each waives all right of recovery against the other forLandlord's managing agent, and agrees any Lessors under Superior Leases and any Mortgagees (whose names shall have been furnished to release Tenant) and such other Persons as Landlord may identify in writing to Tenant, from time to time, during the other from liability forTerm, loss or damage shall be added as additional insureds, as their respective interests may appear with respect to the insurance required to be carried pursuant to clauses (A) and (B) above, and only to the extent such loss or damage results from a cause covered by valid and collectible insurance in effect at of the time of such loss or damage; provided however, that the foregoing release by each party is conditioned upon the other partynamed insured's carrying insurance negligence with the above described waiver of subrogation respect to the extent insurance required above, and if such coverage is not obtained or maintained by either party, then the other party's foregoing release shall be deemed to be rescinded until such waiver is either obtained or reinstated. All said insurance policies shall be carried with companies licensed pursuant to do business in the State of Georgia reasonably satisfactory to Landlord having. a Best's Rating of A XII or better and shall be noncancellable and nonamendable except after thirty clause (30B) days written notice to Landlord. At Landlord's request, duly executed certificates of such insurance shall be delivered to Landlord prior to the Commencement Date and at least thirty (30) days prior to the expiration of each respective policy termabove. Landlord shall have the right to periodically review the coverages required hereunder and in the event Landlord deems It reasonably necessary to require additional coverage resulting from inflation or from increases in jury verdicts or other economic conditions in the jurisdiction where the Property is locatedor, Tenant shall obtain the coverage if requested by Landlord. Notwithstanding , any other provisions in this Lease Mortgagee, shall be named as loss payee with respect to the contrary, Tenant shall have the right to self-assume or obtain insurance from an insurance company that is a wholly owned subsidiary of one (1) of the two (2) general partners of the Tenant which insurance company must have a Best's Rating of A XII or better, for all or a portion of the risk which Tenant is required to provide insurance coverage under this Leasebe carried pursuant to clause (A) above. In the event Tenant self-assumes the risk, it will be responsible for all losses and liabilities Such policy with respect to the same extent as if valid and collectible insurance were in effect. The foregoing provision concerning the right to self-assume shall only apply to the Tenant as of the date of this Lease, and to no successors and/or assigns unless consented to by Landlord in its sole discretion.clause
Appears in 2 contracts
Samples: Office Lease (Tufin Software Technologies Ltd.), Office Lease (Tufin Software Technologies Ltd.)
Tenant’s Insurance. Throughout the Lease Term, Tenant shall carry 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 (x) and (y), or Section 10.4(II) below (as applicable). Such policies shall be for a term of at its sole expense during least one (1) year, or the Term) (I) fire and extended coverage insurance insuring Tenant's Improvements to the Premises and any and all furniture, equipment, supplies, contents and other property owned, leased, held or possessed by Tenant and contained therein, such insurance coverage to be in an amount equal to the full replacement value of such improvements and property, as such may increase from time to time; (ii) worker's compensation insurance as required by the laws length of the State remaining term of Georgia; 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 (iiiincluding loss of use thereof) commercial general liability coverage on an occurrence basis for injury to or death of a person or persons and for damage to property occasioned by based upon or arising out of the conditionTenant’s operations, use, occupancy or occupancy maintenance of the Premises, or other portions of the Building or Property, including contractual liability Project and such other coverages and endorsements as are reasonably required by Landlord, such policy to have a combined single limit of not less than Three Million and no/100 Dollars ($3,000,000) for any bodily injury or property damage occurring as a result of or in connection with the above. Landlord and Landlord's property manager shall be named additional insureds on the policies required hereunder and such policies shall provide that the coverage thereunder is primary to, and not contributing with, any policy carried by any such additional insured. Tenant shall have included in all policies of insurance respectively obtained by it with respect to the Building or Premises a waiver by the Insurer of all right of subrogation against the Landlord in connection with any loss or damage thereby insured against, and Landlord shall have included in all property insurance policies required to be maintained by Landlord under this lease a waiver by the insurer of all right of subrogation against the Tenant in connection with any loss or damage thereby insured against. To the full extent permitted by law, Landlord as to its property insurance policies and Tenant as to all its policies, each waives all right of recovery against the other for, and agrees to release the other from liability for, loss or damage to the extent such loss or damage results from a cause covered by valid and collectible insurance in effect at the time of such loss or damage; provided however, that the foregoing release by each party is conditioned upon the other party's carrying insurance with the above described waiver of subrogation to the extent required above, and if such coverage is not obtained or maintained by either party, then the other party's foregoing release shall be deemed to be rescinded until such waiver is either obtained or reinstated. All said insurance policies shall be carried with companies licensed to do business in the State of Georgia reasonably satisfactory to Landlord having. a Best's Rating of A XII or better and shall be noncancellable and nonamendable except after thirty (30) days written notice to Landlord. At Landlord's request, duly executed certificates of such insurance shall be delivered to Landlord prior to the Commencement Date and at least thirty (30) days prior to the expiration of each respective policy term. Landlord shall have the right to periodically review the coverages required hereunder and in the event Landlord deems It reasonably necessary to require additional coverage resulting from inflation or from increases in jury verdicts or other economic conditions in the jurisdiction where the Property is located, Tenant shall obtain the coverage requested by Landlord. Notwithstanding any other provisions in this Lease to the contrary, Tenant shall have the right to self-assume or obtain insurance from an insurance company that is a wholly owned subsidiary of one (1) of the two (2) general partners of the Tenant which insurance company must have a Best's Rating of A XII or better, for all or a portion of the risk which Tenant is required to provide insurance coverage under this Leaseareas appurtenant thereto. In the event Tenant selfdesires to allow the consumption of alcohol on the Rooftop Decks, Tenant’s Commercial General Liability Insurance shall include Host Liquor Liability coverage. Such insurance shall be written on an “occurrence” basis. Landlord and any other party the Landlord so specifies that has a material financial interest in the Project, including Landlord’s managing agent, ground lessor and/or lender, if any, 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 any insurance carried by Landlord shall be excess and non-assumes the riskcontributing. The coverage shall also be extended to include damage caused by heat, it will be responsible 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 losses and liabilities to assumed under this Lease as an insured contract for the same extent as if valid and collectible insurance were in effectperformance of all of Tenant’s indemnity obligations under this Lease. The foregoing provision concerning limits of said insurance shall not, however, limit the right 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 $ 15,000,000 each occurrence Personal Injury and Advertising Liability $ 15,000,000 each occurrence Tenant Legal Liability/Damage to selfRented Premises Liability $ 1,000,000
10.3.2 Property Insurance covering (i) all office furniture, personal property, business and trade fixtures, office equipment, free-assume shall only apply to standing cabinet work, movable partitions, merchandise and all other items of Tenant’s business personal property on the Tenant Premises installed by, for, or at the expense of Tenant, (ii) the Improvements, and any other improvements which exist in the Premises as of the date of this LeaseLease Commencement Date (excluding the Base Building) (the “Original Improvements”), and (iii) all Alterations performed in the Premises. Such insurance shall be written on a Special Form basis, for the full replacement cost value (subject to no successors and/or assigns unless consented to by Landlord reasonable deductible amounts), without deduction for depreciation of the covered items and in its sole discretionamounts 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, and (b) water damage from any cause whatsoever, including, but not limited to, sprinkler leakage, bursting, leaking or stoppage of any pipes, explosion, and backup or overflow from sewers or drains.
Appears in 2 contracts
Samples: Office Lease (DoorDash Inc), Office Lease (DoorDash Inc)
Tenant’s Insurance. Tenant shall carry (maintain, at its sole expense during the Term) (I) fire own cost and extended coverage insurance expense, in responsible companies approved by Landlord, combined single limit public liability insurance, insuring Landlord and Tenant's Improvements to the Premises and , as their interests may appear, against all claims, demands or actions for bodily injury, personal injury or death of any and all furniture, equipment, supplies, contents and other property owned, leased, held or possessed by Tenant and contained therein, such insurance coverage to be one person in an amount equal to the full replacement value of such improvements and property, as such may increase from time to time; (ii) worker's compensation insurance as required by the laws of the State of Georgianot less than $500,000.00; and (iii) commercial general liability coverage on an occurrence basis for bodily injury, personal injury to or death of a more than one person or persons in any one accident in an amount of not less than $500,000.00; and for damage to property occasioned by or arising out of the condition, use, or occupancy of the Premises, or other portions of the Building or Property, including contractual liability and such other coverages and endorsements as are reasonably required by Landlord, such policy to have a combined single limit in an amount of not less than Three Million and no/100 Dollars ($3,000,000) for any bodily injury or property damage occurring as a result of or in connection with the above. Landlord and Landlord's property manager shall be named additional insureds on the policies required hereunder and such policies shall provide that the coverage thereunder is primary to, and not contributing with, any policy carried by any such additional insured. Tenant shall have included in all policies of insurance respectively obtained by it with respect to the Building or Premises a waiver by the Insurer of all right of subrogation against the Landlord in connection with any loss or damage thereby insured against, and Landlord shall have included in all property insurance policies required to be maintained by Landlord under this lease a waiver by the insurer of all right of subrogation against the Tenant in connection with any loss or damage thereby insured against. To the full extent permitted by law, Landlord as to its property insurance policies and Tenant as to all its policies, each waives all right of recovery against the other for, and agrees to release the other from liability for, loss or damage to the extent such loss or damage results from a cause covered by valid and collectible insurance in effect at the time of such loss or damage; provided however, that the foregoing release by each party is conditioned upon the other party's carrying insurance with the above described waiver of subrogation to the extent required above, and if such coverage is not obtained or maintained by either party, then the other party's foregoing release shall be deemed to be rescinded until such waiver is either obtained or reinstated. All said insurance policies shall be carried with companies licensed to do business in the State of Georgia reasonably satisfactory to Landlord having. a Best's Rating of A XII or better and shall be noncancellable and nonamendable except after thirty (30) days written notice to Landlord. At Landlord's request, duly executed certificates of such insurance shall be delivered to Landlord prior to the Commencement Date and at least thirty (30) days prior to the expiration of each respective policy term500,000.00. Landlord shall have the right to periodically review direct Tenant to increase such amounts whenever it considers them inadequate. Such liability insurance shall also cover and include all exterior signs maintained by Tenant. The policy of insurance may be in the coverages required hereunder form of a general coverage or floater policy covering these and other premises, provided that Landlord is specifically insured therein. Tenant shall carry like coverage against loss or damage by boiler or compressor or internal explosion of boilers or compressors, if there is a boiler or compressor in the Premises. Tenant shall maintain insurance covering all glass forming a part of the Premises including plate glass in the Premises and fire insurance against loss or damage by fire or windstorms, with such endorsements for extended coverage, vandalism, malicious mischief and special extended coverage as Landlord may require, covering 100% of the replacement costs of any items of value, including but not limited to signs, stock, inventory, fixtures, improvements, floor coverings and equipment. All of said insurance shall be in form and in responsible companies satisfactory to Landlord, and shall provide that it will not be subject to cancellation, termination or change except after at least Thirty (30) days prior written notice to Landlord. Any insurance procured by Tenant as herein required shall contain an express waiver of any right of subrogation by the event insurance company against Landlord. The policies, together with satisfactory evidence of the payment of the premiums thereon, shall be deposited with Landlord deems It reasonably necessary to require additional coverage resulting from inflation or from increases in jury verdicts or other economic conditions in on the jurisdiction where the Property is locatedday Tenant begins operations. Thereafter, Tenant shall obtain the coverage requested by Landlord. Notwithstanding provide Landlord with evidence of proof of payment upon renewal of any other provisions in this Lease such policy, not less than Thirty (30) days prior to the contrary, Tenant shall have the right to self-assume or obtain insurance from an insurance company that is a wholly owned subsidiary of one (1) expiration of the two (2) general partners term of the Tenant which insurance company must have a Best's Rating of A XII or better, for all or a portion of the risk which Tenant is required to provide insurance coverage under this Leasesuch coverage. In the event Tenant self-assumes fails to obtain or maintain the riskinsurance required hereunder, it will be responsible for all losses Landlord may obtain same and liabilities to the same extent as if valid and collectible insurance were in effect. The foregoing provision concerning the right to self-assume shall only apply to the Tenant as of the date of this Lease, and to no successors and/or assigns unless consented to any costs incurred by Landlord in its sole discretionconnection therewith shall be payable by Tenant upon demand. Landlord shall carry public liability insurance covering the exterior of the Premises, including, but not limited to the sidewalks, malls and parking lot.
Appears in 2 contracts
Samples: Option to Lease (Coastal BHC Inc), Option for Lease (Florida Coastline Community Group Inc)
Tenant’s Insurance. Tenant shall carry (Tenant, at its sole expense cost and expense, commencing on the earlier of the date of [***], or (ii) the date [***], and continuing during the Term, shall procure, pay for and keep in full force and effect the following types of insurance, in at least the amounts and in the forms specified below:
(a) (I) fire Comprehensive or commercial general liability insurance with coverage limits of not less than the combined single limit for bodily injury, personal injury, death and extended coverage insurance property damage liability per occurrence specified in Section 1.17 or the limit carried by Tenant, whichever is greater, insuring Tenant's Improvements against any and all liability of the insureds with respect to the Premises and any and all furnitureor arising out of the maintenance, equipment, supplies, contents and other property owned, leased, held use or possessed by Tenant and contained therein, such insurance coverage to be in an amount equal occupancy of the Premises or related to the full replacement value exercise of such improvements and propertyany rights of Tenant pursuant to this Lease, subject to increases in amount as such Landlord may increase reasonably require from time to time; (ii) worker's compensation . All such liability insurance as required shall specifically insure the performance by the laws Tenant of the State of Georgia; and (iii) commercial general indemnity agreement as to liability coverage on an occurrence basis for injury to or death of a person or persons and for injury or damage to property occasioned by set forth in Section 16.6. Further, all such liability insurance shall include, but not be limited to, personal injury, blanket contractual, cross-liability and severability of interest clauses, products/completed operations, broad form property damage, independent contractors, owned, nonowned and hired vehicles and, if alcoholic beverages are served, sold, consumed or arising out of the condition, use, or occupancy of obtained in the Premises, or other portions of the Building or Propertyliquor law liability.
(b) Worker's compensation coverage as required by law, including contractual employer's liability and such other coverages and endorsements as are reasonably required by Landlordcoverage, such policy to have with a combined single limit of not less than Three Million [***] and no/100 Dollars ($3,000,000) for waiver by Tenant's insurer of any bodily injury or property damage occurring as a result right of or in connection with the above. subrogation against Landlord and Landlord's property manager shall be named additional insureds by reason of any payment pursuant to such coverage.
(c) Business interruption or loss of income insurance in amounts sufficient to insure Tenant's business operations for a period of not less than one (1) year.
(d) Plate glass insurance covering all plate glass on the policies required hereunder and such policies shall provide that the coverage thereunder is primary to, and not contributing with, any policy carried by any such additional insuredPremises at full replacement value. Tenant shall have included in all policies of insurance respectively obtained by it with respect the option either to the Building insure this risk or Premises a waiver by the Insurer of all right of subrogation against the Landlord in connection with any loss or damage thereby insured against, and Landlord shall have included in all property insurance policies required to be maintained by Landlord under this lease a waiver by the insurer of all right of subrogation against the Tenant in connection with any loss or damage thereby insured against. To the full extent permitted by law, Landlord as to its property insurance policies and Tenant as to all its policies, each waives all right of recovery against the other for, and agrees to release the other from liability for, loss or damage to the extent such loss or damage results from a cause covered by valid and collectible insurance in effect at the time of such loss or damage; provided however, that the foregoing release by each party is conditioned upon the other party's carrying insurance with the above described waiver of subrogation to the extent required above, and if such coverage is not obtained or maintained by either party, then the other party's foregoing release shall be deemed to be rescinded until such waiver is either obtained or reinstated. All said insurance policies shall be carried with companies licensed to do business in the State of Georgia reasonably satisfactory to Landlord having. a Best's Rating of A XII or better and shall be noncancellable and nonamendable except after thirty (30) days written notice to Landlord. At Landlord's request, duly executed certificates of such insurance shall be delivered to Landlord prior to the Commencement Date and at least thirty (30) days prior to the expiration of each respective policy term. Landlord shall have the right to periodically review the coverages required hereunder and in the event Landlord deems It reasonably necessary to require additional coverage resulting from inflation or from increases in jury verdicts or other economic conditions in the jurisdiction where the Property is located, Tenant shall obtain the coverage requested by Landlord. Notwithstanding any other provisions in this Lease to the contrary, Tenant shall have the right to self-assume insure.
(e) Insurance covering all of Tenant's Work, Tenant's leasehold improvements, Alterations permitted under Article 12, trade fixtures, merchandise and personal property from time to time in, on or obtain about the Premises in an amount not less than their full replacement value from time to time, including replacement cost, endorsement, providing protection against any peril included within the classification Fire and Extended Coverage, sprinkler damage, vandalism, malicious mischief and such other additional perils as covered in an "all risks" standard insurance from an insurance company that is a wholly owned subsidiary of one (1) policy. Any policy proceeds shall be used for the repair or replacement of the two property damaged or destroyed unless this Lease shall cease and terminate under the provisions of Article 17.
(2f) general partners Any insurance policies designated necessary by Landlord with regard to Tenant's, or Tenant's contractors', construction of the Tenant which insurance company must have a BestTenant's Rating of A XII or betterWork, for all or a portion of the risk which Tenant is required to provide insurance coverage under this Lease. In the event Tenant self-assumes the risk, it will be responsible for all losses and liabilities as well as with regard to the same extent as if valid construction of Alterations including, but not limited to, contingent liability and collectible insurance were "all risks" builders' risk insurance, in effect. The foregoing provision concerning the right amounts acceptable to self-assume shall only apply to the Tenant as of the date of this Lease, and to no successors and/or assigns unless consented to by Landlord in its sole discretionLandlord.
Appears in 2 contracts
Samples: Retail Space Lease (Silicon Entertainment Inc /Ca/), Retail Space Lease (Silicon Entertainment Inc /Ca/)
Tenant’s Insurance. Tenant agrees to take out and keep in force during the term hereof, without expense to Landlord, with an insurance company with general policy holder’s rating of not less than A-VII, as rated in the most current Best’s Insurance Reports, or other company acceptable to Landlord, the policies of insurance as set forth below. Tenant shall carry (at its sole expense during be permitted to obtain the Term) (I) fire and extended insurance required under this Paragraph 14 by providing a blanket policy of insurance only if such blanket policies expressly provide coverage insurance insuring Tenant's Improvements to the Premises and any and all furniture, equipment, supplies, contents and other property owned, leased, held or possessed by Tenant and contained therein, such insurance coverage to be in an amount equal to the full replacement value of such improvements and property, as such may increase from time to time; (ii) worker's compensation insurance Landlord as required by the laws of the State of Georgia; this Lease without regard to claims made under such policies with respect to other persons or properties and (iii) commercial general liability coverage in such form and content reasonably acceptable to Landlord. All such insurance policies shall be on an occurrence basis for injury to and not a claims-made basis, contain a standard separation of insureds provision, and shall name Landlord, its property manager Quadrelle Realty Services, LLC (or death of a person or persons and for damage to property occasioned by or arising out of the condition, use, or occupancy of the Premises, or other portions of the Building or Property, including contractual liability and such other coverages property manager selected by Landlord), and endorsements their respective agents and employees as are additional insureds on a primary and non-contributory basis, as reasonably required by Landlord.
A. Causes of Loss – Special Form property insurance, such policy to have a combined single limit of in an amount not less than Three Million one hundred percent (100%) of replacement cost covering all tenant improvements, betterments and no/100 Dollars alterations permitted under this Lease, floor and wall coverings, and Tenant’s office furniture, business and personal trade fixtures, equipment, furniture system and other personal property from time to time situated in the Premises. Such property insurance shall include a replacement cost endorsement, providing protection against any peril included within the classification fire and extended coverage, sprinkler damage, vandalism, malicious mischief, and such other additional perils as covered in a cause of loss ($3,000,000special form) insurance policy. The proceeds of such insurance shall be used for the repair and replacement of the property so insured, except that if not so applied or if this Lease is terminated following a casualty, the proceeds applicable to the leasehold improvements shall be paid to Landlord and the proceeds applicable to Tenant’s personal property shall be paid to Tenant;
B. Commercial general liability insurance, in the name of Tenant, insuring against any liability from the use and occupancy of the Premises and the business operated by Tenant. All such policies shall be written to apply to all bodily injury or death, property damage occurring as a result of or in connection with the above. Landlord and Landlord's property manager shall be named additional insureds on the policies required hereunder and such policies shall provide that the coverage thereunder is primary topersonal injury losses, and not contributing withshall include blanket contractual liability (including Tenant’s indemnity obligations under this Lease), broad form property damage liability, premise-operations and products-completed operations and shall contain an exception to any policy carried by any such additional insured. Tenant shall have included in all policies pollution exclusion which insures damage or injury arising out of insurance respectively obtained by it with respect to the Building heat, smoke or Premises fumes from hostile fire, a waiver by the Insurer of all right of subrogation against the Landlord in connection with any loss or damage thereby insured againstcontractual liability endorsement, and provide primary coverage to Landlord shall have included in all property (any insurance policies required policy issued to be maintained by Landlord under this lease a waiver by the insurer of all right of subrogation against the Tenant in connection with any loss providing duplicate or damage thereby insured against. To the full extent permitted by law, Landlord as to its property insurance policies and Tenant as to all its policies, each waives all right of recovery against the other for, and agrees to release the other from liability for, loss or damage to the extent such loss or damage results from a cause covered by valid and collectible insurance in effect at the time of such loss or damage; provided however, that the foregoing release by each party is conditioned upon the other party's carrying insurance with the above described waiver of subrogation to the extent required above, and if such similar coverage is not obtained or maintained by either party, then the other party's foregoing release shall be deemed to be rescinded until excess over Tenant’s policies), in such waiver is either obtained or reinstated. All said insurance policies shall amounts as may from time to time be carried customary with companies licensed respect to do business similar properties in the State of Georgia reasonably satisfactory to Landlord havingsame area, but in any event not less than $1,000,000.00 per occurrence, with a $20,000,000 umbrella policy (or such other amounts as may be required by Landlord). a Best's Rating of A XII or better and shall be noncancellable and nonamendable except after thirty (30) days written notice to Landlord. At Landlord's request, duly executed certificates The amounts of such insurance required hereunder shall be delivered adjusted from time to time as requested by Landlord prior based upon Landlord’s determination as to the Commencement Date amounts of such insurance generally required at such time for comparable premises and at least thirty (30) days prior to the expiration of each respective policy term. Landlord shall have the right to periodically review the coverages required hereunder and buildings in the event Landlord deems It reasonably necessary to require additional general geographical area of the Premises. In addition, such policy of insurance shall include coverage resulting from inflation for any potential liability arising out of or from increases in jury verdicts because of any construction, work of repair, maintenance, restoration, replacement, alteration, or other economic conditions in work done on or about the jurisdiction where Premises by or under the Property is located, Tenant shall obtain the coverage requested by Landlord. Notwithstanding any other provisions in this Lease to the contrary, Tenant shall have the right to self-assume control or obtain insurance from an insurance company that is a wholly owned subsidiary direction of one (1) of the two (2) general partners of the Tenant which insurance company must have a Best's Rating of A XII or better, for all or a portion of the risk which Tenant is required to provide insurance coverage under this Lease. In the event Tenant self-assumes the risk, it will be responsible for all losses and liabilities to the same extent as if valid and collectible insurance were in effect. The foregoing provision concerning the right to self-assume shall only apply to the Tenant as of the date of this Lease, and to no successors and/or assigns unless consented to by Landlord in its sole discretion.Tenant;
Appears in 2 contracts
Samples: Lease Agreement, Lease Agreement (Truck Hero, Inc.)
Tenant’s Insurance. Tenant shall carry such insurance against loss of its property, including Tenant Improvements and Betterments (at its sole expense during such as floor coverings, wall coverings trade fixtures) in, on or about the Term) (I) Building and Premises by fire and such other risks as are covered by so-called all risk and extended coverage property insurance insuring Tenant's Improvements to the Premises and any and all furniture, equipment, supplies, contents and or other property owned, leased, held or possessed by Tenant and contained therein, such insurance coverage to be hazards in an amount equal to or greater than the full replacement value costs thereof. Such policy shall be endorsed to name the Landlord shown as a loss payee with respect to the Tenant Improvements stated above on any and all insurance policies. A copy of such improvements endorsement shall be provided to the Landlord upon written request. Landlord shall not be liable for any damage to Tenant’s property in, on or about the Building and property, as such may increase from time to time; (ii) worker's compensation insurance as required Premises caused by the laws fire or other insurable hazards regardless of the State nature or cause of Georgia; such fire or other casualty, and (iii) commercial general regardless of whether any negligence of Landlord or Landlord’s employees or agents contributed thereto. Tenant expressly releases Landlord of and from all liability coverage on for any such damage. Tenant insurance policy or policies shall include a waiver of subrogation recognizing this release from liability. Tenant agrees to procure and maintain during the Term a policy or policies of liability insurance, including product and/or completed operations liability and contractual liability coverage, written by an occurrence basis insurance company or companies insuring Tenant against any and all losses, claims, demands or actions for injury to or death of a person any one or more persons and for damage to property occasioned by or arising out of the condition, use, or occupancy of the Premises, or other portions of in any one occurrence in the Building or Property, including contractual liability and such other coverages and endorsements as are reasonably required by Landlord, such policy Premises to have a combined single the limit of not less than Three Million and no/100 Dollars one million dollars ($3,000,0001,000,000.00) for any bodily injury or property damage occurring as a result of or in connection with the above. Landlord and Landlord's property manager shall be named additional insureds on the policies required hereunder and to one person, not less than two million dollars ($2,000,000.00) for each such policies shall provide that the coverage thereunder is primary tooccurrence, and not contributing withless than one hundred thousand dollars ($100,000.00) for damage to property, any policy carried by any or such additional insuredother coverage limits as Landlord may, from time to time, deem reasonably necessary and in accordance with customary practices with regard to such insurable risks. Tenant shall have included in all policies furnish to Landlord certificates evidencing the continuous existence of such insurance respectively obtained by it coverage, which must also name Landlord as an additional insured and be endorsed to be primary and non-contributory with respect to the Building or Premises a waiver any insurance maintained by the Insurer of all right of subrogation against the Landlord in connection with any loss or damage thereby insured against, and Landlord shall have included in all property insurance policies required to be maintained by Landlord under this lease a waiver by the insurer of all right of subrogation against the Tenant in connection with any loss or damage thereby insured against. To the full extent permitted by law, Landlord as to its property insurance policies and Tenant as to all its policies, each waives all right of recovery against the other for, and agrees to release the other from liability for, loss or damage to the extent such loss or damage results from a cause covered by valid and collectible insurance in effect at the time of such loss or damage; provided however, that the foregoing release by each party is conditioned upon the other party's carrying insurance with the above described waiver of subrogation to the extent required above, and if such coverage is not obtained or maintained by either party, then the other party's foregoing release shall be deemed to be rescinded until such waiver is either obtained or reinstatedLandlord. All said insurance policies shall companies must be carried with companies licensed to do business in Ohio. Certificates of insurance will be provided at the State time this Lease is executed. Policies of Georgia reasonably satisfactory insurance are to be endorsed to notify Landlord having. a Best's Rating of A XII any reduction, cancellation or better termination of policy and shall be noncancellable and nonamendable except after thirty (30) days written notice to Landlord. At Landlord's request, duly executed certificates of such insurance shall be delivered to Landlord prior to the Commencement Date and at least provide not less than thirty (30) days prior to cancellation or termination, except for non-payment for which ten (10) days-notice shall be provided. Tenant agrees to provide and keep in force at all times worker’s compensation insurance complying with the expiration law of each respective policy termthe State of Ohio and Employers Liability shall also be obtained, with limits of not less than $1,000,000 per occurrence, accident or employee. Tenant agrees to defend, indemnify and hold harmless Landlord shall have the right from any and all actions or claims of Tenant’s employees or employee’s family members. Tenant agrees to periodically review the coverages required hereunder and in the event Landlord deems It reasonably necessary provide a certificate as evidence of proof of worker’s compensation coverage. With respect to require additional coverage resulting from inflation any alterations or from increases in jury verdicts or other economic conditions in the jurisdiction where the Property is locatedimprovements by Tenant, Tenant shall obtain maintain contingent liability and builder’s risk coverage naming Landlord as an additional named insured. If Tenant hires contractors to do any improvements on the Building or Premises, each contractor must provide a Certificate of Insurance naming the Landlord as additional insured and including proof of worker’s compensation coverage requested by on its employees and agents to Landlord. Notwithstanding any other provisions in this Lease to the contrary, Tenant shall have the right to self-assume or obtain insurance from an insurance company that is a wholly owned subsidiary of one (1) of the two (2) general partners of the Tenant which insurance company must have a Best's Rating of A XII or better, for all or a portion of the risk which Tenant is required to provide insurance coverage under this Lease. In the event Tenant self-assumes the risk, it will be responsible for all losses and liabilities to the same extent as if valid and collectible insurance were in effect. The foregoing provision concerning the right to self-assume shall only apply to the Tenant as of the date of this Lease, and to no successors and/or assigns unless consented to by Landlord in its sole discretion.
Appears in 2 contracts
Samples: Lease Agreement, Lease Agreement
Tenant’s Insurance. Tenant shall carry (shall, at its sole expense cost and expense, keep in full force and effect the following insurance:
(a) All-Risk property insurance on Tenant’s Property for the full replacement value. Such policy shall contain an agreed amount endorsement in lieu of a coinsurance clause. “Tenant’s Property” is defined to be personal property of Tenant located in or on the Premises, Common Areas or Building and those tenant improvements or alterations to the Premises which do not become Landlord’s property upon installation pursuant to the terms of this Lease or were made by Tenant and of which Landlord did not have notice, excluding that which may be insured by Landlord’s All-Risk property insurance as set forth in Article 6.1(a) above;
(b) Commercial General Liability insurance insuring Tenant against any liability arising out of its use, occupancy or maintenance of the Premises or the business operated by Tenant pursuant to the Lease. Such insurance shall be in the amount of at least $3,000,000 per occurrence (which amount may be reasonably changed by Landlord at any time during the Term) (I) fire ). Such policy shall name Landlord, Landlord’s wholly-owned subsidiaries, affiliates and extended coverage insurance insuring Tenant's Improvements to the Premises agents and any mortgagees of Landlord as additional insureds;
(c) Worker’s Compensation and all furniture, equipment, supplies, contents and other property owned, leased, held or possessed by Tenant and contained therein, such insurance coverage to be in an amount equal to the full replacement value of such improvements and property, as such may increase from time to time; (ii) worker's compensation Employer’s Liability insurance as required by state law;
(d) Business Automobile Liability Insurance in the laws amount of the State $1,000,000 combined single limit; and
(e) Any other form or forms of Georgia; and (iii) commercial general liability coverage on an occurrence basis for injury insurance or increased amounts of insurance as Landlord or any mortgagees of Landlord may reasonably require from time to or death of a person or persons time in form, in amounts and for damage insurance risks against which a prudent tenant would protect itself. All such policies shall be written in a form and with an insurance company satisfactory to property occasioned by or arising out Landlord and any mortgagees of the condition, use, or occupancy of the Premises, or other portions of the Building or Property, including contractual liability and such other coverages and endorsements as are reasonably required by Landlord, such policy to have a combined single limit and shall provide that Landlord, and any mortgagees of Landlord, shall receive not less than Three Million and no/100 Dollars ($3,000,000) for any bodily injury or property damage occurring as a result of or in connection with the above. Landlord and Landlord's property manager shall be named additional insureds on the policies required hereunder and such policies shall provide that the coverage thereunder is primary to, and not contributing with, any policy carried by any such additional insured. Tenant shall have included in all policies of insurance respectively obtained by it with respect to the Building or Premises a waiver by the Insurer of all right of subrogation against the Landlord in connection with any loss or damage thereby insured against, and Landlord shall have included in all property insurance policies required to be maintained by Landlord under this lease a waiver by the insurer of all right of subrogation against the Tenant in connection with any loss or damage thereby insured against. To the full extent permitted by law, Landlord as to its property insurance policies and Tenant as to all its policies, each waives all right of recovery against the other for, and agrees to release the other from liability for, loss or damage to the extent such loss or damage results from a cause covered by valid and collectible insurance in effect at the time of such loss or damage; provided however, that the foregoing release by each party is conditioned upon the other party's carrying insurance with the above described waiver of subrogation to the extent required above, and if such coverage is not obtained or maintained by either party, then the other party's foregoing release shall be deemed to be rescinded until such waiver is either obtained or reinstated. All said insurance policies shall be carried with companies licensed to do business in the State of Georgia reasonably satisfactory to Landlord having. a Best's Rating of A XII or better and shall be noncancellable and nonamendable except after thirty (30) days prior written notice of any cancellation. Prior to or at the time that Tenant takes possession of the Premises, Tenant shall deliver to Landlord copies of policies or certificates evidencing the existence of the amounts and forms of coverage satisfactory to Landlord. At Landlord's requestTenant shall, duly executed certificates of such insurance shall be delivered to Landlord prior to the Commencement Date and at least within thirty (30) days prior to the expiration of each respective policy term. such policies, furnish Landlord shall have with renewals or “binders” thereof, or Landlord may order such insurance and charge the right cost thereof to periodically review the coverages required hereunder and in the event Landlord deems It reasonably necessary to require additional coverage resulting from inflation or from increases in jury verdicts or other economic conditions in the jurisdiction where the Property is located, Tenant shall obtain the coverage requested by Landlord. Notwithstanding any other provisions in this Lease to the contrary, Tenant shall have the right to self-assume or obtain insurance from an insurance company that is a wholly owned subsidiary of one (1) of the two (2) general partners of the Tenant which insurance company must have a Best's Rating of A XII or better, for all or a portion of the risk which Tenant is required to provide insurance coverage under this Lease. In the event Tenant self-assumes the risk, it will be responsible for all losses and liabilities to the same extent as if valid and collectible insurance were in effect. The foregoing provision concerning the right to self-assume shall only apply to the Tenant as of the date of this Lease, and to no successors and/or assigns unless consented to by Landlord in its sole discretionAdditional Rent.
Appears in 2 contracts
Samples: Office Lease, Office Lease (Zillow Inc)
Tenant’s Insurance. Tenant shall carry (at its sole expense maintain in full force and effect during the Lease Term the following insurance:
9.1.1 Tenant shall maintain a policy or policies of commercial general liability insurance, including property damage, against liability for personal injury, bodily injury, death, and damage to property occurring in or about, or resulting from an occurrence in or about, the Leased Premises with combined single limit coverage of not less than the amount of Tenant’s Minimum Liability Insurance set forth in section 1.10 of this Lease. Such commercial general liability insurance shall contain fire damage coverage and a “contractual liability” endorsement insuring Tenant’s performance of Tenant’s obligation to indemnify Landlord contained in section 10.3 of this Lease. If Landlord’s Lender, insurance advisor reasonably determines at any time that the amount of such coverage is not adequate, Tenant shall increase such coverage to such amount as Landlord’s Lender, insurance advisor reasonably deem adequate, not to exceed the level of coverage then commonly carried by comparable businesses similarly situated; provided, however, that no such request may be made more than one time during the Term and, if applicable, one time during the Extension Term) (I) .
9.1.2 Tenant shall maintain a policy or policies of fire and extended coverage property damage insurance in ‘all risk” form with a sprinkler leakage endorsement (if the Building contains fire sprinklers) insuring Tenant's the personal property, inventory, Trade Fixtures, and Leasehold Improvements to within the Leased Premises and any and all furniture, equipment, supplies, contents and other property owned, leased, held or possessed by Tenant and contained therein, such insurance coverage to be in an amount equal to for the full replacement value thereof. The proceeds from any of such improvements and property, as policies shall be used for the repair or replacement of such may increase from time to time; (ii) items so insured.
9.1.3 Tenant shall maintain a policy or policies of worker's ’s compensation insurance and any other employee benefit insurance sufficient to comply with all Laws.
9.1.4 Landlord and such others as required by it shall reasonably designate with an interest in the laws of the State of Georgia; and (iii) commercial general liability coverage on an occurrence basis for injury to or death of a person or persons and for damage to property occasioned by or arising out of the condition, use, or occupancy of the Premises, or other portions of the Building or Property, including contractual liability and such other coverages and endorsements as are reasonably required by Landlord, such policy to have a combined single limit of not less than Three Million and no/100 Dollars ($3,000,000) for any bodily injury or property damage occurring as a result of or in connection with the above. Landlord and Landlord's property manager shall be named as additional insureds on the policies of insurance described in sections 9.1.1 and 9.1.2 of this Lease, above. All insurance required hereunder and such policies by this paragraph:
(i) shall provide be primary insurance which provides that the coverage thereunder is primary to, insurer shall be liable for the full amount of the loss up to and not contributing with, any policy carried by any such additional insured. Tenant shall have included including the total amount of liability set forth in all policies of insurance respectively obtained by it with respect to the Building or Premises a waiver by declarations without the Insurer of all right of subrogation against the Landlord in connection with contribution from any loss or damage thereby insured against, and Landlord shall have included in all property other insurance policies required to be maintained by Landlord under this lease a waiver by the insurer coverage of all right of subrogation against the Tenant in connection with any loss or damage thereby insured against. To the full extent permitted by law, Landlord as to its property insurance policies and Tenant as to all its policies, each waives all right of recovery against the other for, and agrees to release the other from liability for, loss or damage to the extent such loss or damage results from a cause covered by valid and collectible insurance in effect at the time of such loss or damage; provided however, that the foregoing release by each party is conditioned upon the other party's carrying insurance with the above described waiver of subrogation to the extent required above, and if such coverage is not obtained or maintained by either party, then the other party's foregoing release Landlord;
(ii) shall be deemed in a form reasonably satisfactory to be rescinded until such waiver is either obtained or reinstated. All said insurance policies Landlord;
(iii) shall be carried with companies with a rating of no less than A-X or better in Best’s Insurance Guide and licensed to do business in the State of Georgia California, reasonably satisfactory acceptable to Landlord having. a Best's Rating of A XII or better and Landlord;
(iv) shall be noncancellable and nonamendable except after thirty (30) days provide that Tenant’s insurers shall use good faith efforts to provide at least 10 days’ prior written notice to LandlordLandlord in the event of cancellation or change; and
(v) shall not have a “deductible” in excess of five thousand dollars ($5,000) per occurrence. At Landlord's request, duly executed certificates Certificates of insurance for such insurance policy or policies shall be delivered to deposited with Landlord prior to the Commencement Date time Tenant enters into possession of the Leased Premises and at least thirty (30) upon renewal of such policies, but not less than 10 days prior to the expiration of each respective policy term. Landlord shall have the right to periodically review the coverages required hereunder and in the event Landlord deems It reasonably necessary to require additional coverage resulting from inflation or from increases in jury verdicts or other economic conditions in the jurisdiction where the Property is located, Tenant shall obtain the coverage requested by Landlord. Notwithstanding any other provisions in this Lease to the contrary, Tenant shall have the right to self-assume or obtain insurance from an insurance company that is a wholly owned subsidiary term of one (1) of the two (2) general partners of the Tenant which insurance company must have a Best's Rating of A XII or better, for all or a portion of the risk which Tenant is required to provide insurance coverage under this Lease. In the event Tenant self-assumes the risk, it will be responsible for all losses and liabilities to the same extent as if valid and collectible insurance were in effect. The foregoing provision concerning the right to self-assume shall only apply to the Tenant as of the date of this Lease, and to no successors and/or assigns unless consented to by Landlord in its sole discretionsuch coverage.
Appears in 2 contracts
Samples: Multi Tenant Space Lease (Nevro Corp), Multi Tenant Space Lease (Nevro Corp)
Tenant’s Insurance. Throughout the Lease Term, Tenant shall carry 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 (x) and (y), or Section 10.4(II) below (as applicable). Such policies shall be for a term of at its sole expense during least one (1) year, or the Termlength 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, occupancy or maintenance of the Project and all areas appurtenant thereto. Such insurance shall be written on an “occurrence” basis. Landlord and any other party the Landlord so specifies that has a material financial interest in the Project, including Landlord’s managing agent, ground lessor and/or lender, if any, 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 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 (Ii) fire all office furniture, personal property, business and extended coverage insurance insuring trade fixtures, office equipment, free-standing cabinet work, movable partitions, merchandise and all other items of Tenant's Improvements to ’s business personal property on the Premises and any and all furnitureinstalled by, equipmentfor, suppliesor at the expense of Tenant, contents and other property owned, leased, held or possessed by Tenant and contained therein, such insurance coverage to be in an amount equal to the full replacement value of such improvements and property, as such may increase from time to time; (ii) worker's compensation insurance the Improvements, and any other improvements which exist in the Premises as required by the laws of the State of Georgia; Lease Commencement Date (excluding the Base Building) (the “Original Improvements”), and (iii) commercial general liability coverage all Alterations performed in the Premises. Such insurance shall be written on an occurrence basis a Special Form basis, for injury the full replacement cost value (subject to or death of a person or persons and reasonable deductible amounts), without deduction for damage to property occasioned by or arising out depreciation of the condition, use, or occupancy covered items and in amounts that meet any co-insurance clauses of the Premisespolicies 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 other portions stoppage of any pipes, explosion, and backup or overflow from sewers or drains, and (c) terrorism (to the Building or Property, including contractual liability and extent such other coverages and endorsements as are reasonably required by Landlord, such policy to have a combined single limit of not less than Three Million and no/100 Dollars ($3,000,000) for any bodily injury or property damage occurring terrorism insurance is available as a result of or in connection with the aboveTerrorism Risk Insurance Act of 2002 (Pub. Landlord and Landlord's property manager shall be named additional insureds on L. 107-297, 116 Stat. 2322), the policies required hereunder and such policies shall provide that the coverage thereunder is primary toTerrorism Risk Insurance Program Reauthorization Act of 2005 (Pub. l. 109-144), and not contributing withthe Terrorism Risk Insurance Program Reauthorization Act of 2007 (Pub. L. 110-160, 121 Stat. 183), any policy carried by any such additional insured. Tenant shall have included in all policies of insurance respectively obtained by it with respect to the Building successor statute or Premises a waiver by the Insurer of all right of subrogation against the Landlord in connection with any loss regulation, or damage thereby insured against, and Landlord shall have included in all property insurance policies required to be maintained by Landlord under this lease a waiver by the insurer of all right of subrogation against the Tenant in connection with any loss or damage thereby insured against. To the full extent permitted by law, Landlord as to its property insurance policies and Tenant as to all its policies, each waives all right of recovery against the other for, and agrees to release the other from liability for, loss or damage to the extent such loss or damage results from a cause covered by valid and collectible insurance in effect is otherwise available at the time of such loss or damage; provided however, that the foregoing release by each party is conditioned upon the other party's carrying insurance with the above described waiver of subrogation to the extent required above, and if such coverage is not obtained or maintained by either party, then the other party's foregoing release shall be deemed to be rescinded until such waiver is either obtained or reinstated. All said insurance policies shall be carried with companies licensed to do business in the State of Georgia reasonably satisfactory to Landlord having. a Best's Rating of A XII or better and shall be noncancellable and nonamendable except after thirty (30) days written notice to Landlord. At Landlord's request, duly executed certificates of such insurance shall be delivered to Landlord prior to the Commencement Date and at least thirty (30) days prior to the expiration of each respective policy term. Landlord shall have the right to periodically review the coverages required hereunder and in the event Landlord deems It reasonably necessary to require additional coverage resulting from inflation or from increases in jury verdicts or other economic conditions in the jurisdiction where the Property is located, Tenant shall obtain the coverage requested by Landlord. Notwithstanding any other provisions in this Lease to the contrary, Tenant shall have the right to self-assume or obtain insurance from an insurance company that is a wholly owned subsidiary of one (1) of the two (2) general partners of the Tenant which insurance company must have a Best's Rating of A XII or better, for all or a portion of the risk which Tenant is required to provide insurance coverage under this Lease. In the event Tenant self-assumes the risk, it will be responsible for all losses and liabilities to the same extent as if valid and collectible insurance were in effect. The foregoing provision concerning the right to self-assume shall only apply to the Tenant as of the date of this Lease, and to no successors and/or assigns unless consented to by Landlord in its sole discretioncommercially reasonable rates).
Appears in 2 contracts
Samples: Office Lease (Airgain Inc), Office Lease (Airgain Inc)
Tenant’s Insurance. Throughout the Lease Term, Tenant shall carry 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 (x) and (y), or Section 10.4(II) below (as applicable). Such policies shall be for a term of at its sole expense during least one (1) year, or the Termlength 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) (I) fire and extended coverage insurance insuring based upon or arising out of Tenant's Improvements to ’s operations, occupancy or maintenance of the Premises and all areas appurtenant thereto. Such insurance shall be written on an “occurrence” basis. Landlord and any other party the Landlord so specifies that has a material financial interest in the Project, including Landlord’s managing agent, ground lessor and/or lender, if any, 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 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 $ 5,000,000 each occurrence Property Damage Liability Personal Injury and Advertising $ 5,000,000 each occurrence Liability Tenant Legal Liability/Damage to $ 1,000,000.00 Rented Premises Liability
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 furnitureother items of Tenant’s business personal property on the Premises installed by, equipmentfor, suppliesor at the expense of Tenant, contents and other property owned, leased, held or possessed by Tenant and contained therein, such insurance coverage to be in an amount equal to the full replacement value of such improvements and property, as such may increase from time to time; (ii) worker's compensation insurance the “Improvements,” as required by the laws that term is defined in Section 2.1 of the State of Georgia; Work Letter, and (iii) commercial general liability coverage all Alterations performed in the Premises. Such insurance shall be written on an occurrence basis a Special Form basis, for injury the full replacement cost value (subject to or death of a person or persons and reasonable deductible amounts), without deduction for damage to property occasioned by or arising out depreciation of the condition, use, or occupancy covered items and in amounts that meet any co-insurance clauses of the Premisespolicies 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, backup or other portions overflow from sprinkler leakage, bursting, leaking or stoppage of any pipes, explosion, and backup of sewers and drainage, and (c) terrorism (to the Building or Property, including contractual liability and extent such other coverages and endorsements as are reasonably required by Landlord, such policy to have a combined single limit of not less than Three Million and no/100 Dollars ($3,000,000) for any bodily injury or property damage occurring terrorism insurance is available as a result of or in connection with the aboveTerrorism Risk Insurance Act of 2002 (Pub. Landlord and Landlord's property manager shall be named additional insureds on L. l 07-297, 116 Stat. 2322), the policies required hereunder and such policies shall provide that the coverage thereunder is primary toTerrorism Risk Insurance Program Reauthorization Act of 2005 (Pub. l. 109-144), and not contributing withthe Terrorism Risk Insurance Program Reauthorization Act of 2007 (Pub. L. 110-160, 121 Stat. 183), any policy carried by any such additional insured. Tenant shall have included in all policies of insurance respectively obtained by it with respect to the Building successor statute or Premises a waiver by the Insurer of all right of subrogation against the Landlord in connection with any loss regulation, or damage thereby insured against, and Landlord shall have included in all property insurance policies required to be maintained by Landlord under this lease a waiver by the insurer of all right of subrogation against the Tenant in connection with any loss or damage thereby insured against. To the full extent permitted by law, Landlord as to its property insurance policies and Tenant as to all its policies, each waives all right of recovery against the other for, and agrees to release the other from liability for, loss or damage to the extent such loss or damage results from a cause covered by valid and collectible insurance in effect is otherwise available at the time of such loss or damage; provided however, that the foregoing release by each party is conditioned upon the other party's carrying insurance with the above described waiver of subrogation to the extent required above, and if such coverage is not obtained or maintained by either party, then the other party's foregoing release shall be deemed to be rescinded until such waiver is either obtained or reinstated. All said insurance policies shall be carried with companies licensed to do business in the State of Georgia reasonably satisfactory to Landlord having. a Best's Rating of A XII or better and shall be noncancellable and nonamendable except after thirty (30) days written notice to Landlord. At Landlord's request, duly executed certificates of such insurance shall be delivered to Landlord prior to the Commencement Date and at least thirty (30) days prior to the expiration of each respective policy term. Landlord shall have the right to periodically review the coverages required hereunder and in the event Landlord deems It reasonably necessary to require additional coverage resulting from inflation or from increases in jury verdicts or other economic conditions in the jurisdiction where the Property is located, Tenant shall obtain the coverage requested by Landlord. Notwithstanding any other provisions in this Lease to the contrary, Tenant shall have the right to self-assume or obtain insurance from an insurance company that is a wholly owned subsidiary of one (1) of the two (2) general partners of the Tenant which insurance company must have a Best's Rating of A XII or better, for all or a portion of the risk which Tenant is required to provide insurance coverage under this Lease. In the event Tenant self-assumes the risk, it will be responsible for all losses and liabilities to the same extent as if valid and collectible insurance were in effect. The foregoing provision concerning the right to self-assume shall only apply to the Tenant as of the date of this Lease, and to no successors and/or assigns unless consented to by Landlord in its sole discretioncommercially reasonable rates).
Appears in 2 contracts
Samples: Office Lease (Anaptysbio Inc), Office Lease (Anaptysbio Inc)
Tenant’s Insurance. Tenant shall carry (at its sole expense insurance during the Term) (I) fire entire Term hereof with terms, coverages and extended coverage insurance insuring Tenant's Improvements in companies satisfactory to the Premises Landlord and any and all furniture, equipment, supplies, contents and other property owned, leased, held or possessed by Tenant and contained therein, with such insurance coverage to be increases in an amount equal to the full replacement value of such improvements and property, limits as such Landlord may increase request from time to time; , but initially Tenant shall maintain the following coverages in the following amounts:
(iia) Comprehensive or commercial general liability insurance, including contractual liability, on an occurrence basis, in an amount not less than Fifteen Million Dollars ($15,000,000.00) combined single limit per occurrence, covering Tenant, Landlord and its beneficiaries as a named insured and Landlord's mortgagee as an additional insured.
(b) Insurance against fire, sprinkler leakage, vandalism and the extended coverage perils for the full replacement cost of all additions, improvements and alterations to the Premises owned or made by Tenant, if any, and of all office furniture, trade fixtures, office equipment, merchandise and all other items of Tenant's property on the Premises, with loss or damage payable to Landlord and Tenant as their interests may appear.
(c) Standard Fire and Extended Coverage Policy and all other risks of direct physical loss as insured against under Special Extended Coverage Endorsement, insuring the improvements at any time situated upon the Premises against loss or damage by fire, lightning, wind storm, hail storm, aircraft, vehicles, smoke, explosion, riot or civil commotion. The insurance coverage shall be for not less than 100% of the full replacement cost of such improvement with all proceeds of insurance payable to Landlord. Landlord shall be a named insured on such policies. The insurance shall include standard mortgagee loss payable clauses for benefit of Landlord's Mortgagee. The full replacement cost of improvements shall be determined every five (5) years by an insurance appraiser selected by Tenant with Landlord's reasonable approval and paid for by Tenant or by other means reasonably acceptable to Landlord and its First Mortgagee. Any insurance appraiser hired by Tenant shall submit a written report of his appraisal to Landlord and Tenant and if said report shows that the improvements are not insured as herein required, Tenant shall promptly obtain such additional insurance as is required;
(d) Boiler Insurance, insuring Landlord and Tenant with the same limits of coverage as provided in subsection (c) for loss or damage by boiler or internal explosion or break down of boilers;
(e) Worker's Compensation Insurance, insuring Tenant from all worker's compensation insurance as required by claims;
(f) Plate Glass Insurance, insuring Landlord and Tenant from damage to any plate glass on the laws Premises; and
(g) Builders Risk Insurance insuring Landlord and Tenant against "all risks" including collapse and transit coverage during any construction of any improvements to or repair of the State Premises after the Commencement Date covering the total value of Georgia; work performed and (iii) commercial general liability coverage on an occurrence basis for injury to or death of a person or persons equipment, supplies and for damage to property occasioned by or arising out of the condition, use, or occupancy of the Premises, or other portions of the Building or Property, including contractual liability and such other coverages and endorsements as are reasonably required by Landlord, such policy to have a combined single limit of not less than Three Million and no/100 Dollars ($3,000,000) for any bodily injury or property damage occurring as a result of or in connection with the abovematerial furnished. Landlord and Landlord's property manager Such insurance shall be named additional insureds on the policies required hereunder written by companies of nationally recognized financial standing, legally qualified to issue such insurance and such policies shall provide that the coverage thereunder is primary toaccorded a rating by A.M. Best Company, and not contributing with, any policy carried by any such additional insured. Tenant shall have included in all policies Inc. of insurance respectively obtained by it with respect to the Building A:XII or Premises a waiver by the Insurer of all right of subrogation against the Landlord in connection with any loss or damage thereby insured against, and Landlord shall have included in all property insurance policies required to be maintained by Landlord under this lease a waiver by the insurer of all right of subrogation against the Tenant in connection with any loss or damage thereby insured against. To the full extent permitted by law, Landlord as to its property insurance policies and Tenant as to all its policies, each waives all right of recovery against the other for, and agrees to release the other from liability for, loss or damage to the extent such loss or damage results from a cause covered by valid and collectible insurance in effect higher at the time of issuance of any such loss or damage; provided howeverpolicy. Each insurance policy carried by Tenant shall contain, where appropriate, a clause stating that the foregoing release by each party is conditioned upon the such policy will be considered as primary insurance for Landlord and its agents and beneficiaries and not call into contribution any other party's carrying insurance with the above described waiver of subrogation to the extent required above, and if such coverage is not obtained or maintained by either party, then the other party's foregoing release shall that may be deemed to be rescinded until such waiver is either obtained or reinstated. All said insurance policies shall be carried with companies licensed to do business in the State of Georgia reasonably satisfactory to Landlord having. a Best's Rating of A XII or better and shall be noncancellable and nonamendable except after thirty (30) days written notice available to Landlord. At LandlordAll insurance claims other than under Worker's request, duly executed certificates Compensation and contents insurance pertaining to the Premises in amounts of such insurance $25,000 or less shall be delivered to Landlord prior to adjusted by the Commencement Date and at least thirty (30) days prior to the expiration of each respective policy term. Landlord shall have the right to periodically review the coverages required hereunder and in the event Landlord deems It reasonably necessary to require additional coverage resulting from inflation or from increases in jury verdicts or other economic conditions in the jurisdiction where the Property is located, Tenant shall obtain the coverage requested by Landlord. Notwithstanding any other provisions in this Lease to the contrary, Tenant shall have the right to self-assume or obtain insurance from an insurance company that is a wholly owned subsidiary of one (1) of the two (2) general partners of the Tenant which insurance company must have a Best's Rating of A XII or better, for all or a portion of the risk which Tenant is required to provide insurance coverage under this Lease. In the event Tenant self-assumes the risk, it will be responsible for all losses and liabilities to the same extent as if valid and collectible insurance were in effect. The foregoing provision concerning the right to self-assume shall only apply to the Tenant as of the date of this Leaseinsurer with Tenant, and to no successors and/or assigns unless consented to all claims in excess of $25,000 shall be adjusted by Landlord in its sole discretionand Tenant jointly.
Appears in 2 contracts
Samples: Office Lease (May & Speh Inc), Office Lease (May & Speh Inc)
Tenant’s Insurance. Throughout the Term of this Lease, Tenant shall carry (at its sole expense during the Term) (I) fire maintain ISO Special Form property insurance, including building and extended coverage insurance insuring Tenant's Improvements to the Premises and any and all furnituremachinery comprehensive form, equipment, supplies, contents and other property owned, leased, held or possessed by Tenant and contained therein, such insurance coverage to be in an amount equal to 100% of the full replacement value of Tenant’s trade fixtures, equipment, and other personal property located on the Premises together with such improvements other insurance as may be reasonably required by Landlord’s lender or by any government agency. All proceeds of Tenant’s policy of property insurance shall be payable to Tenant, and propertyall proceeds of policies of insurance procured by Landlord shall be payable to Landlord. Tenant hereby waives any right to recovery from Landlord and Landlord hereby waives any right of recovery from Tenant for any loss or damage (including consequential loss) resulting from any of the perils insured against in the special form property insurance policy with extended coverage endorsement. During the Term of this Lease, as such may increase from time to time; Tenant shall, at Tenant’s expense, maintain commercial general liability insurance against claims for personal injury, death or property damage occurring in, upon or about the Premises in an amount not less than $3,000,000 per occurrence and $3,000,000 annual aggregate (ii) worker's with a separate general aggregate limit for the Premises), automobile liability insurance with a combined single limit or equivalent in an amount not less than $2,000,000, and workers’ compensation insurance as required by the laws law. Tenant’s policies of the State of Georgia; and (iii) commercial general liability coverage on insurance shall name Landlord as an occurrence basis for injury to or death of a person or persons and for damage to property occasioned by or arising out of the conditionadditional insured, use, or occupancy of the Premises, or other portions of the Building or Property, including contractual liability and such other coverages and endorsements as are reasonably required by Landlord, such policy to have a combined single limit of not less than Three Million and no/100 Dollars ($3,000,000) for any bodily injury or property damage occurring as a result of or in connection with the above. Landlord and Landlord's property manager shall be named additional insureds on the policies required hereunder and such policies shall provide that the coverage thereunder is primary tofor blanket contractual liability, premises, products/completed operations, and not contributing with, any policy carried by any such additional insuredpersonal and advertising injury coverage. Tenant shall have included in all Tenant’s policies of insurance respectively obtained shall be primary and not contributory as to other insurance purchased by it with respect or available to the Building or Premises a waiver by the Insurer of all right of subrogation against the Landlord in connection with any loss or damage thereby insured againstLandlord, and Landlord shall have included in all property retentions or deductibles reasonably acceptable to Landlord. A certificate of the insurance policies required to be maintained carried by Landlord Tenant under this lease a waiver by the insurer of all right of subrogation against the Tenant in connection with any loss or damage thereby insured against. To the full extent permitted by law, Landlord as to its property insurance policies and Tenant as to all its policies, each waives all right of recovery against the other for, and agrees to release the other from liability for, loss or damage to the extent such loss or damage results from a cause covered by valid and collectible insurance in effect at the time of such loss or damage; provided however, that the foregoing release by each party is conditioned upon the other party's carrying insurance with the above described waiver of subrogation to the extent required above, and if such coverage is not obtained or maintained by either party, then the other party's foregoing release shall be deemed to be rescinded until such waiver is either obtained or reinstated. All said insurance policies shall be carried with companies licensed to do business in the State of Georgia reasonably satisfactory to Landlord having. a Best's Rating of A XII or better and shall be noncancellable and nonamendable except after thirty (30) days written notice to Landlord. At Landlord's request, duly executed certificates of such insurance Article 13 shall be delivered to Landlord prior to the Commencement Date and thereafter at least thirty (30) 30 days prior to the expiration of each respective policy termthe then current policies. Landlord Upon the written request of Landlord, copies of such policies shall have the right also be delivered to periodically review the coverages required hereunder and in the event Landlord deems It reasonably necessary to require additional coverage resulting from inflation or from increases in jury verdicts or other economic conditions in the jurisdiction where the Property is located, Tenant shall obtain the coverage requested by Landlord. Notwithstanding any other provisions in this Lease Each policy shall contain an endorsement prohibiting cancellation or non-renewal without at least 30 days prior notice to the contrary, Tenant shall have the right to self-assume or obtain insurance from an insurance company that is a wholly owned subsidiary of one (1) of the two (2) general partners of the Tenant which insurance company must have a Best's Rating of A XII or better, for all or a portion of the risk which Tenant is required to provide insurance coverage under this Lease. In the event Tenant self-assumes the risk, it will be responsible for all losses and liabilities to the same extent as if valid and collectible insurance were in effect. The foregoing provision concerning the right to self-assume shall only apply to the Tenant as of the date of this Lease, and to no successors and/or assigns unless consented to by Landlord in its sole discretionLandlord.
Appears in 2 contracts
Samples: Purchase and Sale Agreement (Go Daddy Group, Inc.), Purchase and Sale Agreement (Go Daddy Group, Inc.)
Tenant’s Insurance. Tenant shall carry (maintain insurance complying with all of the following:
A. Tenant shall procure, pay for and keep in full force and effect, at its sole expense all times during the Lease Term, the following:
(1) (I) fire and extended coverage Commercial General Liability insurance insuring Tenant against liability for bodily injury, death, property damage and personal injury occurring at the Leased Premises, or resulting from Tenant's Improvements to the Premises and any and all furniture, equipment, supplies, contents and other property owned, leased, held ’s use or possessed by Tenant and contained therein, such insurance coverage to be in an amount equal to the full replacement value of such improvements and property, as such may increase from time to time; (ii) worker's compensation insurance as required by the laws occupancy of the State of Georgia; and (iii) commercial general liability coverage Leased Premises or the Building, Outside Areas, Property, or Common Areas or resulting from Tenant’s activities in or about the Leased Premises. Such insurance shall be on an occurrence basis for injury to or death of a person or persons and for damage to property occasioned by or arising out of the condition, use, or occupancy of the Premises, or other portions of the Building or Property, including contractual liability and such other coverages and endorsements as are reasonably required by Landlord, such policy to have with a combined single limit of liability of not less than Three Million and no/100 Dollars the amount of Tenant’s Required Liability Coverage ($3,000,000) for any bodily injury as set forth in Article 1). The policy or property damage occurring as a result of or in connection with the above. Landlord and Landlord's property manager shall be named additional insureds on the policies required hereunder and such policies shall provide that the coverage thereunder is primary to, and not contributing with, any policy carried by any such additional insured. Tenant shall have included in all policies of insurance respectively obtained by it with respect to the Building or Premises a waiver by the Insurer of all right of subrogation against the Landlord in connection with any loss or damage thereby insured against, and Landlord shall have included in all property insurance policies required to be maintained by Landlord under this lease a waiver by the insurer of all right of subrogation against the Tenant in connection with any loss or damage thereby insured against. To the full extent permitted by law, Landlord as to its property insurance policies and Tenant as to all its policies, each waives all right of recovery against the other for, and agrees to release the other from liability for, loss or damage to the extent such loss or damage results from a cause covered by valid and collectible insurance in effect at the time of such loss or damage; provided however, that the foregoing release by each party is conditioned upon the other party's carrying insurance with the above described waiver of subrogation to the extent required above, and if such coverage is not obtained or maintained by either party, then the other party's foregoing release shall be deemed to be rescinded until such waiver is either obtained or reinstated. All said insurance policies shall be carried with companies licensed endorsed to do business name Landlord and such others as are designated by Landlord as additional insureds in the State of Georgia reasonably satisfactory form equivalent to Landlord having. a Best's Rating of A XII CG20111185 or better successor and shall contain the following additional endorsement: “The insurance afforded to the additional insureds is primary insurance. If the additional insureds have other insurance which is applicable to the loss on a contributing, excess or contingent basis, the amount of this insurance company’s liability under this policy shall not be noncancellable reduced by the existence of such other insurance. Any insurance carried by the additional insureds shall be excess and nonamendable non contributing with the insurance provided by the Tenant.” The policy shall not be canceled or reduced without at least 10 days written notice to additional insureds. If the policy insures more than one location, it shall be endorsed to show that the limits and aggregate apply per location using endorsement CG25041185 or successor. Tenant’s policy shall also contain the severability of interest and cross-liability endorsement or clauses.
(2) Fire and property damage insurance in so-called Special Form (except after earthquake and flood) insuring Tenant against loss from physical damage to Tenant’s personal property, inventory, stock, trade fixtures and improvements within the Leased Premises with coverage for the full actual replacement cost thereof;
(3) Plate-glass insurance, at actual replacement cost;
(4) Boiler and Machinery insurance, if applicable;
(5) Product Liability insurance (including without limitation Liquor Liability insurance for liability arising out of the distribution, sale, or consumption of food and/or beverages including alcoholic beverages at the Leased Premises for not less than the Tenant’s Required Liability Coverage as set forth in Article 1;
(6) Workers’ compensation insurance and any other employee benefit insurance sufficient to comply with all Laws which policy shall be endorsed to provide thirty (30) days written notice of cancellation to Landlord;
(7) With respect to making of alterations or the construction of improvements or the like undertaken by Tenant, contingent liability and builder’s risk insurance, in an amount and with coverage satisfactory to Landlord;
(8) Business Income Insurance at a minimum of 50% co-insurance including coverage for loss of business income due to damage to equipment from perils covered under the so-called Special Form excepting perils of earth quake and flood; and
(9) Comprehensive Auto Liability insurance with a combined single limit coverage of not less than the amount of Tenant’s Required Liability Coverage (as set forth in Article l) for bodily injury and/or property damage liability for: (a) Owned autos, (b) Hired or borrowed autos, and (c) Non-owned autos. The policy shall be endorsed to provide 10 days written notice of cancellation to Landlord.
B. Each policy of liability insurance required to be carried by Tenant pursuant to this Article or actually carried by Tenant with respect to the Leased Premises or the Property (i) shall be in a form satisfactory to Landlord, (ii) Shall be provided by carriers admitted to do business in the state of California, with a Best rating of “A/VI” or better and/or acceptable to Landlord. At Landlord's request, duly executed certificates of such Property insurance shall be delivered contain a waiver and/or a permission to Landlord prior waive by the insurer any right of subrogation against Landlord, its principals, employees, agents and contractors which might arise by reason of any payment under such policy or by reason of any act or omission of Landlord, its principals, employees, agents or contractors.
C. Prior to the Commencement Date time Tenant or any of its contractors enters the Leased Premises, Tenant shall deliver to the Landlord with respect to each policy of insurance required to be carried by Tenant pursuant to this Article, a certificate of the insurer certifying, in a form satisfactory to the Landlord, that the policy has been issued and at least thirty (30) premium paid providing the coverage required by this Article and containing the provisions herein. Attached to such a certificate shall be endorsements naming Landlord as additional insured, and including the wording under primary insurance above. With respect to each renewal or replacement of any such insurance, the requirements of this Article must be complied with not less than 10 days prior to the expiration or cancellation of each respective the policy termbeing renewed or replaced. Landlord shall have may at any time and from time-to-time inspect and/or copy any and all insurance policies required to be carried by Tenant pursuant to this article. If Landlord’s lender, insurance broker or advisor or counsel reasonably determines at any time that the right to periodically review the coverages required hereunder and form or amount of coverage set forth in the event Landlord deems It reasonably necessary to require additional coverage resulting from inflation or from increases in jury verdicts or other economic conditions in the jurisdiction where the Property is located, Tenant shall obtain the coverage requested by Landlord. Notwithstanding Article 9.1.(A) for any other provisions in this Lease to the contrary, Tenant shall have the right to self-assume or obtain policy of insurance from an insurance company that is a wholly owned subsidiary of one (1) of the two (2) general partners of the Tenant which insurance company must have a Best's Rating of A XII or better, for all or a portion of the risk which Tenant is required to provide carry pursuant to this Article is not adequate, then Tenant shall increase the amount of coverage for such insurance to such greater amount or change the form as Landlord’s lender, insurance broker or advisor or counsel reasonably deems adequate (provided, however, such increase level of coverage may not exceed the level of coverage for such insurance commonly carried by comparable businesses similarly situated and operating under this Lease. In similar circumstances).
D. The Commercial General Liability insurance carried by Tenant shall specifically insure the event performance by Tenant self-assumes the risk, it will be responsible for all losses and liabilities to the same extent as if valid and collectible insurance were in effect. The foregoing provision concerning the right to self-assume shall only apply to the Tenant as of the date Indemnification provisions set forth in Article 8.2 of this Leaselease; provided, and however, nothing contained in this Article 9 shall be construed to no successors and/or assigns unless consented to by Landlord limit the liability of Tenant under the Indemnification provisions set forth in its sole discretionsaid Article 8.2.
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Tenant’s Insurance. During the term of this lease, Tenant shall carry maintain and keep in force insurance covering the following risks with a carrier that has a “Best” rating of A- or better.
(at its sole expense during the Terma) All Risk property insurance covering Tenant’s Personal Property, Equipment and Furnishings. Coverage should provide for Full Replacement Cost.
(Ib) fire Commercial General Liability insurance with customary broad form coverage and extended coverage insurance insuring Tenant's Improvements exclusions approved by Landlord to the Premises protect Landlord and any and all furnitureTenant against liability for bodily injury, equipmentpersonal injury, supplies, contents and other property owned, leased, held or possessed by Tenant and contained therein, such insurance coverage to be in an amount equal to the full replacement value of such improvements and property, as such may increase from time to time; (ii) worker's compensation insurance as required by the laws of the State of Georgia; and (iii) commercial general liability coverage on an occurrence basis for injury to damage or death of a person or persons and for damage to property occasioned by or arising out of the condition, use, or occupancy of the Premises, or other portions of the Building or Property, including contractual liability and such other coverages and endorsements as are reasonably required by Landlord, such policy to have a combined single limit of not less than Three Million and no/100 Dollars ($3,000,000) for any bodily injury or property damage occurring as a result of or in connection with the aboveuse of the property. The limits of liability for such insurance shall not be less than $1,000,000 per occurrence.
(c) Workers Compensation in accordance with statutory limits and as required by law.
(d) Tenant agrees to furnish Landlord certificates and Landlord's property manager shall be named additional insureds on the copies of its policies required hereunder and such policies shall provide from its insurance carriers certifying that the coverage thereunder above specified insurance has been fully paid for and is primary to, in full force and not contributing with, any policy carried by any such additional insuredeffect. Tenant shall have included in all policies of insurance respectively obtained by it with respect to the Building or Premises a waiver by the Insurer of all right of subrogation against the Landlord in connection with any loss or damage thereby insured against, and Landlord shall have included in all property insurance policies required to be maintained by Landlord under this lease a waiver by the insurer of all right of subrogation against the Tenant in connection with any loss or damage thereby insured against. To the full extent permitted by law, Landlord as to its property insurance policies and Tenant as to all its policies, each waives all right of recovery against the other for, and agrees to release the other from liability for, loss or damage to the extent such loss or damage results from a cause covered by valid and collectible insurance in effect at the time of such loss or damage; provided however, that the foregoing release by each party is conditioned upon the other party's carrying insurance with the above described waiver of subrogation to the extent required above, and if such coverage is not obtained or maintained by either party, then the other party's foregoing release shall be deemed to be rescinded until such waiver is either obtained or reinstated. All said insurance policies shall be carried with companies licensed to do business in the State of Georgia reasonably satisfactory to Landlord having. a Best's Rating of A XII or better and shall be noncancellable and nonamendable except after thirty (30) days written notice to Landlord. At Landlord's request, duly executed certificates The amount of such insurance shall be delivered not limit the liability of Tenant to Landlord prior to under paragraph 7 hereof. All policies and certificates will show Landlord as an additional insured and shall specifically provide that the Commencement Date Landlord’s coverage as an additional insured is primary insurance and not excess over or contributing with any other valid, existing and applicable insurance in force or on behalf of Landlord and shall contain a waiver of subrogation against Landlord. All policies shall contain a provision that such policies will not be canceled or coverage reduced without at least thirty (30) days prior written notice to the expiration of each respective policy termLandlord. Landlord shall have the right to periodically review the coverages required hereunder and in the event Landlord deems It reasonably necessary to require additional coverage resulting from inflation or from increases in jury verdicts or other economic conditions in the jurisdiction where the Property is located, Tenant shall obtain from its insurance company, a waiver of all rights of subrogation which the coverage requested by Landlord. Notwithstanding any other provisions in this Lease to the contrary, Tenant shall have the right to self-assume or obtain insurance from an insurance company that is a wholly owned subsidiary of one (1) of the two (2) general partners of the Tenant which insurance company must may have a Best's Rating of A XII or better, for all or a portion of the risk which Tenant is required to provide insurance coverage under this Lease. In the event Tenant self-assumes the risk, it will be responsible for all losses against Landlord and liabilities to the same extent as if valid and collectible insurance were its authorized representatives in effect. The foregoing provision concerning the right to self-assume shall only apply to the Tenant as of the date of this Leaseconnection with any damages covered by Tenant’s policy, and Tenant releases Landlord from any claims for damage to no successors and/or assigns unless consented to person or property caused by Landlord in its sole discretionor resulting from insured risk under Tenant’s insurance policy.
Appears in 1 contract
Tenant’s Insurance. Tenant shall carry (procure and maintain policies of insurance, at its sole expense during own cost and expense, insuring:
(a) The Landlord Protected Parties (as “additional insureds”), and Landlord’s mortgagee, if any, of which Tenant is given written notice, and Tenant Protected Parties, from all claims, demands or actions made by or on behalf of any person or persons, firm or corporation and arising from, related to or connected with the Term) (I) fire and extended coverage insurance insuring Tenant's Improvements Leased Premises, for bodily injury to the Premises and any and all furniture, equipment, supplies, contents and other property owned, leased, held or possessed by Tenant and contained therein, such insurance coverage to be in an amount equal to the full replacement value of such improvements and property, as such may increase from time to time; (ii) worker's compensation insurance as required by the laws of the State of Georgia; and (iii) commercial general liability coverage on an occurrence basis for personal injury to or death of a person any person, or persons and more than one (1) person, or for damage to property occasioned by or arising out of the condition, use, or occupancy of the Premises, or other portions of the Building or Property, including contractual liability and such other coverages and endorsements as are reasonably required by Landlord, such policy to have a combined single limit in an amount of not less than Three Million and no/100 Dollars ($3,000,000) for any bodily injury or property damage occurring as a result of or in connection with the above2,000,000.00 combined single limit per occurrence/aggregate. Landlord and Landlord's property manager shall be named additional insureds on the policies required hereunder and such policies shall provide that the coverage thereunder is primary to, and not contributing with, any policy carried by any such additional insured. Tenant shall have included in all policies of insurance respectively obtained by it with respect to the Building or Premises a waiver by the Insurer of all right of subrogation against the Landlord in connection with any loss or damage thereby insured against, and Landlord shall have included in all property insurance policies required to be maintained by Landlord under this lease a waiver by the insurer of all right of subrogation against the Tenant in connection with any loss or damage thereby insured against. To the full extent permitted by law, Landlord as to its property insurance policies and Tenant as to all its policies, each waives all right of recovery against the other for, and agrees to release the other from liability for, loss or damage to the extent such loss or damage results from a cause covered by valid and collectible insurance in effect at the time of such loss or damage; provided however, that the foregoing release by each party is conditioned upon the other party's carrying insurance with the above described waiver of subrogation to the extent required above, and if such coverage is not obtained or maintained by either party, then the other party's foregoing release shall be deemed to be rescinded until such waiver is either obtained or reinstated. All said insurance policies shall be carried with companies licensed to do business in the State of Georgia reasonably satisfactory to Landlord having. a Best's Rating of A XII or better and shall be noncancellable and nonamendable except after thirty (30) days written notice to Landlord. At Landlord's request, duly executed certificates of such Said insurance shall be delivered to Landlord prior written on an “occurrence” basis and not on a “claims made” basis. If at any time during the term of this Lease, Tenant owns or rents more than one location, the policy shall contain an endorsement to the Commencement Date and at least thirty (30) days prior effect that the aggregate limit in the policy shall apply separately to the expiration of each respective policy termlocation owned or rented by Tenant. Landlord shall have the right from time to periodically review time during the coverages required hereunder and in term of the event Landlord deems It reasonably necessary Lease, exercisable by giving written notice thereof to Tenant, to require additional Tenant to increase such limit if, in Landlord’s reasonable judgment, the amount thereof is insufficient to protect the Landlord Protected Parties and Tenant Protected Parties from judgments which might result from such claims, demands or actions.
(b) The improvements at any time situated upon the Leased Premises against loss or damage by fire, lightning, wind storm, hail storm, aircraft, vehicles, smoke, explosion, riot or civil commotion as provided by the Standard Fire and Extended Coverage Policy and all other risks of direct physical loss as insured against under Special Form (“all risk” coverage). The insurance coverage resulting from inflation shall be for not less than 100% of the full replacement cost of such improvements with agreed amount endorsement, and building ordinance coverage, all subject only to reasonable deductibles. Landlord shall be named as the insured and, subject to Article VII below, all proceeds of insurance shall be payable to Landlord. Said insurance shall contain an endorsement waiving the insurer’s right of subrogation against any Landlord Protected Party or from increases any Tenant Protected Party, provided that such waiver of the right of subrogation shall not be operative in jury verdicts or other economic conditions in the jurisdiction any case where the Property effect thereof is located, Tenant shall obtain to invalidate such insurance coverage or increase the coverage requested by Landlord. Notwithstanding any other provisions in this Lease to the contrary, Tenant cost thereof (except that either party shall have the right right, within thirty (30) days following written notice, to self-assume pay such increased cost, thereby keeping such waiver in full force and effect).
(c) Flood or obtain earthquake insurance from an insurance company that whenever such protection is a wholly owned subsidiary necessary and it is available at commercially reasonable cost.
(d) All contents and Tenant’s trade fixtures, machinery, equipment, furniture and furnishings in the Leased Premises to the extent of one at least ninety percent (190%) of their replacement cost under Standard Fire and Extended Coverage Policy and all other risks of direct physical loss as insured against under Special Form (“all risk” coverage). Said insurance shall contain an endorsement waiving the two (2) general partners insurer’s right of subrogation against any Landlord Protected Party, provided that such waiver of the Tenant which insurance company must have a Best's Rating right of A XII or better, for all or a portion of subrogation shall not be operative in any case where the risk which Tenant effect thereof is required to provide invalidate such insurance coverage under this Lease. In or increase the event Tenant self-assumes the risk, it will be responsible for all losses and liabilities to the same extent as if valid and collectible insurance were in effect. The foregoing provision concerning the right to self-assume shall only apply to the Tenant as of the date of this Lease, and to no successors and/or assigns unless consented to by Landlord in its sole discretion.cost thereof
Appears in 1 contract
Samples: Industrial Building Lease (Sanfilippo John B & Son Inc)
Tenant’s Insurance. Tenant Tenant, in order to enable it to meet its obligation to insure against the liabilities specified in this Lease, shall carry (at all times during the Lease Term carry, at its sole expense during own expense, for the Term) (I) fire and extended coverage insurance insuring protection of Tenant's Improvements to the Premises and any and all furniture, equipment, supplies, contents and other property owned, leased, held or possessed by Tenant and contained therein, such insurance coverage to be in an amount equal to the full replacement value of such improvements and property, as such may increase from time to time; (ii) worker's compensation insurance as required by the laws of the State of Georgia; and (iii) commercial general liability coverage on an occurrence basis for injury to or death of a person or persons and for damage to property occasioned by or arising out of the condition, use, or occupancy of the Premises, or other portions of the Building or Property, including contractual liability and such other coverages and endorsements as are reasonably required by Landlord, such policy to have a combined single limit of not less than Three Million and no/100 Dollars ($3,000,000) for any bodily injury or property damage occurring as a result of or in connection with the above. Landlord and Landlord's ’s management agent, as their interest may appear, one or more policies of general public liability and property manager damage insurance, issued by one or more insurance companies rated A- or better by A.M. Best Insurance Ratings Service with the following minimum coverages:
(A) Worker’s Compensation – minimum statutory amount.
(B) Comprehensive General Liability Insurance including – Not less than $1,000,000 Blanket, Contractual Liability, Broad Form Property Combined Single Damage, Personal Injury, Completed Operations, Limit for both bodily Products Liability & property damage.
(C) Primary, non-contributory Fire and Extended Coverage, Vandalism and Malicious Mischief, and Sprinkler Leakage insurance, for the full cost of replacement of Tenant’s property.
(D) Business interruption insurance for a period of at least six (6) months. Such insurance policy or policies shall be named name Landlord and Landlord’s management agent as additional insureds on (proceeds of the policies required hereunder business interruption insurance shall not be payable to Landlord or Landlord’s management agent) and such policies shall provide that the coverage thereunder is primary to, and they may not contributing with, any policy carried by any such additional insured. Tenant shall have included in all policies of insurance respectively obtained by it with respect to the Building or Premises a waiver by the Insurer of all right of subrogation against the Landlord in connection with any loss or damage thereby insured against, and Landlord shall have included in all property insurance policies required to be maintained by Landlord under this lease a waiver by the insurer of all right of subrogation against the Tenant in connection with any loss or damage thereby insured against. To the full extent permitted by law, Landlord as to its property insurance policies and Tenant as to all its policies, each waives all right of recovery against the other for, and agrees to release the other from liability for, loss or damage to the extent such loss or damage results from a cause covered by valid and collectible insurance in effect at the time of such loss or damage; provided however, that the foregoing release by each party is conditioned upon the other party's carrying insurance with the above described waiver of subrogation to the extent required above, and if such coverage is not obtained or maintained by either party, then the other party's foregoing release shall be deemed to be rescinded until such waiver is either obtained or reinstated. All said insurance policies shall be carried with companies licensed to do business in the State of Georgia reasonably satisfactory to Landlord having. a Best's Rating of A XII or better and shall be noncancellable and nonamendable except after canceled on less than thirty (30) days days’ prior written notice to Landlord. At Landlord's request, duly executed certificates Tenant shall furnish Landlord with Certificates of Insurance evidencing such coverage. Should Tenant fail to carry such insurance shall be delivered and furnish Landlord with such Certificates of Insurance after a written request to Landlord prior to the Commencement Date do so and at least thirty failure for a period of fifteen (3015) days prior to the expiration of each respective policy term. thereafter, Landlord shall have the right to periodically review collect the coverages required hereunder and in the event Landlord deems It reasonably necessary to require additional coverage resulting cost thereof from inflation or from increases in jury verdicts or other economic conditions in the jurisdiction where the Property is located, Tenant shall obtain the coverage requested by Landlord. Notwithstanding any other provisions in this Lease to the contrary, Tenant shall have the right to self-assume or obtain insurance from an insurance company that is a wholly owned subsidiary of one (1) of the two (2) general partners of the Tenant which insurance company must have a Best's Rating of A XII or better, for all or a portion of the risk which Tenant is required to provide insurance coverage under this Lease. In the event Tenant self-assumes the risk, it will be responsible for all losses and liabilities to the same extent as if valid and collectible insurance were in effect. The foregoing provision concerning the right to self-assume shall only apply to the Tenant as of the date of this Lease, and to no successors and/or assigns unless consented to by Landlord in its sole discretionadditional rent.
Appears in 1 contract
Tenant’s Insurance. (a) Tenant shall carry (shall, at its sole expense cost and expense, take out and keep in full force and effect and pay all premiums for, throughout the Term and during such other time as Tenant occupies the TermLeased Premises or any part thereof, the following insurance:
(i) (I) fire comprehensive general liability insurance including but not limited to property damage, bodily injury liability, contractual liability, non-owned automobile liability and extended owners' and contractors' protective insurance coverage insurance insuring with respect to the Leased Premises and Tenant's Improvements use of the Building and the Lands, coverage to include the Premises and any and all furniture, equipment, supplies, contents and other property owned, leased, held or possessed activities conducted by Tenant and contained therein, such insurance coverage to be in an amount equal to any other Person on the full replacement value of such improvements and property, as such may increase from time to time; (ii) worker's compensation insurance as required by the laws of the State of Georgia; and (iii) commercial general liability coverage on an occurrence basis for injury to or death of a person or persons and for damage to property occasioned by or arising out of the condition, use, or occupancy of the Leased Premises, or and by Tenant, those for whom Tenant is in law responsible and any other portions Person performing work on behalf of Tenant in any other part of the Building or Propertythe Lands. Such policies shall have inclusive limits of at least Five Million ($5,000,000.00) Dollars for each occurrence involving bodily injury, including contractual liability death or property damage, or such higher limits as Landlord may from time to time reasonably require;
(ii) insurance upon property of every kind and such other coverages description owned by Tenant, or for which Tenant is legally liable, or installed by or on behalf of Tenant in the Building, without limitation, stock-in-trade, if appropriate, furniture, fixtures, interior plate glass and endorsements as are reasonably required by Landlordleasehold improvements, such policy to have a combined single limit in an amount of not less than Three Million the full replacement cost thereof, which amount shall be conclusively determined by Landlord in the event of any dispute with respect thereto. Such coverage shall insure at least against fire and no/100 Dollars such other perils as are from time to time included in the standard "all-risks" coverage including, without limitation, sprinkler leakages ($3,000,000where applicable), earthquake, flood and collapse;
(iii) if appropriate, broad form comprehensive boiler and machinery insurance on a blanket repair and replacement basis with limits for each accident in an amount not less than the full replacement costs of all leasehold improvements and of all boilers, pressure-vessels, air conditioning equipment and miscellaneous electrical apparatus owned or operated by Tenant or by others (other than Landlord) on behalf of Tenant in or relating to or serving the Leased Premises;
(iv) business interruption insurance in such amounts as are from time to time necessary to reimburse Tenant for direct or indirect loss of earnings attributable to any bodily injury of the perils required to be insured against by Tenant pursuant hereto or property damage occurring any other perils commonly insured against by prudent tenants in similar circumstances or attributable to prevention of access to Leased Premises or the Building as a result of such perils;
(v) tenant's legal liability insurance for the whole replacement cost of the Leased Premises, including loss of use thereof;
(vi) standard owners' form automobile policy providing third party liability insurance with inclusive limits of not less than Two Million ($2,000,000.00) Dollars, and accident benefit insurance, covering all licensed vehicles owned or operated by or on behalf of Tenant; and
(vii) any other form of insurance, in connection with the above. such amounts and against such risks, as Landlord may from time to time reasonably require.
(b) Each of Tenant's insurance policies shall name Landlord and any Persons designated by Landlord as additional named insured as their respective interests may appear and shall contain, as appropriate,
(i) the standard mortgage clause as may be required by any mortgagee of Landlord;
(ii) a waiver of any subrogation rights which Tenant's property manager insurers would have against Landlord or any Person for whom Landlord is in law responsible;
(iii) a severability of interests clause and a cross-liability clause;
(iv) a provision stating that Tenant's insurance policy shall be named additional insureds on primary and shall not call into contribution any other insurance available to Landlord; and
(v) a waiver, as respects the interests of Landlord and of any mortgagee, of any provision in any of Tenant's insurance policies required hereunder and such with respect to any breach of any warranties, representations, declarations, or conditions contained in the said policies.
(c) All policies shall provide that the coverage thereunder is primary to, be taken out with such insurers and not contributing with, any policy carried by any be in such additional insuredform as are satisfactory from time to time to Landlord. Tenant shall have included in all policies deliver to Landlord either certificates of insurance respectively obtained in the form designated by it with respect to Landlord or certified copies of Tenant's insurance policies as soon as practicable after the Building or Premises a waiver by the Insurer placement of all right of subrogation against the Landlord in connection with any loss or damage thereby insured againstsuch insurance, and shall from time to time furnish to Landlord shall have included in all property insurance policies required certificates or other evidences acceptable to be maintained by Landlord under this lease a waiver by the insurer of all right of subrogation against the Tenant in connection with any loss or damage thereby insured against. To the full extent permitted by law, Landlord as to its property insurance policies and Tenant as to all its policies, each waives all right of recovery against the other for, and agrees to release the other from liability for, loss or damage to the extent such loss or damage results from a cause covered by valid and collectible Tenant's insurance in effect at and its renewal or continuation in force, together with such evidence as may be required by the time of such loss or damage; provided however, that the foregoing release by each party is conditioned upon the other party's carrying insurance with the above described waiver of subrogation Landlord as to the extent required abovemethod of determination of the full replacement cost of Tenant's stock-in-trade, furniture, fixtures, interior plate glass and if such coverage is not obtained or maintained by either party, then the other party's foregoing release shall be deemed to be rescinded until such waiver is either obtained or reinstated. leasehold improvements.
(d) All said insurance policies shall contain an undertaking by the insurers that no material change, cancellation or termination of any policy will be carried with companies licensed to do business in the State of Georgia reasonably satisfactory to made unless Landlord having. a Best's Rating of A XII or better and shall be noncancellable and nonamendable except after thirty (30) days written notice to Landlord. At Landlord's request, duly executed certificates of such insurance shall be delivered to Landlord prior to the Commencement Date and at least has received not less than thirty (30) days prior to written notice thereof, delivered in accordance with the expiration of each respective policy term. Landlord shall have the right to periodically review the coverages required hereunder and in the event Landlord deems It reasonably necessary to require additional coverage resulting from inflation or from increases in jury verdicts or other economic conditions in the jurisdiction where the Property is located, Tenant shall obtain the coverage requested by Landlord. Notwithstanding any other provisions in this Lease to the contrary, Tenant shall have the right to self-assume or obtain insurance from an insurance company that is a wholly owned subsidiary of one (1) of the two (2) general partners of the Tenant which insurance company must have a Best's Rating of A XII or better, for all or a portion of the risk which Tenant is required to provide insurance coverage under this Lease. In the event Tenant self-assumes the risk, it will be responsible for all losses and liabilities to the same extent as if valid and collectible insurance were in effect. The foregoing provision concerning the right to self-assume shall only apply to the Tenant as of the date of this Lease, and to no successors and/or assigns unless consented to by Landlord in its sole discretion.
Appears in 1 contract
Tenant’s Insurance. Tenant or Landlord shall carry (at its sole expense during procure and maintain, or cause to be procured and maintained, throughout the Term) (I) fire and extended coverage insurance insuring Tenant's Improvements to the Premises term of this Agreement and any extended periods specified herein, with insurers authorized to conduct business in the state in which the Facility is located: Commercial Property Insurance (and all furniture, equipment, supplies, contents and other property owned, leased, held or possessed by Tenant and contained therein, such insurance coverage to be in an amount equal to the full replacement value of such improvements and property, as such may increase from time to time; (ii) worker's compensation insurance as required by the laws of the State of Georgia; and (iii) commercial general liability coverage on an occurrence basis for injury to or death of a person or persons and for damage to property occasioned by or arising out of the condition, use, or occupancy of the Premises, or other portions of the Building or Property, including contractual liability and such other coverages and endorsements as are reasonably required by Landlord, such policy to have a combined single limit of not less than Three Million and no/100 Dollars ($3,000,000) for any bodily injury or property damage occurring as a result of or in connection with the above. Landlord and Landlord's property manager shall be named additional insureds on the policies required hereunder and such policies shall provide that the coverage thereunder is primary to, and not contributing with, any policy carried by any such additional insured. Tenant shall have included in all policies of insurance respectively obtained by it with respect to the Building or Premises a waiver by the Insurer of all right of subrogation against the Landlord in connection with any loss or damage thereby insured against, and Landlord shall have included in all property insurance policies required to be maintained by Landlord under this lease a waiver by the insurer of all right of subrogation against the Tenant in connection with any loss or damage thereby insured against. To the full extent permitted by law, Landlord as to its property insurance policies and Tenant as to all its policies, each waives all right of recovery against the other for, and agrees to release the other from liability for, loss or damage to the extent such loss or damage results from a cause applicable, Builders Risk insurance), including boiler and machinery and/or equipment breakdown coverage to the building(s) and contents by risks commonly covered by valid and collectible insurance in effect at the time an ISO Special Cause of such loss Loss form or damage; provided however, that the foregoing release by each party is conditioned upon the other party's carrying insurance with the above described waiver of subrogation to the extent required above, and if such coverage is not obtained or maintained by either party, then the other party's foregoing release shall be deemed to be rescinded until such waiver is either obtained or reinstatedits equivalent. All said insurance policies shall be carried with companies licensed to do business in the State of Georgia reasonably satisfactory to Landlord having. a Best's Rating of A XII or better and shall be noncancellable and nonamendable except after thirty (30) days written notice to Landlord. At Landlord's request, duly executed certificates The amount of such insurance shall be delivered not less than one hundred percent (100%) of the full replacement cost of the Facility and its improvements, furniture, furnishings, fixtures, equipment and other items included in the Facility and owned by Tenant or Landlord (and not by residents) from time to Landlord prior to time, without deduction for depreciation (less cost of land, excavations, foundations and footings below the Commencement Date and at least thirty (30) days prior to the expiration of each respective policy term. Landlord shall have the right to periodically review the coverages required hereunder and lowest basement floor, blueprints or drawings or such other expenses that would not be re-incurred in the event Landlord deems It reasonably of a loss). Coverage shall include Tenant’s Business Interruption (including loss of rents and necessary continuing expense) in an amount sufficient to require additional coverage resulting from inflation or from increases in jury verdicts or other economic conditions in provide proceeds which will cover the jurisdiction where the Property is located, Tenant shall obtain the coverage requested by Landlord. Notwithstanding “Actual Loss Sustained” during restoration of any other provisions in this Lease to the contrary, Tenant shall have the right to self-assume or obtain insurance from an insurance company that is a wholly owned subsidiary of one (1) of the two (2) general partners of the Tenant which insurance company must have a Best's Rating of A XII or better, for all or a portion of the risk which building(s) or improvements for a period of not less than twelve (12) months plus an extended period of indemnity to be selected by Tenant. Tenant is may elect at its sole discretion to purchase Flood, Earthquake, Pollution, Terrorism or other insurance required to provide insurance by Landlord with coverage under this Leaseand limits determined at Tenant’s sole discretion. In During any period of construction at the event Tenant self-assumes the riskFacility, it will be responsible for all losses and liabilities or any structural renovation or alteration to the same extent as if valid and collectible insurance were in effect. The foregoing provision concerning the right to self-assume improvements, Builder’s Risk or equivalent course of construction coverage shall only apply be provided with a limit equivalent to the Tenant as completed value of the date of this Lease, and to no successors and/or assigns unless consented to by Landlord in its sole discretionproject.
Appears in 1 contract
Samples: Management Services Agreement (CNL Healthcare Properties II, Inc.)
Tenant’s Insurance. Tenant shall carry (agrees, at its sole expense Tenant’s expense, to secure and keep in force during the Term) (I) fire and extended coverage insurance insuring Tenant's Improvements to the Premises and any and all furniture, equipment, supplies, contents and other property owned, leased, held or possessed by Tenant and contained therein, such insurance coverage to be in an amount equal to the full replacement value terms of such improvements and property, as such may increase from time to time; (ii) worker's compensation insurance as required by the laws this Lease a policy of the State of Georgia; and (iii) commercial comprehensive general liability coverage insurance for personal injury (including death) and property damage occurring in, on an occurrence basis for injury to or death of a person or persons and for damage to property occasioned by or arising out of the condition, use, or occupancy of about the Premises, or other portions including without limitation parking, walkways and landscaped areas. In the minimum amount of the Building or Property, including contractual liability and such other coverages and endorsements as are reasonably required by Landlord, such policy to have a $2,000,000 combined single limit of not less than Three Million and no/100 Dollars ($3,000,000) for any bodily injury or property damage occurring as a result of or in connection with the abovelimit. Landlord and Landlord's property manager Such insurance shall be named additional insureds on the policies required hereunder primary and such policies shall provide that the coverage thereunder is primary to, and not contributing with, any policy carried by any such additional insured. Tenant shall have included in all policies of insurance respectively obtained by it noncontributory with respect to any insurance carried by Landlord. Such policy(ies) shall name Landlord as additional insured(s), shall insure any liability of landlord, contingent or otherwise, with respect to acts or omissions of Tenant, its agents, employees or invitees by any conduct or transactions of any of said persons in, about or concerning the Building Premises, including (without limitation) any failure of Tenant to observe or Premises a perform any of its obligations hereunder, and shall contain the insurer’s waiver by the Insurer of all right of subrogation against Landlord, its agents, employees and invitees. Such policy(ies) shall insure performance by Tenant of the Landlord in connection with any loss or damage thereby insured against, and Landlord shall have included in all property insurance policies required to be maintained by Landlord under this lease a waiver by the insurer indemnity provisions of all right of subrogation against the Tenant in connection with any loss or damage thereby insured againstSection 14. To the full extent permitted by law, Landlord as to its property insurance policies and Tenant as to all its policies, each waives all right of recovery against the other for, and agrees to release the other from liability for, loss or damage to the extent such loss or damage results from a cause covered by valid and collectible insurance in effect at the time of such loss or damage; provided however, that the foregoing release by each party is conditioned upon the other party's carrying insurance with the above described waiver of subrogation to the extent required above, and if such coverage is not obtained or maintained by either party, then the other party's foregoing release hereof. Such policy(ies) shall be deemed to be rescinded until such waiver is either obtained or reinstated. All said issued by an insurance policies shall be carried with companies company licensed to do transact business in the State of Georgia reasonably satisfactory to Landlord having. a California and rated no less than A12 by Best's Rating of A XII or better ’s, and shall provide that such insurance shall not be noncancellable and nonamendable canceled or materially amended, except after thirty upon ten (3010) days prior written notice to Landlord. At Landlord's request, duly executed certificates of such insurance shall be delivered to Landlord prior to the Commencement Date and at least thirty (30) days prior to the expiration of each respective policy term. Landlord shall have the right to periodically review the coverages required hereunder and in the event Landlord deems It reasonably necessary to require additional coverage resulting from inflation or from increases in jury verdicts or other economic conditions in the jurisdiction where the Property is located, Tenant shall obtain the coverage requested by at all times deposit and maintain a current copy or detailed certificate of said policy(ies) with Landlord. Notwithstanding any other provisions in this Lease to the contrary, Tenant shall have the right to self-assume or obtain insurance from an insurance company that is a wholly owned subsidiary of one (1at Tenant’s cost maintain policy(ies) of insurance in “all risk” form with a sprinkler damage endorsement insuring the two (2) general partners replacement value of all Tenant’s personal property, inventory, trade fixtures, and leasehold improvements within the Tenant which insurance company must have a Best's Rating of A XII or better, Premises for all or a portion of the risk which Tenant is required to provide insurance coverage under this Lease. In the event Tenant self-assumes the risk, it will be responsible for all losses and liabilities to the same extent as if valid and collectible insurance were in effectfull replacement value thereof. The foregoing provision concerning proceeds from any of such policies shall be used for the right repair or replacement of such items so insured. Tenant shall also maintain policy(ies) of workmen’s compensation insurance and any other employee benefits sufficient to self-assume shall only apply to the comply with all laws. Tenant as of the date of this Leaseshall, and to no successors and/or assigns unless consented to by Landlord in at its sole discretioncost and expense, comply with any and all requirements, pertaining to said Premises, of any insurance organization or company, necessary for the maintenance of reasonable fire and public liability Insurance.
Appears in 1 contract
Samples: Lease Agreement (Anda Networks Inc)
Tenant’s Insurance. (a) Tenant shall carry (at its sole cost and expense during shall procure and maintain in full force and effect throughout the Termterm of this Lease general comprehensive public liability insurance (including automobile liability insurance) (I) fire and extended coverage insurance insuring Tenant's Improvements against claims for bodily injury, death and/or property damage occurring upon, in, about or adjacent to the Demised Premises and or on, in or about any and all furniture, equipment, supplies, contents and other property owned, leased, held easement or possessed by Tenant and contained therein, appurtenances or any part thereof. All such insurance shall be written an any "occurrence" basis and shall include (without limiting the generality of the foregoing) coverage for continual or repeated exposure to be conditions which result in an amount equal bodily injury or property damage neither expected nor intended from the standpoint of the insured. All such insurance shall afford protection to the full replacement value of such improvements and property, as such may increase from time to time; (ii) worker's compensation insurance as required by the laws of the State of Georgia; and (iii) commercial general liability coverage on an occurrence basis for injury to or death of a person or persons and for damage to property occasioned by or arising out of the condition, use, or occupancy of the Premises, or other portions of the Building or Property, including contractual liability and such other coverages and endorsements as are reasonably required by Landlord, such policy to have a combined single limit of not less than Three Million and no/100 Dollars ($3,000,000) for any 5,000,000 with respect to bodily injury or property death to any one person and to the limit of not less than $2,000,000 for damage occurring as a result of or in connection with the aboveto property. Landlord and Landlord's property manager The foregoing limits shall be named additional insureds on increased in the policies required hereunder and such policies event that Landlord, in its reasonable judgment, shall provide determine that the coverage thereunder is primary toamounts of insurance are inadequate to pay any claims that may be brought under the foregoing policies.
(b) During the Term, and not contributing with, any policy carried by any such additional insured. Tenant shall have included in keep all policies of insurance respectively obtained by it with respect to the Building or Premises a waiver by the Insurer of all right of subrogation Improvements insured against the Landlord in connection with any loss or damage thereby insured against, and Landlord shall have included in all property by an "all-risk" insurance policy insuring against risks usually covered by insurance policies required to be maintained carried by Landlord under this lease a waiver by the insurer of all right of subrogation against the Tenant in connection with any loss or damage thereby insured against. To the full extent permitted by law, Landlord as to its property insurance policies and Tenant as to all its policies, each waives all right of recovery against the other for, and agrees to release the other from liability for, loss or damage institutional owners for similarly situated properties similar to the extent such loss or damage results from a cause Demised Premises (including earthquake, fire, lightning, windstorm, tornado, hail, explosion, riot and civil commotion and other casualties usually covered by valid and collectible insurance customary extended coverage) in effect at the time of such loss or damage; provided however, that the foregoing release by each party is conditioned upon the other party's carrying insurance with the above described waiver of subrogation a minimum amount equal to the extent required above, and if such coverage is not obtained or maintained by either party, then the other party's foregoing release their "full replacement value". The term "full replacement value" as used herein shall be deemed to be rescinded until such waiver is either obtained or reinstated. All said insurance policies shall be carried with companies licensed to do business in the State of Georgia reasonably satisfactory to Landlord having. a Best's Rating of A XII or better and shall be noncancellable and nonamendable except after thirty mean one hundred (30) days written notice to Landlord. At Landlord's request, duly executed certificates of such insurance shall be delivered to Landlord prior to the Commencement Date and at least thirty (30) days prior to the expiration of each respective policy term. Landlord shall have the right to periodically review the coverages required hereunder and in the event Landlord deems It reasonably necessary to require additional coverage resulting from inflation or from increases in jury verdicts or other economic conditions in the jurisdiction where the Property is located, Tenant shall obtain the coverage requested by Landlord. Notwithstanding any other provisions in this Lease to the contrary, Tenant shall have the right to self-assume or obtain insurance from an insurance company that is a wholly owned subsidiary of one (1100%) of the actual replacement cost, including debris removal, exclusive, however, of cost of excavation, foundation and footings below the basement floor. Such full replacement value shall be ascertained from time to time at Tenant's expense (but not more frequently than once during any two (2) general partners year period) at the request of Landlord, by the insurance carrier then insuring the Improvements or, at Landlord's option, by an independent appraiser who shall be acceptable to Landlord. Tenant which insurance company must have shall also maintain steam boiler and machinery insurance, with limits of not less than $1,000,000, if there is a Best's Rating of A XII boiler or better, for all pressure object or a portion of similar equipment in the risk which Tenant is required to provide insurance coverage under this Lease. In the event Tenant self-assumes the risk, it will be responsible for all losses and liabilities to the same extent as if valid and collectible insurance were in effect. The foregoing provision concerning the right to self-assume shall only apply to the Tenant as of the date of this Lease, and to no successors and/or assigns unless consented to by Landlord in its sole discretionDemised Premises.
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Tenant’s Insurance. Tenant shall carry maintain the following coverages in the following amounts, which amounts and coverages shall be subject to adjustment by Landlord from time to time (but not more than once every three (3) years) upon not less than ninety (90) days prior written notice to Tenant; so long as such amounts and coverages are consistent with the amounts and coverages required by Landlord of all of the other commercial tenants in the Building. The insurance requirements specified in this section shall cover Tenant’s own liability and the liability arising out of work or services performed under this Lease by any subconsultants, subcontractors, suppliers, temporary workers, independent contractors, leased employees, or any other persons, firms or corporations that Tenant authorizes to work under this Lease (hereinafter referred to as “Agents.”) Tenant shall, at its sole expense own expense, obtain and maintain in effect at all times during the Term) (I) fire life of this Lease the following types of insurance against claims, damages and extended losses due to injuries to persons or damage to property or other losses that may arise in connection with the performance of work under this Lease.
11.3.1 Tenant is also required to assess the risks associated with work to be performed by Agents and to include in every contract with an Agent the requirement that the Agent maintain adequate insurance coverage with appropriate limits and endorsements to cover such risks. To the extent that an Agent does not procure and maintain such insurance insuring Tenant's Improvements to the Premises coverage, Tenant shall be responsible for said coverage and assume any and all furniturecosts and expenses that may be incurred in securing said coverage or in fulfilling Tenant’s indemnity obligation as to itself or any of its Agents in the absence of coverage. Commercial General Liability Insurance covering the insured against claims of bodily injury, equipment, supplies, contents personal injury and other property owned, leased, held or possessed by Tenant and contained therein, such insurance coverage to be in an amount equal to the full replacement value of such improvements and property, as such may increase from time to time; (ii) worker's compensation insurance as required by the laws of the State of Georgia; and (iii) commercial general liability coverage on an occurrence basis for injury to or death of a person or persons and for damage to property occasioned by or arising out of the conditionTenant’s operations, use, assumed liabilities or occupancy use of the Premises, or other portions covering the insuring provisions of this Lease and the performance by Tenant of the Building or Property, including contractual indemnity agreements set forth in Section 11.1 of this Lease for limits of liability and such other coverages and endorsements as are reasonably required by Landlord, such policy to have a combined single limit of not less than Three Million than: Bodily Injury and no/100 Dollars ($3,000,000) for any bodily injury or property damage occurring as a result of or in connection with the above. Landlord and Landlord's property manager shall be named additional insureds on the policies required hereunder and such policies shall provide that the coverage thereunder is primary to, and not contributing with, any policy carried by any such additional insured. Tenant shall have included in all policies of insurance respectively obtained by it with respect to the Building or Premises a waiver by the Insurer of all right of subrogation against the Landlord in connection with any loss or damage thereby insured against, and Landlord shall have included in all property insurance policies required to be maintained by Landlord under this lease a waiver by the insurer of all right of subrogation against the Tenant in connection with any loss or damage thereby insured against. To the full extent permitted by law, Landlord as to its property insurance policies and Tenant as to all its policies, 2,000,000 each waives all right of recovery against the other for, and agrees to release the other from liability for, loss or damage to the extent such loss or damage results from a cause covered by valid and collectible insurance in effect at the time of such loss or damage; provided however, that the foregoing release by occurrence Property Damage Liability $2,000,000 annual aggregate Personal & Advertising Injury Liability $2,000,000 each party is conditioned upon the other party's carrying insurance with the above described waiver of subrogation to the extent required above, and if such coverage is not obtained or maintained by either party, then the other party's foregoing release shall be deemed to be rescinded until such waiver is either obtained or reinstated. All said insurance policies shall be carried with companies licensed to do business in the State of Georgia reasonably satisfactory to Landlord having. a Best's Rating of A XII or better and shall be noncancellable and nonamendable except after thirty (30) days written notice to Landlord. At Landlord's request, duly executed certificates of such insurance shall be delivered to Landlord prior to the Commencement Date and at least thirty (30) days prior to the expiration of each respective policy term. Landlord shall have the right to periodically review the coverages required hereunder and in the event Landlord deems It reasonably necessary to require additional coverage resulting from inflation or from increases in jury verdicts or other economic conditions in the jurisdiction where the Property is located, Tenant shall obtain the coverage requested by Landlord. Notwithstanding any other provisions in this Lease to the contrary, Tenant shall have the right to self-assume or obtain insurance from an insurance company that is a wholly owned subsidiary of one (1) of the two (2) general partners of the Tenant which insurance company must have a Best's Rating of A XII or better, for all or a portion of the risk which Tenant is required to provide insurance coverage under this Lease. In the event Tenant self-assumes the risk, it will be responsible for all losses and liabilities to the same extent as if valid and collectible insurance were in effect. The foregoing provision concerning the right to self-assume shall only apply to the Tenant as of the date of this Lease, and to no successors and/or assigns unless consented to by Landlord in its sole discretion.occurrence $2,000,000 annual aggregate
Appears in 1 contract
Samples: Office Lease (Twilio Inc)
Tenant’s Insurance. Tenant shall carry (agrees, at its sole expense during the Term) (I) fire and extended coverage insurance insuring Tenant's cost, to insure its personal property, trade fixtures, Specialized Tenant Improvements to the Premises and any and all furniture, equipment, supplies, contents and other property owned, leased, held or possessed by Tenant and contained therein, such insurance coverage Alterations not required to be in an amount insured by Landlord against damage for their full replacement value (without depreciation). Said insurance shall provide All Risk coverage (or its equivalent or industry replacement) equal to the full replacement value cost of such improvements and said property, as such may increase from time to time; (ii) worker's compensation . The property insurance provided by Tenant as required by the laws this paragraph shall be carried in favor of Landlord and Tenant as their respective interests may appear and shall provide that any loss to Alterations shall be adjusted with and be payable to both Landlord and Tenant. Tenant shall deliver a copy of the State of Georgia; policy and (iii) commercial general liability coverage on an occurrence basis renewal certificate to Landlord. Tenant agrees, at its sole cost, to obtain and maintain throughout the Lease Term Commercial General Liability insurance for injury to or death of a person or persons and for damage to property occasioned by or arising out of occurrences within the condition, use, or occupancy of the Premises, or other portions of the Building or Property, including contractual liability and such other coverages and endorsements as are reasonably required by Landlord, such policy to have Project with a combined single limit of not less than Three Five Million and no/100 Dollars ($3,000,000) 5,000,000.00), worker’s compensation insurance in compliance with statutory requirements, and Employer’s Liability with a limit of not less than Five Million Dollars ($5,000,000.00). Tenant may meet the Commercial General Liability and Employer’s Liability insurance requirements described in the prior sentence with an excess liability insurance policy, so long as the full amount of coverage required above is provided. Tenant’s liability insurance shall be primary insurance containing a cross-liability endorsement, and shall provide coverage on an “occurrence” rather than on a “claims made” basis. All such insurance shall provide for any bodily injury severability of interests; shall provide that an act or omission of one of the named or additional insureds shall not reduce or avoid coverage to the other named or additional insureds. Tenant shall include Landlord, Landlord’s affiliates and property damage occurring manager and Landlord’s lenders as a result of or in connection with the above. additional insureds on Tenant’s liability policies and shall name Landlord and Landlord's ’s lenders as loss payees on its property manager insurance covering Alterations, and shall be named additional insureds on deliver a copy of the policies and renewal certificates to Landlord evidencing the required hereunder coverage before entry onto the Premises to commence any Tenant Improvement work or to operate its business in the Premises and such policies shall provide that the coverage thereunder is primary to, and not contributing with, any policy carried by before expiration of any such additional insuredpolicies. Tenant shall provide a waiver of subrogation in favor of Landlord, Landlord’s affiliates and property manager for worker’s compensation and employer’s liability. Tenant shall deliver to Landlord a copy of the certificates of such insurance evidencing the coverage required of Tenant prior to the earlier of the first Commencement Date or first entry to ready any portion of the Premises for Tenant’s occupancy, and within five (5) days after renewal of such policies, but in no event later than five (5) days after the scheduled expiration of such policies. If any policy required of Tenant is cancelled, terminated or reduced in coverage, Tenant shall notify Landlord of such changes not later than five (5) business days after Tenant becomes aware of such change. Notwithstanding the above, Landlord retains the right to have included in all policies Tenant provide other forms of insurance respectively obtained by it with respect which may be reasonably required to cover future risks. In no event shall the Building types or Premises a waiver by the Insurer limits of all right of subrogation against the Landlord in connection with any loss or damage thereby insured against, and Landlord shall have included in all property insurance policies maintained or required to be maintained by Landlord under this lease a waiver Lease by the insurer of all right of subrogation against the Tenant in connection with any loss or damage thereby insured against. To the full extent permitted by law, Landlord as to its property insurance policies and Tenant as to all its policies, each waives all right of recovery against the other for, and agrees to release the other from contractors limit Tenant’s liability for, loss or damage to the extent such loss or damage results from a cause covered by valid and collectible insurance in effect at the time of such loss or damage; provided however, that the foregoing release by each party is conditioned upon the other party's carrying insurance with the above described waiver of subrogation to the extent required above, and if such coverage is not obtained or maintained by either party, then the other party's foregoing release shall be deemed to be rescinded until such waiver is either obtained or reinstated. All said insurance policies shall be carried with companies licensed to do business in the State of Georgia reasonably satisfactory to Landlord having. a Best's Rating of A XII or better and shall be noncancellable and nonamendable except after thirty (30) days written notice to Landlord. At Landlord's request, duly executed certificates of such insurance shall be delivered to Landlord prior to the Commencement Date and at least thirty (30) days prior to the expiration of each respective policy term. Landlord shall have the right to periodically review the coverages required hereunder and in the event Landlord deems It reasonably necessary to require additional coverage resulting from inflation or from increases in jury verdicts or other economic conditions in the jurisdiction where the Property is located, Tenant shall obtain the coverage requested by Landlord. Notwithstanding any other provisions in this Lease to the contrary, Tenant shall have the right to self-assume or obtain insurance from an insurance company that is a wholly owned subsidiary of one (1) of the two (2) general partners of the Tenant which insurance company must have a Best's Rating of A XII or better, for all or a portion of the risk which Tenant is required to provide insurance coverage under this Lease. In the event Tenant self-assumes the risk, it will be responsible for all losses including without limitation Tenant’s indemnification, defense and liabilities to the same extent as if valid and collectible insurance were in effect. The foregoing provision concerning the right to self-assume shall only apply to the Tenant as of the date of this Lease, and to no successors and/or assigns unless consented to by Landlord in its sole discretionhold harmless obligations.
Appears in 1 contract
Samples: Lease Agreement (ServiceNow, Inc.)
Tenant’s Insurance. Tenant shall carry (agrees, at its sole expense Tenant’s expense, to secure and keep in force during the Term) (I) fire and extended coverage insurance insuring Tenant's Improvements to the Premises and any and all furniture, equipment, supplies, contents and other property owned, leased, held or possessed by Tenant and contained therein, such insurance coverage to be in an amount equal to the full replacement value term of such improvements and property, as such may increase from time to time; (ii) worker's compensation insurance as required by the laws this Lease a policy of the State of Georgia; and (iii) commercial comprehensive general liability coverage insurance for personal injury (including death) and property damage occurring in, on an occurrence basis for injury to or death of a person or persons and for damage to property occasioned by or arising out of the condition, use, or occupancy of about the Premises, or other portions including without limitation parking, walkways and landscaped areas, in the minimum amount of the Building or Property, including contractual liability and such other coverages and endorsements as are reasonably required by Landlord, such policy to have a $2,000,000 combined single limit of not less than Three Million and no/100 Dollars ($3,000,000) for any bodily injury or property damage occurring as a result of or in connection with the abovelimit. Landlord and Landlord's property manager Such insurance shall be named additional insureds on the policies required hereunder primary and such policies shall provide that the coverage thereunder is primary to, and not contributing with, any policy carried by any such additional insured. Tenant shall have included in all policies of insurance respectively obtained by it noncontributory with respect to any insurance carried by Landlord. Such policy(ies) shall name Landlord as additional insured(s), shall insure any liability of Landlord, contingent or otherwise, with respect to acts or omissions of Tenant, its agents, employees or invitees by any conduct or transactions of any of said persons in, about or concerning the Building Premises, including (without limitation) any failure of Tenant to observe or Premises a perform any of its obligations hereunder, and shall contain the insurer’s waiver by the Insurer of all right of subrogation against Landlord, its agents, employees and invitees. Such policy(ies) shall insure performance by Tenant of the Landlord in connection with any loss or damage thereby insured against, and Landlord shall have included in all property insurance policies required to be maintained by Landlord under this lease a waiver by the insurer indemnity provisions of all right of subrogation against the Tenant in connection with any loss or damage thereby insured againstSection 14. To the full extent permitted by law, Landlord as to its property insurance policies and Tenant as to all its policies, each waives all right of recovery against the other for, and agrees to release the other from liability for, loss or damage to the extent such loss or damage results from a cause covered by valid and collectible insurance in effect at the time of such loss or damage; provided however, that the foregoing release by each party is conditioned upon the other party's carrying insurance with the above described waiver of subrogation to the extent required above, and if such coverage is not obtained or maintained by either party, then the other party's foregoing release hereof. Such policy(ies) shall be deemed to be rescinded until such waiver is either obtained or reinstated. All said issued by an insurance policies shall be carried with companies company licensed to do transact business in the State of Georgia reasonably satisfactory to Landlord having. a California and rated no less than A12 by Best's Rating of A XII or better ’s, and shall provide that such insurance shall not be noncancellable and nonamendable canceled or materially amended, except after thirty upon ten (3010) days prior written notice to Landlord. At Tenant shall at all times deposit and maintain a current copy or detailed certificate of said policy(ies) with Landlord's request. Tenant shall at Tenant’s cost maintain policy(ies) of insurance in “all risk” form with a sprinkler damage endorsement insuring the replacement value of all Tenant’s personal property, duly executed certificates inventory, trade fixtures, and leasehold improvements within the Premises for the full replacement value thereof. The proceeds from any of such insurance policies shall be delivered to Landlord prior to used for the Commencement Date and at least thirty (30) days prior to the expiration repair or replacement of each respective policy termsuch items so insured. Landlord shall have the right to periodically review the coverages required hereunder and in the event Landlord deems It reasonably necessary to require additional coverage resulting from inflation or from increases in jury verdicts or other economic conditions in the jurisdiction where the Property is located, Tenant shall obtain the coverage requested by Landlord. Notwithstanding also maintain policy(ies) of workmen’s compensation insurance and any other provisions in this Lease employee benefits sufficient to the contrarycomply with all laws. Tenant shall, Tenant shall have the right to self-assume or obtain insurance from an insurance company that is a wholly owned subsidiary of one (1) of the two (2) general partners of the Tenant which insurance company must have a Best's Rating of A XII or better, for all or a portion of the risk which Tenant is required to provide insurance coverage under this Lease. In the event Tenant self-assumes the risk, it will be responsible for all losses and liabilities to the same extent as if valid and collectible insurance were in effect. The foregoing provision concerning the right to self-assume shall only apply to the Tenant as of the date of this Lease, and to no successors and/or assigns unless consented to by Landlord in at its sole discretioncost and expense, comply with any and all requirements, pertaining to said Premises, of any insurance organization or company, necessary for the maintenance of reasonable fire and public liability insurance.
Appears in 1 contract
Samples: Lease Agreement (Advanced Analogic Technologies Inc)
Tenant’s Insurance. (a) Tenant shall carry (shall, at its sole expense during the Term) (I) fire cost and extended coverage expense, obtain and maintain insurance insuring Tenant's Improvements upon and relating to the Premises by builder’s risk insurance during construction and after construction is complete and by comprehensive commercial general liability property insurance or an “all-risk” form of insurance policy(ies) in amounts equal to the greater of: (i) one hundred percent (100%) of the full insurable replacement value of the improvements located on the Land; or (ii) such amount as is necessary to avoid co-insurance. All such policies of insurance shall insure Tenant, Landlord, Landlord’s mortgagee and any and all furnitureLeasehold Mortgagee, equipment, supplies, contents and other property owned, leased, held or possessed as their interests may appear. Such policy must be endorsed to provide that Tenant’s insurance is primary in the event of any overlapping coverage with the insurance covered by Tenant and contained therein, Tenant. All payments for losses under such insurance coverage will be made solely to be Tenant or to any Leasehold Mortgagee as their interests may appear, provided that Tenant uses such insurance to rebuild or restore the improvements constructed upon the Land and provided that such proceeds are held in escrow by a third party acceptable to Landlord and on terms and conditions concerning such rebuilding and restoration as Landlord shall reasonably approve.
(b) Tenant also must maintain a policy or policies of special form (“all risk”) property insurance on all of its personal property, including removable trade fixtures, supplies and movable furniture and equipment located on the Premises, in an amount equal to the full replacement value cost and endorsed to provide that Tenant’s insurance is primary in the event of any overlapping coverage with the insurance carried by Landlord. All payments for losses under such improvements insurance will be made solely to Tenant or to any Leasehold Mortgagee of Tenant (if permitted hereunder) as their interests may appear.
(c) Tenant shall, at its sole cost and propertyexpense, as such may increase from time to time; (ii) worker's compensation insurance as required by the laws of the State of Georgia; obtain and (iii) maintain a commercial general liability coverage on an occurrence basis for insurance, insuring Landlord, Landlord’s mortgagee, Leasehold Mortgagee and Tenant against all claims, demands or actions arising out of or in connection with injury to or death of a person or persons and for damage to or destruction of property occasioned by or arising out of or in connection with the condition, use, use or occupancy of the Premises, or other portions the limits of the Building or Property, including contractual liability and such other coverages and endorsements as are reasonably required by Landlord, such policy or policies to have a be not less than $5,000,000.00 combined single limit for any one accident or occurrence. Tenant will review this coverage annually and increase limits as reasonably prudent for first-class commercial developments. Tenant’s insurance must contain an endorsement that Tenant’s insurance is primary and non-contributory for claims arising out of an incident or event occurring within the Premises. Tenant’s insurance must contain a provision naming Landlord (and any Mortgagee designated by Landlord) as an additional insured and include coverage for the contractual liability of Tenant to indemnify Landlord pursuant to the terms of this Lease.
(d) Tenant, at Tenant’s sole cost and expense, must also maintain throughout the Term a policy or policies of workers’ compensation insurance in an amount not less than that necessary to satisfy all statutory limits and other requirements of law concerning such xxxxxxx’x compensation coverage for Tenant’s use and operations within the Premises. Such policy must contain a waiver of subrogation endorsement reasonably acceptable to Landlord.
(e) Tenant, at Tenant’s sole cost and expense, must also maintain throughout the Term business interruption insurance in an amount equivalent to at least twelve (12) months’ Annual Rent and other expenses paid by Tenant under this Lease for the calendar year then most recently concluded.
(f) All policies of insurance shall be issued by an insurance company or companies having a Best’s rating of not less than Three Million and no/100 Dollars A:X as stated in the most current available Best’s insurance reports ($3,000,000) for any bodily injury or property damage occurring as a result of or in connection with the above. Landlord and Landlord's property manager shall be named additional insureds on the policies required hereunder and such policies shall provide that the coverage thereunder is primary tocomparable rating service if Best’s reports are not currently being published), and not contributing with, any policy carried by any such additional insured. Tenant shall have included in all policies of insurance respectively obtained by it with respect to the Building or Premises a waiver by the Insurer of all right of subrogation against the Landlord in connection with any loss or damage thereby insured against, and Landlord shall have included in all property insurance policies required to be maintained by Landlord under this lease a waiver by the insurer of all right of subrogation against the Tenant in connection with any loss or damage thereby insured against. To the full extent permitted by law, Landlord as to its property insurance policies and Tenant as to all its policies, each waives all right of recovery against the other for, and agrees to release the other from liability for, loss or damage to the extent such loss or damage results from a cause covered by valid and collectible insurance in effect at the time of such loss or damage; provided however, that the foregoing release by each party is conditioned upon the other party's carrying insurance with the above described waiver of subrogation to the extent required above, and if such coverage is not obtained or maintained by either party, then the other party's foregoing release shall be deemed to be rescinded until such waiver is either obtained or reinstated. All said insurance policies shall be carried with companies licensed to do business in the State of Georgia Texas. All policies of insurance shall be in form and substance reasonably satisfactory to Landlord having. a Best's Rating of A XII with Landlord shown as an additional insured or better and loss payee, as applicable; provided, however, that Landlord’s rights to any casualty insurance proceeds with respect to the Property shall be noncancellable and nonamendable except after thirty (30) days written notice subject to Landlordthe rights of any Leasehold Mortgagee pursuant to Section 17.3. At Landlord's request, duly executed certificates of such insurance Tenant shall be delivered deliver to Landlord prior to certificates or copies of all policies of required insurance and, upon request from Landlord, proof of the Commencement Date and at least thirty payment of the premiums. Sixty (3060) days prior to the expiration of each respective policy term. Landlord shall have of the right to periodically review the coverages policies required hereunder and in the event Landlord deems It reasonably necessary to require additional coverage resulting from inflation or from increases in jury verdicts or other economic conditions in the jurisdiction where the Property is locatedhereunder, Tenant shall obtain furnish Landlord with a certificate of insurance in force or replacement coverage and meeting the coverage requested standards hereinabove provided, all as required by Landlord. Notwithstanding any other provisions in this Lease to the contrary, Tenant shall have the right to self-assume or obtain insurance from an insurance company that is a wholly owned subsidiary of one (1) of the two (2) general partners of the Tenant which insurance company must have a Best's Rating of A XII or better, for all or a portion of the risk which Tenant is required to provide insurance coverage under this Lease. All such policies shall contain a provision that such policies will not be canceled or materially amended, including any reduction in the scope or limits of coverage, without ten (10) days prior written notice to Landlord. In the event Tenant self-assumes the riskfails to maintain, it will or cause to be responsible for all losses maintained, or deliver and liabilities furnish to the same extent as if valid and collectible Landlord certified copies of policies of insurance were in effect. The foregoing provision concerning the right to self-assume shall only apply to the Tenant as of the date of required by this Lease, Landlord may procure such insurance for the benefit only of Landlord for such risks covering Landlord’s interests, and Tenant will pay all premiums thereon within ten (10) days after demand by Landlord. In the event Tenant fails to no successors and/or assigns unless consented pay such premiums (or reimburse Landlord) upon demand the amount of all such premiums shall bear interest at the Default Rate.
(g) All insurance required to be maintained under this Section 10.1 shall be in addition to the insurance maintained by the Master Association as described in the Bylaws; provided, however, the insurance maintained by the Master Association shall satisfy Tenant’s requirement herein if Landlord in its sole discretionis named as an additional insured on the Master Association’s policy and the above dollar amounts are satisfied.
Appears in 1 contract
Tenant’s Insurance. During the term of this Lease, Tenant shall carry (obtain and keep in force at its sole expense during own expense, the Termfollowing insurances: (a) (I) fire and extended coverage insurance insuring Tenant's Improvements to the Premises and any and all furniture, equipment, supplies, contents and other property owned, leased, held or possessed by Tenant and contained therein, such insurance coverage to be in an amount equal to the full replacement value of such improvements and property, as such may increase from time to time; (ii) worker's compensation insurance Workers’ Compensation Insurance as required by applicable legal requirements, covering all persons employed in connection with the laws of the State of Georgia; matters contemplated hereunder and with respect to whom death or injury claims could be asserted against City or Tenant, (iiib) commercial general liability coverage on an occurrence basis for Commercial General Liability (bodily injury to or death of and property damage) insurance in a person or persons and for damage to property occasioned by or arising out of the condition, use, or occupancy of the Premises, or other portions of the Building or Property, including contractual liability and such other coverages and endorsements as are reasonably required by Landlord, such policy to have a combined single limit of not less than Three Million $2,000,000 for combined single limit per occurrence, and no/100 Dollars ($3,000,000c) for Property Insurance against all risks of loss to any bodily injury tenant improvements or property damage occurring betterments, at full replacement cost with no coinsurance penalty provision. Such Commercial General Liability insurance policy shall be endorsed as to include the City as an additional insured.
9.1. Certificates of insurance indicating that such insurance is in effect shall be delivered to the City before the Effective Date of this Lease. If Tenant is underwritten on a result of claims-made basis, the retroactive date shall be prior to or in connection coincident with the aboveCommencement Date of this Lease, and the certificate of insurance shall state that coverage is claims-made and the retroactive date. Landlord and Landlord's property manager shall be named additional insureds on the policies required hereunder and such policies It is further agreed that Tenant shall provide that the coverage thereunder is primary to, and not contributing with, City with 30-day advance written notice of policy cancellation of any insurance policy carried by any such additional insured. Tenant shall have included in all policies of insurance respectively obtained by it with respect to the Building or Premises a waiver by the Insurer of all right of subrogation against the Landlord in connection with any loss or damage thereby insured against, and Landlord shall have included in all property insurance policies required to be maintained by Landlord under this lease a waiver by the insurer of all right of subrogation against the Tenant in connection with any loss or damage thereby insured againstTenant.
9.2. To the full extent permitted by law, Landlord as to its property All insurance policies and Tenant as to all its policies, each waives all right of recovery against the other forrequired hereunder, and agrees to release the other from liability forall renewals thereof, loss or damage to the extent such loss or damage results from a cause covered by valid and collectible insurance in effect at the time of such loss or damage; provided however, that the foregoing release by each party is conditioned upon the other party's carrying insurance with the above described waiver of subrogation to the extent required above, and if such coverage is not obtained or maintained by either party, then the other party's foregoing release shall be deemed to be rescinded until such waiver is either obtained provided by a company or reinstated. All said insurance policies shall be carried with companies licensed authorized to do business in the State Nevada and having a A.M. Best rating of Georgia reasonably satisfactory to Landlord having. a Best's Rating of A XII A+ or better higher, and shall expressly: (a) provide that such policies shall not be noncancellable and nonamendable except after cancelled or altered without thirty (30) days days’ prior written notice to Landlord. At Landlord's requestthe City, duly executed certificates of such (b) waive subrogation against the City, its officers, agents, servants and employees, (c) provide that they are primary and noncontributing with any insurance shall which City may carry, (d) include or be delivered endorsed to Landlord prior cover Tenant’s contractual liability to the Commencement Date City, (e) be signed by a person authorized by that insurer and at least thirty licensed by the State of Nevada and (30f) days prior to the expiration of each respective policy term. Landlord shall have the right to periodically review the coverages required hereunder disclose all deductibles and self- insured retentions in the event Landlord deems It reasonably necessary to require additional coverage resulting from inflation certificate of insurance. No deductible or from increases in jury verdicts or other economic conditions in the jurisdiction where the Property is located, Tenant shall obtain the coverage requested by Landlord. Notwithstanding any other provisions in this Lease to the contrary, Tenant shall have the right to self-assume or obtain insurance from an insurance company that is a wholly owned subsidiary of one (1) insured retention may exceed $250,000 without the written approval of the two (2) general partners of the Tenant which insurance company must have a Best's Rating of A XII or better, for all or a portion of the risk which Tenant is required to provide insurance coverage under this Lease. In the event Tenant self-assumes the risk, it will be responsible for all losses and liabilities to the same extent as if valid and collectible insurance were in effect. The foregoing provision concerning the right to self-assume shall only apply to the Tenant as of the date of this Lease, and to no successors and/or assigns unless consented to by Landlord in its sole discretionCity.
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Samples: Lease Agreement
Tenant’s Insurance. Tenant shall carry (procure and maintain policies of insurance, at its sole expense during own cost and expense, insuring:
(a) The Landlord Protected Parties as “additional insureds”, and Landlord’s mortgagee, if any, of which Tenant is given written notice, and Tenant Protected Parties, from all claims, demands or actions made by or on behalf of any person or persons, firm, corporation or entity and arising from, related to or connected with the Term) (I) fire and extended coverage insurance insuring Leased Premises, Tenant's Improvements ’s use thereof or operations therein for bodily injury to the Premises and any and all furniture, equipment, supplies, contents and other property owned, leased, held or possessed by Tenant and contained therein, such insurance coverage to be in an amount equal to the full replacement value of such improvements and property, as such may increase from time to time; (ii) worker's compensation insurance as required by the laws of the State of Georgia; and (iii) commercial general liability coverage on an occurrence basis for personal injury to or death of a person any person, or persons and more than one (1) person, or for damage to property occasioned by or arising out of the condition, use, or occupancy of the Premises, or other portions of the Building or Property, including contractual liability and such other coverages and endorsements as are reasonably required by Landlord, such policy to have a combined single limit in an amount of not less than Three One Million and no/100 Dollars ($3,000,0001,000,000.00) for per occurrence and not less than Two Million Dollars ($2,000,000.00) policy aggregate limit. Said insurance shall be written on an “occurrence” basis and not on a “claims made” basis, and such liability policies shall include products and completed operations liability insurance. If at any bodily injury time during the term of this Lease, Tenant owns or property damage occurring as a result of rents more than one location, the policy shall contain an endorsement to the effect that the aggregate limit in the policy shall apply separately to each location owned or in connection with the aboverented by Tenant. Landlord shall have the right, exercisable by giving written notice thereof to Tenant, to require Tenant to increase such limit if, in Landlord’s reasonable judgment, the amount thereof is insufficient to protect the Landlord Protected Parties and Landlord's property manager shall be named additional insureds on the policies required hereunder and Tenant Protected Parties from judgments which might result from such policies shall provide that the coverage thereunder is primary toclaims, and not contributing with, any policy carried by any such additional insureddemands or actions. Tenant shall have included cause its liability insurance to include contractual liability coverage fully covering the indemnity set forth above and in all policies of insurance respectively obtained by it with respect Section 13.1 below.
(b) All contents and Tenant’s trade fixtures, machinery, equipment, furniture and furnishings in the Leased Premises to the Building or Premises a waiver by extent of at least ninety percent (90%) of their replacement cost under Standard Fire and Extended Coverage Policy and all other risks of direct physical loss as insured against under Special Form (“all risk” coverage). Said insurance shall contain an endorsement waiving the Insurer of all insurer’s right of subrogation against any Landlord Protected Party.
(c) Tenant Protected Parties from all worker’s compensation claims, including employer’s liability with minimum limits of $500,000.00 per occurrence.
(d) Landlord and Tenant against breakage of all plate glass utilized in the Landlord in connection improvements on the Leased Premises.
(e) Tenant agrees to maintain, at its own expense, for the benefit of itself, Tenant’s Protected Parties and Landlord’s Protected Parties, excess and/or umbrella liability insurance of such types and with any limits not less than Twenty Five Million Dollars ($25,000,000.00) as may be approved by Landlord, insuring against liability for damage or loss or damage thereby insured againstto property, and Landlord against liability for personal injury or death, arising from acts or omissions of Tenant, its agents, employees or invitees. Said excess and/or umbrella policies shall have included include all liability policies in all property insurance policies required to be maintained by Landlord under this lease a waiver by the insurer of all right of subrogation against the Section 6.2(a), employer’s liability in Section 6.2(c) and hangar liability in Section 6.2(e) as underlying policies. Tenant in connection with any loss or damage thereby insured against. To the full extent permitted by law, Landlord as to its property insurance policies and Tenant as to all its policies, each waives all right of recovery against the other for, and agrees to release the other from liability for, loss or damage to the extent such loss or damage results from a cause covered by valid provide Landlord with notice of any self-insurance programs and collectible insurance in effect at the time of such loss or damage; provided however, that the foregoing release by each party is conditioned upon the other party's carrying insurance with the above described waiver of subrogation to the extent required above, and if such coverage is not obtained or maintained by either party, then the other party's foregoing release shall be deemed to be rescinded until such waiver is either obtained or reinstated. All said insurance policies shall be carried with companies licensed to do business in the State of Georgia reasonably satisfactory to Landlord having. a Best's Rating of A XII or better and shall be noncancellable and nonamendable except after thirty (30) days written notice to Landlord. At Landlord's request, duly executed certificates of such insurance shall be delivered to Landlord prior to the Commencement Date and at least thirty (30) days prior to the expiration of each respective policy term. Landlord shall have the right to periodically review approve any such programs. Any insurance deductibles or self-insurance amounts shall be the coverages required hereunder responsibility of Tenant, and any deductibles or self-insurance amounts in the event Landlord deems It reasonably necessary to require additional coverage resulting from inflation or from increases excess of $250,000 shall be approved in jury verdicts or other economic conditions in the jurisdiction where the Property is located, Tenant shall obtain the coverage requested advance by Landlord. Notwithstanding any other provisions in this Lease to the contrary, Tenant shall have the right to self-assume or obtain insurance from an insurance company that is a wholly owned subsidiary of one (1) of the two (2) general partners of the Tenant which insurance company must have a Best's Rating of A XII or better, for all or a portion of the risk which Tenant is required to provide insurance coverage under this Lease. In the event Tenant self-assumes the risk, it will be responsible for all losses and liabilities to the same extent as if valid and collectible insurance were in effect. The foregoing provision concerning the right to self-assume shall only apply to the Tenant as of the date of this Lease, and to no successors and/or assigns unless consented to by Landlord in its sole discretion.
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Tenant’s Insurance. At all times Tenant shall carry (at its sole expense during the Term) (I) fire keep in full force and extended coverage insurance insuring Tenant's Improvements to the Premises and any and all furniture, equipment, supplies, contents and other property owned, leased, held or possessed by Tenant and contained therein, such insurance coverage to be in an amount equal to the full replacement value effect a policy of such improvements and property, as such may increase from time to time; (ii) worker's compensation insurance as required by the laws of the State of Georgia; and (iii) commercial general comprehensive public liability coverage on an occurrence basis for injury to or death of a person or persons and for damage to property occasioned by or arising out of the condition, use, or occupancy of the Premises, or other portions of the Building or Property, including contractual liability and such other coverages and endorsements as are reasonably required by Landlord, such policy to have a combined single limit of not less than Three Million and no/100 Dollars ($3,000,000) for any bodily injury or property damage occurring as a result of or in connection with the above. Landlord and Landlord's property manager shall be named additional insureds on the policies required hereunder and such policies shall provide that the coverage thereunder is primary to, and not contributing with, any policy carried by any such additional insured. Tenant shall have included in all policies of insurance respectively obtained by it with respect to the Building Demised Premises and property damage insurance with respect to all of Tenant’s tenant improvements, alterations, equipment, trade fixtures and personal property, in such limits as may be reasonably required from time to time by Landlord. The limits of public liability insurance on the Commencement Date shall be not less than $3,000,000 for death or Premises injury to any number of persons or for property damage, for each occurrence. Such limits may be provided through a waiver by combination of primary and excess policies. In no event shall the Insurer limits of all right of subrogation against the Landlord in connection with any loss or damage thereby insured against, and Landlord shall have included in all property insurance policies required to be coverage maintained by Landlord Tenant pursuant to this Section 11.1 be considered as limiting Tenant’s liability under this lease a waiver Lease. These policies shall name Landlord, any person, firms or corporations (including, without being limited to, any mortgagee or lessor of Landlord) reasonably designated by the insurer of all right of subrogation against the Tenant in connection with any loss or damage thereby insured against. To the full extent permitted by law, Landlord as to its property insurance policies and Tenant as to all its policiesinsureds, each waives all right of recovery against shall include blanket contractual liability coverage which insures contractual liability under the other for, indemnifications set forth in Section 11.2 hereof and agrees to release the other from liability for, loss or damage to the extent such loss or damage results from shall contain a cause covered by valid and collectible insurance in effect at the time of such loss or damage; provided however, clause that the foregoing release by each party is conditioned upon insurer will not cancel or change the other party's carrying insurance with the above described waiver of subrogation to the extent required above, and if such coverage is not obtained or maintained by either party, then the other party's foregoing release without first giving Landlord 30 days prior written notice. The insurance shall be deemed to be rescinded until such waiver is either obtained or reinstated. All said written by an insurance policies shall be carried with companies company, licensed and qualified to do business in the State of Georgia in which the Property is located, which is reasonably satisfactory to Landlord having. a Best's Rating of A XII or better and shall be noncancellable and nonamendable except after thirty (30) days written notice acceptable to Landlord. At Landlord's request, duly executed certificates An original copy of such the policy or a certificate of insurance shall be delivered to Landlord prior to upon the Commencement Date execution and at least thirty delivery of this Lease and replacement certificates shall be delivered not less than ten (3010) days prior to the expiration of each respective policy termany then existing coverage. Landlord shall have the right to periodically review the coverages required hereunder and in the event Landlord deems It reasonably necessary to require additional coverage resulting from inflation or from increases in jury verdicts or other economic conditions in the jurisdiction where the Property is located, Tenant shall obtain the coverage requested by Landlord. Notwithstanding any other provisions in this Lease to the contrary, Tenant shall have the right to self-assume or obtain The insurance from an insurance company that is a wholly owned subsidiary of one (1) of the two (2) general partners of the Tenant which insurance company must have a Best's Rating of A XII or better, for all or a portion of the risk which Tenant is required to provide maintain in force and effect under this Section 11.1 shall be primary insurance as respects Landlord (and any other additional insureds designated by Landlord) and not excess over or contributory with any other available insurance. Certificates of insurance evidencing the liability insurance coverage required under this LeaseSection 11.1 shall contain an endorsement to such effect. In addition, at all times during the event Term hereof, Tenant self-assumes shall procure and maintain Worker’s Compensation Insurance in accordance with the risk, it will be responsible for all losses and liabilities to the same extent as if valid and collectible insurance were in effect. The foregoing provision concerning the right to self-assume shall only apply to the Tenant as laws of the date of this Lease, and to no successors and/or assigns unless consented to by Landlord State in its sole discretionwhich the Property is located.
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Tenant’s Insurance. Tenant shall carry (procure and maintain throughout the Term at its sole expense during Tenant’s expense, the Term) (I) fire following insurance:
14.4.1 Commercial general liability insurance, insuring Tenant against liability arising out of the Lease and extended coverage insurance insuring Tenant's Improvements to the use, occupancy, or maintenance of the Premises and any and all furniture, equipment, supplies, contents and other property owned, leased, held or possessed by Tenant and contained therein, such areas appurtenant thereto. Such insurance coverage to shall be in an the amount equal to the full replacement value of such improvements and property, as such may increase from time to time; (ii) worker's compensation insurance as required by the laws of the State of Georgia; and (iii) commercial general liability coverage on an occurrence basis not less than $5,000,000 combined single limit for injury to or death of a person one or more persons in an occurrence, and for damage to tangible property occasioned by (including loss of use) in an occurrence (or arising out in such amount as Landlord determines in its reasonable discretion). Such policy shall include Products/Completed Operations coverage with an aggregate limit of no less than $2,000,000. Such policy shall insure Tenant’s contractual liability (covering the conditionindemnity in Section 14.2) and shall: (i) name Landlord and its named principals, useproperty manager and lender as additional insureds, (ii) provide a waiver of subrogation with respect to Landlord, and (iii) provide that it is primary and noncontributing with any insurance in force on behalf of Landlord.
14.4.2 “Causes of Loss — Special Form” property insurance (or occupancy comparable coverage acceptable to Landlord) insuring against the perils of the Premisesfire, vandalism and malicious mischief and including extended coverage and coverage against sprinkler leakage. This insurance policy shall be upon all personal property for which Tenant is legally liable or other portions of that was installed at Tenant’s expense, and that is located in the Building or PropertyPremises, including contractual liability without limitation all of Tenant’s furnishings, fixtures, furniture, personal property and such other coverages equipment and endorsements as are reasonably required by Landlord, such policy to have a combined single limit of all tenant improvements and alterations installed in the Premises at Tenant’s expense in an amount not less than Three Million and no/100 Dollars ($3,000,000the full replacement cost thereof on an agreed amount basis with no coinsurance. Tenant has been advised that it may be desirable to purchase insurance against risk of loss by earthquake provided that such insurance is available on commercially reasonable terms. Tenant’s property insurance policy(ies) for any bodily injury or property damage occurring as a result of or in connection with the above. shall name Landlord and Landlord's property manager shall be named additional insureds on the policies required hereunder and such policies shall provide that the coverage thereunder is primary toany mortgagees of Landlord as insured parties, and not contributing with, any policy carried by any such additional insuredas their respective interests may appear. Tenant shall have included acknowledges that Landlord has recommended that Tenant purchase business interruption coverage, covering [*CONFIDENTIAL TREATMENT HAS BEEN REQUESTED AS TO CERTAIN PORTIONS OF THIS DOCUMENT. EACH SUCH PORTION, WHICH HAS BEEN OMITTED HEREIN AND REPLACED WITH A SERIES OF THREE ASTERISKS IN BRACKETS [***], HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.] direct or indirect loss of Tenant’s earnings attributable to Tenant’s inability to use fully or obtain access to the Premises or Building. Tenant may elect to purchase such insurance but in all policies any event waives any claim against Landlord from any cause of loss that would be covered by insurance had Tenant purchased such coverage.
14.4.3 Worker’s Compensation and Employees Liability Insurance as required by state law.
14.4.4 Any other form or amount of insurance respectively obtained by it with respect as Tenant or Landlord or any mortgagees of Landlord may reasonably require from time to the Building or Premises time in form, in amounts and for insurance risks against which a waiver by the Insurer of all right of subrogation against the Landlord prudent tenant would protect itself. As used in connection with any loss or damage thereby insured againstthis paragraph, and Landlord shall have included in all property insurance policies required to be maintained by Landlord under this lease a waiver by the insurer of all right of subrogation against the Tenant in connection with any loss or damage thereby insured against. To the full extent permitted by law, Landlord as to its property insurance policies and Tenant as to all its policies, each waives all right of recovery against the other for, and agrees to release the other from liability for, loss or damage to the extent such loss or damage results from a cause covered by valid and collectible insurance in effect at the time of such loss or damage; provided however, that the foregoing release by each party is conditioned upon the other party's carrying insurance with the above described waiver of subrogation to the extent required above, and if such coverage is not obtained or maintained by either party, then the other party's foregoing release shall be deemed to be rescinded until reasonable if it is of the type and in such waiver is either obtained or reinstated. All said insurance policies shall be carried with companies licensed to do business amounts as commercial landlords require in leases in the State of Georgia reasonably satisfactory market area in which the premises are located for premises used for the uses similar to Landlord having. a Best's Rating of A XII or better and shall be noncancellable and nonamendable except after thirty (30) days written notice to Landlord. At Landlord's request, duly executed certificates of such insurance shall be delivered to Landlord prior to the Commencement Date and at least thirty (30) days prior to the expiration of each respective policy term. Landlord shall have the right to periodically review the coverages required hereunder and in the event Landlord deems It reasonably necessary to require additional coverage resulting from inflation or from increases in jury verdicts or other economic conditions in the jurisdiction where the Property is located, Tenant shall obtain the coverage requested by Landlord. Notwithstanding any other provisions in this Lease to the contrary, Tenant shall have the right to self-assume or obtain insurance from an insurance company that is a wholly owned subsidiary of one (1) of the two (2) general partners of the Tenant which insurance company must have a Best's Rating of A XII or better, for all or a portion of the risk which Tenant is required to provide insurance coverage under this Lease. In the event Tenant self-assumes the risk, it will be responsible for all losses and liabilities to the same extent as if valid and collectible insurance were in effect. The foregoing provision concerning the right to self-assume shall only apply to the Tenant as of the date of this Lease, and to no successors and/or assigns unless consented to by Landlord in its sole discretionTenant’s.
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Tenant’s Insurance. Tenant shall carry (agrees, at its sole expense Tenant's expense, to secure and keep in force during the Term) (I) fire and extended coverage insurance insuring Tenant's Improvements to the Premises and any and all furniture, equipment, supplies, contents and other property owned, leased, held or possessed by Tenant and contained therein, such insurance coverage to be in an amount equal to the full replacement value term of such improvements and property, as such may increase from time to time; (ii) worker's compensation insurance as required by the laws this Lease a policy of the State of Georgia; and (iii) commercial comprehensive general liability coverage insurance for personal injury (including death) and property damage occurring in, on an occurrence basis for injury to or death of a person or persons and for damage to property occasioned by or arising out of the condition, use, or occupancy of about the Premises, or other portions including without limitation parking, walkways and landscaped areas, in the minimum amount of the Building or Property, including contractual liability and such other coverages and endorsements as are reasonably required by Landlord, such policy to have a $2,000,000 combined single limit of not less than Three Million and no/100 Dollars ($3,000,000) for any bodily injury or property damage occurring as a result of or in connection with the abovelimit. Landlord and Landlord's property manager Such insurance shall be named additional insureds on the policies required hereunder primary and such policies shall provide that the coverage thereunder is primary to, and not contributing with, any policy carried by any such additional insured. Tenant shall have included in all policies of insurance respectively obtained by it noncontributory with respect to any insurance carried by Landlord. Such policy(ies) shall name Landlord as additional insured(s), shall insure any liability of Landlord, contingent or otherwise, with respect to acts or omissions of Tenant, its agents, employees or invitees by any conduct or transactions of any of said persons in, about or concerning the Building Premises, including (without limitation) any failure of Tenant to observe or Premises a perform any of its obligations hereunder, and shall contain the insurer's waiver by the Insurer of all right of subrogation against Landlord, its agents, employees and invitees. Such policy(ies) shall insure performance by Tenant of the Landlord in connection with any loss or damage thereby insured against, and Landlord shall have included in all property insurance policies required to be maintained by Landlord under this lease a waiver by the insurer indemnity provisions of all right of subrogation against the Tenant in connection with any loss or damage thereby insured againstSection 14. To the full extent permitted by law, Landlord as to its property insurance policies and Tenant as to all its policies, each waives all right of recovery against the other for, and agrees to release the other from liability for, loss or damage to the extent such loss or damage results from a cause covered by valid and collectible insurance in effect at the time of such loss or damage; provided however, that the foregoing release by each party is conditioned upon the other party's carrying insurance with the above described waiver of subrogation to the extent required above, and if such coverage is not obtained or maintained by either party, then the other party's foregoing release hereof. Such policy(ies) shall be deemed to be rescinded until such waiver is either obtained or reinstated. All said issued by an insurance policies shall be carried with companies company licensed to do transact business in the State of Georgia reasonably satisfactory to Landlord having. a California and rated no less than A12 by Best's Rating of A XII or better 's, and shall provide that such insurance shall not be noncancellable and nonamendable canceled or materially amended, except after thirty upon ten (3010) days prior written notice to Landlord. At Tenant shall at all times maintain a current copy or detailed certificate of said policy(ies) with Landlord. Tenant shall at Tenant's requestcost maintain policy(ies) of insurance in "all risk" form with a sprinkler damage endorsement insuring the replacement value of all personal property, duly executed certificates inventory, trade fixtures, and leasehold improvements within the Premises for the full replacement value thereof. The proceeds from any of such insurance policies shall be delivered to Landlord prior to used for the Commencement Date and at least thirty (30) days prior to the expiration repair or replacement of each respective policy termsuch items so insured. Landlord shall have the right to periodically review the coverages required hereunder and in the event Landlord deems It reasonably necessary to require additional coverage resulting from inflation or from increases in jury verdicts or other economic conditions in the jurisdiction where the Property is located, Tenant shall obtain the coverage requested by Landlord. Notwithstanding also maintain policy(ies) of workmen's compensation insurance and any other provisions in this Lease employee benefit insurance sufficient to comply with all laws. Tenant shall, at his cost and expense, comply with any and all requirements, pertaining to said Premises of any insurance organization or company, necessary for the contrary, Tenant shall have the right to self-assume or obtain insurance from an insurance company that is a wholly owned subsidiary maintenance of one (1) of the two (2) general partners of the Tenant which insurance company must have a Best's Rating of A XII or better, for all or a portion of the risk which Tenant is required to provide insurance coverage under this Lease. In the event Tenant self-assumes the risk, it will be responsible for all losses reasonable fire and liabilities to the same extent as if valid and collectible insurance were in effect. The foregoing provision concerning the right to self-assume shall only apply to the Tenant as of the date of this Lease, and to no successors and/or assigns unless consented to by Landlord in its sole discretionpublic liability insurance.
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Tenant’s Insurance. Tenant Tenant, in order to enable it to meet its obligation to insure against the liabilities specified in this Lease, shall carry (at all times during the term hereof carry, at its sole expense during own expense, one or more policies of general public liability and property damage insurance, issued by one or more insurance companies reasonably acceptable to Landlord, with the Term) (I) fire and extended coverage insurance insuring Tenant's Improvements to the Premises and any and all furniture, equipment, supplies, contents and other property owned, leased, held or possessed by Tenant and contained therein, such insurance coverage to be following minimum coverages:
A. Worker’s Compensation — minimum statutory amount.
B. Commercial General Liability Insurance in an amount equal to the full replacement value of such improvements and property, as such may increase from time to time; (ii) worker's compensation insurance as required by the laws of the State of Georgia; and (iii) commercial general liability coverage on an occurrence basis for injury to or death of a person or persons and for damage to property occasioned by or arising out of the condition, use, or occupancy of the Premises, or other portions of the Building or Property, including contractual liability and such other coverages and endorsements as are reasonably required by Landlord, such policy to have a combined single limit of not less than Three Million and no/100 Dollars ($3,000,000) 1,000,000 Combined Single Limit for any both bodily injury or and property damage occurring as a result damage, including Blanket, Contractual Liability, Broad Form Property Damage, Personal Injury, Completed Operations, Products Liability, Fire Damage for claims arising out of or in connection with (i) the aboveleased premises; (ii) the condition of the leased premises; (iii) Tenant’s operations in and maintenance and use of the leased premises; and (iv) Tenant’s liability assumed under this Lease.
C. Fire and Extended Coverage, Vandalism and Malicious Mischief, and Sprinkler Leakage insurance, for the full cost of replacement of tenant’s property. Such insurance policy or policies shall protect Tenant and Landlord as their interests may appear, naming Landlord and Landlord's property manager shall be named ’s managing agent and mortgagee as additional insureds on the policies required hereunder and such policies shall provide that the coverage thereunder is primary to, and they may not contributing with, any policy carried by any such additional insured. Tenant shall have included in all policies of insurance respectively obtained by it with respect to the Building or Premises a waiver by the Insurer of all right of subrogation against the Landlord in connection with any loss or damage thereby insured against, and Landlord shall have included in all property insurance policies required to be maintained by Landlord under this lease a waiver by the insurer of all right of subrogation against the Tenant in connection with any loss or damage thereby insured against. To the full extent permitted by law, Landlord as to its property insurance policies and Tenant as to all its policies, each waives all right of recovery against the other for, and agrees to release the other from liability for, loss or damage to the extent such loss or damage results from a cause covered by valid and collectible insurance in effect at the time of such loss or damage; provided however, that the foregoing release by each party is conditioned upon the other party's carrying insurance with the above described waiver of subrogation to the extent required above, and if such coverage is not obtained or maintained by either party, then the other party's foregoing release shall be deemed to be rescinded until such waiver is either obtained or reinstated. All said insurance policies shall be carried with companies licensed to do business in the State of Georgia reasonably satisfactory to Landlord having. a Best's Rating of A XII or better and shall be noncancellable and nonamendable except after thirty (30) days written notice to Landlord. At Landlord's request, duly executed certificates of such insurance shall be delivered to Landlord prior to the Commencement Date and at least cancelled on less than thirty (30) days prior written notice to the expiration Landlord. Tenant shall furnish Landlord with Certificates of each respective policy termInsurance evidencing such coverage within thirty (30) days after a request to do so. Should Tenant fail to carry such insurance and furnish Landlord with such Certificates of Insurance, Landlord shall have the right right, but not the obligation, to periodically review obtain such insurance and collect the coverages required hereunder and in the event Landlord deems It reasonably necessary to require additional coverage resulting cost thereof from inflation or from increases in jury verdicts or other economic conditions in the jurisdiction where the Property is located, Tenant shall obtain the coverage requested by Landlord. Notwithstanding any other provisions in this Lease to the contrary, Tenant shall have the right to self-assume or obtain insurance from an insurance company that is a wholly owned subsidiary of one (1) of the two (2) general partners of the Tenant which insurance company must have a Best's Rating of A XII or better, for all or a portion of the risk which Tenant is required to provide insurance coverage under this Lease. In the event Tenant self-assumes the risk, it will be responsible for all losses and liabilities to the same extent as if valid and collectible insurance were in effect. The foregoing provision concerning the right to self-assume shall only apply to the Tenant as of the date of this Lease, and to no successors and/or assigns unless consented to by Landlord in its sole discretionadditional rent.
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Tenant’s Insurance. At all times during the term of this Lease, Tenant shall carry at Tenant’s sole cost and expense keep in full force and effect as a minimum, the following insurance coverages for the mutual benefit of Landlord and Tenant as their respective insurable interests may appear:
(at its sole expense during the Terma) (I) fire A policy of comprehensive general public liability and extended coverage property damage insurance insuring Tenant's Improvements including independent contractors, broad form property damage, personal injury and blanket contractual liability endorsements under which Landlord is named as an additional insured with a combined single limit with respect to the Premises and any and all furniture, equipment, supplies, contents and other property owned, leased, held each occurrence or possessed by Tenant and contained therein, such insurance coverage to be each claim in an amount equal not less than $2,000,000 in the aggregate for bodily or personal injury, death or damage to property, and umbrella liability in the full amount of $5,000,000. While Tenant is moving its furniture, fixtures and equipment in or out of the Premises, Tenant shall require its moving contractors to carry the same insurance coverages as required by this Lease naming Tenant and Landlord as additional insureds.
(b) A policy against fire and other casualty on the personal property owned by the Tenant on the Premises on a “special cause of loss” form sufficient to provide 100% replacement value of such improvements personal property located in or on the Premises. Such policy shall contain a replacement cost endorsement and property, as such may increase from time a clause pursuant to time; which the insurance carrier waives all rights of subrogation against the Landlord with respect to losses payable under the policy.
(iic) worker's compensation insurance as A Worker’s Compensation policy providing statutory benefits for Tenant’s employees and employer’s liability coverage with a limit in an amount not less than that which is required by the laws law.
(d) Protective liability insurance insuring Landlord and Tenant against any liability which may arise on account of the State alterations, additions, improvements or construction for tenant’s improvements, with a minimum limit of Georgia; and (iii) commercial general liability coverage on an $2,000,000 with respect to each occurrence basis or each claim for injury to or death of a any one person or persons and for damage to property occasioned by or arising out of the condition, use, or occupancy of the Premises, or property.
(e) Such other portions of the Building or Property, including contractual liability insurance and in such other coverages and endorsements amounts as are may from time to time be reasonably required by LandlordLandlord against other insurable hazards, such policy which at the time are commonly insured against for premises similarly situated, due regard being given to have a combined single limit the type of not less than Three Million building, its construction, use and no/100 Dollars ($3,000,000) for any bodily injury or property damage occurring as a result of or in connection with the above. Landlord and Landlord's property manager shall be named additional insureds on the policies required hereunder and such policies shall provide that the coverage thereunder is primary to, and not contributing with, any policy carried by any such additional insuredoccupancy. Tenant shall have included in all policies of also carry insurance respectively obtained by it with respect to on the Building or Premises a waiver by the Insurer of all right of subrogation against the Landlord in connection with any loss or damage thereby insured againstTenant’s inventory, furniture and Landlord shall have included in all property fixtures, leasehold improvements and operating equipment. All insurance policies coverages that Tenant is required to be maintained by Landlord maintain under this lease a waiver by the insurer of all right of subrogation against the Tenant in connection with any loss or damage thereby insured against. To the full extent permitted by law, Lease shall name Landlord as to its property insurance policies an additional insured and Tenant as to all its policies, each waives all right of recovery against the other for, and agrees to release the other from liability for, loss or damage to the extent such loss or damage results from shall be effected under a cause covered by valid and collectible insurance in effect at the time of such loss or damage; provided however, that the foregoing release enforceable policy issued by each party is conditioned upon the other party's carrying insurance with the above described waiver of subrogation to the extent required above, reputable insurers licensed and if such coverage is not obtained or maintained by either party, then the other party's foregoing release shall be deemed to be rescinded until such waiver is either obtained or reinstated. All said insurance policies shall be carried with companies licensed permitted to do business in the State of Georgia reasonably satisfactory New York in which the Building is located, and rated in Best’s Insurance Guide, as having a general policyholder rating of “A” and a financial rating of at least Class VIII. Tenant shall cause certificates evidencing the issuance of such policies to be delivered to Landlord havingbefore occupancy of the Premises and at least ten (10) days prior to the expiration of such policies evidencing their renewal. a Best's Rating of A XII or better Each certificate shall set forth the coverages that Tenant is required to maintain under this Lease and shall be noncancellable and nonamendable except after thirty non-cancellable with respect to Landlord without ten (3010) days written notice to Landlord. At Landlord's requestIn the event that Tenant shall not have delivered such certificate(s) to Landlord as required above, duly executed certificates Landlord may obtain such insurance as it may reasonably require to protect its interest. The cost for such policies shall be paid by Tenant to Landlord as additional rent upon demand. Any loss under any such policies shall be adjusted with the insurance company by Tenant and the proceeds of such insurance shall be delivered payable to Landlord prior and to Landlord’s first mortgagee if the Commencement Date policy so provides, as their respective insurable interests may appear. Each such policy shall contain a provision that no act or omission of Tenant shall affect or limit the obligation of the insurance company to pay the Landlord or the Landlord’s mortgagee the amount of any loss sustained and shall contain an agreement by the insurer that such policy shall not be canceled without at least thirty (30) days prior written notice to the expiration of each respective policy term. Landlord shall have the right to periodically review the coverages required hereunder and in the event Landlord deems It reasonably necessary to require additional coverage resulting from inflation or from increases in jury verdicts or other economic conditions in the jurisdiction where the Property is locatedLandlord, Tenant shall obtain the coverage requested by Landlord. Notwithstanding and any other provisions in this Lease mortgagee to the contrary, Tenant shall have the right to self-assume or obtain insurance from an insurance company that is whom a wholly owned subsidiary of one (1) of the two (2) general partners of the Tenant which insurance company must have a Best's Rating of A XII or better, for all or a portion of the risk which Tenant is required to provide insurance coverage under this Lease. In the event Tenant self-assumes the risk, it will loss thereunder may be responsible for all losses and liabilities to the same extent as if valid and collectible insurance were in effect. The foregoing provision concerning the right to self-assume shall only apply to the Tenant as of the date of this Lease, and to no successors and/or assigns unless consented to by Landlord in its sole discretionpayable.
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Tenant’s Insurance. Tenant agrees to take out and keep in force beginning on the date Tenant first accesses the Premises throughout the entire Term, without expense to Landlord, with an insurance company with general policy holder’s rating of not less than A-VII, as rated in the most current Best’s Insurance Reports, or other company acceptable to Landlord, the policies of insurance as set forth below. Tenant shall carry (at its sole expense during be permitted to obtain the Term) (I) fire and extended insurance required under this Paragraph l4 by providing a blanket policy of insurance only if such blanket policies expressly provide coverage insurance insuring Tenant's Improvements to the Premises and any and all furniture, equipment, supplies, contents and other property owned, leased, held or possessed by Tenant and contained therein, such insurance coverage to be in an amount equal to the full replacement value of such improvements and property, as such may increase from time to time; (ii) worker's compensation insurance Landlord as required by the laws of the State of Georgia; this Lease without regard to claims made under such policies with respect to other persons or properties and (iii) commercial general liability coverage in such form and content reasonably acceptable to Landlord. All such insurance policies shall be on an occurrence basis and not a claims-made basis, contain a standard separation of insureds provision, and shall name Landlord, its property manager IRG Realty Advisors, LLC (or such other property manager selected by Landlord), and their respective agents and employees as additional insureds on a primary and non-contributory basis.
A. Causes of Loss – Special Form property insurance, in an amount not less than one hundred percent (100%) of replacement cost covering all tenant improvements, betterments and alterations permitted under this Lease, floor and wall coverings, and Tenant’s office furniture, business and personal trade fixtures, equipment, furniture system and other personal property from time to time situated in the Premises. Such property insurance shall include a replacement cost endorsement, providing protection against any peril included within the classification fire and extended coverage, sprinkler damage, vandalism, malicious mischief, and such other additional perils as covered in a cause of loss (special form) insurance policy. The proceeds of such insurance shall be used for injury to or death of a person or persons the repair and for damage to property occasioned by or arising out replacement of the conditionproperty so insured, useexcept that if not so applied or if this Lease is terminated following a casualty, or the proceeds applicable to the leasehold improvements shall be paid to Landlord and the proceeds applicable to Tenant’s personal property shall be paid to Tenant;
B. Commercial general liability insurance, in the name of Tenant, insuring against any liability from the use and occupancy of the Premises, or other portions of the Building or Property, including contractual liability Common Areas and the business operated by Tenant. All such other coverages and endorsements as are reasonably required by Landlord, such policy policies shall be written to have a combined single limit of not less than Three Million and no/100 Dollars ($3,000,000) for any apply to all bodily injury or death, property damage occurring as a result of or in connection with the above. Landlord and Landlord's property manager shall be named additional insureds on the policies required hereunder and such policies shall provide that the coverage thereunder is primary topersonal injury losses, and not contributing withshall include blanket contractual liability (including Tenant’s indemnity obligations under this Lease), broad form property damage liability, premise-operations and products-completed operations and shall contain an exception to any policy carried by any such additional insured. Tenant shall have included in all policies pollution exclusion which insures damage or injury arising out of insurance respectively obtained by it with respect to the Building heat, smoke or Premises fumes from hostile fire, a waiver by the Insurer of all right of subrogation against the Landlord in connection with any loss or damage thereby insured againstcontractual liability endorsement, and provide primary coverage to Landlord shall have included in all property (any insurance policies required policy issued to be maintained by Landlord under this lease a waiver by the insurer of all right of subrogation against the Tenant in connection with any loss providing duplicate or damage thereby insured against. To the full extent permitted by law, Landlord as to its property insurance policies and Tenant as to all its policies, each waives all right of recovery against the other for, and agrees to release the other from liability for, loss or damage to the extent such loss or damage results from a cause covered by valid and collectible insurance in effect at the time of such loss or damage; provided however, that the foregoing release by each party is conditioned upon the other party's carrying insurance with the above described waiver of subrogation to the extent required above, and if such similar coverage is not obtained or maintained by either party, then the other party's foregoing release shall be deemed to be rescinded until excess over Tenant’s policies), in such waiver is either obtained or reinstated. All said insurance policies shall amounts as may from time to time be carried customary with companies licensed respect to do business similar properties in the State of Georgia reasonably satisfactory to Landlord havingsame area, but in any event not less than $3,000,000.00 per occurrence (or such other amounts as may be required by Landlord). a Best's Rating of A XII or better and shall be noncancellable and nonamendable except after thirty (30) days written notice to Landlord. At Landlord's request, duly executed certificates The amounts of such insurance required hereunder shall be delivered adjusted from time to time as requested by Landlord prior based upon Landlord’s determination as to the Commencement Date amounts of such insurance generally required at such time for comparable premises and at least thirty (30) days prior to the expiration of each respective policy term. Landlord shall have the right to periodically review the coverages required hereunder and buildings in the event Landlord deems It reasonably necessary to require additional general geographical area of the Premises. In addition, such policy of insurance shall include coverage resulting from inflation for any potential liability arising out of or from increases in jury verdicts because of any construction, work of repair, maintenance, restoration, replacement, alteration, or other economic conditions in work done on or about the jurisdiction where Premises by or under the Property is located, Tenant shall obtain the coverage requested by Landlord. Notwithstanding any other provisions in this Lease to the contrary, Tenant shall have the right to self-assume control or obtain insurance from an insurance company that is a wholly owned subsidiary direction of one (1) of the two (2) general partners of the Tenant which insurance company must have a Best's Rating of A XII or better, for all or a portion of the risk which Tenant is required to provide insurance coverage under this Lease. In the event Tenant self-assumes the risk, it will be responsible for all losses and liabilities to the same extent as if valid and collectible insurance were in effect. The foregoing provision concerning the right to self-assume shall only apply to the Tenant as of the date of this Lease, and to no successors and/or assigns unless consented to by Landlord in its sole discretion.Tenant;
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Samples: Lease Agreement (UWM Holdings Corp)
Tenant’s Insurance. Tenant shall carry (at its sole expense obtain and keep in full force and ------------------- effect during the Term) (I) fire Term a policy of comprehensive general public liability and extended coverage property damage insurance insuring Tenant's Improvements with broad form contractual liability endorsement under which Tenant is named as the insured, and Landlord is named as an additional insured, and under which the insurer agrees to the Premises indemnify and hold Landlord harmless from and against all cost, expense and/or liability arising out of or based upon any and all furnitureclaims, equipmentaccidents, suppliesinjuries and damages mentioned in Article 37 hereof. Such policy shall contain a provision that 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 shall be noncancelable with respect to Landlord without thirty (30) days' written notice to Landlord by certified mail, contents return receipt requested, which notice shall contain the policy number and other property owned, leased, held or possessed the names of the insured and certificate holder. A certificate thereof shall be delivered to Landlord and shall have printed thereon Article 37 hereof in its entirety if required by Tenant and contained therein, such insurance coverage Landlord. The minimum limits of liability shall be a combined single limit with respect to be each occurrence in an amount equal of not less than $1,000,000 for injury (or death) and damage to the full replacement value of property or such improvements and propertygreater amount as Landlord may, as such may increase from time to time; (ii) worker's compensation , require. All insurance as required by the laws of the State of Georgia; and (iii) commercial general liability coverage on an occurrence basis for injury to or death of a person or persons and for damage to property occasioned by or arising out of the condition, use, or occupancy of the Premises, or other portions of the Building or Property, including contractual liability and such other coverages and endorsements as are reasonably required by Landlord, such policy to have a combined single limit of not less than Three Million and no/100 Dollars ($3,000,000) for any bodily injury or property damage occurring as a result of or in connection with the above. Landlord and Landlord's property manager shall be named additional insureds on the policies required hereunder and such policies shall provide that the coverage thereunder is primary to, and not contributing with, any policy carried by any such additional insured. Tenant shall have included in all policies of insurance respectively obtained by it with respect to the Building or Premises a waiver by the Insurer of all right of subrogation against the Landlord in connection with any loss or damage thereby insured against, and Landlord shall have included in all property insurance policies required to be maintained carried by Landlord under this lease a waiver by the insurer of all right of subrogation against the Tenant in connection with any loss or damage thereby insured against. To the full extent permitted by law, Landlord as to its property insurance policies and Tenant as to all its policies, each waives all right of recovery against the other for, and agrees to release the other from liability for, loss or damage pursuant to the extent such loss or damage results from a cause covered by terms of this Lease shall be effected under valid and collectible insurance in effect at the time of such loss or damage; provided however, that the foregoing release enforceable policies issued by each party is conditioned upon the other party's carrying insurance with the above described waiver of subrogation to the extent required above, reputable and if such coverage is not obtained or maintained by either party, then the other party's foregoing release shall be deemed to be rescinded until such waiver is either obtained or reinstated. All said insurance policies shall be carried with companies licensed independent insurers permitted to do business in the State of Georgia reasonably satisfactory to Landlord having. a New York, and rated in Best's Rating Insurance Guide, or any successor thereto (or if there be none, an organization having a national reputation) as having general policyholder rating of A XII or better "A" and shall be noncancellable and nonamendable except after thirty (30) days written notice to Landlord. At Landlord's request, duly executed certificates a financial rating of such insurance shall be delivered to Landlord prior to the Commencement Date and at least thirty (30) days prior to the expiration of each respective policy term. Landlord shall have the right to periodically review the coverages required hereunder and in the event Landlord deems It reasonably necessary to require additional coverage resulting from inflation or from increases in jury verdicts or other economic conditions in the jurisdiction where the Property is located, Tenant shall obtain the coverage requested by Landlord. Notwithstanding any other provisions in this Lease to the contrary, Tenant shall have the right to self-assume or obtain insurance from an insurance company that is a wholly owned subsidiary of one (1) of the two (2) general partners of the Tenant which insurance company must have a Best's Rating of A XII or better, for all or a portion of the risk which Tenant is required to provide insurance coverage under this Lease. In the event Tenant self-assumes the risk, it will be responsible for all losses and liabilities to the same extent as if valid and collectible insurance were in effect. The foregoing provision concerning the right to self-assume shall only apply to the Tenant as of the date of this Lease, and to no successors and/or assigns unless consented to by Landlord in its sole discretion"13".
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Samples: Lease Agreement (Global Broadcasting Systems Inc/Fa)
Tenant’s Insurance. Tenant shall carry (agrees, at its sole expense during the Term) (I) fire and extended coverage insurance insuring Tenant's cost, to insure its personal property, trade fixtures, Specialized Tenant Improvements to the Premises and any and all furniture, equipment, supplies, contents and other property owned, leased, held or possessed by Tenant and contained therein, such insurance coverage Alterations not required to be in an amount insured by Landlord against damage for their full replacement value (without depreciation). Said insurance shall provide All Risk or Special Cause of Loss coverage (or its equivalent or industry replacement) equal to the full replacement value cost of such improvements and said property, as such may increase from time to time; (ii) worker's compensation . The property insurance provided by Tenant as required by this paragraph shall be carried in favor of Landlord and Tenant as their respective interests may appear and shall provide that any loss to Alterations shall be adjusted with and be payable to both Landlord and Tenant. Tenant agrees, at its sole cost, to obtain and maintain throughout the laws of Lease Term Commercial General Liability insurance for occurrences within the State of Georgia; and (iii) commercial general liability coverage on an occurrence basis for injury to or death of a person or persons and for damage to property occasioned by or arising out of the condition, use, or occupancy of the Premises, or other portions of the Building or Property, including contractual liability and such other coverages and endorsements as are reasonably required by Landlord, such policy to have Project with a combined single limit of not less than Three Five Million and no/100 Dollars ($3,000,000) 5,000,000), worker’s compensation insurance in compliance with statutory requirements, and Employer’s Liability with a limit of not less than Five Million Dollars ($5,000,000). Tenant’s liability insurance shall be primary insurance containing a cross-liability endorsement, and shall provide coverage on an “occurrence” rather than on a “claims made” basis. All such insurance shall provide for any bodily injury severability of interests; shall provide that an act or omission of one of the named or additional insureds shall not reduce or avoid coverage to the other named or additional insureds. Tenant shall name Landlord, Landlord’s affiliates and property damage occurring manager and Landlord’s lenders as a result of or in connection with the above. additional insureds on Tenant’s liability policies and shall name Landlord and Landlord's ’s lenders as loss payees on its property insurance. Tenant shall provide a waiver of subrogation in favor of Landlord, Landlord’s affiliates and property manager for worker’s compensation and employer’s liability. Tenant shall be named additional insureds on deliver to Landlord a copy of all required policies and renewal certificates, or other evidence of coverage reasonably acceptable to Landlord, evidencing the coverage required of Tenant, prior to the earlier of the Commencement Date or first entry to ready any portion of the Premises for Tenant’s occupancy, and before expiration of any such policies, but in no event later than five (5) days before the scheduled expiration of such policies. All insurance policies required hereunder and such policies under this Section 10.C shall provide that the coverage thereunder is primary toinsurer will endeavor to provide give ten (10) days’ prior written notice to Landlord of any cancellation, and not contributing withtermination, or reduction in coverage, but in any policy carried by case Tenant shall be obligated to notify Landlord of the occurrence of any such additional insuredevent not later than five (5) days after Tenant becomes aware of any such event. Notwithstanding the above, Tenant shall have included in all policies obtain and maintain throughout the Lease Term, at Tenant’s sole cost and expense, such increased amounts of coverage and other forms and amounts of insurance respectively obtained as may be reasonably requested by it with respect Landlord from time to time, but no more than once in any five (5) year period, provided that such increased or new amounts or types of insurance are reasonably available and are required of comparable tenants by landlords of comparable buildings in Santa Xxxxx County, California. In no event shall the Building types or Premises a waiver by the Insurer limits of all right of subrogation against the Landlord in connection with any loss or damage thereby insured against, and Landlord shall have included in all property insurance policies maintained or required to be maintained by Landlord under this lease a waiver Lease by the insurer of all right of subrogation against the Tenant in connection with any loss or damage thereby insured against. To the full extent permitted by law, Landlord as to its property insurance policies and Tenant as to all its policies, each waives all right of recovery against the other for, and agrees to release the other from contractors limit Tenant’s liability for, loss or damage to the extent such loss or damage results from a cause covered by valid and collectible insurance in effect at the time of such loss or damage; provided however, that the foregoing release by each party is conditioned upon the other party's carrying insurance with the above described waiver of subrogation to the extent required above, and if such coverage is not obtained or maintained by either party, then the other party's foregoing release shall be deemed to be rescinded until such waiver is either obtained or reinstated. All said insurance policies shall be carried with companies licensed to do business in the State of Georgia reasonably satisfactory to Landlord having. a Best's Rating of A XII or better and shall be noncancellable and nonamendable except after thirty (30) days written notice to Landlord. At Landlord's request, duly executed certificates of such insurance shall be delivered to Landlord prior to the Commencement Date and at least thirty (30) days prior to the expiration of each respective policy term. Landlord shall have the right to periodically review the coverages required hereunder and in the event Landlord deems It reasonably necessary to require additional coverage resulting from inflation or from increases in jury verdicts or other economic conditions in the jurisdiction where the Property is located, Tenant shall obtain the coverage requested by Landlord. Notwithstanding any other provisions in this Lease to the contrary, Tenant shall have the right to self-assume or obtain insurance from an insurance company that is a wholly owned subsidiary of one (1) of the two (2) general partners of the Tenant which insurance company must have a Best's Rating of A XII or better, for all or a portion of the risk which Tenant is required to provide insurance coverage under this Lease. In the event Tenant self-assumes the risk, it will be responsible for all losses including without limitation Tenant’s indemnification, defense and liabilities to the same extent as if valid and collectible insurance were in effect. The foregoing provision concerning the right to self-assume shall only apply to the Tenant as of the date of this Lease, and to no successors and/or assigns unless consented to by Landlord in its sole discretionhold harmless obligations.
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Tenant’s Insurance. The Tenant shall carry (at its sole expense shall, during the Term) (I) fire and extended coverage insurance insuring entire term of this Lease, at the Tenant's Improvements to sole cost and expense, but for the Premises mutual benefit of the Landlord and any Tenant, maintain general public liability insurance against claims for personal injury, death or property damage occurring upon, in or about the entire property described on Exhibit "B" attached hereto and all furnitureon, equipment, supplies, contents in or about the adjoining streets and other property owned, leased, held or possessed by Tenant and contained thereinpassageways, such insurance coverage to be in an amount equal afford protection to the full replacement value of such improvements and property, as such may increase from time to time; (ii) worker's compensation insurance as required by the laws of the State of Georgia; and (iii) commercial general liability coverage on an occurrence basis for injury to or death of a person or persons and for damage to property occasioned by or arising out of the condition, use, or occupancy of the Premises, or other portions of the Building or Property, including contractual liability and such other coverages and endorsements as are reasonably required by Landlord, such policy to have a combined single limit of not less than Three Million and no/100 Dollars ($3,000,000) for any bodily 1,000,000 in respect to injury or death to a single person, and to the limit of not less than $2,000,000 in respect to any one accident, and to the limit of not less than $250,000 in respect to property damage occurring as or a result of or in connection with the abovecombined single limit policy not less than $1,000,000 per occurrence. All policies shall name Landlord and Landlord's the mortgages of the property manager shall be as an additional named additional insureds on the policies required hereunder and such policies shall provide that the coverage thereunder is primary toinsured, and not contributing with, any policy carried by any such additional insuredas their interest may appear. Tenant shall also provide insurance coverage to the extent of the full replacement value covering all of Tenant's property, fixtures, equipment, tools, improvements, stock, goods, wares or merchandise, that it may have included in all or on or about the Demised Premises. Other forms of insurance may be reasonably required to cover future risks against which a prudent Tenant would protect itself. All policies of insurance respectively obtained provided for herein shall be issued by it insurance companies with respect to a general policy holder's rating of not less than A and a financial rating of AAA, as rated in the Building or Premises a waiver by the Insurer of all right of subrogation against the Landlord in connection with any loss or damage thereby insured againstmost current available "Best's Guide" Insurance Reports, and Landlord shall have included in all property insurance policies required to be maintained by Landlord under this lease a waiver by the insurer of all right of subrogation against the Tenant in connection with any loss or damage thereby insured against. To the full extent permitted by law, Landlord as to its property insurance policies and Tenant as to all its policies, each waives all right of recovery against the other for, and agrees to release the other from liability for, loss or damage to the extent such loss or damage results from a cause covered by valid and collectible insurance in effect at the time of such loss or damage; provided however, that the foregoing release by each party is conditioned upon the other party's carrying insurance with the above described waiver of subrogation to the extent required above, and if such coverage is not obtained or maintained by either party, then the other party's foregoing release shall be deemed to be rescinded until such waiver is either obtained or reinstated. All said insurance policies shall be carried with companies licensed qualified to do business in the State state of Georgia reasonably satisfactory Utah. The policies for the foregoing insurance shall provide that the proceeds thereof shall be payable to the Tenant and to the Landlord, as their respective interests may appear. Said required Tenant insurance coverage shall be verified to the Landlord by an insurance carrier in the form of either a certified copy of the policy or other written verification of insurance coverage acceptable to Landlord having. a Best's Rating of A XII or better and the lending institution for the Demised Premises Such insurance policies shall provide that Landlord be noncancellable and nonamendable except after given thirty (30) days 30)days written notice to Landlord. At Landlord's request, duly executed certificates of such insurance shall be delivered to Landlord prior to any cancellation or alteration of any policy. To the Commencement Date and at least thirty (30) days prior extent that Tenant fails to provide the expiration of each respective policy term. Landlord shall have the right to periodically review the coverages required hereunder and in the event Landlord deems It reasonably necessary to require additional coverage resulting from inflation foregoing insurance, either hazard or from increases in jury verdicts or other economic conditions in the jurisdiction where the Property is locatedliability, Tenant shall obtain the coverage requested by be responsible to Landlord. Notwithstanding any other provisions in this Lease to the contrary, Tenant shall have the right to self-assume or obtain insurance from an insurance company that is a wholly owned subsidiary of one (1) of the two (2) general partners of the Tenant which insurance company must have a Best's Rating of A XII or betteras his interest appears, for all or a portion of the risk which Tenant is required such damage that would have been insured by said policies but for Tenant's failure to provide insurance coverage under this Lease. In the event Tenant self-assumes the risk, it will be responsible for all losses and liabilities to the same extent as if valid and collectible insurance were in effect. The foregoing provision concerning the right to self-assume shall only apply to the Tenant as of the date of this Lease, and to no successors and/or assigns unless consented to by Landlord in its sole discretionobtain such insurance.
Appears in 1 contract
Tenant’s Insurance. Tenant shall carry (Tenant, at its sole cost and expense but for the mutual benefit of Landlord (when used in this Section 10.A. the term "LANDLORD" shall include Landlord's partners, beneficiaries, officers, agents, servants and employees and the term "TENANT" shall include Tenant's partners, beneficiaries, officers, agents, servants and employees), agrees to purchase and keep in force and effect during the Term) (I) fire and extended coverage term hereof, insurance insuring Tenant's Improvements to the Premises and any and all furniture, equipment, supplies, contents and other property owned, leased, held or possessed under policies issued by Tenant and contained therein, such insurance coverage to be in an amount equal to the full replacement value insurers of such improvements and property, as such may increase from time to time; (ii) worker's compensation insurance as required by the laws of the State of Georgia; and (iii) commercial general liability coverage on an occurrence basis for injury to or death of a person or persons and for damage to property occasioned by or arising out of the condition, use, or occupancy of the Premises, or other portions of the Building or Property, including contractual liability and such other coverages and endorsements as are reasonably required by Landlord, such policy to have a combined single limit of not less than Three Million and no/100 Dollars ($3,000,000) for any bodily injury or property damage occurring as a result of or in connection with the above. Landlord and Landlord's property manager shall be named additional insureds on the policies required hereunder and such policies shall provide that the coverage thereunder is primary to, and not contributing with, any policy carried by any such additional insured. Tenant shall have included in all policies of insurance respectively obtained by it with respect to the Building or Premises a waiver by the Insurer of all right of subrogation against the Landlord in connection with any loss or damage thereby insured against, and Landlord shall have included in all property insurance policies required to be maintained by Landlord under this lease a waiver by the insurer of all right of subrogation against the Tenant in connection with any loss or damage thereby insured against. To the full extent permitted by law, Landlord as to its property insurance policies and Tenant as to all its policies, each waives all right of recovery against the other for, and agrees to release the other from liability for, loss or damage to the extent such loss or damage results from a cause covered by valid and collectible insurance in effect at the time of such loss or damage; provided however, that the foregoing release by each party is conditioned upon the other party's carrying insurance with the above described waiver of subrogation to the extent required above, and if such coverage is not obtained or maintained by either party, then the other party's foregoing release shall be deemed to be rescinded until such waiver is either obtained or reinstated. All said insurance policies shall be carried with companies recognized responsibility licensed to do business in the State of Georgia reasonably satisfactory to Landlord having. Tennessee with a Best's Rating rating of A XII A/X or better on all alterations, additions, and improvements owned by Tenant, and on all personal property located in the Building, protecting Landlord and Tenant from damage or other loss caused by fire or other casualty, including but not limited to vandalism and malicious mischief, perils covered by extended coverage, theft, sprinkler leakage, water damage (however caused), explosion malfunction or failure of heating and cooling or other apparatus, and other similar risks in amounts not less than the full insurable replacement value of such property. Such property insurance shall provide that it is specific and non-contributory and shall be noncancellable contain a replacement cost endorsement. Such insurance shall also contain a clause pursuant to which the insurance carriers waive all rights of subrogation against the Landlord with respect to losses payable under such policies. Tenant also agrees to maintain commercial general liability insurance covering Tenant as the insured party, and nonamendable except after thirty naming Landlord as an additional insured, against claims for bodily injury and death and property damage occurring in or about the Building in accordance with Section 11 below, with limits of not less than One Million Dollars (30$1,000,000.00) days written notice per occurrence and Five Million Dollars ($5,000,000.00) general aggregate. Tenant shall, prior to Landlord. At Landlord's requestcommencement of the term, duly executed furnish to Landlord certificates of evidencing such coverage, which certificates shall state that such insurance shall coverage may not be delivered to Landlord prior to the Commencement Date and changed or canceled without at least thirty (30) days prior written notice to the expiration of each respective policy term. Landlord shall have the right to periodically review the coverages required hereunder and in the event Landlord deems It reasonably necessary to require additional coverage resulting from inflation or from increases in jury verdicts or other economic conditions in the jurisdiction where the Property is located, Tenant shall obtain the coverage requested by Landlord. Notwithstanding any other provisions in this Lease to the contrary, Tenant shall have the right to self-assume or obtain insurance from an insurance company that is a wholly owned subsidiary of one (1) of the two (2) general partners of the Tenant which insurance company must have a Best's Rating of A XII or better, for all or a portion of the risk which Tenant is required to provide insurance coverage under this LeaseTenant. In the event Tenant self-assumes the riskshall fail to procure such insurance, it will be responsible for all losses and liabilities Landlord may at its option after giving Tenant no less than ten (10) days prior written notice of its election to do so procure the same extent for the account of Tenant and the cost thereof shall be paid to Landlord as if valid and collectible insurance were in effect. The foregoing provision concerning the right to self-assume shall only apply to the additional rent upon receipt by Tenant as of the date of this Lease, and to no successors and/or assigns unless consented to by Landlord in its sole discretionbills therefor.
Appears in 1 contract
Tenant’s Insurance. A. At all times commencing on and after the earlier of the Preliminary Commencement Date or the date Tenant or its agents, employees or contractors enters the Premises for any purpose, Tenant shall carry (and maintain, at its sole expense during cost and expense:
(1) Commercial General Liability Insurance applicable to the Term) Premises, the Parking Garage, the Storage Space and their appurtenances providing, on an occurrence basis, a minimum combined single limit of Two Million Dollars (I) fire and extended coverage insurance insuring $2,000,000.00), with a contractual liability endorsement covering Tenant's Improvements to indemnity obligations under this Lease.
(2) All Risk of Physical Loss Insurance written at replacement cost value and with a replacement cost endorsement covering all of Tenant's Property in the Premises, the Storage Space and the Parking Garage.
(3) Workers' Compensation Insurance as required by the state in which the Premises is located and any in amounts as may be required by applicable statute, and all furnitureEmployers' Liability Coverage of One Million Dollars ($1,000,000.00) per occurrence.
(4) Whenever good business practice indicates the need of additional insurance coverage or different types of insurance in connection with the Premises or Tenant's use and occupancy thereof, equipmentand similar tenants of similar properties in the Bethesda, suppliesMaryland area are then being required generally to obtain such additional insurance coverage or different types of insurance, contents and other property ownedTenant shall, leasedupon request, held or possessed by Tenant and contained therein, obtain such insurance coverage at Tenant's expense and provide Landlord with evidence thereof.
B. Except for construction items for which Landlord is responsible under this Lease, before any repairs, alterations, additions, improvements, or construction are undertaken by or on behalf of Tenant, Tenant shall carry and maintain, at its expense, or Tenant shall require any contractor performing work on the Premises to be carry and maintain, at no expense to Landlord, in an amount equal addition to the full replacement value of such improvements and property, as such may increase from time to time; (ii) worker's workers' compensation insurance as required by the laws jurisdiction in which the Building is located, All Risk Builder's Risk Insurance in the amount of the State replacement cost of Georgia; any alterations, additions or improvements (or such lesser amount reasonably required by Landlord) and Commercial General Liability Insurance (iii) commercial general liability including, without limitation, Contractor's Liability coverage, Contractual Liability coverage and Completed Operations coverage), written on an occurrence basis for injury to or death of with a person or persons and for damage to property occasioned by or arising out of the condition, use, or occupancy of the Premises, or other portions of the Building or Property, including contractual liability and such other coverages and endorsements as are reasonably required by Landlord, such policy to have a minimum combined single limit of not less than Three Two Million and no/100 Dollars ($3,000,0002,000,000.00) for any bodily injury or property damage occurring as a result and adding the "owner(s) of or in connection with the above. Landlord and Landlord's property manager shall be named additional insureds on the policies required hereunder and such policies shall provide that the coverage thereunder is primary to, and not contributing with, any policy carried by any such additional insured. Tenant shall have included in all policies of insurance respectively obtained by it with respect to the Building and its (or Premises a waiver by their) respective members, principals, beneficiaries, partners, officers, directors, employees, agents (and their respective members and principals) and mortgagee(s)" (and any other designees of Landlord as the Insurer interest of all right of subrogation against the Landlord in connection with such designees shall appear) as additional insureds.
C. Any company writing any loss insurance which Tenant is required to maintain or damage thereby insured against, and Landlord shall have included in all property insurance policies required cause to be maintained by Landlord under pursuant to the terms of this lease a waiver by Lease (all such insurance as well as any other insurance pertaining to the insurer Premises or the operation of Tenant's business therein being referred to as "Tenant's Insurance"), as well as the form of such insurance, shall at all right of subrogation against the Tenant in connection with any loss or damage thereby insured against. To the full extent permitted by law, Landlord as times be subject to its property insurance policies and Tenant as to all its policies, each waives all right of recovery against the other forLandlord's reasonable approval, and agrees to release the other from liability foreach such insurance company shall if rated by A.M. Best, loss have an A.M. Best rating of "A-" or damage to the extent better. Any such loss or damage results from a cause covered by valid and collectible insurance in effect at the time of such loss or damage; provided however, that the foregoing release by each party is conditioned upon the other party's carrying insurance with the above described waiver of subrogation to the extent required above, and if such coverage is not obtained or maintained by either party, then the other party's foregoing release company shall be deemed to be rescinded until such waiver is either obtained or reinstated. All said insurance policies shall be carried with companies licensed and lawfully permitted to do business in the State state in which the Premises is located. All policies evidencing Tenant's Insurance (except for Workers' Compensation) shall specify Tenant as named insured and the "owner(s) of Georgia reasonably satisfactory the Building and its (or their) respective members, principals, beneficiaries, partners, officers, directors, employees, agents (and their respective members and principals) and mortgagee(s)" (and any other designees of Landlord as the interest of such designees shall appear) as additional insureds. Provided that the coverage afforded Landlord and any designees of Landlord shall not be reduced or otherwise adversely affected, all of Tenant's Insurance may be carried under a blanket policy covering the Premises and any other of Tenant's locations. All policies of Tenant's Insurance shall contain endorsements that the insurer(s) will give to Landlord having. a Best's Rating of A XII or better and shall be noncancellable and nonamendable except after thirty (30) days written notice to Landlord. At Landlord's request, duly executed certificates of such insurance shall be delivered to Landlord prior to the Commencement Date and its designees at least thirty (30) days' advance written notice of any change, cancellation, termination or lapse of said insurance. Tenant shall be solely responsible for payment of premiums for all of Tenant's Insurance. Tenant shall deliver to Landlord at least fifteen (15) days prior to the time Tenant's Insurance is first required to be carried by Tenant, and upon renewals at least five (5) business days prior to the expiration of each respective policy term. Landlord shall have the right to periodically review the coverages required hereunder and any such insurance coverage, a certificate of insurance of all policies procured by Tenant in the event Landlord deems It reasonably necessary to require additional coverage resulting from inflation or from increases in jury verdicts or other economic conditions in the jurisdiction where the Property is located, Tenant shall obtain the coverage requested by Landlord. Notwithstanding any other provisions in this Lease to the contrary, Tenant shall have the right to self-assume or obtain insurance from an insurance company that is a wholly owned subsidiary of one (1) of the two (2) general partners of the Tenant which insurance company must have a Best's Rating of A XII or better, for all or a portion of the risk which Tenant is required to provide insurance coverage compliance with its obligations under this Lease. In The limits of Tenant's Insurance shall in no event limit Tenant's liability under this Lease.
E. Tenant shall not do or fail to do anything in, upon or about the event Premises which will: (1) violate the terms of any of Landlord's insurance policies; or (2) prevent Landlord from obtaining policies of insurance reasonably acceptable to Landlord or any Mortgagees. If Tenant self-assumes fails to obtain the risk, it will be responsible for all losses and liabilities to the same extent as if valid and collectible insurance were in effect. The foregoing provision concerning the right to self-assume shall only apply to the Tenant as of the date of coverage required by this Lease, and to no successors and/or assigns unless consented to by such failure continues for more than ten (10) days after Tenant's receipt of written notice thereof from Landlord, Landlord in may, at its sole discretionoption, obtain such insurance for Tenant, and Tenant shall pay, as Additional Base Rental, the cost of all premiums thereon and all of Landlord's reasonable costs associated therewith.
Appears in 1 contract
Samples: Sublease (Informax Inc)
Tenant’s Insurance. Tenant shall carry (maintain at its sole expense during expense, commencing upon the Term) (I) fire and extended coverage insurance insuring Tenant's Improvements to date Tenant takes possession of the Premises and continuing throughout the Lease Term, (a) commercial general liability insurance covering the Premises in a combined single limit amount of not less than One Million Dollars ($1,000,000), naming Landlord and any and mortgagee(s) of the Property as additional insureds thereunder; (b) all furniture, equipment, supplies, contents and other risk property owned, leased, held or possessed by Tenant and contained therein, such insurance coverage to be in an amount equal to for the full replacement value of such Tenant’s improvements and Tenant’s property, as such may increase including, but not limited to, inventory, trade fixtures, furnishings and other personal property; any proceeds from time Tenant’s all risk coverage insurance shall be held in trust by Tenant for the purpose of repair and replacement provided that this Lease is not terminated under the provisions of this lease. Each property insurance policy shall , at a minimum, insure against the perils included in the ISO special causes of loss from CP 1030 and any amendments or “all risk” coverage, including but not limited to timeloss or damage due to fire and the risks normally included in extended coverage (e.g., flood, windstorm, earthquake, and terrorism); (iic) worker's ’s compensation or similar insurance as to the extent required by law; (d) plate glass insurance covering the laws full replacement value of the State of Georgia; and (iii) commercial general liability coverage on an occurrence basis for injury to or death of a person or persons and for damage to property occasioned by or arising out of the condition, use, or occupancy of plate glass in the Premises, or other portions ; (e) umbrella Liability insurance with limits of the Building or Property, including contractual liability and such other coverages and endorsements as are reasonably required by Landlord, such policy to have a combined single limit of not less than Three Million $1,000,000 per occurrence that applies on a “following form” basis and no/100 Dollars is in excess of the underlying commercial general liability insurance limits of liability; and ($3,000,000f) for any bodily injury or property damage occurring such other types of insurance in form and amount as a result of or in connection with the above. Landlord and Landlord's property manager shall be named additional insureds on the policies required hereunder and such policies shall provide that the coverage thereunder is primary to, and not contributing with, any policy carried by any such additional insuredmay reasonably require. Tenant shall have included in all policies of insurance respectively obtained by it with respect to the Building or Premises a waiver by the Insurer of all right of subrogation against the Landlord in connection with any loss or damage thereby insured against, and Landlord shall have included in all property insurance policies required to be maintained by Landlord under this lease a waiver by the insurer of all right of subrogation against the Tenant in connection with any loss or damage thereby insured against. To the full extent permitted by law, Landlord as to its property insurance policies and Tenant as to all its policies, each waives all right of recovery against the other for, and agrees to release the other from liability for, loss or damage to the extent such loss or damage results from a cause covered by valid and collectible insurance in effect at the time of such loss or damage; provided however, that the foregoing release by each party is conditioned upon the other party's carrying insurance with the above described waiver of subrogation to the extent required above, and if such coverage is not obtained or maintained by either party, then the other party's foregoing release shall be deemed to be rescinded until such waiver is either obtained or reinstated. All deliver said insurance policies shall be carried with companies licensed to do business in the State of Georgia reasonably satisfactory to Landlord having. a Best's Rating of A XII or better and shall be noncancellable and nonamendable except after thirty (30) days written notice to Landlord. At Landlord's request, duly executed certificates of such insurance shall be delivered thereof to Landlord prior to taking possession of the Commencement Date Premises and thereafter at least thirty fifteen (3015) days prior to the expiration of each respective policy termsuch policy; Landlord having the right, at its sole discretion, to approve the insurance carrier utilized by Tenant in connection with the Premises (an insurance carrier with Best’s Key Rating Guide: Property-Casualty of not less than “A+” shall be deemed satisfactory to Landlord). Should Tenant fail to effect the insurance called for herein, Landlord may, but shall have not be obligated to, procure said insurance and pay the right to periodically review the coverages required hereunder and requisite premiums, in the event Landlord deems It reasonably necessary to require additional coverage resulting from inflation or from increases in jury verdicts or other economic conditions in the jurisdiction where the Property is locatedwhich event, Tenant shall obtain pay all sums so expended plus fifteen (15.0%) percent as overhead to Landlord, as additional rent, immediately upon demand. Each insurer under the coverage requested policies required hereunder shall agree by endorsement on the policy, or by independent instrument furnished to Landlord, that it will give Landlord at least fifteen (15) days prior written notice before any policy or policies affecting the Premises shall be altered or cancelled. The minimum limits of the commercial general liability policy of insurance hereinbefore set forth shall be subject to increase at any time, and from time to time, if Landlord shall reasonably deem it necessary for adequate protection. Within thirty (30) days after demand therefor by Landlord. Notwithstanding any other provisions in this Lease to the contrary, Tenant shall have the right furnish Landlord with evidence of Tenant’s compliance with such demand. Tenant agrees, at its own expense, to self-assume or obtain insurance from an insurance company that is a wholly owned subsidiary of one (1) comply with all rules and regulations of the two (2) general partners Fire Insurance Rating Organization having jurisdiction of the Tenant which insurance company must have a Best's Rating of A XII or better, for all or a portion of the risk which Tenant is required to provide insurance coverage under this Lease. In the event Tenant self-assumes the risk, it will be responsible for all losses and liabilities to the same extent as if valid and collectible insurance were in effect. The foregoing provision concerning the right to self-assume shall only apply to the Tenant as of the date of this Lease, Premises and to no successors and/or assigns unless consented to comply with all requirements imposed by Landlord in its sole discretionLandlord’s insurance carrier, if any.”
Appears in 1 contract
Tenant’s Insurance. Tenant shall carry (procure and maintain policies of insurance, at its sole expense during own cost and expense, insuring:
(a) The Landlord Protected Parties (as "named insureds"), and Landlord's mortgagee, if any, of which Tenant is given written notice, and Tenant Protected Parties, from all claims, demands or actions made by or on behalf of any person or persons, firm or corporation and arising from, related to or connected with the Term) (I) fire and extended coverage insurance insuring Tenant's Improvements Leased Premises, for bodily injury to the Premises and any and all furniture, equipment, supplies, contents and other property owned, leased, held or possessed by Tenant and contained therein, such insurance coverage to be in an amount equal to the full replacement value of such improvements and property, as such may increase from time to time; (ii) worker's compensation insurance as required by the laws of the State of Georgia; and (iii) commercial general liability coverage on an occurrence basis for personal injury to or death of a person any person, or persons and more than one (1) person, or for damage to property occasioned by or arising out of the condition, use, or occupancy of the Premises, or other portions of the Building or Property, including contractual liability and such other coverages and endorsements as are reasonably required by Landlord, such policy to have a combined single limit in an amount of not less than Three Million and no/100 Dollars ($3,000,000) for any bodily injury or property damage occurring as a result of or in connection with the above3,000,000.00 combined single limit per occurrence/aggregate. Landlord and Landlord's property manager shall be named additional insureds on the policies required hereunder and such policies shall provide that the coverage thereunder is primary to, and not contributing with, any policy carried by any such additional insured. Tenant shall have included in all policies of insurance respectively obtained by it with respect to the Building or Premises a waiver by the Insurer of all right of subrogation against the Landlord in connection with any loss or damage thereby insured against, and Landlord shall have included in all property insurance policies required to be maintained by Landlord under this lease a waiver by the insurer of all right of subrogation against the Tenant in connection with any loss or damage thereby insured against. To the full extent permitted by law, Landlord as to its property insurance policies and Tenant as to all its policies, each waives all right of recovery against the other for, and agrees to release the other from liability for, loss or damage to the extent such loss or damage results from a cause covered by valid and collectible insurance in effect at the time of such loss or damage; provided however, that the foregoing release by each party is conditioned upon the other party's carrying insurance with the above described waiver of subrogation to the extent required above, and if such coverage is not obtained or maintained by either party, then the other party's foregoing release shall be deemed to be rescinded until such waiver is either obtained or reinstated. All said insurance policies shall be carried with companies licensed to do business in the State of Georgia reasonably satisfactory to Landlord having. a Best's Rating of A XII or better and shall be noncancellable and nonamendable except after thirty (30) days written notice to Landlord. At Landlord's request, duly executed certificates of such Such insurance shall be delivered to Landlord prior written on an "occurrence" basis and not on a "claims made" basis. If at any time during the term of this Lease, Tenant owns or rents more than one location, the policy shall contain an endorsement to the Commencement Date and at least thirty (30) days prior effect that the aggregate limit in the policy shall apply separately to the expiration of each respective policy termlocation owned or rented by Tenant. Landlord shall have the right right, exercisable by giving written notice thereof to periodically review Tenant, to require Tenant to increase such limit if, in Landlord's reasonable judgment, the coverages required hereunder amount thereof is insufficient to protect the Landlord Protected Parties and Tenant Protected Parties from judgments that might result from such claims, demands or actions.
(b) The improvements at any time situated upon the Leased Premises against loss or damage by fire, lightning, wind storm, hail storm, aircraft, vehicles, smoke, explosion, riot or civil commotion as provided by the Standard Fire and Extended Coverage Policy and all other risks of direct physical loss as insured against under Special Form ("all risk" coverage). The insurance coverage shall be for not less than 100% of the full replacement cost of such improvements with agreed amount endorsement, and building ordinance coverage, all subject only to such deductibles as Landlord shall reasonably approve in writing. The full replacement cost of improvements shall be designated annually by Landlord, in the good faith exercise of Landlord's judgment. In the event Landlord deems It reasonably necessary to require additional coverage resulting from inflation or from increases in jury verdicts or other economic conditions in the jurisdiction where the Property is located, that Tenant shall obtain the coverage requested by does not agree with Landlord. Notwithstanding any other provisions in this Lease to the contrary's designation, Tenant shall have the right to self-assume or obtain insurance from submit the matter to an insurance company appraiser reasonably selected by Landlord and paid for by Tenant. The insurance appraiser shall submit a written appraisal report and if that is a wholly owned subsidiary report discloses that the improvements are not insured as therein required, Tenant shall promptly obtain the insurance required. Landlord shall be named as the insured and all proceeds of one (1) insurance shall be payable to Landlord. Such insurance shall contain an endorsement waiving the insurer's right of subrogation against any Landlord Protected Party or any Tenant Protected Party, provided that such waiver of the two (2) general partners right of subrogation shall not be operative in any case where the Tenant which insurance company must have a Best's Rating of A XII or better, for all or a portion of the risk which Tenant effect thereof is required to provide invalidate such insurance coverage under this Lease. In or increase the event Tenant self-assumes cost thereof (except that either party shall have the riskright, it will be responsible for all losses within thirty (30) days following written notice, to pay such increased cost, thereby keeping such waiver in full force and liabilities to the same extent as if valid and collectible insurance were in effect. The foregoing provision concerning the right to self-assume shall only apply to the Tenant as of the date of this Lease, and to no successors and/or assigns unless consented to by Landlord in its sole discretion).
Appears in 1 contract
Samples: Lease Agreement (Datametrics Corp)
Tenant’s Insurance. Tenant agrees to maintain in force during the term hereof, without expense to Landlord, with an insurance company with general policy holder’s rating of not less than A-VII, as rated in the most current Best’s Insurance Reports, or other company acceptable to Landlord, the policies of insurance as set forth below. Tenant shall carry (at its sole expense during be permitted to obtain the Term) (I) fire and extended insurance required under this Paragraph 14 by providing a blanket policy of insurance only if such blanket policies expressly provide coverage insurance insuring Tenant's Improvements to the Premises Property and any and all furniture, equipment, supplies, contents and other property owned, leased, held or possessed by Tenant and contained therein, such insurance coverage to be in an amount equal to the full replacement value of such improvements and property, as such may increase from time to time; (ii) worker's compensation insurance Landlord as required by the laws of the State of Georgia; this Lease without regard to claims made under such policies with respect to other persons or properties and (iii) commercial general liability coverage in such form and content reasonably acceptable to Landlord. All such insurance policies shall be on an occurrence basis and not a claims-made basis, contain a standard separation of insureds provision, and shall name Landlord, its property manager IRG Realty Advisors, LLC (or such other property manager selected by Landlord), and their respective agents and employees as additional insureds on a primary and non-contributory basis.
A. Causes of Loss - Special Form property insurance, in an amount not less than one hundred percent (100%) of replacement cost covering all tenant improvements, betterments and alterations permitted under this Lease, floor and wall coverings, and Tenant’s office furniture, business and personal trade fixtures, equipment, furniture system and other personal property from time to time situated in the Property. Such property insurance shall include a replacement cost endorsement, providing protection against any peril included within the classification fire and extended coverage, sprinkler damage, vandalism, malicious mischief, and such other additional perils as covered in a cause of loss (special form) insurance policy. The proceeds of such insurance shall be used for the repair and replacement of the property so insured, except that if not so applied or if this Lease is terminated following a casualty, the proceeds applicable to the leasehold improvements shall first be paid to Landlord and the proceeds applicable to Tenant’s personal property shall then be paid to Tenant;
B. Commercial general liability insurance, in the name of Tenant, insuring against any liability from the use and occupancy of the Property and the business operated by Tenant. All such policies shall be written to apply to all bodily injury or death, property damage and personal injury losses, and shall include blanket contractual liability (including Tenant’s indemnity obligations under this Lease), broad form property damage liability, premise-operations and shall contain an exception to any pollution exclusion which insures damage or death of a person or persons and for damage to property occasioned by or injury arising out of the conditionheat, usesmoke or fumes from hostile fire, or occupancy of the Premises, or other portions of the Building or Property, including a contractual liability and such other coverages and endorsements as are reasonably required by Landlord, such policy to have a combined single limit of not less than Three Million and no/100 Dollars ($3,000,000) for any bodily injury or property damage occurring as a result of or in connection with the above. Landlord and Landlord's property manager shall be named additional insureds on the policies required hereunder and such policies shall provide that the coverage thereunder is primary toendorsement, and not contributing with, provide primary coverage to Landlord (any insurance policy carried by any such additional insured. Tenant shall have included in all policies of insurance respectively obtained by it with respect issued to the Building Landlord providing duplicate or Premises a waiver by the Insurer of all right of subrogation against the Landlord in connection with any loss or damage thereby insured against, and Landlord shall have included in all property insurance policies required to be maintained by Landlord under this lease a waiver by the insurer of all right of subrogation against the Tenant in connection with any loss or damage thereby insured against. To the full extent permitted by law, Landlord as to its property insurance policies and Tenant as to all its policies, each waives all right of recovery against the other for, and agrees to release the other from liability for, loss or damage to the extent such loss or damage results from a cause covered by valid and collectible insurance in effect at the time of such loss or damage; provided however, that the foregoing release by each party is conditioned upon the other party's carrying insurance with the above described waiver of subrogation to the extent required above, and if such similar coverage is not obtained or maintained by either party, then the other party's foregoing release shall be deemed to be rescinded until excess over Tenant’s policies), in such waiver is either obtained or reinstated. All said insurance policies shall amounts as may from time to time be carried customary with companies licensed respect to do business similar properties in the State of Georgia reasonably satisfactory to Landlord havingsame area, but in any event not less than $3,000,000.00 per occurrence (or such other amounts as may be required by Landlord). a Best's Rating of A XII or better and shall be noncancellable and nonamendable except after thirty (30) days written notice to Landlord. At Landlord's request, duly executed certificates The amounts of such insurance required hereunder shall be delivered adjusted from time to time as requested by Landlord prior based upon Landlord’s determination as to the Commencement Date amounts of such insurance generally required at such time for comparable premises and at least thirty (30) days prior to the expiration of each respective policy term. Landlord shall have the right to periodically review the coverages required hereunder and buildings in the event Landlord deems It reasonably necessary to require additional general geographical area of the Property. In addition, such policy of insurance shall include coverage resulting from inflation for any potential liability arising out of or from increases in jury verdicts because of any construction, work of repair, maintenance, restoration, replacement, alteration, or other economic conditions in the jurisdiction where work done on or about the Property is located, Tenant shall obtain by or under the coverage requested by Landlord. Notwithstanding any other provisions in this Lease to the contrary, Tenant shall have the right to self-assume control or obtain insurance from an insurance company that is a wholly owned subsidiary direction of one (1) of the two (2) general partners of the Tenant which insurance company must have a Best's Rating of A XII or better, for all or a portion of the risk which Tenant is required to provide insurance coverage under this Lease. In the event Tenant self-assumes the risk, it will be responsible for all losses and liabilities to the same extent as if valid and collectible insurance were in effect. The foregoing provision concerning the right to self-assume shall only apply to the Tenant as of the date of this Lease, and to no successors and/or assigns unless consented to by Landlord in its sole discretion.Tenant;
Appears in 1 contract
Samples: Lease Agreement (Invacare Corp)
Tenant’s Insurance. Tenant shall carry (i) Tenant, at its sole cost and expense but for the mutual benefit of Landlord (when used in this Section 10.A. the term "Landlord" shall include Landlord's managing agent, partners, beneficiaries, officers, agents, servants and employees and the term "Tenant" shall include Tenant's partners, beneficiaries, officers, agents, servants and employees), agrees to purchase and keep in force and effect during the Term) (I) Term hereof, insurance under an "all risk" fire and extended coverage insurance insuring Tenant's Improvements to policy on all alterations, additions, and improvements in the Premises and on all personal property located in the Premises and any Antenna Equipment (hereinafter defined), protecting Tenant from damage or other loss caused by fire or other casualty, including but not limited to vandalism and all furnituremalicious mischief, equipmentperils covered by extended coverage, suppliestheft, contents sprinkler leakage, water damage (however caused), explosion malfunction or failure of heating, and cooling or other apparatus, and other property owned, leased, held or possessed by Tenant and contained therein, such insurance coverage to be similar risks in an amount equal to amounts not less than the full insurable replacement value of such improvements property. Such property insurance (except that which insures only Tenant's moveable personal property located in, on or about the Premises and property, as such may increase from time to time; (iinot including any alterations) worker's compensation insurance as required by the laws of the State of Georgia; and (iii) commercial general liability coverage on an occurrence basis for injury to or death of a person or persons and for damage to property occasioned by or arising out of the condition, use, or occupancy of the Premises, or other portions of the Building or Property, including contractual liability and such other coverages and endorsements as are reasonably required by Landlord, such policy to have a combined single limit of not less than Three Million and no/100 Dollars ($3,000,000) for any bodily injury or property damage occurring shall name Landlord as a result "loss payee" (to the extent of or in connection with the above. Landlord and Landlord's property manager shall be named additional insureds on the policies required hereunder interest in such property) and such policies shall provide that it is specific and non-contributory and shall contain a replacement cost endorsement. Such insurance shall also contain a clause pursuant to which the coverage thereunder is primary to, and not contributing with, any policy carried by any such additional insured. Tenant shall have included in insurance carriers waive all policies of insurance respectively obtained by it with respect to the Building or Premises a waiver by the Insurer of all right rights of subrogation against the Landlord in connection with any loss or damage thereby insured against, and Landlord shall have included in all property insurance policies required to be maintained by Landlord under this lease a waiver by the insurer of all right of subrogation against the Tenant in connection with any loss or damage thereby insured against. To the full extent permitted by law, Landlord as to its property insurance policies and Tenant as to all its policies, each waives all right of recovery against the other for, and agrees to release the other from liability for, loss or damage to the extent such loss or damage results from a cause covered by valid and collectible insurance in effect at the time of such loss or damage; provided however, that the foregoing release by each party is conditioned upon the other party's carrying insurance with the above described waiver of subrogation to the extent required above, and if such coverage is not obtained or maintained by either party, then the other party's foregoing release shall be deemed to be rescinded until such waiver is either obtained or reinstated. All said insurance policies shall be carried with companies licensed to do business in the State of Georgia reasonably satisfactory to Landlord having. a Best's Rating of A XII or better and shall be noncancellable and nonamendable except after thirty (30) days written notice to Landlord. At Landlord's request, duly executed certificates of such insurance shall be delivered to Landlord prior to the Commencement Date and at least thirty (30) days prior to the expiration of each respective policy term. Landlord shall have the right to periodically review the coverages required hereunder and in the event Landlord deems It reasonably necessary to require additional coverage resulting from inflation or from increases in jury verdicts or other economic conditions in the jurisdiction where the Property is located, Tenant shall obtain the coverage requested by Landlord. Notwithstanding any other provisions in this Lease to the contrary, Tenant shall have the right to self-assume or obtain insurance from an insurance company that is a wholly owned subsidiary of one (1) of the two (2) general partners of the Tenant which insurance company must have a Best's Rating of A XII or better, for all or a portion of the risk which Tenant is required to provide insurance coverage under this Lease. In the event Tenant self-assumes the risk, it will be responsible for all losses and liabilities to the same extent as if valid and collectible insurance were in effect. The foregoing provision concerning the right to self-assume shall only apply to the Tenant as of the date of this Lease, and to no successors and/or assigns unless consented to by Landlord in its sole discretion.
Appears in 1 contract
Tenant’s Insurance. Tenant shall carry (at its sole expense At all times during the Term) (I) fire , Tenant will carry and extended coverage insurance insuring maintain, at Tenant's Improvements to expense, the Premises and any and all furniture, equipment, supplies, contents and following insurance the amounts specified below or such other property owned, leased, held or possessed by Tenant and contained therein, such insurance coverage to be in an amount equal to the full replacement value of such improvements and property, amounts as such Landlord may increase from time to time; time reasonably request, with insurance comp and on forms satisfactory to Landlord, and naming as additional insureds, Landlord, Morrxx Xxxx Xxxagement Group, Inc. And Landlord's lender:
(iia) worker's compensation insurance as required by the laws of the State of Georgia; and (iii) A commercial general liability insurance policy providing coverage on an occurrence basis for bodily injury to or death of a person or persons and for liability, property damage to property occasioned by or arising out of the condition, use, or occupancy of the Premises, or other portions of the Building or Property, including contractual liability and such other coverages and endorsements as are reasonably required by Landlord, such policy to have a combined single limit personal injury liability with minimum limits of not less than Three Million $1,000,000 Combined Single Limit per accident and no/100 Dollars ($3,000,000) for any bodily injury or property damage occurring as a result of or in connection with the above2,000,000 General Aggregate. Landlord and Landlord's property manager shall be named additional insureds on the policies required hereunder and such policies shall provide that the coverage thereunder is primary to, and not contributing with, any policy carried by any such additional insured. Tenant shall have included in all policies of insurance respectively obtained by it with respect to the Building or Premises a waiver by the Insurer of all right of subrogation against the Landlord in connection with any loss or damage thereby insured against, and Landlord shall have included in all property insurance policies required to be maintained by Landlord under this lease a waiver by the insurer of all right of subrogation against the Tenant in connection with any loss or damage thereby insured against. To the full extent permitted by law, Landlord as to its property insurance policies and Tenant as to all its policies, each waives all right of recovery against the other for, and agrees to release the other from liability for, loss or damage to the extent such loss or damage results from a cause covered by valid and collectible insurance in effect at the time of such loss or damage; provided however, that the foregoing release by each party is conditioned upon the other party's carrying insurance with the above described waiver of subrogation to the extent required above, and if such coverage is not obtained or maintained by either party, then the other party's foregoing release shall be deemed to be rescinded until such waiver is either obtained or reinstated. All said Such insurance policies shall include Blanket Contractual Liability and Owners and Contractors Protective endorsements. Landlord may increase or decrease the required limit as it deems necessary base periodic insurance reviews. The insurance required by this Section shall be carried with companies on an occurrence basis, and underwritten acceptable insurer licensed to do business in the State of Georgia reasonably satisfactory Washington. If Tenant is unable to obtain this insurance on an occurrence basis, it may be on a claims-made basis provided that, in addition, Tenant, at Tenant's expense, obtains an owner's protective policy, issued in the name of Landlord having. a Best's Rating of A XII or better and shall be noncancellable and nonamendable except after thirty only, which is on an occurrence basis for the limits required by this Section 9.2.2
(30a) days written notice to Landlord. At Landlord's request, duly executed certificates of such This insurance shall be delivered written as a primary policy not contributing with and not in excess of coverage which Landlord may carry;
(b) A special form policy of property insurance (or the equivalent) covering all Tenant's personal property, including but not limited to Landlord prior to Tenants furniture, fixtures, leasehold improvements, equipment and inventory, in the Commencement Date amount of its full replacement costs. Such property insurance coverage shall be a minimum insure against loss resulting from fire, lightning and at least thirty (30) days prior to the expiration of each respective policy termextended or broad form perils. Landlord shall have the right be named as Loss Payee as its interest may appear in tenant improvement and betterments; and
(c) Business interruption insurance in an amount sufficient to periodically review the coverages required hereunder protect Tenant against any additional costs and in the event Landlord deems It reasonably necessary lost income associated with a move to require additional coverage resulting from inflation or from increases in jury verdicts or other economic conditions in the jurisdiction where the Property is located, Tenant shall obtain the coverage requested by Landlord. Notwithstanding any other provisions in this Lease temporary space due to the contrary, Tenant shall have the right to self-assume or obtain insurance from an insurance company that is a wholly owned subsidiary of one (1) of the two (2) general partners of the Tenant which insurance company must have a Best's Rating of A XII or better, for all or a portion of the risk which Tenant is required to provide insurance coverage under this Lease. In the event Tenant self-assumes the risk, it will be responsible for all losses and liabilities to the same extent as if valid and collectible insurance were in effect. The foregoing provision concerning the right to self-assume shall only apply to the Tenant as of the date of this Lease, and to no successors and/or assigns unless consented to by Landlord in its sole discretionbusiness interruption.
Appears in 1 contract
Samples: Office Lease (Virage Logic Corp)
Tenant’s Insurance. Effective as of the Delivery of Possession Date and continuing throughout the Lease Term and any extensions or renewals thereof, including, without limitation, any holdover with or without Landlord’s consent, Tenant shall carry procure, pay for and keep in full force and effect, the following types of insurance:
(at its sole expense during the Terma) (I) fire and extended coverage insurance Commercial General Liability Insurance Policy insuring Tenant's Improvements to the Premises and Tenant’s use thereof, together with contractual liability endorsements covering Tenant’s obligations set forth in Article XI, Section A, above, in a form satisfactory to Landlord with companies having an A.M. Best Rating or its equivalent of A-VIII or better, and with a minimum limit of One Million and 00/100 Dollars ($1,000,000.00) on account of bodily injuries to or death or property damage for each occurrence and a minimum limit of Two Million Dollars ($2,000,000.00) annual general aggregate. The aggregate limit may be satisfied through a combination of primary and umbrella/excess liability insurance. Such insurance shall also provide that the general aggregate limits apply separately to each insured location, if applicable. The foregoing policy shall name Landlord and such other parties as Landlord may from time to time designate in writing to Tenant as additional insureds under Tenant’s insurance policy and shall bear endorsements to the effect that the insurer agrees to notify all additional insureds not less than thirty (30) days in advance of any modification or cancellation thereof;
(b) Special Form Cause of Loss Policy insuring against fire and such other risks as are, from time to time, included in standard extended coverage endorsements (including, but not limited to earthquake, flood, boiler and machinery, plate glass, power failure, mold, windstorm, terrorism, seepage or leakage), insuring all leasehold and building improvements in the Premises which were originally constructed by Tenant, Tenant’s stock-in-trade, trade fixtures, furniture, furnishings, special equipment, floor and wall coverings, and all furniture, equipment, supplies, contents and other items of personal property owned, leased, held of Tenant located on or possessed by Tenant and contained thereinwithin the Premises, such insurance coverage to be in an amount equal to one hundred percent (100%) of the full replacement value of cost thereof. The foregoing policy shall name Landlord and such improvements and property, other parties as such Landlord may increase from time to time; (ii) worker's compensation time designate in writing to Tenant as loss payee under Tenant’s insurance as required by policy and shall bear endorsements to the laws of effect that the State of Georgia; and (iii) commercial general liability coverage on an occurrence basis for injury insurer agrees to or death of a person or persons and for damage to property occasioned by or arising out of the condition, use, or occupancy of the Premises, or other portions of the Building or Property, including contractual liability and such other coverages and endorsements as are reasonably required by Landlord, such policy to have a combined single limit of notify all loss payees not less than Three Million and no/100 Dollars ($3,000,000) for any bodily injury or property damage occurring as a result of or in connection with the above. Landlord and Landlord's property manager shall be named additional insureds on the policies required hereunder and such policies shall provide that the coverage thereunder is primary to, and not contributing with, any policy carried by any such additional insured. Tenant shall have included in all policies of insurance respectively obtained by it with respect to the Building or Premises a waiver by the Insurer of all right of subrogation against the Landlord in connection with any loss or damage thereby insured against, and Landlord shall have included in all property insurance policies required to be maintained by Landlord under this lease a waiver by the insurer of all right of subrogation against the Tenant in connection with any loss or damage thereby insured against. To the full extent permitted by law, Landlord as to its property insurance policies and Tenant as to all its policies, each waives all right of recovery against the other for, and agrees to release the other from liability for, loss or damage to the extent such loss or damage results from a cause covered by valid and collectible insurance in effect at the time of such loss or damage; provided however, that the foregoing release by each party is conditioned upon the other party's carrying insurance with the above described waiver of subrogation to the extent required above, and if such coverage is not obtained or maintained by either party, then the other party's foregoing release shall be deemed to be rescinded until such waiver is either obtained or reinstated. All said insurance policies shall be carried with companies licensed to do business in the State of Georgia reasonably satisfactory to Landlord having. a Best's Rating of A XII or better and shall be noncancellable and nonamendable except after thirty (30) days written notice in advance of any modification or cancellation thereof;
(c) Workers’ compensation insurance (meeting the requirements of the state workers’ compensation laws) and employer liability insurance covering all of Tenant’s employees at the Premises. Tenant shall also use good faith efforts to Landlordensure all contractors, sub-contractors, vendors, leased employees, and temporary employees are properly insured for workers’ compensation;
(d) Business interruption or loss of income insurance in an amount equal to the Minimum Rent, Percentage Rent, if any, and any other Additional Rent (hereunder defined) payable under this Lease for a minimum period of twelve (12) months;
(e) Plate glass insurance covering all plate glass on the Premises at full replacement value; and,
(f) Any insurance policies designated necessary by Landlord with regard to Tenant’s, or Tenant’s contractors’ construction of Tenant’s Work, as well as with regard to the construction of alterations including, but not limited to, contingent liability and “all risk” builders’ risk insurance. At Landlord's request, duly executed certificates of such insurance Tenant shall be delivered to deposit with Landlord prior to the Commencement Date and at least thirty (30) days prior date of any use or occupancy of the Premises by Tenant certificates evidencing Tenant’s compliance with each of the required coverages. To the extent that any of the foregoing policies shall change in name and/or coverage due to the expiration of each respective policy term. Landlord shall have the right to periodically review the coverages required hereunder and general changes in the event Landlord deems It reasonably necessary to require additional coverage resulting from inflation or from increases in jury verdicts or other economic conditions in the jurisdiction where the Property is locatedinsurance industry, Tenant shall obtain and maintain the coverage requested by Landlord. Notwithstanding any other provisions equivalent policies and coverages as are then recognized in this Lease to the contrary, Tenant shall have the right to self-assume or obtain insurance from an insurance company that is a wholly owned subsidiary of one (1) of the two (2) general partners of the Tenant which insurance company must have a Best's Rating of A XII or better, for all or a portion of the risk which Tenant is required to provide insurance coverage under this Lease. In the event Tenant self-assumes the risk, it will be responsible for all losses and liabilities to the same extent as if valid and collectible insurance were in effect. The foregoing provision concerning the right to self-assume shall only apply to the Tenant as of the date of this Lease, and to no successors and/or assigns unless consented to by Landlord in its sole discretionindustry.
Appears in 1 contract
Samples: Purchase Agreement (Rex Stores Corp)
Tenant’s Insurance. Tenant shall carry (maintain, at its sole expense during the Term) (I) fire own cost and extended coverage insurance expense, in responsible companies approved by Landlord, combined single limit public liability insurance, insuring Landlord and Tenant's Improvements to the Premises and , as their interests may appear, against all claims, demands or actions for bodily injury, personal injury or death of any and all furniture, equipment, supplies, contents and other property owned, leased, held or possessed by Tenant and contained therein, such insurance coverage to be one person in an amount equal to the full replacement value of such improvements and property, as such may increase from time to time; (ii) worker's compensation insurance as required by the laws of the State of Georgianot less than $1,000,000.00; and (iii) commercial general liability coverage on an occurrence basis for bodily injury, personal injury to or death of a more than one person or persons in any one accident in an amount of not less than $ 1,000,000.00; and for damage to property occasioned by or arising out of the condition, use, or occupancy of the Premises, or other portions of the Building or Property, including contractual liability and such other coverages and endorsements as are reasonably required by Landlord, such policy to have a combined single limit in an amount of not less than Three Million and no/100 Dollars ($3,000,000) for any bodily injury or property damage occurring as a result of or in connection with the above1,000,000.00. Landlord shall have the right to direct Tenant to increase such amounts whenever it considers them inadequate. Such liability insurance shall also cover and Landlord's property manager include all exterior signs maintained by Tenant. The policy of insurance may be in the form of a general coverage or floater policy covering these and other premises, provided that Landlord is specifically insured therein. Tenant shall carry like coverage against loss or damage by boiler or compressor or internal explosion of boilers or compressors, if there is a boiler or compressor in the Premises. Tenant shall maintain insurance covering all glass forming a part of the Premises including plate glass in the Premises and fire insurance against loss or damage by fire or windstorms, with such endorsements for extended coverage, vandalism, malicious mischief and special extended coverage as Landlord may require, covering 100% of the replacement costs of any items of value, including but not limited to signs, stock, inventory, fixtures, improvements, floor coverings and equipment. All of said insurance shall be named additional insureds on the policies required hereunder in form and such policies in responsible companies satisfactory to Landlord, and shall provide that the coverage thereunder is primary toit will not be subject to cancellation, and not contributing with, any policy carried by any such additional insured. Tenant shall have included in all policies of insurance respectively obtained by it with respect to the Building termination or Premises a waiver by the Insurer of all right of subrogation against the Landlord in connection with any loss or damage thereby insured against, and Landlord shall have included in all property insurance policies required to be maintained by Landlord under this lease a waiver by the insurer of all right of subrogation against the Tenant in connection with any loss or damage thereby insured against. To the full extent permitted by law, Landlord as to its property insurance policies and Tenant as to all its policies, each waives all right of recovery against the other for, and agrees to release the other from liability for, loss or damage to the extent such loss or damage results from a cause covered by valid and collectible insurance in effect at the time of such loss or damage; provided however, that the foregoing release by each party is conditioned upon the other party's carrying insurance with the above described waiver of subrogation to the extent required above, and if such coverage is not obtained or maintained by either party, then the other party's foregoing release shall be deemed to be rescinded until such waiver is either obtained or reinstated. All said insurance policies shall be carried with companies licensed to do business in the State of Georgia reasonably satisfactory to Landlord having. a Best's Rating of A XII or better and shall be noncancellable and nonamendable change except after thirty (30) days written notice to Landlord. At Landlord's request, duly executed certificates of such insurance shall be delivered to Landlord prior to the Commencement Date and at least thirty (30) days prior written notice to Landlord. Any insurance procured by Tenant as herein required shall contain an express waiver of any right of subrogation by the expiration insurance company against Landlord. The policies, together with satisfactory evidence of each respective policy termthe payment of the premiums thereon, shall be deposited with Landlord on the day Tenant begins operations. Landlord shall have the right to periodically review the coverages required hereunder and in the event Landlord deems It reasonably necessary to require additional coverage resulting from inflation or from increases in jury verdicts or other economic conditions in the jurisdiction where the Property is locatedThereafter, Tenant shall obtain the coverage requested by Landlord. Notwithstanding provide Landlord with evidence of proof of payment upon renewal of any other provisions in this Lease such policy, not less than thirty (30) days prior to the contrary, Tenant shall have the right to self-assume or obtain insurance from an insurance company that is a wholly owned subsidiary of one (1) expiration of the two (2) general partners term of the Tenant which insurance company must have a Best's Rating of A XII or better, for all or a portion of the risk which Tenant is required to provide insurance coverage under this Leasesuch coverage. In the event Tenant self-assumes fails to obtain or maintain the riskinsurance required hereunder, it will Landlord may obtain same and any costs incurred by Landlord in connection therewith shall be responsible for all losses and liabilities payable by Tenant upon demand. Landlord shall carry public liability insurance covering the exterior of the Premises, including, but not limited to the same extent as if valid sidewalks, malls and collectible parking lot. Tenant shall pay its prorata share of the increase in the insurance were in effectpremium for the Premises above a 1997 base year within ten (10) days after the original billing date from Landlord. Wherever reference is made to Tenant's "pro rata share," it shall mean the proportion that the square foot area of the Premises shall bear to the entire Center's gross leasable area. The foregoing provision concerning prorating of such share shall be determined by the right to self-assume shall only apply to use of a formula, the Tenant as numerator of which is the square footage of the date Premises (7,200 square feet), and the denominator of which is the gross leasable area of the Center (101,736 square feet) at the commencement of this Lease, and to no successors and/or assigns unless consented to with the resulting percentage (7.08%) being Tenant's pro rata area of the Center, which, when multiplied by Landlord in its sole discretionthe cost of any additional charges, represents the dollar amount of Tenant's annual pro rata share.
Appears in 1 contract
Samples: Warehouse Lease (Maxxis Group Inc)
Tenant’s Insurance. 14.01 The Tenant shall carry (shall, during the Term of this Lease, at its sole expense during cost, take out and keep in force,
a. insurance upon property of every kind owned by the TermTenant (or for which the Tenant is responsible) (I) fire or installed by or on behalf of the Tenant, which is located in the Demised Premises, including without limitation the furniture, trade fixtures, inventory, equipment and extended coverage insurance insuring Tenant's Improvements anything else on the Demised Premises not belonging to the Premises and any and all furniture, equipment, supplies, contents and other property owned, leased, held or possessed by Tenant and contained therein, such Landlord. Such insurance coverage to shall be in an amount equal to not less than the full replacement value cost thereof, with coverage against at least, but not limited to, the perils of fire and all risk;
b. public liability and property damage insurance including personal liability insurance and tenant's legal liability insurance, with respect to the Demised Premises and the Tenant's use of the Lands and Building. Such policy shall be for an amount not less than $1,000,000.00 for any one occurrence or claim, or such improvements higher amount as the Landlord, acting reasonable, requires from time to time and propertyshall include the Landlord as an Additional Insured and shall protect the Landlord in respect of claims by the Tenant as if the Landlord were separately insured; and
c. any other form of insurance as the Tenant or the Landlord, as such may increase acting reasonably, requires from time to time; (ii) worker's compensation insurance as required , in amounts and for such risks against which a prudent tenant would insure.
14.02 All policies shall be taken out with insurers acceptable to the Landlord and shall be in a form satisfactory to the Landlord. All policies shall contain an undertaking by the laws of insurer to notify the State of Georgia; and (iii) commercial general liability coverage on an occurrence basis for injury to or death of a person or persons and for damage to property occasioned by or arising out of the condition, use, or occupancy of the Premises, or other portions of the Building or Property, including contractual liability and such other coverages and endorsements as are reasonably required by Landlord, such policy to have a combined single limit of Landlord in writing not less than Three Million and no/100 Dollars ($3,000,000) for any bodily injury or property damage occurring as a result of or in connection with the above. Landlord and Landlord's property manager shall be named additional insureds on the policies required hereunder and such policies shall provide that the coverage thereunder is primary to, and not contributing with, any policy carried by any such additional insured. Tenant shall have included in all policies of insurance respectively obtained by it with respect to the Building or Premises a waiver by the Insurer of all right of subrogation against the Landlord in connection with any loss or damage thereby insured against, and Landlord shall have included in all property insurance policies required to be maintained by Landlord under this lease a waiver by the insurer of all right of subrogation against the Tenant in connection with any loss or damage thereby insured against. To the full extent permitted by law, Landlord as to its property insurance policies and Tenant as to all its policies, each waives all right of recovery against the other for, and agrees to release the other from liability for, loss or damage to the extent such loss or damage results from a cause covered by valid and collectible insurance in effect at the time of such loss or damage; provided however, that the foregoing release by each party is conditioned upon the other party's carrying insurance with the above described waiver of subrogation to the extent required above, and if such coverage is not obtained or maintained by either party, then the other party's foregoing release shall be deemed to be rescinded until such waiver is either obtained or reinstated. All said insurance policies shall be carried with companies licensed to do business in the State of Georgia reasonably satisfactory to Landlord having. a Best's Rating of A XII or better and shall be noncancellable and nonamendable except after thirty (30) days written notice to Landlord. At Landlord's request, duly executed certificates of such insurance shall be delivered to Landlord prior to the Commencement Date and at least thirty (30) days prior to any material change, cancellation or termination thereof. All policies shall contain a release of any rights of subrogation which the expiration insurer may have against the Landlord, the employees and agents of each respective policy term. the Landlord, and against those for whom the Landlord shall have the right to periodically review the coverages required hereunder and in the event Landlord deems It reasonably necessary to require additional coverage resulting from inflation or from increases in jury verdicts or other economic conditions in the jurisdiction where the Property is located, responsible.
14.03 The Tenant shall obtain the coverage requested by Landlord. Notwithstanding any other provisions in this Lease agrees that certificates of such policies will be delivered to the contrary, Tenant shall have Landlord on or before the right to self-assume or obtain insurance from an insurance company that is a wholly owned subsidiary of one (1) of the two (2) general partners of the Tenant which insurance company must have a Best's Rating of A XII or better, for all or a portion of the risk which Tenant is required to provide insurance coverage under this Lease. In the event Tenant self-assumes the risk, it will be responsible for all losses and liabilities to the same extent as if valid and collectible insurance were in effect. The foregoing provision concerning the right to self-assume shall only apply to the Tenant as of the commencement date of this Lease, and evidence of renewal or copies of replacement policies, acceptable to no successors and/or assigns unless consented the Landlord, will be delivered at least ten (10) days prior to expiry of any policy.
14.04 If the Tenant shall fail to take out, renew and keep in force such insurance, or if the policies or other evidence required by the Landlord are unacceptable or are not submitted, then the Landlord may give the Tenant written notice requiring compliance with this paragraph. If the tenant does not, within 72 hours, (or such lesser period specified by the Landlord in its sole discretiona situation of urgency) provide the policies or evidence requested, the Landlord may (but shall not be obliged to) obtain some or all of the coverage which the Tenant has failed to obtain, without prejudice to any other rights of the Landlord under this Lease or otherwise. The Tenant shall pay all premiums and other expenses incurred by the Landlord in that connection immediately upon demand, and such amount shall be considered as Rent.
Appears in 1 contract
Tenant’s Insurance. Tenant shall carry (maintain insurance complying with all of the following:
A. Tenant shall procure, pay for and keep in full force and effect, at its sole expense all times during the Lease Term, the following:
(1) (I) fire and extended coverage Commercial General Liability insurance insuring Tenant against liability for bodily injury, death, property damage and personal injury occurring at the Leased Premises, or resulting from Tenant's Improvements to the Premises and any and all furniture, equipment, supplies, contents and other property owned, leased, held ’s use or possessed by Tenant and contained therein, such insurance coverage to be in an amount equal to the full replacement value of such improvements and property, as such may increase from time to time; (ii) worker's compensation insurance as required by the laws occupancy of the State of Georgia; and (iii) commercial general liability coverage Leased Premises or the Building, Outside Areas, Property, or Common Areas or resulting from Tenant’s activities in or about the Leased Premises. Such insurance shall be on an occurrence basis for injury to or death of a person or persons and for damage to property occasioned by or arising out of the condition, use, or occupancy of the Premises, or other portions of the Building or Property, including contractual liability and such other coverages and endorsements as are reasonably required by Landlord, such policy to have with a combined single limit of liability of not less than Three Million and no/100 Dollars the amount of Tenant’s Required Liability Coverage ($3,000,000) for any bodily injury as set forth in Article 1). The policy or property damage occurring as a result of or in connection with the above. Landlord and Landlord's property manager shall be named additional insureds on the policies required hereunder and such policies shall provide that the coverage thereunder is primary to, and not contributing with, any policy carried by any such additional insured. Tenant shall have included in all policies of insurance respectively obtained by it with respect to the Building or Premises a waiver by the Insurer of all right of subrogation against the Landlord in connection with any loss or damage thereby insured against, and Landlord shall have included in all property insurance policies required to be maintained by Landlord under this lease a waiver by the insurer of all right of subrogation against the Tenant in connection with any loss or damage thereby insured against. To the full extent permitted by law, Landlord as to its property insurance policies and Tenant as to all its policies, each waives all right of recovery against the other for, and agrees to release the other from liability for, loss or damage to the extent such loss or damage results from a cause covered by valid and collectible insurance in effect at the time of such loss or damage; provided however, that the foregoing release by each party is conditioned upon the other party's carrying insurance with the above described waiver of subrogation to the extent required above, and if such coverage is not obtained or maintained by either party, then the other party's foregoing release shall be deemed to be rescinded until such waiver is either obtained or reinstated. All said insurance policies shall be carried with companies licensed endorsed to do business name Landlord and such others as are designated by Landlord as additional insureds in the State of Georgia reasonably satisfactory form equivalent to Landlord having. a Best's Rating of A XII CG20111185 or better successor and shall contain the following additional endorsement: “The insurance afforded to the additional insureds is primary insurance. If the additional insureds have other insurance which is applicable to the loss on a contributing, excess or contingent basis, the amount of this insurance company’s liability under this policy shall not be noncancellable reduced by the existence of such other insurance. Any insurance carried by the additional insureds shall be excess and nonamendable non contributing with the insurance provided by the Tenant.” The policy shall not be canceled or reduced without at least 10 days written notice to additional insureds. If the policy insures more than one location, it shall be endorsed to show that the limits and aggregate apply per location using endorsement CG25041185 or successor. Tenant’s policy shall also contain the severability of interest and cross-liability endorsement or clauses.
(2) Fire and property damage insurance in so-called Special Form (except after earthquake and flood) insuring Tenant against loss from physical damage to Tenant’s personal property, inventory, stock, trade fixtures and improvements within the Leased Premises with coverage for the full actual replacement cost thereof;
(3) Plate-glass insurance, at actual replacement cost;
(4) Boiler and Machinery insurance, if applicable;
(5) Product Liability insurance (including without limitation Liquor Liability insurance for liability arising out of the distribution, sale, or consumption of food and/or beverages including alcoholic beverages at the Leased Premises for not less than the Tenant’s Required Liability Coverage as set forth in Article 1;
(6) Workers’ compensation insurance and any other employee benefit insurance sufficient to comply with all Laws which policy shall be endorsed to provide thirty (30) days written notice of cancellation to Landlord;
(7) With respect to making of alterations or the construction of improvements or the like undertaken by Tenant, contingent liability and builder’s risk insurance, in an amount and with coverage satisfactory to Landlord;
(8) Business Income Insurance at a minimum of 50% co-insurance including coverage for loss of business income due to damage to equipment from perils covered under the so-called Special Form excepting perils of earth quake and flood; and
(9) Comprehensive Auto Liability insurance with a combined single limit coverage of not less than the amount of Tenant’s Required Liability Coverage (as set forth in Article l) for bodily injury and/or property damage liability for: (a) Owned autos, (b) Hired or borrowed autos, and (c) Non-owned autos. At Landlord's request, duly executed certificates of such insurance The policy shall be delivered to Landlord prior to the Commencement Date and at least thirty (30) days prior to the expiration of each respective policy term. Landlord shall have the right to periodically review the coverages required hereunder and in the event Landlord deems It reasonably necessary to require additional coverage resulting from inflation or from increases in jury verdicts or other economic conditions in the jurisdiction where the Property is located, Tenant shall obtain the coverage requested by Landlord. Notwithstanding any other provisions in this Lease to the contrary, Tenant shall have the right to self-assume or obtain insurance from an insurance company that is a wholly owned subsidiary of one (1) of the two (2) general partners of the Tenant which insurance company must have a Best's Rating of A XII or better, for all or a portion of the risk which Tenant is required endorsed to provide insurance coverage under this Lease. In the event Tenant self-assumes the risk, it will be responsible for all losses and liabilities to the same extent as if valid and collectible insurance were in effect. The foregoing provision concerning the right to self-assume shall only apply to the Tenant as of the date of this Lease, and to no successors and/or assigns unless consented to by Landlord in its sole discretion.10 days written 1003283 v5/SF
Appears in 1 contract
Samples: Industrial Space Lease (Silicon Graphics International Corp)
Tenant’s Insurance. During the term of this Lease, Tenant shall, at Tenant's sole cost and expense for the mutual benefit and protection of Landlord, Fee Mortgagee and Tenant, maintain:
A. Public Liability Insurance, such insurance to afford protection in an amount of not less than a Three Million ($3,000,000) Dollar combined single limit of liability for bodily injury or property damage arising out of any one occurrence. This limit can be achieved by any combination of primary and excess insurance. Tenant shall also carry (at its sole expense during the Term) (I) Fire and Extended Coverage Insurance on Tenant's property, insuring against damage by fire, and such other risks and hazards as are insurable under present and future standard forms of fire and extended coverage insurance insuring Tenant's Improvements policies, for the full insurable value thereof. Landlord shall be added as an additional insured to protect its interest in regards to any improvements and betterments made to the Premises and any and all furniture, equipment, supplies, contents and other property owned, leased, held or possessed by Demised Premises.
B. Tenant and contained therein, such insurance coverage agrees to be in an amount equal deliver to the full replacement value of such improvements and property, as such may increase from time to time; (ii) worker's compensation insurance as required by the laws of the State of Georgia; and (iii) commercial general liability coverage on an occurrence basis for injury to or death of a person or persons and for damage to property occasioned by or arising out of the condition, use, or occupancy of the Premises, or other portions of the Building or Property, including contractual liability and such other coverages and endorsements as are reasonably required by Landlord, such policy to have a combined single limit of not less than Three Million and no/100 Dollars ($3,000,000) for any bodily injury or property damage occurring as a result of or in connection with the above. Landlord and Landlord's property manager shall be named additional insureds on the policies required hereunder and such policies shall provide that the coverage thereunder is primary to, and not contributing with, any policy carried by any such additional insured. Tenant shall have included in all policies of insurance respectively obtained by it with respect to the Building or Premises a waiver by the Insurer of all right of subrogation against the Landlord in connection with any loss or damage thereby insured against, and Landlord shall have included in all property insurance policies required to be maintained by Landlord under this lease a waiver by the insurer of all right of subrogation against the Tenant in connection with any loss or damage thereby insured against. To the full extent permitted by law, Landlord as to its property insurance policies and Tenant as to all its policies, each waives all right of recovery against the other for, and agrees to release the other from liability for, loss or damage to the extent such loss or damage results from a cause covered by valid and collectible insurance in effect at the time of such loss or damage; provided however, that the foregoing release by each party is conditioned upon the other party's carrying insurance with the above described waiver of subrogation to the extent required above, and if such coverage is not obtained or maintained by either party, then the other party's foregoing release shall be deemed to be rescinded until such waiver is either obtained or reinstated. All said insurance policies shall be carried with companies licensed to do business in the State of Georgia reasonably satisfactory to Landlord having. a Best's Rating of A XII or better and shall be noncancellable and nonamendable except after thirty (30) days written notice to Landlord. At Landlord's request, duly executed certificates of such insurance shall be delivered to Landlord prior to the Commencement Date and at least thirty (30) days prior to the time such insurance is first required to be carried by Tenant, and thereafter at least thirty (30) days prior to expiration of each respective policy termany such policy, either a duplicate original or a certificate of insurance and certified true copies of all policies procured by Tenant, in compliance with its obligations hereunder, together with evidence of payment therefor, or, if Landlord so requires, to the Fee Mortgagee, except that if insurance is in blanket form, Tenant shall promptly provide Landlord suitable certificates from the insurer to evidence coverage of the Landlord. All of said policies of insurance shall name the Landlord and its designee as additional insureds, as their interest may appear, and shall be in form and with insurance companies satisfactory to Landlord. All such policies shall contain an endorsement stating that such insurance may not be cancelled or amended except upon not less than thirty (30) days prior written notice to Landlord and any designee of Landlord.
C. All insurance provided for in this paragraph shall be effected under valid and enforceable policies issued by insurers of recognized responsibility.
D. During the term of this Lease, Tenant shall maintain workman's compensation insurance covering all persons employed xx xxx Xenant and with respect to whom death or bodily injury claims could be asserted against Landlord. In addition to which, prior to any construction, repairs, alterations and additions to the Demised Premises by Tenant, Tenant shall restrict access to the Demised Premises by any contractor unless such contractor has a certificate of insurance on file with the Tenant covering workman's compensation insurance.
E. Upon Tenant's failure to comply in full with this subparagraph, the Landlord shall have the right to periodically review obtain said insurance as required to protect the coverages required hereunder Landlord's interests, pay the premiums therefor, and in the event Landlord deems It reasonably necessary to require additional coverage resulting from inflation or from increases in jury verdicts or other economic conditions in the jurisdiction where the Property is located, Tenant shall obtain the coverage requested by Landlord. Notwithstanding any other provisions in this Lease add said premiums to the contrary, Tenant shall have the right to self-assume or obtain insurance from an insurance company that is a wholly owned subsidiary monthly installment of one (1) of the two (2) general partners of the Tenant which insurance company must have a Best's Rating of A XII or better, for all or a portion of the risk which Tenant is required to provide insurance coverage under this Lease. In the event Tenant self-assumes the risk, it will be responsible for all losses and liabilities to the same extent as if valid and collectible insurance were in effect. The foregoing provision concerning the right to self-assume shall only apply to the Tenant as of the date of this Lease, and to no successors and/or assigns unless consented to by Landlord in its sole discretionFixed Rent next due.
Appears in 1 contract
Samples: Lease Agreement (Vasomedical Inc)
Tenant’s Insurance. Tenant shall carry (at all times during the Lease Term carry, at its sole expense during the Term) (I) fire and extended coverage insurance insuring Tenant's Improvements to the Premises and any and all furnitureown expense, equipment, supplies, contents and other property owned, leased, held one or possessed by Tenant and contained therein, such insurance coverage to be in an amount equal to the full replacement value more policies of such improvements and property, as such may increase from time to time; (ii) worker's compensation insurance as required by the laws of the State of Georgia; and (iii) commercial general liability coverage on an occurrence basis for and property damage insurance, issued by one or more insurance companies rated A-/VIII or better by A.M. Best, with the following minimum coverages against loss of or damage or injury to any person (including death resulting therefrom) or death of a person property occurring in, on or persons and for damage to property occasioned by or arising out of about the condition, use, or occupancy of the Leased Premises, or other portions of the Building or Property, including contractual liability and such other coverages and endorsements as are reasonably required by Landlord, such policy to have a combined single limit of :
A. Worker’s Compensation - minimum statutory amount.
B. Commercial General - not less than Three Million and no/100 Dollars ($3,000,000) 5,000,000 Liability Insurance, Combined Single Limit including Blanket, for any both bodily injury or Contractual Liability and property damage occurring as a result damage. Broad Form Property Damage, Personal Injury, Completed Operations, Products Liability, Fire Damage.
C. Fire and Extended Coverage, Vandalism and Malicious Mischief, and Sprinkler Leakage insurance, for the full cost of replacement of Tenant’s personal property located on or in connection with the aboveLeased Premises. Tenant may self-insure such coverage, provided that Tenant provides reasonable evidence of Tenants’ self insurance program and such program is acceptable to Landlord, in Landlord’s reasonable discretion. Such liability insurance policy or policies shall protect Tenant and Landlord as their interests may appear, naming Landlord and Landlord's property manager shall be named ’s managing agent and mortgagee as additional insureds on the policies required hereunder and such policies shall provide that the coverage thereunder is primary to, and they may not contributing with, any policy carried by any such additional insured. Tenant shall have included in all policies of insurance respectively obtained by it with respect to the Building or Premises a waiver by the Insurer of all right of subrogation against the Landlord in connection with any loss or damage thereby insured against, and Landlord shall have included in all property insurance policies required to be maintained by Landlord under this lease a waiver by the insurer of all right of subrogation against the Tenant in connection with any loss or damage thereby insured against. To the full extent permitted by law, Landlord as to its property insurance policies and Tenant as to all its policies, each waives all right of recovery against the other for, and agrees to release the other from liability for, loss or damage to the extent such loss or damage results from a cause covered by valid and collectible insurance in effect at the time of such loss or damage; provided however, that the foregoing release by each party is conditioned upon the other party's carrying insurance with the above described waiver of subrogation to the extent required above, and if such coverage is not obtained or maintained by either party, then the other party's foregoing release shall be deemed to be rescinded until such waiver is either obtained or reinstated. All said insurance policies shall be carried with companies licensed to do business in the State of Georgia reasonably satisfactory to Landlord having. a Best's Rating of A XII or better and shall be noncancellable and nonamendable except after thirty (30) days written notice to Landlord. At Landlord's request, duly executed certificates of such insurance shall be delivered to Landlord prior to the Commencement Date and at least cancelled on less than thirty (30) days prior written notice to the expiration Landlord or Landlord’s mortgagee. Tenant shall furnish Landlord with Certificates of each respective policy termInsurance evidencing such coverage. Should Tenant fail to carry such insurance and furnish Landlord with Certificates of Insurance after a request to do so, Landlord shall have the right to periodically review obtain such insurance and collect the coverages required hereunder and cost thereof from Tenant as additional rent. Notwithstanding anything to the contrary contained in the event Landlord deems It reasonably necessary to require additional coverage resulting from inflation or from increases in jury verdicts or other economic conditions in the jurisdiction where the Property is locatedArticle 9, Tenant may, at its option, satisfy any or all of its obligations to insure with (a) a so-called “blanket” policy or policies of insurance, or (b) an excess or umbrella liability policy or policies of insurance, now or hereafter carried and maintained by Tenant; provided, however, that Landlord and any additional party named pursuant to the terms of this Lease shall obtain be named as additional insured thereunder, and provided that the coverage requested afforded Landlord and any additional insureds shall not be reduced or diminished by Landlord. Notwithstanding reason of the use of any other provisions such blanket or umbrella policy or policies and that all the requirements set forth in this Lease to the contrary, Tenant shall have the right to self-assume or obtain insurance from an insurance company that is a wholly owned subsidiary of one (1) of the two (2) general partners of the Tenant which insurance company must have a Best's Rating of A XII or better, for all or a portion of the risk which Tenant is required to provide insurance coverage under this Lease. In the event Tenant self-assumes the risk, it will be responsible for all losses and liabilities to the same extent as if valid and collectible insurance were in effect. The foregoing provision concerning the right to self-assume shall only apply to the Tenant as of the date of this Lease, and to no successors and/or assigns unless consented to by Landlord in its sole discretionArticle 9 are otherwise satisfied.
Appears in 1 contract
Samples: Lease Agreement (Arhaus, Inc.)
Tenant’s Insurance. Tenant shall carry (Tenant, at its sole cost and expense but for the mutual benefit of Landlord (when used in this Section 11.A. the term “Landlord” shall include Landlord’s partners, beneficiaries, officers, agents, servants and employees and the term “Tenant” shall include Tenant’s partners, beneficiaries, officers, agents, servants and employees), agrees to purchase and keep in force and effect during the Term) (I) fire term hereof, insurance which is available at commercially reasonable rates and extended coverage insurance insuring Tenant's Improvements to the Premises and any and all furniture, equipment, supplies, contents and other property owned, leased, held or possessed by Tenant and contained therein, such insurance coverage to be in an amount equal to the full replacement value of such improvements and property, as such may increase from time to time; (ii) worker's compensation insurance as required by the laws of the State of Georgia; and (iii) commercial general liability coverage on an occurrence basis for injury to or death of a person or persons and for damage to property occasioned by or arising out of the condition, use, or occupancy of the Premises, or other portions of the Building or Property, including contractual liability and such other coverages and endorsements as are reasonably required by Landlord, such policy to have a combined single limit of not less than Three Million and no/100 Dollars ($3,000,000) for any bodily injury or property damage occurring as a result of or in connection with the above. Landlord and Landlord's property manager shall be named additional insureds on the policies required hereunder and such policies shall provide that the coverage thereunder is primary to, and not contributing with, any policy otherwise carried by any such additional insured. Tenant shall have included tenants in all the area, under policies issued by insurers of insurance respectively obtained by it with respect to the Building or Premises a waiver by the Insurer of all right of subrogation against the Landlord in connection with any loss or damage thereby insured against, and Landlord shall have included in all property insurance policies required to be maintained by Landlord under this lease a waiver by the insurer of all right of subrogation against the Tenant in connection with any loss or damage thereby insured against. To the full extent permitted by law, Landlord as to its property insurance policies and Tenant as to all its policies, each waives all right of recovery against the other for, and agrees to release the other from liability for, loss or damage to the extent such loss or damage results from a cause covered by valid and collectible insurance in effect at the time of such loss or damage; provided however, that the foregoing release by each party is conditioned upon the other party's carrying insurance with the above described waiver of subrogation to the extent required above, and if such coverage is not obtained or maintained by either party, then the other party's foregoing release shall be deemed to be rescinded until such waiver is either obtained or reinstated. All said insurance policies shall be carried with companies recognized responsibility licensed to do business in the State of Georgia reasonably satisfactory to Landlord having. Ohio with a Best's Rating ’s rating of A XII A-IX or better on all alterations, additions, and improvements owned by Tenant, and on all personal property located in the Premises, protecting Landlord and Tenant from damage or other loss caused by fire or other casualty, including but not limited to vandalism and malicious mischief, perils covered by extended coverage, theft, sprinkler leakage, water damage (however caused), explosion, malfunction or failure of heating and cooling or other apparatus, and other similar risks in amounts not less than the full insurable replacement value of such property. Such property insurance shall contain a replacement cost endorsement. Such insurance shall also contain a clause pursuant to which the insurance carriers waive all rights of subrogation against the Landlord with respect to losses payable under such policies, and shall be noncancellable written on a “per occurrence” basis, as opposed to “claims made” basis. Tenant also agrees to maintain commercial general liability insurance covering Tenant as the insured party, and nonamendable except after thirty naming Landlord as an additional insured, against claims for bodily injury and death and property damage occurring in or about the Premises, with limits of not less than One Million Dollars (30$1,000,000.00) days written notice per occurrence and Two Million Dollars ($2,000,000.00) general aggregate. Tenant shall, prior to Landlord. At Landlord's requestcommencement of the term, duly executed furnish to Landlord certificates of evidencing such coverage, which certificates shall state that such insurance shall coverage may not be delivered to Landlord prior to the Commencement Date and reduced or canceled without at least thirty (30) days prior written notice to the expiration of each respective policy term. Landlord shall have the right to periodically review the coverages required hereunder and in the event Landlord deems It reasonably necessary to require additional coverage resulting from inflation or from increases in jury verdicts or other economic conditions in the jurisdiction where the Property is located, Tenant shall obtain the coverage requested by Landlord. Notwithstanding any other provisions in this Lease to the contrary, Tenant shall have the right to self-assume or obtain insurance from an insurance company that is a wholly owned subsidiary of one (1) of the two (2) general partners of the Tenant which insurance company must have a Best's Rating of A XII or better, for all or a portion of the risk which Tenant is required to provide insurance coverage under this LeaseTenant. In the event Tenant self-assumes the riskshall fail to procure such insurance, it will be responsible for all losses and liabilities Landlord may at its option after giving Tenant no less than ten (10) days prior written notice of its election to do so procure the same extent for the account of Tenant and the cost thereof shall be paid to Landlord as if valid and collectible insurance were in effect. The foregoing provision concerning the right to self-assume shall only apply to the Rent upon receipt by Tenant as of the date of this Lease, and to no successors and/or assigns unless consented to by Landlord in its sole discretionbills therefor.
Appears in 1 contract
Tenant’s Insurance. Tenant shall carry (Tenant, at its sole expense expense, shall maintain in full force during the Term) (I) fire and extended coverage insurance insuring Tenant's Improvements to the Premises and any and all furnitureterm of this Lease, equipment, supplies, contents and other property owned, leased, held a policy or possessed by Tenant and contained therein, such insurance coverage to be in an amount equal to the full replacement value policies of such improvements and property, as such may increase from time to time; (ii) worker's compensation insurance as required by the laws of the State of Georgia; and (iii) commercial general liability coverage on an occurrence basis for injury to or death of a person or persons and for damage to property occasioned by or arising out of the condition, use, or occupancy of the Premises, or other portions of the Building or Property, including contractual liability and such other coverages and endorsements as are reasonably required by Landlord, such policy to have insurance with a combined single limit of not less than Three Million and no/100 Dollars at least two million dollars ($3,000,0002,000,000) for any each occurrence, insuring against all liability of Tenant and its representatives and Visitors for personal or bodily injury or property damage occurring as a result arising out of or incurred in connection with Tenant's use or occupancy of the Premises or the Property. Such policy or policies shall further insure the indemnification obligations of Tenant under this Lease. Tenant shall at all times maintain in effect insurance with respect to its Alterations and Trade Fixtures providing coverage against fire, extended coverage perils and vandalism and malicious mischief, to the extent of at least eighty percent (80%) of the full replacement cost thereof. Tenant may carry such insurance under a blanket policy, provided that such policy provides equivalent coverage to a separate policy. During the term of this Lease the proceeds from any such policies of insurance shall be used for the repair or replacement of the Alterations and Trade Fixtures so insured. Landlord shall have no interest in such insurance and shall sign all documents reasonably necessary or proper in connection with the abovesettlement of any claim or loss by Tenant. Landlord will not carry insurance on Tenant's personal property or Trade Fixtures. Each policy of insurance required under this Section 12.1 shall require at least fifteen (15) days' written notice to Landlord prior to any termination or alteration of the policy. Each policy of liability insurance shall name Landlord, its partners and Landlord's its property manager shall be named and mortgagees as additional insureds on the policies required hereunder insured and such policies shall provide that the coverage thereunder it is primary to, and not contributing with, any policy carried by any such additional insuredLandlord covering the same loss. Tenant shall have included in all policies of provide to Landlord, upon request, evidence that the insurance respectively obtained by it with respect to the Building or Premises a waiver by the Insurer of all right of subrogation against the Landlord in connection with any loss or damage thereby insured against, and Landlord shall have included in all property insurance policies required to be maintained carried by Landlord under Tenant pursuant to this lease a waiver by Section 12.1 is in full force and effect and the insurer of all right of subrogation against the Tenant in connection with any loss or damage thereby insured againstpremiums therefor have been paid. To the full extent permitted by law, Landlord as to its property insurance policies and Tenant as to all its policies, each waives all right of recovery against the other for, and agrees to release the other from liability for, loss or damage to the extent such loss or damage results from a cause covered by valid and collectible insurance in effect at the time of such loss or damage; provided however, that the foregoing release by each party is conditioned upon the other party's carrying insurance with the above described waiver of subrogation to the extent required above, and if such coverage is not obtained or maintained by either party, then the other party's foregoing release shall be deemed to be rescinded until such waiver is either obtained or reinstated. All said insurance policies shall be carried with companies licensed to do business in the State of Georgia reasonably satisfactory to Landlord having. a Best's Rating of A XII or better and shall be noncancellable and nonamendable except after thirty (30) days written notice to Landlord. At Landlord's request, duly executed certificates of such insurance shall be delivered to Landlord prior to the Commencement Date and at least thirty (30) days prior to the expiration of each respective policy term. Landlord shall have the right to periodically review the coverages required hereunder and in the event Landlord deems It reasonably necessary to require additional coverage resulting from inflation or from increases in jury verdicts or other economic conditions in the jurisdiction where the Property is located, Tenant shall obtain the coverage requested by Landlord. Notwithstanding any other provisions Any limits set forth in this Lease to on the contrary, amount or type of coverage required by Tenant's insurance shall not limit the liability of Tenant shall have the right to self-assume or obtain insurance from an insurance company that is a wholly owned subsidiary of one (1) of the two (2) general partners of the Tenant which insurance company must have a Best's Rating of A XII or better, for all or a portion of the risk which Tenant is required to provide insurance coverage under this Lease. In the event Tenant self-assumes the risk, it will be responsible for all losses and liabilities to the same extent as if valid and collectible insurance were in effect. The foregoing provision concerning the right to self-assume shall only apply to the Tenant as of the date of this Lease, and to no successors and/or assigns unless consented to by Landlord in its sole discretion.
Appears in 1 contract
Tenant’s Insurance. (a) Tenant shall carry (shall, at its sole expense cost and expense, take out and keep in full force and effect and pay all premiums for, throughout the Term and during such other time as Tenant occupies the TermLeased Premises or any part thereof, the following insurance:
(i) (I) fire comprehensive general liability insurance including but not limited to property damage, bodily injury liability, contractual liability, non-owned automobile liability and extended owners' and contractors' protective insurance coverage insurance insuring with respect to the Leased Premises and Tenant's Improvements use of the Building and the Lands, coverage to include the Premises and any and all furniture, equipment, supplies, contents and other property owned, leased, held or possessed activities conducted by Tenant and contained therein, such insurance coverage to be in an amount equal to any other Person on the full replacement value of such improvements and property, as such may increase from time to time; (ii) worker's compensation insurance as required by the laws of the State of Georgia; and (iii) commercial general liability coverage on an occurrence basis for injury to or death of a person or persons and for damage to property occasioned by or arising out of the condition, use, or occupancy of the Leased Premises, or and by Tenant, those for whom Tenant is in law responsible and any other portions Person performing work on behalf of Tenant in any other part of the Building or Propertythe Lands. Such policies shall have inclusive limits of at least Two Million ($2,000,000.00) Dollars for each occurrence involving bodily injury, including contractual liability death or property damage, or such higher limits as Landlord may from time to time reasonably require;
(ii) insurance upon property of every kind and such other coverages description owned by Tenant, or for which Tenant is legally liable, or installed by or on behalf of Tenant in the Building, without limitation, stock-in-trade, if appropriate, furniture, fixtures, interior plate glass and endorsements as are reasonably required by Landlordleasehold improvements, such policy to have a combined single limit in an amount of not less than Three Million the full replacement cost thereof, which amount shall be conclusively determined by Landlord in the event of any dispute with respect thereto. Such coverage shall insure at least against fire and no/100 Dollars such other perils as are from time to time included in the standard "all-risks" coverage including, without limitation, sprinkler leakages ($3,000,000where applicable), earthquake, flood and collapse;
(iii) if appropriate, broad form comprehensive boiler and machinery insurance on a blanket repair and replacement basis with limits for each accident in an amount not less than the full replacement costs of all leasehold improvements and of all boilers, pressure-vessels, air-conditioning equipment and miscellaneous electrical apparatus owned or operated by Tenant or by others (other than Landlord) on behalf of Tenant in or relating to or serving the Leased Premises;
(iv) business interruption insurance in such amounts as are from time to time necessary to reimburse Tenant for direct or indirect loss of earnings attributable to any bodily injury of the perils required to be insured against by Tenant pursuant hereto or property damage occurring any other perils commonly insured against by prudent tenants in similar circumstances or attributable to prevention of access to Leased Premises or the Building as a result of such perils;
(v) tenant's legal liability insurance for the whole replacement cost of the Leased Premises, including loss of use thereof;
(vi) standard owners' form automobile policy providing third party liability insurance with inclusive limits of not less than one Million ($1,000,000.00) Dollars, and accident benefit insurance, covering all licensed vehicles owned or operated by or on behalf of Tenant; and
(vii) any other form of insurance, in connection with the above. such amounts and against such risks, as Landlord may from time to time reasonably require.
(b) Each of Tenant's insurance policies shall name Landlord and any Persons designated by Landlord as additional named insured as their respective interests may appear and shall contain, as appropriate,
(i) the standard mortgage clause as may be required by any mortgagee of Landlord;
(ii) a waiver of any subrogation rights which Tenant's property manager insurers would have against Landlord or any Person for whom Landlord is in law responsible;
(iii) a severability of interests clause and a cross-liability clause;
(iv) a provision stating that Tenant's insurance policy shall be named additional insureds on primary and shall not call into contribution any other insurance available to Landlord; and
(v) a waiver, as respects the interests of Landlord and of any mortgagee, of any provision in any of Tenant's insurance policies required hereunder and such with respect to any breach of any warranties, representations, declarations, or conditions contained in the said policies.
(c) All policies shall provide that the coverage thereunder is primary to, be taken out with such insurers and not contributing with, any policy carried by any be in such additional insuredform as are satisfactory from time to time to Landlord. Tenant shall have included in all policies deliver to Landlord either certificates of insurance respectively obtained in the form designated by it with respect to Landlord or certified copies of Tenant's insurance policies as soon as practicable after the Building or Premises a waiver by the Insurer placement of all right of subrogation against the Landlord in connection with any loss or damage thereby insured againstsuch insurance, and shall from time to time furnish to Landlord shall have included in all property insurance policies required certificates or other evidences acceptable to be maintained by Landlord under this lease a waiver by the insurer of all right of subrogation against the Tenant in connection with any loss or damage thereby insured against. To the full extent permitted by law, Landlord as to its property insurance policies and Tenant as to all its policies, each waives all right of recovery against the other for, and agrees to release the other from liability for, loss or damage to the extent such loss or damage results from a cause covered by valid and collectible Tenant's insurance in effect at and its renewal or continuation in force, together with such evidence as may be required by the time of such loss or damage; provided however, that the foregoing release by each party is conditioned upon the other party's carrying insurance with the above described waiver of subrogation Landlord as to the extent required abovemethod of determination of the full replacement cost of Tenant's stock-in-trade, furniture, fixtures, interior plate glass and if such coverage is not obtained or maintained by either party, then the other party's foregoing release shall be deemed to be rescinded until such waiver is either obtained or reinstated. leasehold improvements.
(d) All said insurance policies shall contain an undertaking by the insurers that no material change, cancellation or termination of any policy will be carried with companies licensed to do business in the State of Georgia reasonably satisfactory to made unless Landlord having. a Best's Rating of A XII or better and shall be noncancellable and nonamendable except after thirty (30) days written notice to Landlord. At Landlord's request, duly executed certificates of such insurance shall be delivered to Landlord prior to the Commencement Date and at least has received not less than thirty (30) days prior to written notice thereof, delivered in accordance with the expiration of each respective policy term. Landlord shall have the right to periodically review the coverages required hereunder and in the event Landlord deems It reasonably necessary to require additional coverage resulting from inflation or from increases in jury verdicts or other economic conditions in the jurisdiction where the Property is located, Tenant shall obtain the coverage requested by Landlord. Notwithstanding any other provisions in this Lease to the contrary, Tenant shall have the right to self-assume or obtain insurance from an insurance company that is a wholly owned subsidiary of one (1) of the two (2) general partners of the Tenant which insurance company must have a Best's Rating of A XII or better, for all or a portion of the risk which Tenant is required to provide insurance coverage under this Lease. In the event Tenant self-assumes the risk, it will be responsible for all losses and liabilities to the same extent as if valid and collectible insurance were in effect. The foregoing provision concerning the right to self-assume shall only apply to the Tenant as of the date of this Lease, and to no successors and/or assigns unless consented to by Landlord in its sole discretion.
Appears in 1 contract
Tenant’s Insurance. Tenant shall carry (at its sole expense insurance during the Term) (I) fire entire Term insuring Tenant and extended coverage insurance insuring Tenant's Improvements to the Premises Landlord and their respective agents and employees, and any and all furniture, equipment, supplies, contents and other property owned, leased, held or possessed parties designated by Tenant and contained therein, such insurance coverage to be in an amount equal to the full replacement value of such improvements and property, as such may increase Landlord from time to time; time (iiincluding, without limitation, any Mortgagee [as defined below]) worker's compensation insurance as required by their interests may appear, with terms, coverages and in companies satisfactory to Landlord, and with such increases in limits as Landlord may from time to time request or as any Mortgagee may from time to time request or as any Mortgagee may from time to time require, but initially Tenant shall maintain the laws following coverages in the following amounts:
(a) Comprehensive or Commercial General Liability insurance, including Contractual Liability coverage of the State of Georgia; indemnification provisions contained in this Lease and (iii) commercial general host liquor liability coverage on an occurrence basis insurance, with limits for bodily injury or personal injury to or death of a person any person, or persons and more than one (1) person, or for damage to property occasioned in an amount of not less than $1,000,000 per occurrence/$3,000,000 aggregate. The coverage amounts may be provided through an umbrella or excess liability policy. The Comprehensive or Commercial General Liability policy shall include Landlord, Landlord’s management agent and any Mortgagee designated by or arising out Landlord from time to time as additional insureds on a primary and non-contributory basis to any insurance carried by Landlord, Landlord’s management agent and any Mortgagee.
(b) Property damage insurance against “all risks” of physical loss for the full insurable replacement value of the condition, use, or occupancy initial build-out of the Premises, or other portions of the Building or all Alterations, all Personal Property, including contractual liability and such of all furniture, trade fixtures, equipment, business records, merchandise and all other coverages and endorsements as are reasonably items of Tenant’s personal property on the Premises.
(c) Worker’s Compensation Insurance in amounts required by Landlordthe State of Illinois, such policy to have a combined single limit including Voluntary Compensation, Broad Form All States Endorsement, and employer’s liability insurance in an amount of not less than Three Million and no/100 Dollars $500,000 per occurrence.
($3,000,000d) Automobile Liability Insurance with limits for any bodily injury or property damage occurring as a result personal injury to or death of any person, or in connection with the above. Landlord and Landlord's property manager shall be named additional insureds on the policies required hereunder and such policies shall provide that the coverage thereunder is primary to, and not contributing with, any policy carried by any such additional insured. Tenant shall have included in all policies of insurance respectively obtained by it with respect to the Building or Premises a waiver by the Insurer of all right of subrogation against the Landlord in connection with any loss or damage thereby insured against, and Landlord shall have included in all property insurance policies required to be maintained by Landlord under this lease a waiver by the insurer of all right of subrogation against the Tenant in connection with any loss or damage thereby insured against. To the full extent permitted by law, Landlord as to its property insurance policies and Tenant as to all its policies, each waives all right of recovery against the other for, and agrees to release the other from liability for, loss or damage to the extent such loss or damage results from a cause covered by valid and collectible insurance in effect at the time of such loss or damage; provided however, that the foregoing release by each party is conditioned upon the other party's carrying insurance with the above described waiver of subrogation to the extent required above, and if such coverage is not obtained or maintained by either party, then the other party's foregoing release shall be deemed to be rescinded until such waiver is either obtained or reinstated. All said insurance policies shall be carried with companies licensed to do business in the State of Georgia reasonably satisfactory to Landlord having. a Best's Rating of A XII or better and shall be noncancellable and nonamendable except after thirty (30) days written notice to Landlord. At Landlord's request, duly executed certificates of such insurance shall be delivered to Landlord prior to the Commencement Date and at least thirty (30) days prior to the expiration of each respective policy term. Landlord shall have the right to periodically review the coverages required hereunder and in the event Landlord deems It reasonably necessary to require additional coverage resulting from inflation or from increases in jury verdicts or other economic conditions in the jurisdiction where the Property is located, Tenant shall obtain the coverage requested by Landlord. Notwithstanding any other provisions in this Lease to the contrary, Tenant shall have the right to self-assume or obtain insurance from an insurance company that is a wholly owned subsidiary of more than one (1) person, or for damage to property in an amount of the two (2) general partners of the Tenant which insurance company must have a Best's Rating of A XII or betternot less than $1,000,000 combined single limit, for all or a portion of the risk which Tenant is required to provide insurance coverage under this Lease. In the event Tenant selfincluding Employer’s Owned, Non-assumes the risk, it will be responsible for all losses Owned and liabilities to the same extent as if valid and collectible insurance were in effect. The foregoing provision concerning the right to self-assume shall only apply to the Tenant as of the date of this Lease, and to no successors and/or assigns unless consented to by Landlord in its sole discretionHired Car coverage.
Appears in 1 contract
Samples: Lease Agreement (Ulta Salon, Cosmetics & Fragrance, Inc.)
Tenant’s Insurance. Tenant shall carry (agrees to maintain in full force and effect at all times during the Term, at its sole expense during cost and expense, for the Term) (I) fire and extended coverage insurance insuring Tenant's Improvements to the Premises and any and all furniture, equipment, supplies, contents and other property owned, leased, held or possessed by protection of Tenant and contained thereinLandlord, such as their interests may appear, policies of insurance coverage issued by a responsible carrier or carriers acceptable to be Landlord which afford the following coverages:
(i) Commercial general liability insurance in an amount equal to the full replacement value of such improvements and property, as such may increase from time to time; (ii) worker's compensation insurance as required by the laws of the State of Georgia; and (iii) commercial general liability coverage on an occurrence basis for injury to or death of a person or persons and for damage to property occasioned by or arising out of the condition, use, or occupancy of the Premises, or other portions of the Building or Property, including contractual liability and such other coverages and endorsements as are reasonably required by Landlord, such policy to have a combined single limit of not less than Three Million and no/100 00/100 Dollars ($3,000,0003,000,000.00) combined single limit for any both bodily injury or and property damage occurring which includes blanket contractual liability broad form property damage, personal injury, completed operations, and products liability, which policy shall name Landlord and Landlord’s Agents as additional insureds and shall contain a provision that “the insurance provided Landlord hereunder shall be primary and non-contributing with any other insurance available to Landlord with respect to any damage, loss, liability or expense covered by Tenant’s indemnity obligations under Paragraph 21.A.(i) of the Lease.”
(ii) Causes of loss special form property insurance (including, without limitation, vandalism, malicious mischief, inflation endorsement, and sprinkler leakage endorsement) on Tenant’s Personal Property located on or in the Premises, and the furniture listed on Exhibit D. Such insurance shall be in the full amount of the replacement cost, as the same may from time to time increase as a result of inflation or otherwise. As long as this Lease is in connection with effect, the above. Landlord and Landlord's property manager proceeds of such policy shall be named additional insureds on used for the policies required hereunder repair and such policies shall provide that the coverage thereunder is primary to, and not contributing with, any policy carried by any such additional insured. Tenant shall have included in all policies of insurance respectively obtained by it with respect to the Building or Premises a waiver by the Insurer of all right of subrogation against the Landlord in connection with any loss or damage thereby insured against, and Landlord shall have included in all property insurance policies required to be maintained by Landlord under this lease a waiver by the insurer of all right of subrogation against the Tenant in connection with any loss or damage thereby insured against. To the full extent permitted by law, Landlord as to its property insurance policies and Tenant as to all its policies, each waives all right of recovery against the other for, and agrees to release the other from liability for, loss or damage to the extent such loss or damage results from a cause covered by valid and collectible insurance in effect at the time replacement of such loss or damage; provided however, that the foregoing release by each party is conditioned upon the other party's carrying insurance with the above described waiver of subrogation to the extent required above, and if such coverage is not obtained or maintained by either party, then the other party's foregoing release shall be deemed to be rescinded until such waiver is either obtained or reinstated. All said insurance policies shall be carried with companies licensed to do business in the State of Georgia reasonably satisfactory to Landlord having. a Best's Rating of A XII or better and shall be noncancellable and nonamendable except after thirty (30) days written notice to Landlord. At Landlord's request, duly executed certificates of such insurance shall be delivered to Landlord prior to the Commencement Date and at least thirty (30) days prior to the expiration of each respective policy termitems so insured. Landlord shall have the right to periodically review the coverages required hereunder and no interest in the event Landlord deems It reasonably necessary to require additional coverage resulting from inflation or from increases in jury verdicts or other economic conditions in the jurisdiction where the Property is locatedinsurance proceeds on Tenant’s Personal Property, Tenant but shall obtain the coverage requested by Landlord. Notwithstanding any other provisions in this Lease be entitled to the contraryproceeds on the furniture listed on Exhibit D. Notwithstanding the foregoing, Tenant shall have the right right, at its election, to self-assume insure with respect to any loss or obtain insurance from an insurance company that is a wholly owned subsidiary of one (1) of the two (2) general partners of the Tenant which insurance company must have a Best's Rating of A XII or better, for all or a portion of the risk which Tenant is required damage to provide insurance coverage under this Lease. In the event Tenant self-assumes the risk, it will be responsible for all losses and liabilities to the same extent as if valid and collectible insurance were in effect. The foregoing provision concerning the right to self-assume shall only apply to the Tenant as of the date of this Lease, and to no successors and/or assigns unless consented to by Landlord in its sole discretionTenant’s Personal Property.
Appears in 1 contract
Samples: Lease (BigBand Networks, Inc.)
Tenant’s Insurance. (a) The Tenant shall carry (at its sole expense during the Term) (I) fire and extended coverage take out comprehensive insurance insuring Tenant's Improvements to the Premises and any and all furniture, equipment, supplies, contents and other property owned, leased, held or possessed by Tenant and contained therein, such insurance coverage to be in an amount equal to the full replacement value of such improvements and property, as such may increase from time to time; (ii) worker's compensation insurance as required by the laws of the State of Georgia; type commonly called general public liability which shall include coverage for personal injury, blanket contractual liability, tenants legal liability, non-owned automobile liability, bodily injury, broad form property damage, death and (iii) commercial general liability coverage property damage all on an occurrence basis for injury to or death of a person or persons and for damage to property occasioned by or arising out of the condition, use, or occupancy of the Premises, or other portions of the Building or Property, including contractual liability and such other coverages and endorsements as are reasonably required by Landlord, such policy to have a combined single limit of not less than Three Million and no/100 Dollars ($3,000,000) for any bodily injury or property damage occurring as a result of or in connection with the above. Landlord and Landlord's property manager shall be named additional insureds on the policies required hereunder and such policies shall provide that the coverage thereunder is primary to, and not contributing with, any policy carried by any such additional insured. Tenant shall have included in all policies of insurance respectively obtained by it with respect to the Building business carried on, in or from the Premises and in, on or from any other part of the Building, with coverage for any one occurrence or claim of not less that $3,000,000 or such other amount as the Landlord may reasonably require upon not less than one (1) month's notice atlany time during the Term. which insurance shall include the Landlord as a waiver by the Insurer of all right of subrogation against named Insured and shall protect the Landlord in connection with any loss or damage thereby respect of c i aims Xx xxxx Tenant as if the Landlord were separately insured against, and Landlord shall have included in contain cross liability clauses;
(b) The Tenant shall purchase and maintain insurance on the Tenant's Trade Fixtures and the furniture and equipment of the Tenant and all Leasehold Improvements of the Tenant. Such insurance will also cover all property insurance policies required to be maintained by Landlord under this lease a waiver by the insurer of all right of subrogation against others which the Tenant in connection with any loss or damage thereby insured againsthas assumed responsibility for. To This coverage shall be written on an All Risk blanket basis for not less than eighty (80Z) percent of the full extent permitted by law, replacement cost. The Landlord be named as a named insured with respect to its property insurance policies Leasehold Improvements and Tenant as provided that any proceeds recoverable in the event of loss to all its policies, each waives all right of recovery against Leasehold Improvements shall be payable to the other for, and Landlord (but the Landlord agrees to release make available such proceeds toward the other from liability for, loss repair or damage to replacement of the extent such loss or damage results from a cause covered by valid and collectible insurance in effect at the time of such loss or damage; provided however, that the foregoing release by each party is conditioned upon the other party's carrying insurance with the above described waiver of subrogation to the extent required above, and insured property if such coverage this Lease is not obtained or maintained by either party, then terminated pursuant to any other provision hereto);
(c) The Tenant shall take out insurance against such other perils and in such amount as the other party's foregoing release shall be deemed Landlord may from time to be rescinded until such waiver is either obtained or reinstated. All said insurance policies shall be carried with companies licensed to do business in the State of Georgia time reasonably satisfactory to Landlord having. a Best's Rating of A XII or better and shall be noncancellable and nonamendable except after thirty require upon not less than ninety (3090) days written notice such requirements to Landlord. At Landlord's request, duly executed certificates be made on the basis that the required insurance is customary at the time for prudent tenants of such insurance shall be delivered to Landlord prior properties similar to the Commencement Date and at least thirty (30) days prior to the expiration of each respective policy term. Landlord shall have the right to periodically review the coverages required hereunder and Building in the event Landlord deems It reasonably necessary to require additional coverage resulting from inflation or from increases in jury verdicts or other economic conditions in the jurisdiction where the Property is located, Tenant shall obtain the coverage requested by Landlord. Notwithstanding any other provisions in this Lease to the contrary, Tenant shall have the right to self-assume or obtain insurance from an insurance company that is a wholly owned subsidiary of one (1) vicinity of the two (2) general partners of the Tenant which insurance company must have a Best's Rating of A XII or better, for all or a portion of the risk which Tenant is required to provide insurance coverage under this Lease. In the event Tenant self-assumes the risk, it will be responsible for all losses and liabilities to the same extent as if valid and collectible insurance were in effect. The foregoing provision concerning the right to self-assume shall only apply to the Tenant as of the date of this Lease, and to no successors and/or assigns unless consented to by Landlord in its sole discretionBuilding.
Appears in 1 contract
Samples: Lease Agreement (It Staffing LTD)
Tenant’s Insurance. Tenant shall carry (Tenant, at its sole expense own expense, shall maintain during the Termterm of this Lease a policy or policies of workers’ compensation (to the extent required by law) and comprehensive general liability insurance, including personal injury and property damage, with contractual liability endorsement, in the amount of Five Hundred Thousand Dollars (I$500,000.00) for property damage and One Million Dollars ($1,000,000.00) per occurrence and Two Million Dollars ($2,000,000.00) in the aggregate for personal injuries or deaths of persons occurring in or about the Premises. Landlord may revise these minimum levels of coverage from time to time as it reasonably determines. Tenant, at its own expense, also shall maintain during the term of this Lease, fire and extended coverage insurance insuring Tenant's Improvements to covering the replacement cost of (a) all alterations, additions, partitions and improvements installed or placed on the Premises and any and all furniture, equipment, supplies, contents and other property owned, leased, held or possessed by Tenant and contained therein, such insurance coverage to be in an amount equal to or by Landlord on behalf of Tenant except the full replacement value initial improvements existing at the time of such improvements and property, as such may increase from time to time; (ii) worker's compensation insurance as required by the laws of the State of Georgia; Tenant’s Commencement Date and (iiib) commercial general liability coverage on an occurrence basis for injury to or death of a person or persons and for damage to Tenant’s personal property occasioned by or arising out of the condition, use, or occupancy of contained within the Premises, or other portions of the Building or Property, including contractual . Said policies shall (i) name Landlord and Landlord’s management company and mortgagee as additional insureds and insure Landlord’s and its management company’s and mortgagee’s contingent liability and such other coverages and endorsements as are reasonably required by Landlord, such policy to have a combined single limit of not less than Three Million and no/100 Dollars ($3,000,000) for any bodily injury or property damage occurring as a result of under or in connection with the above. Landlord and Landlord's property manager this Lease (except for any workers’ compensation policy, which instead shall be named additional insureds on the policies required hereunder and such policies shall provide that the coverage thereunder is primary to, and not contributing with, any policy carried by any such additional insured. Tenant shall have included in all policies of insurance respectively obtained by it with respect to the Building or Premises a waiver by the Insurer of all right of subrogation against the Landlord in connection with any loss or damage thereby insured against, and Landlord shall have included in all property insurance policies required to be maintained by Landlord under this lease a waiver by the insurer of all right of subrogation against the Tenant in connection with any loss or damage thereby insured against. To the full extent permitted by law, Landlord as to its property insurance policies and Tenant as to all its policies, each waives all right of recovery against the other for, and agrees to release the other from liability for, loss or damage to the extent such loss or damage results from a cause covered by valid and collectible insurance in effect at the time of such loss or damage; provided however, that the foregoing release by each party is conditioned upon the other party's carrying insurance with the above described include waiver of subrogation endorsement in favor of Landlord), (ii) be issued by an insurance company which is acceptable to the extent required aboveLandlord or has an “A-” or better AM Best rating, and if such coverage is not obtained or maintained by either party, then the other party's foregoing release shall be deemed to be rescinded until such waiver is either obtained or reinstated. All (iii) provide that said insurance policies shall not be carried with companies licensed to do business in the State of Georgia reasonably satisfactory to Landlord having. a Best's Rating of A XII or better and shall be noncancellable and nonamendable except after canceled unless thirty (30) days days’ prior written notice has been given to LandlordLandlord and (iv) comply with the requirements of Paragraph 10(D) below. At Landlord's request, duly executed Said policy or policies or certificates of such insurance thereof shall be delivered to Landlord prior to by Tenant on or before the Commencement Date and at least thirty (30) days prior to the expiration upon each renewal of each respective policy term. Landlord shall have the right to periodically review the coverages required hereunder and in the event Landlord deems It reasonably necessary to require additional coverage resulting from inflation or from increases in jury verdicts or other economic conditions in the jurisdiction where the Property is located, Tenant shall obtain the coverage requested by Landlord. Notwithstanding any other provisions in this Lease to the contrary, Tenant shall have the right to self-assume or obtain insurance from an insurance company that is a wholly owned subsidiary of one (1) of the two (2) general partners of the Tenant which insurance company must have a Best's Rating of A XII or better, for all or a portion of the risk which Tenant is required to provide insurance coverage under this Lease. In the event Tenant self-assumes the risk, it will be responsible for all losses and liabilities to the same extent as if valid and collectible insurance were in effect. The foregoing provision concerning the right to self-assume shall only apply to the Tenant as of the date of this Lease, and to no successors and/or assigns unless consented to by Landlord in its sole discretionsaid insurance.
Appears in 1 contract
Tenant’s Insurance. Tenant shall carry (maintain insurance complying with all of the following:
A. Tenant shall procure, pay for and keep in full force and effect, at its sole expense all times during the Lease Term, the following:
(1) (I) fire and extended coverage Commercial General Liability insurance insuring Tenant against liability for bodily injury, death, property damage and personal injury occurring at the Leased Premises, or resulting from Tenant's Improvements to the Premises and any and all furniture, equipment, supplies, contents and other property owned, leased, held use or possessed by Tenant and contained therein, such insurance coverage to be in an amount equal to the full replacement value of such improvements and property, as such may increase from time to time; (ii) worker's compensation insurance as required by the laws occupancy of the State of Georgia; and (iii) commercial general liability coverage Leased Premises or the Building, Outside Areas, Property, or Common Areas or resulting from Tenant's activities in or about the Leased Premises. Such insurance shall be on an occurrence basis for injury to or death of a person or persons and for damage to property occasioned by or arising out of the condition, use, or occupancy of the Premises, or other portions of the Building or Property, including contractual liability and such other coverages and endorsements as are reasonably required by Landlord, such policy to have with a combined single limit of liability of not less than Three Million and no/100 Dollars the amount of Tenant's Required Liability Coverage ($3,000,000) for any bodily injury as set forth in Article 1). The policy or property damage occurring as a result of or in connection with the above. Landlord and Landlord's property manager shall be named additional insureds on the policies required hereunder and such policies shall provide that the coverage thereunder is primary to, and not contributing with, any policy carried by any such additional insured. Tenant shall have included in all policies of insurance respectively obtained by it with respect to the Building or Premises a waiver by the Insurer of all right of subrogation against the Landlord in connection with any loss or damage thereby insured against, and Landlord shall have included in all property insurance policies required to be maintained by Landlord under this lease a waiver by the insurer of all right of subrogation against the Tenant in connection with any loss or damage thereby insured against. To the full extent permitted by law, Landlord as to its property insurance policies and Tenant as to all its policies, each waives all right of recovery against the other for, and agrees to release the other from liability for, loss or damage to the extent such loss or damage results from a cause covered by valid and collectible insurance in effect at the time of such loss or damage; provided however, that the foregoing release by each party is conditioned upon the other party's carrying insurance with the above described waiver of subrogation to the extent required above, and if such coverage is not obtained or maintained by either party, then the other party's foregoing release shall be deemed to be rescinded until such waiver is either obtained or reinstated. All said insurance policies shall be carried with companies licensed endorsed to do business name Landlord and such others as are designated by Landlord as additional insureds in the State of Georgia reasonably satisfactory form equivalent to Landlord having. a Best's Rating of A XII CG20111185 or better successor and shall contain the following additional endorsement: "The insurance afforded to the additional insureds is primary insurance. If the additional insureds have other insurance which is applicable to the loss on a contributing, excess or contingent basis, the amount of this insurance company's liability under this policy shall not be noncancellable reduced by the existence of such other insurance. Any insurance carried by the additional insureds shall be excess and nonamendable except after non contributing with the insurance provided by the tenant." The policy shall not be canceled or reduced without at least 30 days written notice to additional insureds. If the policy insures more than one location, it shall be endorsed to show that the limits and aggregate apply per location using endorsement CG25041185 or successor. Tenant's policy shall also contain the severability of interest and cross-liability endorsement or clauses.
(2) Fire and property damage insurance in so-called Special Form plus earth quake and flood insuring Tenant against loss from physical damage to Tenant's personal property, inventory, stock, trade fixtures and improvements within the Leased Premises with coverage for the full actual replacement cost thereof;
(3) Plate-glass insurance, at actual replacement cost;
(4) Boiler and machinery insurance, if applicable;
(5) Product Liability insurance (including without limitation Liquor Liability insurance for liability arising out of the distribution, sale, or consumption of food and/or beverages including alcoholic beverages at the Leased Premises for not less than the Tenant's Required Liability Coverage as set forth in Article 1;
(6) Workers' compensation insurance and any other employee benefit insurance sufficient to comply with all Laws which policy shall be endorsed to provide thirty (30) days written notice of cancellation to Landlord;
(7) With respect to making of alterations or the construction of improvements or the like undertaken by Tenant, contingent liability and builder's risk insurance, in an amount and with coverage satisfactory to Landlord;
(8) Business Income Insurance at a minimum of 50% coinsurance including coverage for loss of business income due to damage to equipment from perils covered under the so called Special Form plus the perils of earth quake and flood; and
(9) Comprehensive Auto Liability insurance with a combined single limit coverage of not less than the amount of Tenant's Required Liability Coverage (as set forth in Article 1) for bodily injury and/or property damage liability for: a) Owned autos b) Hired or borrowed autos c) Non-owned autos d) Auto blanket contractual form CA0029. The policy shall be endorsed to provide 30 days written notice of cancellation to Landlord.
B. Each policy of liability insurance required to be carried by Tenant pursuant to this Article or actually carried by Tenant with respect to the Leased Premises or the Property (i) shall be in a form satisfactory to Landlord, (ii) Shall be provided by carriers admitted to do business in the state of California, with a Best rating of "A/VI" or better and/or acceptable to Landlord. At Landlord's request, duly executed certificates of such Property insurance shall be delivered contain a waiver and/or a permission to Landlord prior waive by the insurer any right of subrogation against Landlord, its principal, employees, agents and contractors which might arise by reason of any payment under such policy or by reason of any act or omission of Landlord, its principals, employees, agents or contractors.
C. Prior to the Commencement Date time Tenant or any of its contractors enters the Leased Premises, Tenant shall deliver to the Landlord with respect to each policy of insurance required to be carried by Tenant pursuant to this article, a certificate of the insurer certifying, in a form satisfactory to the Landlord, that the policy has been issued and at least thirty (30) premium paid providing the coverage required by this Article and containing the provisions herein. Attached to such a certificate shall be endorsements naming Landlord as additional insured, and including the wording under primary insurance above. With respect to each renewal or replacement of any such insurance, the requirements of this Article must be complied with not less than 30 days prior to the expiration or cancellation of each respective the policy termbeing renewed or replaced. Landlord shall have may at any time and from time-to-time inspect and/or copy any and all insurance policies required to be carried by Tenant pursuant to this article. If Landlord's lender, insurance broker or advisor or counsel reasonably determines at any time that the right to periodically review the coverages required hereunder and form or amount of coverage set forth in the event Landlord deems It reasonably necessary to require additional coverage resulting from inflation or from increases in jury verdicts or other economic conditions in the jurisdiction where the Property is located, Tenant shall obtain the coverage requested by Landlord. Notwithstanding Article 9.1(A) for any other provisions in this Lease to the contrary, Tenant shall have the right to self-assume or obtain policy of insurance from an insurance company that is a wholly owned subsidiary of one (1) of the two (2) general partners of the Tenant which insurance company must have a Best's Rating of A XII or better, for all or a portion of the risk which Tenant is required to provide carry pursuant to this Article is not adequate, then Tenant shall increase the amount of coverage for such insurance to such greater amount or change the form as Landlord's lender, insurance broker or advisor or counsel reasonably deems adequate (provided however such increase level of coverage may not exceed the level of coverage for such insurance commonly carried by comparable businesses similarly situated and operating under this Lease. In similar circumstances).
D. The Commercial General Liability insurance carried by Tenant shall specifically insure the event performance by Tenant self-assumes the risk, it will be responsible for all losses and liabilities to the same extent as if valid and collectible insurance were in effect. The foregoing provision concerning the right to self-assume shall only apply to the Tenant as of the date Indemnification provisions set forth in Article 8.2 of this Leaselease provided, and however, nothing contained in this Article 9 shall be construed to no successors and/or assigns unless consented to by Landlord limit the liability of Tenant under the Indemnification provisions set forth in its sole discretion.said Article 8.2
Appears in 1 contract
Tenant’s Insurance. Tenant shall carry (shall, at its sole expense during cost and expense, procure and keep in full force and effect the Termfollowing insurance:
(a) Special Risk property insurance on Tenant’s Property for its full replacement value. Such policy shall contain an agreed amount endorsement in lieu of a co-insurance clause. “Tenant’s Property” is herein defined to be personal property of Tenant and any improvements made by or for Tenant ;
(Ib) fire and extended coverage Commercial general liability insurance insuring Tenant's Improvements Tenant against any liability arising out of its use, occupancy or maintenance of the Premises or the business operated by Tenant pursuant to the Premises Lease. Such insurance shall provide a combined single limit for bodily injury and property damage in the amounts set forth in the Basic Lease Information. Such policy shall name Landlord, Landlord’s wholly-owned subsidiaries, Landlord’s property manager and any and all furniture, equipment, supplies, contents and other property owned, leased, held or possessed by Tenant and contained therein, such insurance coverage to be in an amount equal to the full replacement value mortgagees of such improvements and property, Landlord as such additional insureds as their respective interests may increase from time to time; appear;
(iic) worker's compensation Workers’ Compensation insurance as required by the laws of the State of Georgia; and state law;
(iiid) commercial general liability coverage If Tenant uses vehicles to carry out its business on an occurrence basis for injury to or death of a person or persons and for damage to property occasioned by or arising out of the condition, use, or occupancy of about the Premises, or other portions of the Building or Property, including contractual motor vehicles liability and such other coverages and endorsements as are reasonably required by Landlord, such policy to have insurance with a combined single limit of not less than Three Million and no/100 Dollars ($3,000,000) 1,000,000 for any bodily injury and property damage; and
(e) Any other form or property damage occurring forms of insurance or increased amounts of insurance as a result Landlord or any mortgagees of or in connection with the aboveLandlord may reasonably require from time to time. Landlord and Landlord's property manager shall be named additional insureds on the policies required hereunder and All such policies shall provide that the coverage thereunder is primary to, be written in a form and not contributing with, any policy carried by any such additional insured. Tenant shall have included in all policies of with an insurance respectively obtained by it with respect to the Building or Premises a waiver by the Insurer of all right of subrogation against the Landlord in connection with any loss or damage thereby insured against, and Landlord shall have included in all property insurance policies required to be maintained by Landlord under this lease a waiver by the insurer of all right of subrogation against the Tenant in connection with any loss or damage thereby insured against. To the full extent permitted by law, Landlord as to its property insurance policies and Tenant as to all its policies, each waives all right of recovery against the other for, and agrees to release the other from liability for, loss or damage to the extent such loss or damage results from a cause covered by valid and collectible insurance in effect at the time of such loss or damage; provided however, that the foregoing release by each party is conditioned upon the other party's carrying insurance with the above described waiver of subrogation to the extent required above, and if such coverage is not obtained or maintained by either party, then the other party's foregoing release shall be deemed to be rescinded until such waiver is either obtained or reinstated. All said insurance policies shall be carried with companies company licensed to do business in the State in which the Premises is located with a rating in Best’s Insurance Guide of Georgia reasonably satisfactory not less than “A:VII (satisfactory)” to Landlord having. a Best's Rating and any mortgagees of A XII or better Landlord, and shall be noncancellable provide that Landlord and nonamendable except after any mortgagees of Landlord receive not less than thirty (30) days days’ prior written notice of any cancellation or reduction in coverage. Tenant’s deductible amounts shall not exceed $1,000. Prior to or at the time that Tenant takes possession of the Premises, and as a condition thereof, Tenant shall deliver to Landlord copies of policies or certificates evidencing the existence of the required amounts and forms of coverage satisfactory to Landlord. At Landlord's request, duly executed certificates of such insurance shall be delivered to Landlord prior to the Commencement Date and at least thirty (30) days prior to the expiration of each respective policy term. Landlord shall have the right to periodically review the coverages required hereunder and in the event Landlord deems It reasonably necessary to require additional coverage resulting from inflation or from increases in jury verdicts or other economic conditions in the jurisdiction where the Property is locatedIn addition, Tenant shall obtain certificates of insurance evidencing commercial general liability insurance, including completed operations, motor vehicle liability insurance and workers’ compensation insurance in the coverage requested amounts required above from any contractor or subcontractor engaged by Landlord. Notwithstanding any other provisions in this Lease to Tenant for Alterations, repairs or maintenance at the contraryPremises during the Term, Tenant and such liability insurance shall have the right to self-assume or obtain insurance from an insurance company that is a wholly owned subsidiary of one (1) of the two (2) general partners of the Tenant which insurance company must have a Best's Rating of A XII or better, for all or a portion of the risk which Tenant is required to provide insurance coverage under this Lease. In the event Tenant self-assumes the risk, it will be responsible for all losses and liabilities to name the same extent parties as if valid and collectible insurance were in effect. The foregoing provision concerning the right to self-assume shall only apply to the Tenant additional insureds as of the date of this Leaseis described above, and shall provide that any loss shall be payable to no successors and/or assigns unless consented to by Landlord in its sole discretionand such other additional insured parties as their respective interests may appear.
Appears in 1 contract
Tenant’s Insurance. Tenant shall carry (at its sole expense during the Term) (I) fire and extended coverage insurance insuring Tenant's Improvements to the Premises and any and assumes all furniture, equipment, supplies, contents and other property owned, leased, held or possessed by Tenant and contained therein, such insurance coverage to be in an amount equal to the full replacement value risk of such improvements and property, as such may increase from time to time; (ii) worker's compensation insurance as required by the laws of the State of Georgia; and (iii) commercial general liability coverage on an occurrence basis for injury to or death of a person or persons and for damage to property occasioned by or arising out of the condition, use, or occupancy of the Premises, or other portions of the Building or Property, including contractual liability and such other coverages and endorsements as are reasonably required by Landlord, such policy to have a combined single limit of not less than Three Million and no/100 Dollars ($3,000,000) for any bodily injury or property damage occurring as a result of or in connection with the above. Landlord and Landlord's property manager shall be named additional insureds on the policies required hereunder and such policies shall provide that the coverage thereunder is primary to, and not contributing with, any policy carried by any such additional insured. Tenant shall have included in all policies of insurance respectively obtained by it with respect to the Building or Premises a waiver by the Insurer of all right of subrogation against the Landlord in connection with any loss or damage thereby insured against, and Landlord shall have included in all property insurance policies required to be maintained by Landlord under this lease a waiver by the insurer of all right of subrogation against the Tenant in connection with any loss or damage thereby insured against. To the full extent permitted by law, Landlord as to its property insurance policies and Tenant as to all its policies, each waives all right of recovery against the other for, and agrees to release the other from liability for, loss or damage to Tenant's property within the extent such loss Property which may be caused by water leakage, fire, windstorm, explosion, acts of God or damage results from a cause covered other cause, or by valid and collectible insurance in effect the act or omission of any other tenant at the time of such loss or damage; provided howeverProperty, that the foregoing release by each party is conditioned upon the other party's carrying insurance with the above described waiver of subrogation to the extent required above, its guests and if such coverage is not obtained or maintained by either party, then the other party's foregoing release shall be deemed to be rescinded until such waiver is either obtained or reinstatedinvitees. All said insurance policies shall be carried with companies licensed to do business in the State of Georgia reasonably satisfactory to Landlord having. a Best's Rating of A XII or better and shall be noncancellable and nonamendable except after thirty (30) days written notice to Landlord. At Landlord's request, duly executed certificates of such insurance shall be delivered to Landlord prior to the Commencement Date and at least thirty (30) days prior to the expiration of each respective policy term. Landlord shall have the right to periodically review the coverages required hereunder and in the event Landlord deems It reasonably necessary to require additional coverage resulting from inflation or from increases in jury verdicts or other economic conditions in the jurisdiction where the Property is located, Tenant shall obtain the coverage requested by Landlord. Notwithstanding any other provisions in this Lease to the contrary, Tenant shall have the right to self-assume or obtain insurance from an insurance company that is a wholly owned subsidiary of one (1) of the two (2) general partners of the Tenant which insurance company must have a Best's Rating of A XII or better, for all or a portion of the risk which Tenant is required to provide insurance coverage under this Lease. In the event Tenant self-assumes the risk, it will be responsible for insurance of all losses of Tenant's and liabilities Landlord’s personal property located or stored upon the Premises against the risks of damage, destruction, or loss resulting from theft, fire, storm, and all other hazards and casualties. Tenant shall be responsible for insurance of all of Landlord’s personal property located or stored upon the Premises against the risks of damage, destruction or loss resulting from the actions of Tenant. LANDLORD SUGGESTS THAT TENANT SECURE TENANT'S OWN INSURANCE TO PROTECT AGAINST ALL OF THE ABOVE OCCURRENCES. Tenant acknowledges that Landlord does not have insurance coverage on the personal possessions of Tenant whether located in the shared residence, unit, or in the Community, and agrees that it will obtain insurance to cover said personal possessions and Landlord’s personal property located or stored upon the same extent as if valid Premises. Regardless of whether Tenant secures such insurance, Landlord and collectible insurance were in effect. The foregoing provision concerning its agents shall not be liable for any damage to, or destruction or loss of, any of Tenant's personal property located or stored upon the right to self-assume shall only apply to the Tenant as Premises regardless of the date cause or causes of such damage, destruction, or loss and even if such damage, destruction or loss is caused by Landlord, its employees or agents. Incorporated into this LeaseLease Agreement Agreement and attached hereto is an addendum entitled “Personal Property Liability Lease Agreement Agreement Addendum.” TENANT AGREES TO RELEASE, and to no successors and/or assigns unless consented to by Landlord in its sole discretionINDEMNIFY AND DEFEND LANDLORD AND LANDLORD'S AGENTS FROM AND AGAINST LIABILITY FOR INJURY TO THE PERSON OF TENANT, TENANT'S AGENTS, GUESTS OR INVITEES, OR TO ANY MEMBERS OF TENANT'S HOUSEHOLD RESULTING FROM ANY CAUSE WHATSOEVER, EXCEPT ONLY SUCH PERSONAL INJURY CAUSED SOLELY BY THE NEGLIGENT OR INTENTIONAL ACTS OF LANDLORD OR ITS AGENTS OR EMPLOYEES.
Appears in 1 contract
Samples: Lease Agreement
Tenant’s Insurance. A. Tenant shall carry (and keep in full force and effect from and after the Commencement Date and at its sole expense all times during the TermLease Term broad-form commercial liability insurance with limits of at least One Million Dollars ($1,000,000.00) (I) fire and extended coverage for each occurrence.
B. Tenant shall carry an all-risk insurance insuring policy covering all of Tenant's Improvements to ’s property located in the Premises (including without limitation Tenant’s Personal Property) for not less than the full insurable value and any and all furniture, equipment, supplies, contents and other property owned, leased, held or possessed by Tenant and contained therein, replacement cost thereof without reduction for depreciation. All proceeds of such insurance shall be used solely to restore, repair or replace Tenant’s property located in the Premises (including without limitation Tenant’s Personal Property).
C. Tenant shall obtain such additional amounts of insurance and additional types of coverage to be in an amount equal to the full replacement value of such improvements and property, as such Landlord may increase reasonably request from time to time; (ii) worker's compensation insurance as required by the laws of the State of Georgia; and (iii) .
D. All commercial general liability coverage on an occurrence basis for injury to or death of a person or persons and for damage to property occasioned by or arising out of the condition, use, or occupancy of the Premises, or other portions of the Building or Property, including contractual liability and such other coverages and endorsements as are reasonably required by Landlord, such policy to have a combined single limit of not less than Three Million and no/100 Dollars ($3,000,000) for any bodily injury or property damage occurring as a result of or in connection with the above. Landlord and Landlord's property manager shall be named additional insureds on the policies required hereunder and such policies shall provide that the coverage thereunder is primary to, and not contributing with, any policy carried by any such additional insured. Tenant shall have included in all policies of insurance respectively obtained by it with respect to the Building or Premises a waiver by the Insurer of all right of subrogation against the Landlord in connection with any loss or damage thereby insured against, and Landlord shall have included in all property insurance policies required to be maintained by Landlord under this lease a waiver by the insurer of all right of subrogation against the Tenant in connection with any loss or damage thereby insured against. To the full extent permitted by law, Landlord as to its property insurance policies and Tenant as to all its policies, each waives all right of recovery against the any other for, and agrees to release the other from liability for, loss or damage to the extent such loss or damage results from a cause covered by valid and collectible insurance in effect at the time of such loss or damage; provided however, that the foregoing release by each party is conditioned upon the other party's carrying insurance with the above described waiver of subrogation to the extent required above, and if such coverage is not obtained or maintained by either party, then the other party's foregoing release shall be deemed to be rescinded until such waiver is either obtained or reinstated. All said insurance policies carried by Tenant shall (i) be carried with issued by insurance companies licensed authorized to do business in the State of Georgia Alabama, with a then current Axxxxx X. Best Company, Inc. (or if it no longer exists, a comparable rating service) general policy holder’s rating of “A” or better and financial size category of Class XII or higher and otherwise reasonably satisfactory to Landlord; (ii) designate, as additional named insureds, Landlord, Landlord’s managing agent, Landlord’s mortgagee(s) and any other parties designated by Landlord; (iii) be written as a primary policy coverage and not contributing with or in excess of any coverage that Landlord having. a Best's Rating of A XII or better and shall be noncancellable and nonamendable except after may carry; (iv) provide for thirty (30) days days’ prior written notice to Landlord. At Landlord's request, duly executed certificates Landlord of any cancellation or other expiration of such policy; and (v) contain contractual liability coverage insuring the performance by Tenant of the indemnity provisions of this Lease. In addition, all property damage insurance policies shall be delivered either permit or contain an express waiver of any right to recovery (by subrogation or otherwise) by the insurance company against Landlord and Landlord’s mortgagees. Tenant shall deliver to Landlord prior to the Commencement Date and at least thirty (30) days prior to the expiration either a copy of each respective such policy term. Landlord shall have the right to periodically review of insurance or a certificate evidencing the coverages required hereunder and in prior to occupancy. Renewal certificates shall be provided by Tenant on an annual basis. Neither the event Landlord deems It reasonably necessary issuance of any insurance policy required hereunder nor the minimum limits specified herein with respect to require additional coverage resulting from inflation or from increases in jury verdicts or other economic conditions in the jurisdiction where the Property is located, Tenant shall obtain the coverage requested by Landlord. Notwithstanding any other provisions in this Lease to the contrary, Tenant shall have the right to self-assume or obtain insurance from an insurance company that is a wholly owned subsidiary of one (1) of the two (2) general partners of the Tenant which insurance company must have a Best's Rating of A XII or better, for all or a portion of the risk which Tenant is required to provide Tenant’s insurance coverage shall be deemed to limit or restrict in any way Tenant’s liability under this Lease. In the event Tenant self-assumes the risk, it will be responsible for all losses and liabilities to the same extent as if valid and collectible insurance were in effect. The foregoing provision concerning the right to self-assume shall only apply to the Tenant as of the date of this Lease, and to no successors and/or assigns unless consented to by Landlord in its sole discretion.
Appears in 1 contract
Samples: Lease Agreement (Eurand N.V.)
Tenant’s Insurance. A. Tenant shall carry (and keep in full force and effect from and after the Commencement Date and at its sole expense all times during the TermLease Term commercial general liability insurance, including blanket contractual liability insurance, covering Tenant’s use of the Premises, with limits of liability not less than $1,000,000 combined single limit with a $3,000,000 general aggregate limit (which general aggregate limit may be satisfied by an umbrella liability policy) (I) fire and extended coverage for bodily injury or property damage.
B. Tenant shall carry an all-risk insurance insuring policy covering all of Tenant's Improvements to ’s property located in the Premises (including without limitation Tenant’s Personal Property) for not less than the full insurable value and any and all furniture, equipment, supplies, contents and other property owned, leased, held or possessed by Tenant and contained therein, replacement cost thereof without reduction for depreciation. All proceeds of such insurance shall be used solely to restore, repair or replace Tenant’s property located in the Premises (including without limitation Tenant’s Personal Property).
C. Tenant shall obtain such additional amounts of insurance and additional types of coverage to be in an amount equal to the full replacement value of such improvements and property, as such Landlord may increase reasonably request from time to time; (ii) worker's compensation insurance as required by the laws of the State of Georgia; and (iii) .
D. All commercial general liability coverage on an occurrence basis for injury to or death of a person or persons and for damage to property occasioned by or arising out of the condition, use, or occupancy of the Premises, or other portions of the Building or Property, including contractual liability and such other coverages and endorsements as are reasonably required by Landlord, such policy to have a combined single limit of not less than Three Million and no/100 Dollars ($3,000,000) for any bodily injury or property damage occurring as a result of or in connection with the above. Landlord and Landlord's property manager shall be named additional insureds on the policies required hereunder and such policies shall provide that the coverage thereunder is primary to, and not contributing with, any policy carried by any such additional insured. Tenant shall have included in all policies of insurance respectively obtained by it with respect to the Building or Premises a waiver by the Insurer of all right of subrogation against the Landlord in connection with any loss or damage thereby insured against, and Landlord shall have included in all property insurance policies required to be maintained by Landlord under this lease a waiver by the insurer of all right of subrogation against the Tenant in connection with any loss or damage thereby insured against. To the full extent permitted by law, Landlord as to its property insurance policies and Tenant as to all its policies, each waives all right of recovery against the any other for, and agrees to release the other from liability for, loss or damage to the extent such loss or damage results from a cause covered by valid and collectible insurance in effect at the time of such loss or damage; provided however, that the foregoing release by each party is conditioned upon the other party's carrying insurance with the above described waiver of subrogation to the extent required above, and if such coverage is not obtained or maintained by either party, then the other party's foregoing release shall be deemed to be rescinded until such waiver is either obtained or reinstated. All said insurance policies carried by Tenant shall (i) be carried with issued by insurance companies licensed authorized to do business in the State of Georgia Alabama, with a then current Xxxxxx X. Best Company, Inc. (or if it no longer exists, a comparable rating service) general policy holder’s rating of “A” or better and financial size category of Class XII or higher and otherwise reasonably satisfactory to Landlord; (ii) designate, as additional named insureds, Landlord, Landlord’s managing agent, Landlord’s mortgagee(s) and any other parties designated by Landlord; (iii) be written as a primary policy coverage and not contributing with or in excess of any coverage that Landlord having. a Best's Rating of A XII or better and shall be noncancellable and nonamendable except after may carry; (iv) provide for thirty (30) days days’ prior written notice to Landlord. At Landlord's request, duly executed certificates Landlord of any cancellation or other expiration of such policy; and (v) contain contractual liability coverage insuring the performance by Tenant of the indemnity provisions of this Lease. In addition, all property damage insurance policies shall be delivered either permit or contain an express waiver of any right to recovery (by subrogation or otherwise) by the insurance company against Landlord and Landlord’s mortgagees. Tenant shall deliver to Landlord prior to the Commencement Date and at least thirty (30) days prior to the expiration either a copy of each respective such policy term. Landlord shall have the right to periodically review of insurance or a certificate evidencing the coverages required hereunder and in prior to occupancy. Renewal certificates shall be provided by Tenant on an annual basis. Neither the event Landlord deems It reasonably necessary issuance of any insurance policy required hereunder nor the minimum limits specified herein with respect to require additional coverage resulting from inflation or from increases in jury verdicts or other economic conditions in the jurisdiction where the Property is located, Tenant shall obtain the coverage requested by Landlord. Notwithstanding any other provisions in this Lease to the contrary, Tenant shall have the right to self-assume or obtain insurance from an insurance company that is a wholly owned subsidiary of one (1) of the two (2) general partners of the Tenant which insurance company must have a Best's Rating of A XII or better, for all or a portion of the risk which Tenant is required to provide Tenant’s insurance coverage shall be deemed to limit or restrict in any way Tenant’s liability under this Lease. In the event Tenant self-assumes the risk, it will be responsible for all losses and liabilities to the same extent as if valid and collectible insurance were in effect. The foregoing provision concerning the right to self-assume shall only apply to the Tenant as of the date of this Lease, and to no successors and/or assigns unless consented to by Landlord in its sole discretion.
Appears in 1 contract
Samples: Lease Agreement (Celsion CORP)
Tenant’s Insurance. Effective as of the earlier of v) the date Tenant enters or occupies the Premises, or vi) the Commencement Date, and continuing throughout the Term, Tenant shall carry maintain the following insurance policies: (at its sole expense during the Term) (I) fire and extended coverage insurance insuring Tenant's Improvements to the Premises and any and all furniture, equipment, supplies, contents and other property owned, leased, held or possessed by Tenant and contained therein, such insurance coverage to be in an amount equal to the full replacement value of such improvements and property, as such may increase from time to time; (ii) worker's compensation insurance as required by the laws of the State of Georgia; and (iii1) commercial general liability insurance in amounts of $3,000,000 per occurrence or, following the expiration of the initial Term, such other amounts as Landlord may from time to time reasonably require (and, if the use and occupancy of the Premises include any activity or matter that is or may be excluded from coverage on an occurrence basis 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 such amounts as Landlord may reasonably require), insuring Tenant, Landlord, and, if requested in writing by Landlord, Landlord’s Mortgagee, against all liability for injury to or death of a person or persons and for or damage to property occasioned by or arising out of from the condition, use, or 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 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 loss payees as their interests may appear, (3) insurance covering the full value of all furniture, trade fixtures and personal property (including property of Tenant or other portions others) in the Premises or otherwise placed in the Project by or on behalf of the Building or Propertya Tenant Party (including Tenant’s equipment), including (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 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 coverages required hereunder at least ten days prior to the earlier of the Commencement Date or the date Tenant enters or occupies the Premises, and endorsements as are reasonably required by Landlordat least 15 days prior to each renewal of said insurance, such policy to have and Tenant shall obtain a combined single limit of not less than Three Million and no/100 Dollars ($3,000,000) for any bodily injury or property damage occurring as a result of or in connection with the above. Landlord and Landlord's property manager shall be named additional insureds written obligation on the policies required hereunder and such policies shall provide that the coverage thereunder is primary to, and not contributing with, any policy carried by part of each insurance company to notify Landlord at least 30 days before cancellation or a material change of any such additional insured. Tenant shall have included in all policies of insurance respectively obtained by it with respect to the Building or Premises a waiver by the Insurer of all right of subrogation against the Landlord in connection with any loss or damage thereby insured against, and Landlord shall have included in all property insurance policies required to be maintained by Landlord under this lease a waiver by the insurer of all right of subrogation against the Tenant in connection with any loss or damage thereby insured against. To the full extent permitted by law, Landlord as to its property insurance policies and Tenant as to all its policies, each waives all right of recovery against the other for, and agrees to release the other from liability for, loss or damage to the extent such loss or damage results from a cause covered by valid and collectible insurance in effect at the time of such loss or damage; provided however, that the foregoing release by each party is conditioned upon the other party's carrying insurance with the above described waiver of subrogation to the extent required above, and if such coverage is not obtained or maintained by either party, then the other party's foregoing release shall be deemed to be rescinded until such waiver is either obtained or reinstated. All said such insurance policies shall be carried in form, and issued by companies with companies licensed to do business in the State an A.M. Best rating of Georgia A+:VII or better, reasonably satisfactory to Landlord having. a Best's Rating of A XII or better and shall be noncancellable and nonamendable except after thirty (30) days written notice to Landlord. At If Tenant fails to comply with the foregoing insurance requirements or to deliver to Landlord the certificates or evidence of coverage required herein, Landlord's request, duly executed certificates 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 15% of such insurance shall be delivered to Landlord prior to the Commencement Date and at least thirty (30) days prior to the expiration of each respective policy term. Landlord shall have the right to periodically review the coverages required hereunder and in the event Landlord deems It reasonably necessary to require additional coverage resulting from inflation or from increases in jury verdicts or other economic conditions in the jurisdiction where the Property is located, Tenant shall obtain the coverage requested by Landlord. Notwithstanding any other provisions in this Lease to the contrary, Tenant shall have the right to self-assume or obtain insurance from an insurance company that is a wholly owned subsidiary of one (1) of the two (2) general partners of the Tenant which insurance company must have a Best's Rating of A XII or better, for all or a portion of the risk which Tenant is required to provide insurance coverage under this Lease. In the event Tenant self-assumes the risk, it will be responsible for all losses and liabilities to the same extent as if valid and collectible insurance were in effect. The foregoing provision concerning the right to self-assume shall only apply to the Tenant as of the date of this Lease, and to no successors and/or assigns unless consented to by Landlord in its sole discretioncost.
Appears in 1 contract
Samples: Lease Agreement (Oncovista Innovative Therapies, Inc)
Tenant’s Insurance. Except as set forth below, during the term of this Lease, Tenant shall carry maintain the following insurance policies:
(at its sole expense during a) Comprehensive public liability insurance, including insurance against the Term) (I) fire and extended coverage insurance insuring Tenant's Improvements assumed or contractual liability of Tenant hereunder, to afford protection to the Premises and any and all furniture, equipment, supplies, contents and other property owned, leased, held or possessed by Tenant and contained therein, such insurance coverage to be in an amount equal to the full replacement value of such improvements and property, as such may increase from time to time; (ii) worker's compensation insurance as required by the laws of the State of Georgia; and (iii) commercial general liability coverage on an limit for each occurrence basis for injury to or death of a person or persons and for damage to property occasioned by or arising out of the condition, use, or occupancy of the Premises, or other portions of the Building or Property, including contractual liability and such other coverages and endorsements as are reasonably required by Landlord, such policy to have a combined single limit of not less than Three Million and no/100 Dollars ($3,000,0003,000,000.00) (including umbrella coverage) combined single limit for any bodily injury injury, death and property damage.
(b) Special form or property damage occurring as a result of or all risk insurance, written at replacement cost value and with replacement cost endorsement, covering the Building shell, all leasehold improvements in connection with the above. Landlord Premises paid for by Landlord, and Landlord's interest in the Premises .
(c) All-risk property manager shall be named additional insureds on insurance, written at replacement cost value and with replacement cost endorsement covering all of Tenant's personal property in the policies required hereunder Premises (including, without limitation, inventory, trade fixtures, wall and such policies shall provide that floor coverings, furniture and other personal property), all leasehold improvements in the coverage thereunder is primary toPremises paid for by Tenant, and not contributing with, any Tenant's interest in the Premises. The policy carried by any such Tenant under Sections 14.3(a) and (b) above shall name Landlord as an additional insured. Tenant shall have included in all policies of insurance respectively obtained by it with respect to the Building or Premises a waiver by the Insurer of all right of subrogation against the Landlord in connection with any loss or damage thereby insured against, and Landlord such policy shall have included in all property insurance policies required to be maintained also contain a provision by Landlord under this lease a waiver by which the insurer of all right of subrogation against the Tenant in connection with any loss or damage thereby insured against. To the full extent permitted by law, Landlord as to its property insurance policies and Tenant as to all its policies, each waives all right of recovery against the other for, and agrees to release the other from liability for, loss or damage to the extent that such loss or damage results from a cause covered by valid and collectible insurance in effect at the time of such loss or damage; provided however, that the foregoing release by each party is conditioned upon the other party's carrying insurance with the above described waiver of subrogation to the extent required above, and if such coverage is policy shall not obtained or maintained by either party, then the other party's foregoing release shall be deemed to be rescinded until such waiver is either obtained or reinstated. All said insurance policies shall be carried with companies licensed to do business in the State of Georgia reasonably satisfactory to Landlord having. a Best's Rating of A XII or better and shall be noncancellable and nonamendable cancelled except after thirty (30) days written notice to Landlord. At Landlord's requestSuch insurance may be carried under blanket insurance policies. Such policy, duly executed certificates of such insurance or a certificate thereof, shall be delivered to deposited with Landlord prior to by Tenant not later than such date as Tenant or its agents, employees or contractors shall enter the Commencement Date and at least thirty (30) days prior Premises. Prior to the expiration or termination of each respective policy term. Landlord shall have the right to periodically review the coverages required hereunder and in the event Landlord deems It reasonably necessary to require additional coverage resulting from inflation or from increases in jury verdicts or other economic conditions in the jurisdiction where the Property is locatedsuch policy, Tenant shall obtain the coverage requested by Landlorddeliver to Landlord a new or renewal policy (or a certificate thereof). Notwithstanding any other provisions in this Lease anything to the contrarycontrary set forth above, Landlord and Tenant shall each have the right to self-assume or obtain insurance from an insurance company that is a wholly owned subsidiary of one (1) of the two (2) general partners of the Tenant which insurance company must have a Best's Rating of A XII or better, for insure all or a portion any part of its insurance obligations hereunder, so long as the risk which Tenant is required to provide insurance coverage under this Lease. In the event Tenant self-assumes the risk, it will be responsible for all losses insuring party obtains and liabilities to the same extent as if valid and collectible insurance were in effect. The foregoing provision concerning the right to self-assume shall only apply to the Tenant as maintains a tangible net worth of the date of this Lease, and to no successors and/or assigns unless consented to by Landlord in its sole discretionat least $150,000,000.00.
Appears in 1 contract
Samples: Lease (Ultimate Electronics Inc)
Tenant’s Insurance. During the term of this lease, Tenant shall carry (at its sole expense during provide and keep in force for the Term) (I) fire benefit of Landlord and extended coverage insurance insuring of Tenant's Improvements to the Premises and , as their respective interests may appear, general liability policy in standard form protecting Landlord against any and all furniture, equipment, supplies, contents and other liability occasioned by accident or disaster resulting in injury or loss to property owned, leased, held or possessed by Tenant and contained therein, such insurance coverage to be in an amount equal to the full replacement value of such improvements and property, as such may increase from time to time; (ii) worker's compensation insurance as required by the laws of the State of Georgia; and (iii) commercial general liability coverage on an occurrence basis for injury to or death of a person or to persons and for damage to property occasioned by or arising out of the condition, use, or use and occupancy of the Premises, . Such policy shall be written by a good and solvent insurance company in the minimum amount of $500,000 per occurrence. Tenant must provide evidence of insurance naming Landlord as additional insured via a certificate or other portions copy of the Building policy, which must include the insurer's agreement to provide Landlord at least 30 days prior written notice of cancellation or Propertyexpiration. If Tenant carries a blanket liability policy or policies protecting against accident or disaster at various locations, including contractual liability and such other coverages and endorsements as are reasonably required delivery by Landlord, Tenant to Landlord or a certificate issued by the insurance company writing such policy stating that the Landlord is protected thereunder to have a combined single limit of not less than Three Million and no/100 Dollars ($3,000,000) for any bodily injury or property damage occurring as a result of or in connection the extent hereinabove specified shall be deemed compliance by Tenant with the aboveforegoing requirements; however, the above mentioned 30 day notice provision must be complied with. Landlord shall carry similar insurance and shall maintain "all-risk" property insurance upon the furniture and telephone equipment described in Paragraph 19 hereof. Each of Landlord's property manager shall be named additional insureds on the policies required hereunder and such Tenant's insurance policies shall provide that the coverage thereunder is primary to, and not contributing with, any policy carried by any such additional insuredfor waiver of subrogation. Tenant shall have included in all policies of insurance respectively obtained by it with respect Anything to the Building contrary contained herein notwithstanding, each of Landlord and Tenant hereby waive and release the other from and against any and all claims, causes in action and/or expense for which such person is or Premises a waiver would be insured by the Insurer of all right of subrogation against the Landlord in connection with any loss or damage thereby insured against, and Landlord shall have included in all property insurance policies maintained or required to be maintained by Landlord under this lease a waiver by the insurer of all right of subrogation against the Tenant in connection with any loss hereby (or damage thereby insured against. To the full extent permitted by law, Landlord as to its property insurance policies and Tenant as to all its policies, each waives all right of recovery against the other for, and agrees to release the other from liability for, loss or damage to the extent such loss or damage results from a cause covered by valid and collectible insurance in effect at the time of such loss or damage; provided however, that the foregoing release by each party is conditioned upon the other party's carrying insurance with the above described waiver of subrogation to the extent required above, and if such coverage is not obtained or otherwise maintained by either party, then the other party's foregoing release shall be deemed to be rescinded until such waiver is either obtained or reinstatedperson). All said insurance policies shall be carried with companies licensed to do business in the State of Georgia reasonably satisfactory to Landlord having. a Best's Rating of A XII or better and shall be noncancellable and nonamendable except after thirty (30) days written notice to Landlord. At Landlord's request, duly executed certificates of such insurance shall be delivered to Landlord prior to the Commencement Date and at least thirty (30) days prior to the expiration of each respective policy term. Landlord shall have the right to periodically review the coverages required hereunder and in the event Landlord deems It reasonably necessary to require additional coverage resulting from inflation or from increases in jury verdicts or other economic conditions in the jurisdiction where the Property is located, Tenant shall obtain the coverage requested by Landlord. Notwithstanding any other provisions in this Lease to the contraryIn addition, Tenant shall have no liability to Overlandlord or to Landlord for any matter which is 5 customarily insured or insurable under policies of insurance comparable to those typically carried by large commercial owners of properties similar to the right to self-assume or obtain insurance from an insurance company that is a wholly owned subsidiary of one (1) of the two (2) general partners of the Property. Tenant which insurance company must have a Best's Rating of A XII or better, for all or a portion of the risk which Tenant is required to provide insurance coverage under this Lease. In the event Tenant self-assumes the risk, it will shall be responsible for all losses and liabilities any increase or continued increase in Landlord's insurance premiums resulting from any action and/or expense due to the same extent as if valid and collectible insurance were in effect. The foregoing provision concerning the right to self-assume shall only apply to the Tenant as of the date of this Lease, and to no successors and/or assigns unless consented to by Landlord in its sole discretionTenant's negligence.
Appears in 1 contract
Tenant’s Insurance. Tenant shall carry (procure and maintain policies of insurance, at its sole expense during own cost and expense, insuring:
(a) The Landlord Protected Parties as "additional insureds", and Landlord's mortgagee, if any, of which Tenant is given written notice, and Tenant Protected Parties, from all claims, demands or actions made by or on behalf of any person or persons, firm, corporation or entity and arising from, related to or connected with the Term) (I) fire and extended coverage insurance insuring Leased Premises, Tenant's Improvements to the Premises and any and all furniture, equipment, supplies, contents and other property owned, leased, held use thereof or possessed by Tenant and contained operations therein, such insurance coverage to be in an amount equal to or on the full replacement value of such improvements and property, as such may increase from time to time; (ii) worker's compensation insurance as required by the laws non-taxiway portions of the State common areas of Georgia; and (iii) commercial general liability coverage on an occurrence basis the Real Estate for bodily injury to or personal injury to or death of a person any person, or persons and more than one (1) person, or for damage to property occasioned by or arising out of the condition, use, or occupancy of the Premises, or other portions of the Building or Property, including contractual liability and such other coverages and endorsements as are reasonably required by Landlord, such policy to have a combined single limit in an amount of not less than Three Million $3,000,000.00 combined single limit per occurrence/aggregate. Said insurance shall be written on an "occurrence" basis and no/100 Dollars ($3,000,000) for not on a "claims made" basis, and such liability policies shall include products and completed operations liability insurance. If at any bodily injury time during the term of this Lease, Tenant owns or property damage occurring as a result of rents more than one location, the policy shall contain an endorsement to the effect that the aggregate limit in the policy shall apply separately to each location owned or in connection with the aboverented by Tenant. Landlord and shall have the right, exercisable by giving written notice thereof to Tenant, to require Tenant to increase such limit if, in Landlord's property manager shall be named additional insureds on reasonable judgment, the policies required hereunder amount thereof is insufficient to protect the Landlord Protected Parties and Tenant Protected Parties from judgments which might result from such policies shall provide that the coverage thereunder is primary toclaims, and not contributing with, any policy carried by any such additional insureddemands or actions. Tenant shall have included cause its liability insurance to include contractual liability coverage fully covering the indemnity set forth above and in all policies of insurance respectively obtained by it with respect Section 13.1 below.
(b) All contents and Tenant's trade fixtures, machinery, equipment, furniture and furnishings in the Leased Premises to the Building or Premises a waiver by extent of at least ninety percent (90%) of their replacement cost under Standard Fire and Extended Coverage Policy and all other risks of direct physical loss as insured against under Special Form ("all risk" coverage). Said insurance shall contain an endorsement waiving the Insurer of all insurer's right of subrogation against any Landlord Protected Party.
(c) Tenant Protected Parties from all worker's compensation claims, including employer's liability with minimum limits of $500,000.00 per occurrence.
(d) Landlord and Tenant against breakage of all plate glass utilized in the Landlord in connection improvements on the Leased Premises.
(e) Tenant agrees to maintain, at its own expense, for the benefit of itself, Tenant's Protected Parties and Landlord's Protected Parties, excess and/or umbrella liability insurance of such types and with any limits not less than Twenty Five Million Dollars ($25,000,000.00) as may be approved by Landlord, insuring against liability for damage or loss or damage thereby insured againstto property, and Landlord against liability for personal injury or death, arising from acts or omissions of Tenant, its agents, employees or invitees. Said excess and/or umbrella policies shall have included include all liability policies in all property insurance policies required to be maintained by Landlord under this lease a waiver by the insurer of all right of subrogation against the Tenant Section 6.2(a), employer's liability in connection with any loss or damage thereby insured against. To the full extent permitted by law, Section 6.2(c) and hangar liability in Section 6.2(e) as underlying policies.
(f) Automobile liability naming Landlord as additional insured with minimum of $1,000,000.00 limits for property damage, death or bodily injury. This policy shall be for the benefit of Tenant and Landlord for any claims, demands or actions made by or on behalf of any person or persons, firm, corporation, or entity arising from the control, operation or use of any vehicle by Tenant or Tenant's Protected Parties on or about the Real Estate. The automobile policy shall be listed as an underlying policy on the umbrella policy referred to its property insurance policies and in Section 6.2(e). Tenant as to all its policies, each waives all right of recovery against the other for, and agrees to release the other from liability for, loss or damage to the extent such loss or damage results from a cause covered by valid provide Landlord with notice of any self-insurance programs and collectible insurance in effect at the time of such loss or damage; provided however, that the foregoing release by each party is conditioned upon the other party's carrying insurance with the above described waiver of subrogation to the extent required above, and if such coverage is not obtained or maintained by either party, then the other party's foregoing release shall be deemed to be rescinded until such waiver is either obtained or reinstated. All said insurance policies shall be carried with companies licensed to do business in the State of Georgia reasonably satisfactory to Landlord having. a Best's Rating of A XII or better and shall be noncancellable and nonamendable except after thirty (30) days written notice to Landlord. At Landlord's request, duly executed certificates of such insurance shall be delivered to Landlord prior to the Commencement Date and at least thirty (30) days prior to the expiration of each respective policy term. Landlord shall have the right to periodically review approve any such programs. Any insurance deductibles or self-insurance amounts shall be the coverages required hereunder responsibility of Tenant, and any deductibles or self-insurance amounts in the event Landlord deems It reasonably necessary to require additional coverage resulting from inflation or from increases excess of $250,000 shall be approved in jury verdicts or other economic conditions in the jurisdiction where the Property is located, Tenant shall obtain the coverage requested advance by Landlord. Notwithstanding any other provisions in this Lease to the contrary, Tenant shall have the right to self-assume or obtain insurance from an insurance company that is a wholly owned subsidiary of one (1) of the two (2) general partners of the Tenant which insurance company must have a Best's Rating of A XII or better, for all or a portion of the risk which Tenant is required to provide insurance coverage under this Lease. In the event Tenant self-assumes the risk, it will be responsible for all losses and liabilities to the same extent as if valid and collectible insurance were in effect. The foregoing provision concerning the right to self-assume shall only apply to the Tenant as of the date of this Lease, and to no successors and/or assigns unless consented to by Landlord in its sole discretion.
Appears in 1 contract
Samples: Industrial Space Lease (Value City Department Stores Inc /Oh)
Tenant’s Insurance. Tenant shall carry (i) Tenant, at its sole cost and expense but for the mutual benefit of Landlord (when used in this Section 8(a) the term “Landlord” shall include Landlord’s partners, beneficiaries, officers, agents, servants and employees and the term “Tenant” shall include Tenant’s partners, beneficiaries, officers, agents, servants and employees), agrees to purchase and keep in force and effect during the Term) (I) fire term hereof, insurance that is available at commercially reasonable rates and extended coverage insurance insuring Tenant's Improvements to the Premises and any and all furniture, equipment, supplies, contents and other property owned, leased, held or possessed by Tenant and contained therein, such insurance coverage to be in an amount equal to the full replacement value of such improvements and property, as such may increase from time to time; (ii) worker's compensation insurance as required by the laws of the State of Georgia; and (iii) commercial general liability coverage on an occurrence basis for injury to or death of a person or persons and for damage to property occasioned by or arising out of the condition, use, or occupancy of the Premises, or other portions of the Building or Property, including contractual liability and such other coverages and endorsements as are reasonably required by Landlord, such policy to have a combined single limit of not less than Three Million and no/100 Dollars ($3,000,000) for any bodily injury or property damage occurring as a result of or in connection with the above. Landlord and Landlord's property manager shall be named additional insureds on the policies required hereunder and such policies shall provide that the coverage thereunder is primary to, and not contributing with, any policy otherwise carried by any such additional insured. Tenant shall have included tenants in all the area, providing a commercially reasonable deductible, under policies issued by insurers of insurance respectively obtained by it with respect to the Building or Premises a waiver by the Insurer of all right of subrogation against the Landlord in connection with any loss or damage thereby insured against, and Landlord shall have included in all property insurance policies required to be maintained by Landlord under this lease a waiver by the insurer of all right of subrogation against the Tenant in connection with any loss or damage thereby insured against. To the full extent permitted by law, Landlord as to its property insurance policies and Tenant as to all its policies, each waives all right of recovery against the other for, and agrees to release the other from liability for, loss or damage to the extent such loss or damage results from a cause covered by valid and collectible insurance in effect at the time of such loss or damage; provided however, that the foregoing release by each party is conditioned upon the other party's carrying insurance with the above described waiver of subrogation to the extent required above, and if such coverage is not obtained or maintained by either party, then the other party's foregoing release shall be deemed to be rescinded until such waiver is either obtained or reinstated. All said insurance policies shall be carried with companies recognized responsibility licensed to do business in the State of Georgia reasonably satisfactory Arizona with a Best’s rating of A- or better on all of Tenant’s furniture, trade fixtures, equipment and other personal property located in the Premises, protecting Landlord and Tenant from damage or other loss caused by fire or other casualty, including but not limited to vandalism and malicious mischief, perils covered by extended coverage, theft, sprinkler leakage, water damage (however caused), explosion, malfunction or failure of heating and cooling or other apparatus, and other similar risks in amounts not less than the full insurable replacement value of such property. Such insurance shall provide that it is specific and not contributory and shall contain a replacement cost endorsement. Such insurance shall also contain a clause pursuant to which the insurance carriers waive all rights of subrogation against the Landlord with respect to losses payable under such policies.
(ii) Tenant also agrees to maintain commercial general liability insurance covering Tenant as the insured party, containing a contractual liability endorsement and naming Landlord as an additional insured, against claims for bodily injury and death and property damage occurring in or about the Premises, with limits of not less than Two Million and No/100 Dollars ($2,000,000.00) for each injury or death to a person and Five Million and No/100 Dollars ($5,000,000.00) for each occurrence and, in case of property damage, not less than Two Million and No/100 Dollars ($2,000,000.00) for any one occurrence. [***] Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. Blackhawk Lease Deer Valley Corporate Center Phoenix, AZ
(iii) All insurance required under this Section 8(a) shall name the Landlord as an additional insured. Tenant shall, prior to commencement of the term, furnish to Landlord having. a Best's Rating of A XII or better and certificates evidencing such coverage, which certificates shall be noncancellable and nonamendable except after thirty (30) days written notice to Landlord. At Landlord's request, duly executed certificates of state that such insurance shall coverage may not be delivered to Landlord prior to the Commencement Date and changed or canceled without at least thirty (30) days prior written notice to the expiration Landlord and Tenant. If Tenant fails to procure such insurance, Landlord may at its option, after giving Tenant no less than fourteen (14) days prior written notice of each respective policy term. Landlord shall have the right its election to periodically review the coverages required hereunder and in the event Landlord deems It reasonably necessary to require additional coverage resulting from inflation or from increases in jury verdicts or other economic conditions in the jurisdiction where the Property is locateddo so, Tenant shall obtain the coverage requested by Landlord. Notwithstanding any other provisions in this Lease to the contrary, Tenant shall have the right to self-assume or obtain insurance from an insurance company that is a wholly owned subsidiary of one (1) of the two (2) general partners of the Tenant which insurance company must have a Best's Rating of A XII or better, for all or a portion of the risk which Tenant is required to provide insurance coverage under this Lease. In the event Tenant self-assumes the risk, it will be responsible for all losses and liabilities to procure the same extent for the account of Tenant and the cost thereof shall be paid to Landlord as if valid and collectible insurance were in effect. The foregoing provision concerning the right to self-assume shall only apply to the additional Rent upon receipt by Tenant as of the date of this Lease, and to no successors and/or assigns unless consented to by Landlord in its sole discretionbills therefor.
Appears in 1 contract
Samples: Office Space Lease (Blackhawk Network Holdings, Inc)
Tenant’s Insurance. Tenant shall carry (maintain insurance complying with all of the following:
A. Tenant shall procure, pay for and keep in full force and effect, at its sole expense all times during the Lease Term, the following:
(1) (I) fire and extended coverage Commercial General Liability insurance insuring Tenant against liability for bodily injury, death, property damage and personal injury occurring at the Leased Premises, or resulting from Tenant's Improvements to the Premises and any and all furniture, equipment, supplies, contents and other property owned, leased, held use or possessed by Tenant and contained therein, such insurance coverage to be in an amount equal to the full replacement value of such improvements and property, as such may increase from time to time; (ii) worker's compensation insurance as required by the laws occupancy of the State of Georgia; and (iii) commercial general liability coverage Leased Premises or the Building, Outside Areas, Property, or Common Areas or resulting from Tenant's activities in or about the Leased Premises. Such insurance shall be on an occurrence basis for injury to or death of a person or persons and for damage to property occasioned by or arising out of the condition, use, or occupancy of the Premises, or other portions of the Building or Property, including contractual liability and such other coverages and endorsements as are reasonably required by Landlord, such policy to have with a combined single limit of liability of not less than Three Million and no/100 Dollars the amount of Tenant's Required Liability Coverage ($3,000,000) for any bodily injury as set forth in Article 1). The policy or property damage occurring as a result of or in connection with the above. Landlord and Landlord's property manager shall be named additional insureds on the policies required hereunder and such policies shall provide that the coverage thereunder is primary to, and not contributing with, any policy carried by any such additional insured. Tenant shall have included in all policies of insurance respectively obtained by it with respect to the Building or Premises a waiver by the Insurer of all right of subrogation against the Landlord in connection with any loss or damage thereby insured against, and Landlord shall have included in all property insurance policies required to be maintained by Landlord under this lease a waiver by the insurer of all right of subrogation against the Tenant in connection with any loss or damage thereby insured against. To the full extent permitted by law, Landlord as to its property insurance policies and Tenant as to all its policies, each waives all right of recovery against the other for, and agrees to release the other from liability for, loss or damage to the extent such loss or damage results from a cause covered by valid and collectible insurance in effect at the time of such loss or damage; provided however, that the foregoing release by each party is conditioned upon the other party's carrying insurance with the above described waiver of subrogation to the extent required above, and if such coverage is not obtained or maintained by either party, then the other party's foregoing release shall be deemed to be rescinded until such waiver is either obtained or reinstated. All said insurance policies shall be carried with companies licensed endorsed to do business name Landlord and such others as are designated by Landlord as additional insureds in the State of Georgia reasonably satisfactory form equivalent to Landlord having. a Best's Rating of A XII CG20111185 or better successor and shall contain the following additional endorsement: "The insurance afforded to the additional insureds is primary insurance. If the additional insureds have other insurance which is applicable to the loss on a contributing, excess or contingent basis, the amount of this insurance company's liability under this policy shall not be noncancellable reduced by the existence of such other insurance. Any insurance carried by the additional insureds shall be excess and nonamendable except after non-contributing with the insurance provided by the Tenant." The policy shall not be canceled or reduced without at least 30 days' written notice to additional insureds. If the policy insures more than one location, it shall be endorsed to show that the limits and aggregate apply per location using endorsement CG25041185 or successor. Tenant's policy shall also contain the severability of interest and cross-liability endorsement or clauses.
(2) Fire and property damage insurance in so-called Special Form plus earthquake and flood insuring Tenant against loss from physical damage to Tenant's personal property, inventory, stock, trade fixtures and improvements within the Leased Premises with coverage for the full actual replacement cost thereof;
(3) Plate-glass insurance, at actual replacement cost;
(4) Boiler and Machinery insurance, if applicable;
(5) Product Liability insurance (including without limitation Liquor Liability insurance for liability arising out of the distribution, sale, or consumption of food and/or beverages including alcoholic beverages at the Leased Premises for not less than the Tenant's Required Liability Coverage as set forth in Article I;
(6) Workers' compensation insurance and any other employee benefit insurance sufficient to comply with all Laws which policy shall be endorsed to provide thirty (30) days written notice of cancellation to Landlord;
(7) With respect to making of alterations or the construction of improvements or the like undertaken by Tenant, contingent liability and builder's risk insurance, in an amount and with coverage satisfactory to Landlord;
(8) Business Income Insurance at a minimum of 50% co-insurance including coverage for loss of business income due to damage to equipment from perils covered under the so-called Special Form plus perils of earthquake and flood; and
(9) Comprehensive Auto Liability insurance with a combined single limit coverage of not less than the amount of Tenant's Required Liability Coverage (as set forth in Article I) for bodily injury and/or property damage liability for: a) Owned autos b) Hired or borrowed autos c) Non-owned autos d) Auto blanket contractual form CA0029. The policy shall be endorsed to provide 30 days written notice of cancellation to Landlord.
B. Each policy of liability insurance required to be carried by Tenant pursuant to this Article or actually carried by Tenant with respect to the Leased Premises or the Property (i) shall be in a form satisfactory to Landlord, (ii) Shall be provided by carriers admitted to do business in the state of California, with a Best rating of "A/VI" or better and/or acceptable to Landlord. At Landlord's request, duly executed certificates of such Property insurance shall be delivered contain a waiver and/or a permission to Landlord prior waive by the insurer any right of subrogation against Landlord, its principals, employees, agents and contractors which might arise by reason of any payment under such policy or by reason of any act or omission of Landlord, its principals, employees, agents or contractors.
C. Prior to the Commencement Date time Tenant or any of its contractors enters the Leased Premises, Tenant shall deliver to the Landlord with respect to each policy of insurance required to be carried by Tenant pursuant to this Article, a certificate of the insurer certifying, in a form satisfactory to the Landlord, that the policy has been issued and at least thirty (30) premium paid providing the coverage required by this Article and containing the provisions herein. Attached to such a certificate shall be endorsements naming Landlord as additional insured, and including the wording under primary insurance above. With respect to each renewal or replacement of any such insurance, the requirements of this Article must be complied with not less than 30 days prior to the expiration or cancellation of each respective the policy termbeing renewed or replaced. Landlord shall have may as any time and from time-to-time inspect and/or copy any and all insurance policies required to be carried by Tenant pursuant to this article. If Landlord's lender, insurance broker or advisor or counsel reasonably determines as any time that the right to periodically review the coverages required hereunder and form or amount of coverage set forth in the event Landlord deems It reasonably necessary to require additional coverage resulting from inflation or from increases in jury verdicts or other economic conditions in the jurisdiction where the Property is located, Tenant shall obtain the coverage requested by Landlord. Notwithstanding Article 9.1 (A) for any other provisions in this Lease to the contrary, Tenant shall have the right to self-assume or obtain policy of insurance from an insurance company that is a wholly owned subsidiary of one (1) of the two (2) general partners of the Tenant which insurance company must have a Best's Rating of A XII or better, for all or a portion of the risk which Tenant is required to provide carry pursuant to this Article is not adequate, then Tenant shall increase the amount of coverage for such insurance to such greater amount or change the form as Landlord's lender, insurance broker or advisor or counsel reasonably deems adequate (provided however such increase level of coverage may not exceed the level of coverage for such insurance commonly carried by comparable businesses similarly situated and operating under this Lease. In similar circumstances).
D. The Commercial General Liability insurance carried by Tenant shall specifically insure the event performance b Tenant self-assumes the risk, it will be responsible for all losses and liabilities to the same extent as if valid and collectible insurance were in effect. The foregoing provision concerning the right to self-assume shall only apply to the Tenant as of the date Indemnification provisions set forth in Article 8.2 of this Leaselease provided, and however, nothing contained in this Article 9 shall be construed to no successors and/or assigns unless consented to by Landlord limit the liability of Tenant under site Indemnification provisions set forth in its sole discretionsaid Article 8.2.
Appears in 1 contract
Tenant’s Insurance. (a) The Tenant shall carry (shall, at its sole expense during cost and expense, take out and keep in full force and effect throughout the TermTerm and any period when it is in possession of the Premises, the following insurance:
(i) “all-risks” insurance (Iincluding flood and earthquake) fire upon property of every description and extended kind owned by the Tenant, or for which the Tenant is legally liable, or installed by or on behalf of the Tenant, including, without limitation, stock-in-trade, furniture, fittings, installations, signs, alterations, additions, partitions and fixtures and anything in the nature of a Leasehold Improvement in the Premises (regardless of when or who installed same), all of the foregoing in an amount of not less than the full replacement cost thereof without deduction for depreciation. Such insurance shall be subject to an agreed amount clause and with a contingent liability from enforcement of building by-laws endorsement and an inflation protection endorsement. If there is a dispute regarding the amount of full replacement cost, the decision of the Landlord or its Mortgagee will be conclusive. The Landlord and every Mortgagee shall be named as an additional insured on such insurance policies. Such insurance policies may contain reasonable deductibles in amounts acceptable to the Landlord, acting reasonably;
(ii) commercial general liability insurance on an occurrence basis against claims for personal injury, bodily injury, contractual liability, “all-risks” tenants’ legal liability for the full replacement costs of the Premises (without depreciation and including the loss of its use), employer’s liability and owners’ and contractors’ protective insurance coverage insurance insuring Tenant's Improvements with respect to the Premises and any the Common Areas. The coverage under such insurance is to include the use, activities and all furniture, equipment, supplies, contents and other property owned, leased, held or possessed operations in the Premises by the Tenant and contained thereinany other Person and the use, activities and operations in any other part of the Development by the Tenant or any of the Tenant’s Employees or its contractors, subcontractors or agents. Such policies shall be written on a comprehensive basis with limits of not less than $2,000,000.00 for any one occurrence, or such insurance coverage to be in an amount equal to higher limits as the full replacement value of such improvements and property, as such Landlord or its Mortgagee may increase reasonably require from time to time; . The Landlord, the Landlord’s property manager (iiif any) worker's compensation and the Mortgagee shall be named as additional insureds in such insurance as required by the laws of the State of Georgia; and policies;
(iii) commercial general liability coverage on business interruption insurance in an occurrence basis amount which will reimburse the Tenant for injury direct or indirect loss of earnings attributable to all perils insured against in section 12.1(a)(i) and other perils commonly insured against by prudent tenants or death attributable to prevention of access to the Premises or the Building as a person or persons result of such perils and which shall include provision for damage to property occasioned by or arising out the payment of the condition, use, or occupancy Rent required hereunder and be in a profits form of the Premises, or other portions of the Building or Property, including contractual liability and such other coverages and endorsements as are reasonably required by Landlord, such policy to have a combined single limit coverage with an indemnity period of not less than Three Million 12 months;
(iv) broad form comprehensive boiler and no/100 Dollars machinery insurance on a blanket repair and replacement cost basis with limits for each accident in an amount at least equal to the replacement cost ($3,000,000without depreciation) for any bodily injury of all Leasehold Improvements and of all boilers, pressure vessels, heating, ventilating and air-conditioning equipment and miscellaneous electrical apparatus owned or property damage occurring as a result operated by the Tenant (other than equipment owned by the Landlord) or by others (other than the Landlord) on behalf of the Tenant in the Premises or in connection with that relates to or serves the abovePremises, subject to an agreed amount clause. The Landlord and Landlord's property manager every Mortgagee shall be named additional insureds on the policies required hereunder and such policies shall provide that the coverage thereunder is primary to, and not contributing with, any policy carried by any such as an additional insured. The Tenant shall have included only be required to carry such insurance if it has in all policies the Premises equipment that would be covered by such insurance;
(v) exterior glass insurance; and
(vi) any other form or forms of insurance respectively obtained as the Tenant or the Landlord or the Mortgagee may reasonably require from time to time in amounts and for insurance risks against which a prudent tenant would protect itself. The Tenant is responsible for the payment of all insurance premiums for the insurance policies required by it this section and for all deductibles payable under the insurance policies required by this section.
(b) All policies required by this section shall:
(i) be with respect insurers acceptable to the Building or Premises Landlord;
(ii) be in a waiver by form satisfactory to the Insurer of all right of subrogation against Landlord;
(iii) contain an endorsement requiring the insurers under such policies to notify the Landlord in connection with writing at least 30 days after any loss material change or damage thereby insured againstcancellation thereof;
(iv) contain a waiver in favour of the Landlord, the Landlord’s property manager and Landlord shall have included in all property any Mortgagee of any breach of warranty clause such that the insurance policies required to in question will not be maintained invalidated in respect of the interests of the Landlord and any Mortgagee by Landlord under this lease reason of a waiver breach by the insurer Tenant of all right of subrogation against any warranty contained in such policies; and
(v) contain a clause stating that the Tenant in connection with Tenant’s insurance policy will be considered as primary insurance and will not call into contribution any loss or damage thereby insured against. To the full extent permitted by law, Landlord as to its property other insurance policies and Tenant as to all its policies, each waives all right of recovery against the other for, and agrees to release the other from liability for, loss or damage that may be available to the extent such loss or damage results from a cause covered by valid and collectible insurance in effect at the time of such loss or damage; provided however, that the foregoing release by each party is conditioned upon the other party's carrying insurance with the above described waiver of subrogation to the extent required above, and if such coverage is not obtained or maintained by either party, then the other party's foregoing release shall be deemed to be rescinded until such waiver is either obtained or reinstated. All said insurance policies shall be carried with companies licensed to do business in the State of Georgia reasonably satisfactory to Landlord having. a Best's Rating of A XII or better and shall be noncancellable and nonamendable except after thirty (30) days written notice to Landlord. At Landlord's request, duly executed certificates of such insurance shall be delivered to Landlord prior to the Commencement Date and at least thirty (30) days prior to the expiration of each respective policy term. Landlord shall have the right to periodically review the coverages required hereunder and in the event Landlord deems It reasonably necessary to require additional coverage resulting from inflation or from increases in jury verdicts or other economic conditions in the jurisdiction where the Property is located, Tenant shall obtain the coverage requested by Landlord. Notwithstanding any other provisions in this Lease to the contrary, Tenant shall have the right to self-assume or obtain insurance from an insurance company that is a wholly owned subsidiary of one (1) of the two (2) general partners of the Tenant which insurance company must have a Best's Rating of A XII or better, for all or a portion of the risk which Tenant is required to provide insurance coverage under this Lease. In the event Tenant self-assumes the risk, it will be responsible for all losses and liabilities to the same extent as if valid and collectible insurance were in effect. The foregoing provision concerning the right to self-assume shall only apply to the Tenant as of the date of this Lease, and to no successors and/or assigns unless consented to by Landlord in its sole discretion.
Appears in 1 contract
Samples: Lease Agreement (Ehave, Inc.)
Tenant’s Insurance. Tenant shall carry shall, throughout the Term (and any other period when Tenant is in possession of the Premises), maintain at its sole expense during cost the Termfollowing insurance:
(A) (I) fire All risks property insurance, naming Tenant and extended coverage Landlord as insured parties, containing a waiver of subrogation rights which Xxxxxx's insurers may have against Landlord. Such insurance insuring Tenant's Improvements to the Premises and any and all furniture, equipment, supplies, contents and other shall insure property owned, leased, held or possessed of every kind owned by Tenant and contained therein, such insurance coverage to be in an amount equal to not less than the full replacement value of cost thereof (new), with such improvements and property, as such may increase from time cost to time; be adjusted no less than annually.
(iiB) worker's compensation insurance as required by the laws of the State of Georgia; and (iii) commercial Comprehensive general liability coverage on an insurance. Such policy shall contain inclusive limits per occurrence basis for injury to or death of a person or persons and for damage to property occasioned by or arising out of the condition, use, or occupancy of the Premises, or other portions of the Building or Property, including contractual liability and such other coverages and endorsements as are reasonably required by Landlord, such policy to have a combined single limit of not less than Three Million the amount specified in the Lease Summary; provide for severability of interests; and no/100 Dollars include Landlord and any mortgagee of Landlord as additional insureds.
($3,000,000C) Worker's compensation and employer's liability insurance in compliance with applicable legal requirements.
(D) Any other form of insurance which Tenant or Landlord, acting 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 bodily injury insurance referred to in this section 6.1, or property damage occurring as a result should any such insurance not be approved by either Landlord or any mortgagee, and 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 or such default, then Landlord has the right, without assuming any obligation in connection with therewith, to effect such insurance at the above. sole cost of Tenant and all outlays by Landlord and Landlord's property manager shall be named additional insureds on the policies required hereunder and such policies shall provide that the coverage thereunder is primary to, and not contributing with, any policy carried paid by any such additional insured. Tenant shall have included in all policies of insurance respectively obtained by it with respect to the Building or Premises a waiver by the Insurer of all right of subrogation against the Landlord in connection with any loss or damage thereby insured against, and Landlord shall have included in all property insurance policies required to be maintained by Landlord under this lease a waiver by the insurer of all right of subrogation against the Tenant in connection with any loss or damage thereby insured against. To the full extent permitted by law, Landlord as to its property insurance policies and Tenant as to all its policies, each waives all right of recovery against the other for, and agrees to release the other from liability for, loss or damage to the extent such loss or damage results from a cause covered by valid and collectible insurance in effect at the time of such loss or damage; provided however, that the foregoing release by each party is conditioned upon the other party's carrying insurance with the above described waiver of subrogation to the extent required above, and if such coverage is not obtained or maintained by either party, then the other party's foregoing release shall be deemed to be rescinded until such waiver is either obtained or reinstated. All said insurance policies shall be carried with companies licensed to do business in the State of Georgia reasonably satisfactory to Landlord having. a Best's Rating of A XII or better and shall be noncancellable and nonamendable except after thirty (30) days written notice without prejudice to Landlord. At Landlord's request, duly executed certificates of such insurance shall be delivered to Landlord prior to the Commencement Date and at least thirty (30) days prior to the expiration of each respective policy term. Landlord shall have the right to periodically review the coverages required hereunder and in the event Landlord deems It reasonably necessary to require additional coverage resulting from inflation or from increases in jury verdicts or other economic conditions in the jurisdiction where the Property is located, Tenant shall obtain the coverage requested by Landlord. Notwithstanding any other provisions in this Lease to the contrary, Tenant shall have the right to self-assume rights or obtain insurance from an insurance company that is a wholly owned subsidiary remedies of one (1) of the two (2) general partners of the Tenant which insurance company must have a Best's Rating of A XII or better, for all or a portion of the risk which Tenant is required to provide insurance coverage Landlord under this Lease. In Tenant shall not keep or use in the event Tenant self-assumes Premises any article which may be prohibited by any fire or casualty insurance policy in force from time to time covering the risk, it will be responsible for all losses and liabilities to Premises or the same extent as if valid and collectible insurance were in effect. The foregoing provision concerning the right to self-assume shall only apply to the Tenant as of the date of this Lease, and to no successors and/or assigns unless consented to by Landlord in its sole discretionBuilding.
Appears in 1 contract
Samples: Industrial Lease (Intellicell Corp)
Tenant’s Insurance. Tenant shall carry (procure and maintain policies of insurance, at its sole expense during own cost and expense, insuring:
(a) The Landlord Protected Parties as “additional insureds”, and Lxxxxxxx’s mortgagee, if any, of which Txxxxx is given written notice, and Tenant Protected Parties, from all claims, demands or actions made by or on behalf of any person or persons, firm, corporation or entity and arising from, related to or connected with the Term) (I) fire and extended coverage insurance insuring Tenant's Improvements Leased Premises, Txxxxx’s use thereof or operations therein for bodily injury to the Premises and any and all furniture, equipment, supplies, contents and other property owned, leased, held or possessed by Tenant and contained therein, such insurance coverage to be in an amount equal to the full replacement value of such improvements and property, as such may increase from time to time; (ii) worker's compensation insurance as required by the laws of the State of Georgia; and (iii) commercial general liability coverage on an occurrence basis for personal injury to or death of a person any person, or persons and more than one (1) person, or for damage to property occasioned by or arising out of the condition, use, or occupancy of the Premises, or other portions of the Building or Property, including contractual liability and such other coverages and endorsements as are reasonably required by Landlord, such policy to have a combined single limit in an amount of not less than Three One Million and no/100 Dollars ($3,000,0001,000,000.00) for per occurrence and not less than Two Million Dollars ($2,000,000.00) policy aggregate limit. Said insurance shall be written on an “occurrence” basis and not on a “claims made” basis, and such liability policies shall include products and completed operations liability insurance. If at any bodily injury time during the term of this Lease, Tenant owns or property damage occurring as a result of rents more than one location, the policy shall contain an endorsement to the effect that the aggregate limit in the policy shall apply separately to each location owned or in connection with the aboverented by Tenant. Landlord shall have the right, exercisable by giving written notice thereof to Tenant, to require Tenant to increase such limit if, in Landlord’s reasonable judgment, the amount thereof is insufficient to protect the Landlord Protected Parties and Landlord's property manager shall be named additional insureds on the policies required hereunder and Tenant Protected Parties from judgments which might result from such policies shall provide that the coverage thereunder is primary toclaims, and not contributing with, any policy carried by any such additional insureddemands or actions. Tenant shall have included cause its liability insurance to include contractual liability coverage fully covering the indemnity set forth above and in all policies of insurance respectively obtained by it with respect Section 13.1 below.
(b) All contents and Tenant’s trade fixtures, machinery, equipment, furniture and furnishings in the Leased Premises to the Building or Premises a waiver by extent of at least ninety percent (90%) of their replacement cost under Standard Fire and Extended Coverage Policy and all other risks of direct physical loss as insured against under Special Form (“all risk” coverage). Said insurance shall contain an endorsement waiving the Insurer of all insurer’s right of subrogation against any Landlord Protected Party.
(c) Tenant Protected Parties from all worker’s compensation claims, including employer’s liability with minimum limits of $500,000.00 per occurrence.
(d) Landlord and Tenant against breakage of all plate glass utilized in the Landlord in connection improvements on the Leased Premises.
(e) Tenant agrees to maintain, at its own expense, for the benefit of itself, Txxxxx’s Protected Parties and Landlord’s Protected Parties, excess and/or umbrella liability insurance of such types and with any limits not less than Twenty Five Million Dollars ($25,000,000.00) as may be approved by Landlord, insuring against liability for damage or loss or damage thereby insured againstto property, and Landlord against liability for personal injury or death, arising from acts or omissions of Tenant, its agents, employees or invitees. Said excess and/or umbrella policies shall have included include all liability policies in all property insurance policies required to be maintained by Landlord under this lease a waiver by the insurer of all right of subrogation against the Section 6.2(a) and employer’s liability in Section 6.2(c) as underlying policies. Tenant in connection with any loss or damage thereby insured against. To the full extent permitted by law, Landlord as to its property insurance policies and Tenant as to all its policies, each waives all right of recovery against the other for, and agrees to release the other from liability for, loss or damage to the extent such loss or damage results from a cause covered by valid provide Landlord with notice of any self-insurance programs and collectible insurance in effect at the time of such loss or damage; provided however, that the foregoing release by each party is conditioned upon the other party's carrying insurance with the above described waiver of subrogation to the extent required above, and if such coverage is not obtained or maintained by either party, then the other party's foregoing release shall be deemed to be rescinded until such waiver is either obtained or reinstated. All said insurance policies shall be carried with companies licensed to do business in the State of Georgia reasonably satisfactory to Landlord having. a Best's Rating of A XII or better and shall be noncancellable and nonamendable except after thirty (30) days written notice to Landlord. At Landlord's request, duly executed certificates of such insurance shall be delivered to Landlord prior to the Commencement Date and at least thirty (30) days prior to the expiration of each respective policy term. Landlord shall have the right to periodically review approve any such programs. Any insurance deductibles or self-insurance amounts shall be the coverages required hereunder responsibility of Tenant, and any deductibles or self-insurance amounts in the event Landlord deems It reasonably necessary to require additional coverage resulting from inflation or from increases excess of $250,000 shall be approved in jury verdicts or other economic conditions in the jurisdiction where the Property is located, Tenant shall obtain the coverage requested advance by Landlord. Notwithstanding any other provisions in this Lease to the contrary, Tenant shall have the right to self-assume or obtain insurance from an insurance company that is a wholly owned subsidiary of one (1) of the two (2) general partners of the Tenant which insurance company must have a Best's Rating of A XII or better, for all or a portion of the risk which Tenant is required to provide insurance coverage under this Lease. In the event Tenant self-assumes the risk, it will be responsible for all losses and liabilities to the same extent as if valid and collectible insurance were in effect. The foregoing provision concerning the right to self-assume shall only apply to the Tenant as of the date of this Lease, and to no successors and/or assigns unless consented to by Landlord in its sole discretion.
Appears in 1 contract
Samples: Industrial Lease (DSW Inc.)
Tenant’s Insurance. Tenant shall carry (at its sole expense during During the Term) , Tenant will provide and keep in force the following insurance:
(I) fire and extended coverage insurance insuring Tenant's Improvements to the Premises and any and all furniture, equipment, supplies, contents and other property owned, leased, held or possessed by Tenant and contained therein, such insurance coverage to be in an amount equal to the full replacement value of such improvements and property, as such may increase from time to time; (ii) worker's compensation insurance as required by the laws of the State of Georgia; and (iiia) commercial general liability coverage on an occurrence basis insurance relating to Tenant’s business (carried on, in or from the Premises) and Tenant’s use and occupancy, for personal and bodily injury to or death of a person or persons and for death, and damage to property occasioned by or arising out of the conditionothers’ property, use, or occupancy of the Premises, or other portions of the Building or Property, including contractual liability and such other coverages and endorsements as are reasonably required by Landlord, such policy to have a combined single limit with limits of not less than Three Million and no/100 Dollars ($3,000,000) 1,000,000 for any one accident or occurrence;
(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, personal property, inventory and stock-in-trade on a full replacement cost basis in amounts sufficient to prevent Tenant from becoming a coinsurer and subject only to such deductibles and exclusions as Landlord may reasonably approve;
(c) if any machinery is operated in the Premises, medical equipment and machinery insurance;
(d) if Tenant operates owned, hired or non-owned vehicles on the Land, automobile liability insurance with limits of not less than $1,000,000 combined bodily injury or and property damage occurring as a result of or damage; and
(e) worker’s compensation and employer’s liability insurance in connection any amounts required to comply with the aboveapplicable Laws. Landlord and Landlord's property manager shall any Lender will be named as additional insureds in the policy described in Section 9.2(a), which will include cross liability and severability of interests clauses and will be on an “occurrence” (and not a “claims made”) form. The policies described in Sections 9.2(b) and (c) will permit the release of Landlord from certain liability under Section 11.2. Tenant’s insurance policies required hereunder will be written by insurers that are rated A-IX or better by Best’s Rating Guide and such policies shall provide that licensed in the state in which the Building is located, will be written as primary policies, not contributing with and not supplemental to the coverage thereunder is primary tothat Landlord may carry, and not contributing with, any policy carried by any will otherwise be upon such additional insuredterms and conditions as Landlord from time to time reasonably requires. Tenant shall have included in will file with Landlord at landlords request all policies copies of insurance respectively obtained by it with respect to the Building or Premises a waiver by the Insurer of all right of subrogation against the Landlord in connection with any loss or damage thereby insured against, and Landlord shall have included in all property insurance policies required to be maintained by Landlord under this lease a waiver by the insurer of all right of subrogation against the Tenant in connection with any loss or damage thereby insured against. To the full extent permitted by law, Landlord as to its property insurance policies and Tenant as to all its policies, each waives all right of recovery against the other for, and agrees to release the other from liability for, loss or damage to the extent such loss or damage results from a cause covered by valid and collectible insurance in effect at the time of such loss or damage; provided however, that the foregoing release by each party is conditioned upon the other party's carrying insurance with the above described waiver of subrogation to the extent required listed above, and if such coverage is not obtained at anytime or maintained by either party, then the other party's foregoing release shall be deemed to be rescinded until such waiver is either obtained on or reinstated. All said insurance policies shall be carried with companies licensed to do business in the State of Georgia reasonably satisfactory to Landlord having. a Best's Rating of A XII or better and shall be noncancellable and nonamendable except after thirty (30) days written notice to Landlord. At Landlord's request, duly executed certificates of such insurance shall be delivered to Landlord prior to before the Commencement Date and at least thirty (30) 10 days prior to before the expiration date of each respective policy term. Landlord shall have the right to periodically review the coverages required hereunder and in the event Landlord deems It reasonably necessary to require additional coverage resulting from inflation expiring policies, such copies of either current policies or from increases in jury verdicts certificates, or other economic conditions in the jurisdiction where the Property is locatedproofs, Tenant shall obtain the coverage requested by Landlord. Notwithstanding any other provisions in this Lease to the contrary, Tenant shall have the right to self-assume or obtain insurance from an insurance company that is a wholly owned subsidiary of one (1) of the two (2) general partners of the Tenant which insurance company must have a Best's Rating of A XII or better, for all or a portion of the risk which Tenant is as may be reasonably required to provide establish Tenant’s insurance coverage under this Leasein effect from time to time and payment of premiums. In the event Tenant selfTenant’s insurers will agree to give Landlord and all other additional insureds at least 30 days’ prior notice of any non-assumes the risk, it will be responsible for all losses and liabilities to the same extent as if valid and collectible insurance were in effect. The foregoing provision concerning the right to self-assume shall only apply to the Tenant as of the date of this Leaserenewal, and at least 10 days’ prior notice of any cancellation, of any insurance coverage required by this Section 9.2. If Tenant fails to no successors and/or assigns unless consented insure or pay premiums, or to by file satisfactory proof as required, Landlord in its sole discretionmay, upon a minimum of 24-hours’ notice, effect such insurance and recover from Tenant on demand any premiums paid.
Appears in 1 contract
Tenant’s Insurance. Tenant shall carry (obtain at its sole own expense and keep in full force and effect during the Term) , a policy of commercial general liability insurance (I) fire including, without limitation, insurance covering tenant's contractual liability under this Lease), under which Tenant is named as the insured, and extended coverage insurance insuring TenantLandlord, Landlord's Improvements to asset manager, Landlord's managing agent, the Premises present and any and all furniture, equipment, supplies, contents and future mortgagee of the Real Property or the Building and/or such other property owned, leased, held or possessed designees specified by Tenant and contained therein, such insurance coverage to be in an amount equal to the full replacement value of such improvements and property, as such may increase Landlord from time to time; , are named as additional insureds, as their interests may appear. Such policy shall contain (i) a provision that no act or omission of Tenant shall affect or limit the obligation of the insurance company to pay the amount of any loss sustained subject to customary exclusions reasonably acceptable to Landlord, (ii) worker's compensation insurance as required by a waiver of subrogation against Landlord or a consent to a waiver of right of recovery against Landlord, provided, however, such waiver of subrogation shall not be applicable to the laws liability section of the State of Georgia; such policy, and (iii) commercial general liability coverage on an occurrence basis for injury to or death of a person or persons and for damage to property occasioned by or arising out of the condition, use, or occupancy of the Premises, or other portions of the Building or Property, including contractual liability and such other coverages and endorsements as are reasonably required by Landlord, such policy to have a combined single limit of not less than Three Million and no/100 Dollars ($3,000,000) for any bodily injury or property damage occurring as a result of or in connection with the above. Landlord and Landlord's property manager shall be named additional insureds on the policies required hereunder and such policies shall provide that the coverage thereunder is primary to, and not contributing with, any policy carried by any such additional insured. Tenant shall have included in all policies of insurance respectively obtained by it with respect to the Building or Premises a waiver by the Insurer of all right of subrogation against the Landlord in connection with any loss or damage thereby insured against, and Landlord shall have included in all property insurance policies required to be maintained by Landlord under this lease a waiver agreement by the insurer that it will not make any claim against or seek to recover from Landlord for any loss, damage or claim whether or not covered under such policy. Such policy shall also contain a provision which provides the insurance company will not cancel or refuse to renew the policy, or change in any material way (except for increases in coverage) the nature or extent of all right of subrogation against the Tenant in connection with any loss or damage thereby insured against. To the full extent permitted coverage provided by lawsuch policy, without first giving Landlord as to its property insurance policies and Tenant as to all its policies, each waives all right of recovery against the other for, and agrees to release the other from liability for, loss or damage to the extent such loss or damage results from a cause covered by valid and collectible insurance in effect at the time of such loss or damage; provided however, that the foregoing release by each party is conditioned upon the other party's carrying insurance with the above described waiver of subrogation to the extent required above, and if such coverage is not obtained or maintained by either party, then the other party's foregoing release shall be deemed to be rescinded until such waiver is either obtained or reinstated. All said insurance policies shall be carried with companies licensed to do business in the State of Georgia reasonably satisfactory to Landlord having. a Best's Rating of A XII or better and shall be noncancellable and nonamendable except after least thirty (30) days written notice to Landlordby certified mail, return receipt requested, which notice shall contain the policy number and the names of the insureds and policy holder. At Landlord's request, duly executed certificates The minimum limits of such insurance liability shall be delivered a combined single limit with respect to each occurrence in an amount of not less than $3,000,000 for injury (or death) and damage to property or such greater amount as Landlord may, from time to time, reasonably require. Tenant shall also maintain at its own expense during the Term a policy of workers' compensation insurance providing statutory benefits for Tenant's employees and employer's liability. Tenant shall provide to Landlord prior to the Commencement Date upon execution of this Lease and at least thirty (30) days prior to the expiration termination of each respective any existing policy, a certificate evidencing the effectiveness of the insurance policies required to be maintained hereunder which shall include the named insured, additional insured, carrier, policy termnumber, limits of liability, effective date, the name of the insurance agent and its telephone number. Landlord shall have the right to periodically review the coverages required hereunder and in the event Landlord deems It reasonably necessary to require additional coverage resulting from inflation or from increases in jury verdicts or other economic conditions in the jurisdiction where the Property is located, Tenant shall obtain the coverage requested by provide Landlord with a certificate evidencing any such policy upon written request of Landlord. Notwithstanding any other provisions in this Lease to the contrary, Tenant shall have the right to self-assume or obtain insurance from an insurance company that is a wholly owned subsidiary of one (1) any of the two (2) general partners insurance required hereunder pursuant to a blanket policy covering other properties provided the blanket policy contains an endorsement that names Landlord, Landlord's asset manager, Landlord's managing agent, the present and any future mortgagee of the Real Property or the Building and/or such other designees specified by Landlord from time to time, as additional insureds, references the Premises, and guarantees a minimum limit available for the Premises equal to the amount of insurance required to be maintained hereunder. Notwithstanding anything in this Section 9 to the contrary, to the extent unavailable, Tenant which insurance company must have shall not be required to name Landlord as an additional insured in policy or policies of workers' compensation insurance. Each policy required hereunder shall contain a Best's Rating of A XII or betterclause that the policy and the coverage evidenced thereby shall be primary with respect to any policies carried by Landlord, for all or a portion and that any coverage carried by Landlord shall be excess insurance. The limits of the risk which insurance required under this subsection shall not limit the liability of Tenant is required to provide insurance coverage under this Lease. 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 organization having a national reputation) as having a general policyholder rating of "A" and a financial rating of at least "13". In the event that Tenant self-assumes the riskfails to continuously maintain insurance as required by this subsection, it will be responsible Landlord may, at its option and without relieving Tenant of any obligation hereunder, order such insurance and pay for all losses and liabilities to the same extent as if valid and collectible insurance were in effectat the expense of Tenant. The foregoing provision concerning In such event, Tenant shall repay the right to self-assume shall only apply to the Tenant as of the date of this Leaseamount expended by Landlord, and to no successors and/or assigns unless consented to by Landlord in its sole discretionwith interest thereon, immediately upon Landlord's written demand therefor.
Appears in 1 contract
Samples: Lease Agreement (Nextvenue Inc)
Tenant’s Insurance. Tenant shall carry (at its sole expense obtain and maintain during the Term) (I) fire term of this Lease commercial general liability insurance with a combined single limit for personal injury and extended coverage insurance insuring Tenant's Improvements to the Premises and any and all furniture, equipment, supplies, contents and other property owned, leased, held or possessed by Tenant and contained therein, such insurance coverage to be damage in an amount equal to the full replacement value of such improvements not less than $2,000,000 each occurrence and property$5,000,000 general aggregate, as such may increase from time to time; (ii) worker's and employer’s liability and workers’ compensation insurance as required by law. Tenant’s commercial general liability insurance policy shall (i) include coverage for premises and operations liability, products and completed operations liability, broad form property damage, blanket contractual liability; (ii) provide that the laws of insurer has the State of Georgia; duty to defend all insureds, and (iii) commercial general liability provide that defense costs do not deplete policy limits. Such insurance shall also be endorsed to provide that (1) it may not be canceled or altered in such a manner as adversely to affect the coverage on an occurrence basis for injury afforded thereby without thirty (30) days’ prior written notice to or death of a person or persons Landlord, (2) Landlord and for damage to property occasioned other entities designated by or arising out Landlord are named as additional insureds, (3) the insurer acknowledges acceptance of the condition, use, or occupancy mutual waiver of the Premises, or other portions of the Building or Property, including contractual liability and such other coverages and endorsements as are reasonably required claims by Landlord, such policy to have a combined single limit of not less than Three Million and no/100 Dollars ($3,000,000) for any bodily injury or property damage occurring as a result of or in connection with the above. Landlord and Landlord's property manager shall be named additional insureds on the policies required hereunder Tenant pursuant to paragraph (b) below, and (4) such policies shall provide that the coverage thereunder insurance is primary to, and not contributing with, any policy carried by any such additional insured. Tenant shall have included in all policies of insurance respectively obtained by it with respect to the Building or Premises a waiver by the Insurer of all right of subrogation against the Landlord in connection with and that any loss or damage thereby insured against, and Landlord shall have included in all property other insurance policies required to be maintained by Landlord under this lease a waiver by the insurer of all right of subrogation against the Tenant in connection is excess and noncontributing with any loss or damage thereby insured againstsuch insurance. To the full extent permitted by lawIf, Landlord as to its property insurance policies and Tenant as to all its policies, each waives all right of recovery against the other for, and agrees to release the other from liability for, loss or damage to the extent such loss or damage results from a cause covered by valid and collectible insurance in effect at the time of such loss or damage; provided however, that the foregoing release by each party is conditioned upon the other party's carrying insurance with the above described waiver of subrogation to the extent required above, and if such coverage is not obtained or maintained by either party, then the other party's foregoing release shall be deemed to be rescinded until such waiver is either obtained or reinstated. All said insurance policies shall be carried with companies licensed to do business in the State opinion of Georgia reasonably satisfactory Landlord’s insurance adviser, based on an increase in recovered liability claims generally or in amounts of insurance which tenants in similar premises are then being required to Landlord having. a Best's Rating maintain, the specified amounts of A XII or better and shall be noncancellable and nonamendable except after coverage are no longer adequate, within thirty (30) days written notice to following Landlord. At Landlord's ’s request, duly executed certificates such coverage shall be appropriately increased. Tenant shall also obtain and maintain insurance (“Personal Property Insurance”) covering leasehold improvements paid for by Tenant and Tenant’s personal property and fixtures from time to time in, on, or at the Premises, in an amount not less than one hundred percent (100%) of the full replacement cost, without deduction for depreciation, providing protection against events protected under “All Risk Coverage,” as well as against sprinkler damage, vandalism, and malicious mischief. Any proceeds from the Personal Property Insurance shall be used for the repair or replacement of the property damaged or destroyed, unless this Lease is terminated under an applicable provision herein. If the Premises are not repaired or restored following damage or destruction in accordance with other provisions of this Lease, Tenant shall assign or pay to Landlord and Landlord shall receive any proceeds from the Personal Property Insurance allocable to Tenant’s leasehold improvements. Tenant shall obtain and maintain business interruption insurance in an amount not less than the greater of $2,000,000 or an amount adequate to provide for payment of Base Rent and other amounts due Landlord under this Lease during a one year interruption of Tenant’s business by fire or other casualty. Prior to the commencement of the term, Tenant shall deliver to Landlord copies of such insurance shall be delivered to Landlord prior to the Commencement Date policies or, at Landlord’s option, certificates thereof with endorsements, and at least thirty (30) days prior to the expiration of each respective such policy term. Landlord shall have the right to periodically review the coverages required hereunder and in the event Landlord deems It reasonably necessary to require additional coverage resulting from inflation or from increases in jury verdicts or other economic conditions in the jurisdiction where the Property is locatedany renewal thereof, Tenant shall deliver to Landlord replacement or renewal binders, followed by copies of such policies or, at Landlord’s option, certificates within a reasonable time thereafter. If Tenant fails to obtain the such insurance or to furnish Landlord any such duplicate policies or certificates as herein required, Landlord may, at its election, upon notice to Tenant but without any obligation so to do, procure and maintain such coverage requested and Tenant shall reimburse Landlord on demand as additional rent for any premium so paid by Landlord. Notwithstanding any other provisions in this Lease to the contrary, Tenant shall have the right to self-assume or obtain provide all insurance from an coverage required herein to be provided by Tenant pursuant to blanket policies so long as such coverage is expressly afforded by such policies for the location which is the Premises. All insurance company that is a wholly owned subsidiary of one (1) of the two (2) general partners of the Tenant shall be written by carriers which insurance company must are admitted in California and which have a Best's Rating rating by A.M. Best Insurance Service, or its successor, of A XII at least “A/VIII” or better, for all or a portion of the risk which Tenant is required to provide insurance coverage under this Lease. In the event Tenant self-assumes the risk, it will be responsible for all losses and liabilities to the same extent as if valid and collectible insurance were in effect. The foregoing provision concerning the right to self-assume shall only apply to the Tenant as of the date of this Lease, and to no successors and/or assigns unless consented to by Landlord in its sole discretionequivalent.”
Appears in 1 contract
Samples: Industrial Gross Lease (Celera CORP)
Tenant’s Insurance. Tenant shall carry (at its sole expense during covenants and agrees to maintain throughout the Term) (I) fire and extended coverage insurance insuring Tenant's Improvements to the Premises and any and all furniture, equipment, supplies, contents and other property owned, leased, held or possessed by Tenant and contained therein, such Lease Term insurance coverage to be in an amount equal to 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 value cost of such Tenant’s equipment, fixtures, improvements (except for the Tenant Improvements), Changes and property, as such may increase from time personal property in the Demised Premises. Tenant covenants and agrees to time; (ii) worker's compensation insurance as required by maintain throughout the laws of the State of Georgia; and (iii) Lease Term a commercial general liability coverage on an occurrence basis for injury to or death of a person or persons and for damage to property occasioned by or arising out of the condition, use, or occupancy of the Premises, or other portions of the Building or Propertypolicy, including contractual liability protection against death, personal injury and such other coverages property damage, issued by an insurance company qualified to do business in the state in which the Demised Premises are located and endorsements as are reasonably required by Landlord, such policy to have with a combined single limit of not less than Three Million and no/100 Dollars ($3,000,000) for any bodily injury or property damage occurring as a result of or in connection with the above2,000,000.00 per occurrence. Landlord and Such policy shall name Landlord's , its property manager shall and the Mortgagee (as to which Tenant has been given notice) as additional insureds, be named primary to any other similar insurance as such additional insureds on the policies required hereunder insureds, and such policies shall provide that the coverage thereunder is primary to, and it may not contributing with, any policy carried by any such additional insured. Tenant shall have included in all policies of insurance respectively obtained by it with respect to the Building be cancelled or Premises a waiver by the Insurer of all right of subrogation against the Landlord in connection with any loss or damage thereby insured against, and Landlord shall have included in all property insurance policies required to be maintained by Landlord under this lease a waiver by the insurer of all right of subrogation against the Tenant in connection with any loss or damage thereby insured against. To the full extent permitted by law, Landlord as to its property insurance policies and Tenant as to all its policies, each waives all right of recovery against the other for, and agrees to release the other from liability for, loss or damage to the extent such loss or damage results from a cause covered by valid and collectible insurance in effect at the time of such loss or damage; provided however, that the foregoing release by each party is conditioned upon the other party's carrying insurance with the above described waiver of subrogation to the extent required above, and if such coverage is not obtained or maintained by either party, then the other party's foregoing release shall be deemed to be rescinded until such waiver is either obtained or reinstated. All said insurance policies shall be carried with companies licensed to do business in the State of Georgia reasonably satisfactory to Landlord having. a Best's Rating of A XII or better and shall be noncancellable and nonamendable except after thirty (30) days written notice to Landlord. At Landlord's request, duly executed certificates of such insurance shall be delivered to Landlord prior to the Commencement Date and modified without at least thirty (30) days prior notice to Landlord 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 of each respective policy term. Landlord shall have the right to periodically review the coverages required hereunder and in the event Landlord deems It reasonably necessary to require additional coverage resulting from inflation or from increases in jury verdicts or other economic conditions in the jurisdiction where the Property is locatedthen-current policy, Tenant shall obtain the coverage requested by Landlord. Notwithstanding any other provisions in deliver to Landlord certificates evidencing that insurance required under this Lease to the contrary, Tenant shall have the right to self-assume or obtain insurance from an insurance company that is a wholly owned subsidiary of one (1) of the two (2) general partners of the Tenant which insurance company must have a Best's Rating of A XII or better, for all or a portion of the risk which Tenant is required to provide insurance coverage under this Lease. In the event Tenant self-assumes the risk, it will be responsible for all losses and liabilities to the same extent as if valid and collectible insurance were in effect. Tenant covenants and agrees to obtain all other insurance coverages, and endorsements customarily maintained by companies with respect to operations in leased space in the vicinity of the Project in the general business and use, as reasonably requested by Landlord from time to time, including, without limitation, workers compensation insurance (but excluding business interruption insurance). The foregoing provision concerning the right to commercial general liability policy obtained by Tenant shall not contain any retention or self-assume insurance provision, unless otherwise approved in writing by Landlord, but may have a deductible not to exceed $25,000 per occurrence. Tenant may utilize blanket and umbrella coverage to satisfy its insurance requirements. Notwithstanding the foregoing, the proceeds of any casualty insurance carried by Tenant with respect to Tenant’s trade fixtures and personal property shall only apply be paid to the Tenant as of the date of this Lease, and belong to no successors and/or assigns unless consented to by Landlord in its sole discretionTenant.
Appears in 1 contract
Tenant’s Insurance. Tenant shall carry (Tenant, at its sole cost and expense but for the mutual benefit of Landlord (when used in this Section 11.A. the term "Landlord" shall include Landlord's partners, beneficiaries, officers, agents, servants and employees and the term "Tenant" shall include Tenant's partners, beneficiaries, officers, agents, servants and employees), agrees to purchase and keep in force and effect during the Term) (I) fire term hereof, insurance which is available at commercially reasonable rates and extended coverage insurance insuring Tenant's Improvements to the Premises and any and all furniture, equipment, supplies, contents and other property owned, leased, held or possessed by Tenant and contained therein, such insurance coverage to be in an amount equal to the full replacement value of such improvements and property, as such may increase from time to time; (ii) worker's compensation insurance as required by the laws of the State of Georgia; and (iii) commercial general liability coverage on an occurrence basis for injury to or death of a person or persons and for damage to property occasioned by or arising out of the condition, use, or occupancy of the Premises, or other portions of the Building or Property, including contractual liability and such other coverages and endorsements as are reasonably required by Landlord, such policy to have a combined single limit of not less than Three Million and no/100 Dollars ($3,000,000) for any bodily injury or property damage occurring as a result of or in connection with the above. Landlord and Landlord's property manager shall be named additional insureds on the policies required hereunder and such policies shall provide that the coverage thereunder is primary to, and not contributing with, any policy otherwise carried by any such additional insured. Tenant shall have included tenants in all the area, under policies issued by insurers of insurance respectively obtained by it with respect to the Building or Premises a waiver by the Insurer of all right of subrogation against the Landlord in connection with any loss or damage thereby insured against, and Landlord shall have included in all property insurance policies required to be maintained by Landlord under this lease a waiver by the insurer of all right of subrogation against the Tenant in connection with any loss or damage thereby insured against. To the full extent permitted by law, Landlord as to its property insurance policies and Tenant as to all its policies, each waives all right of recovery against the other for, and agrees to release the other from liability for, loss or damage to the extent such loss or damage results from a cause covered by valid and collectible insurance in effect at the time of such loss or damage; provided however, that the foregoing release by each party is conditioned upon the other party's carrying insurance with the above described waiver of subrogation to the extent required above, and if such coverage is not obtained or maintained by either party, then the other party's foregoing release shall be deemed to be rescinded until such waiver is either obtained or reinstated. All said insurance policies shall be carried with companies recognized responsibility licensed to do business in the State of Georgia reasonably satisfactory to Landlord having. Utah with a Best's Rating rating of A XII A/VIII or better on all alterations, additions, and improvements owned by Tenant, and on all personal property located in the Premises, protecting Landlord and Tenant from damage or other loss caused by fire or other casualty, including but not limited to vandalism and malicious mischief, perils covered by extended coverage, theft, sprinkler leakage, water damage (however caused), explosion malfunction or failure of heating and cooling or other apparatus, and other similar risks in amounts not less than the full insurable replacement value of such property. Such property insurance shall provide that it is specific and non-contributory and shall be noncancellable contain a replacement cost endorsement. Such insurance shall also contain a clause pursuant to which the insurance carriers waive all rights of subrogation against the Landlord with respect to losses payable under such policies. Tenant also agrees to maintain commercial general liability insurance covering Tenant as the insured party, and nonamendable except after thirty naming Landlord as an additional insured, against claims for personal injury and death and property damage occurring in or about the Premises, with limits of not less than One Million Dollars (30$1,000,000.00) days written notice per occurrence and Five Million Dollars ($5,000,000.00) general aggregate. Tenant shall, prior to Landlord. At Landlord's requestcommencement of the term, duly executed furnish to Landlord certificates of evidencing such coverage, which certificates shall state that such insurance shall coverage may not be delivered to Landlord prior to the Commencement Date and changed or canceled without at least thirty (30) days 30)days prior written notice to the expiration of each respective policy term. Landlord shall have the right to periodically review the coverages required hereunder and in the event Landlord deems It reasonably necessary to require additional coverage resulting from inflation or from increases in jury verdicts or other economic conditions in the jurisdiction where the Property is located, Tenant shall obtain the coverage requested by Landlord. Notwithstanding any other provisions in this Lease to the contrary, Tenant shall have the right to self-assume or obtain insurance from an insurance company that is a wholly owned subsidiary of one (1) of the two (2) general partners of the Tenant which insurance company must have a Best's Rating of A XII or better, for all or a portion of the risk which Tenant is required to provide insurance coverage under this LeaseTenant. In the event Tenant self-assumes the riskshall fail to procure such insurance, it will be responsible for all losses and liabilities Landlord may at its option after giving Tenant no less than ten (10) days prior written notice of its election to do so procure the same extent for the account of Tenant and the cost thereof shall be paid to Landlord as if valid and collectible insurance were in effect. The foregoing provision concerning the right to self-assume shall only apply to the additional rent upon receipt by Tenant as of the date of this Lease, and to no successors and/or assigns unless consented to by Landlord in its sole discretionbills therefor.
Appears in 1 contract
Tenant’s Insurance. (a) Tenant shall carry (hereby agrees to maintain in full force and effect at all times during the term of this Lease, at its sole expense during own expense, for the Termprotection of Tenant, Landlord and such other parties as Landlord may from time to time designate, as their interests may appear, policies of insurance issued by a carrier rated as B+VIII, or better, in the latest edition of Best's Insurance Guide (or a comparable rating in a comparable guide selected by Landlord, if Best's Insurance Guide is no longer published) which afford the following coverages:
(Ii) fire Workers' Compensation -- Statutory (including broad form all states)
(ii) Comprehensive General Liability Insurance, -- Not less than including Blanket amount stated Contractual Liability, in Item 12 of Broad Form Property Basic Lease Damage, Personal Provisions. Injury, Completed Operations, Products Liability, Fire Legal Liability
(iii) So-called "All Risk-Insurance" including without limitation Fire and extended coverage insurance insuring Tenant's Improvements Extended Coverage, Vandalism and Malicious Mischief, and Sprinkler Leakage Insurance, in an amount sufficient to cover the full cost of replacement of all improvements and betterments to the Premises and any and all furniture, equipment, supplies, contents and other property owned, leased, held made by or possessed by on behalf of Tenant and contained therein, such insurance coverage to be in an amount equal (except to the full replacement value of such improvements and property, as such may increase from time to time; (ii) worker's compensation insurance as required by the laws of the State of Georgia; and (iii) commercial general liability coverage on an occurrence basis for injury to or death of a person or persons and for damage to property occasioned by or arising out of the condition, use, or occupancy of the Premises, or other portions of the Building or Property, including contractual liability and such other coverages and endorsements as are reasonably required extent installed by Landlord, such policy at Landlord's expense, pursuant to have a combined single limit the Work Letter) and all of not less than Three Million Tenant's fixtures and no/100 Dollars other personal property.
($3,000,000b) for any bodily injury or property damage occurring as a result of or in connection with the above. Tenant shall deliver to Landlord and Landlord's property manager shall be to such other named additional insureds on the policies required hereunder and such policies shall provide that the coverage thereunder is primary to, and not contributing with, any policy carried by any such additional insured. Tenant shall have included in all policies of insurance respectively obtained by it with respect to the Building or Premises a waiver by the Insurer of all right of subrogation against the Landlord in connection with any loss or damage thereby insured against, and Landlord shall have included in all property insurance policies required to be maintained designated by Landlord under this lease a waiver by the insurer of all right of subrogation against the Tenant in connection with any loss or damage thereby insured against. To the full extent permitted by law, Landlord as to its property insurance policies and Tenant as to all its policies, each waives all right of recovery against the other for, and agrees to release the other from liability for, loss or damage to the extent such loss or damage results from a cause covered by valid and collectible insurance in effect at the time of such loss or damage; provided however, that the foregoing release by each party is conditioned upon the other party's carrying insurance with the above described waiver of subrogation to the extent required above, and if such coverage is not obtained or maintained by either party, then the other party's foregoing release shall be deemed to be rescinded until such waiver is either obtained or reinstated. All said insurance policies shall be carried with companies licensed to do business in the State of Georgia reasonably satisfactory to Landlord having. a Best's Rating of A XII or better and shall be noncancellable and nonamendable except after thirty (30) days written notice to Landlord. At Landlord's request, duly executed certificates of such insurance shall be delivered to Landlord prior to the Commencement Date and at least thirty (30) days prior to the time such insurance is first required to be carried by Tenant, and thereafter at least twenty (20) days prior to expiration of each respective such policy, certificates of insurance evidencing the above coverage with limits not less than those specified above. Such certificates, with the exception of Worker's Compensation, shall name Landlord and such other parties as Landlord may designate as additional insureds and shall expressly provide that the interest of same therein shall not be affected by any breach by Tenant of any policy termprovision for which such certificates evidence coverage. Further, all certificates shall expressly provide that 1) no less than thirty (30) days prior written notice shall be given Landlord shall have and such other named insureds in the right event of material alteration to periodically review or cancellation of the coverages required hereunder evidenced by such certificates and 2) such coverage evidenced by the certificate is primary and that any coverage carried by Landlord and such other named insureds shall be excess and non-contributory with respect to any policies carried by Tenant.
(c) Upon demand, Tenant shall provide Landlord, at Tenant's expense, with such increased amount of existing insurance, and such other insurance in such limits, as Landlord may require and such other hazard insurance as the nature and condition of the Premises may require in the sole judgment of Landlord, to afford Landlord and additional insureds designated by Landlord adequate protection for said risks.
(d) Landlord makes no representation that the limits of liability specified to be carried by Tenant under this Article IX, are adequate to protect Tenant against Tenant's undertaking under this Lease, and in the event Landlord deems It reasonably necessary to require additional Tenant believes that any such insurance coverage resulting from inflation or from increases in jury verdicts or other economic conditions in the jurisdiction where the Property called for under this Lease is locatedinsufficient, Tenant shall obtain provide at its own expense, such additional insurance as Tenant deems adequate.
(e) Landlord and Tenant hereby release the other from any and all liability from or to the other party of every kind and nature which may result form the perils of fire, lightning or extended coverage requested perils which cause damage on or to the Premises, the Building and/or property within the Building owned by it, such waiver to include situations where the negligence of one of the parties hereto or his agent, servant or representative causes or contributes to the occurrence or the result of damage.
(f) Insurance carried by Tenant against loss or damage by fire or other casualty shall contain a clause whereby the insurer waives its right of subrogation against Landlord. Notwithstanding any other provisions in this Lease to the contrary, Tenant shall have the right also obtain and furnish evidence to self-assume or obtain insurance from an insurance company that is a wholly owned subsidiary of one (1) Landlord of the two waiver by Tenant's worker's compensation carrier of any right of subrogation against Landlord.
(2g) general partners The policy of the Tenant which insurance company must have a Best's Rating of A XII or better, for all or a portion of the risk which Tenant is required to provide insurance be maintained by Tenant pursuant to Section 9.1(a)(ii) shall include coverage under this Lease. In the event Tenant self-assumes the risk, it will be responsible for all losses and liabilities to the same extent of Tenant's indemnity in favor of Landlord as if valid and collectible insurance were provided in effect. The foregoing provision concerning the right to self-assume shall only apply to the Tenant as of the date of this Lease, and to no successors and/or assigns unless consented to by Landlord in its sole discretionSection 9.2 below.
Appears in 1 contract
Samples: Office Space Lease (DVD Express Inc)
Tenant’s Insurance. Tenant shall carry Throughout the Term:
(i) Tenant, at its sole cost and expense but for the mutual benefit of Landlord and Tenant (when used in this Section 13.A(i) the term “LANDLORD” shall include Landlord, its constituent members and the partners, directors, officers, agents, servants and employees of each of them), agrees to purchase and keep in force and effect during the Term) (I) fire and extended coverage term hereof, insurance insuring Tenant's Improvements to the Premises and any and all furniture, equipment, supplies, contents and other property owned, leased, held or possessed under policies issued by Tenant and contained therein, such insurance coverage to be in an amount equal to the full replacement value insurers of such improvements and property, as such may increase from time to time; (ii) worker's compensation insurance as required by the laws of the State of Georgia; and (iii) commercial general liability coverage on an occurrence basis for injury to or death of a person or persons and for damage to property occasioned by or arising out of the condition, use, or occupancy of the Premises, or other portions of the Building or Property, including contractual liability and such other coverages and endorsements as are reasonably required by Landlord, such policy to have a combined single limit of not less than Three Million and no/100 Dollars ($3,000,000) for any bodily injury or property damage occurring as a result of or in connection with the above. Landlord and Landlord's property manager shall be named additional insureds on the policies required hereunder and such policies shall provide that the coverage thereunder is primary to, and not contributing with, any policy carried by any such additional insured. Tenant shall have included in all policies of insurance respectively obtained by it with respect to the Building or Premises a waiver by the Insurer of all right of subrogation against the Landlord in connection with any loss or damage thereby insured against, and Landlord shall have included in all property insurance policies required to be maintained by Landlord under this lease a waiver by the insurer of all right of subrogation against the Tenant in connection with any loss or damage thereby insured against. To the full extent permitted by law, Landlord as to its property insurance policies and Tenant as to all its policies, each waives all right of recovery against the other for, and agrees to release the other from liability for, loss or damage to the extent such loss or damage results from a cause covered by valid and collectible insurance in effect at the time of such loss or damage; provided however, that the foregoing release by each party is conditioned upon the other party's carrying insurance with the above described waiver of subrogation to the extent required above, and if such coverage is not obtained or maintained by either party, then the other party's foregoing release shall be deemed to be rescinded until such waiver is either obtained or reinstated. All said insurance policies shall be carried with companies recognized responsibility licensed to do business in the State of Georgia reasonably satisfactory to Landlord having. Illinois with a Best's Rating ’s rating of A XII A-/VIII or better on all alterations, additions, and improvements located at the Premises (other than the Tenant Improvements), and on all personal property and FF&E located in the Premises, protecting Landlord and Tenant (including Tenant’s partners, directors, officers, agents, servants and employees) from damage or other loss caused by fire or other casualty, including but not limited to vandalism and malicious mischief, perils covered by extended coverage, theft, sprinkler leakage, water damage (however caused), explosion malfunction or failure of heating and cooling or other apparatus, and other similar risks in amounts not less than the full insurable replacement value of the applicable property. Tenant’s property insurance shall provide that it is specific and non-contributory and shall be noncancellable and nonamendable except after thirty (30) days written notice to Landlordcontain a replacement cost endorsement. At Landlord's request, duly executed certificates of such Tenant’s insurance shall also contain a clause pursuant to which the insurance carriers waive all rights of subrogation against the Landlord with respect to losses payable under the policies. Landlord shall have no right or interest in insurance proceeds under this Section 13.A. which relate to Tenant’s trade fixtures and personalty (including FF&E, unless paid for by Landlord pursuant to the Workletter Agreement) and which do not relate to the Tenant Improvements and shall not be delivered an additional insured with respect to the insurance covering Tenant’s trade fixtures, personalty or FF&E (other than any items paid for by Landlord pursuant to the Workletter Agreement).
(ii) Tenant also agrees to maintain commercial general liability insurance with the broad form commercial liability endorsement, including contractual liability insurance covering Tenant’s indemnity obligations hereunder, covering Tenant (including Tenant’s partners, directors, officers, agents, servants and employees) as the insured party, and naming Landlord, each Mortgagee, and each Ground Lessor, against claims for bodily injury and death and property damage occurring in or about the Premises, with limits of at least Two Million Dollars ($2,000,000.00) per occurrence.
(iii) Tenant also agrees to maintain Workers’ Compensation and Employers’ Liability insurance in such amounts as is required under applicable law, together with such other insurance or coverages as Landlord reasonably requests, consistent with insurance requirements of tenants at other comparable first-class office buildings in the Chicago area’s north suburban office market. Tenant shall, prior to commencement of the Commencement Date Term and thereafter at least thirty (30) days prior to any renewal or replacement of such policies, furnish to Landlord certificates, in form and substance satisfactory to Landlord, issued by the expiration insurers and binding upon the insurers, evidencing all of each respective policy term. Landlord shall have the right to periodically review the coverages required hereunder under this Section 13, which certificates shall state (and in the event underlying policies shall provide) that the insurance coverage may not be changed or canceled without at least thirty (30) days prior written notice to Landlord deems It reasonably necessary and Tenant. Any certificate shall also confirm to require additional coverage resulting from inflation or from increases in jury verdicts or other economic conditions in the jurisdiction where satisfaction of the Property is located, insured parties that the policies are primary insurance. If Tenant shall obtain fail to procure the coverage requested by Landlord. Notwithstanding insurance required pursuant to this Section 13, Landlord may at its option, after giving Tenant no less than ten (10) business days prior written notice of its election to do so and without limiting any other provisions in this Lease rights or remedies available to the contraryLandlord, Tenant shall have the right to self-assume or obtain insurance from an insurance company that is a wholly owned subsidiary of one (1) of the two (2) general partners of the Tenant which insurance company must have a Best's Rating of A XII or better, for all or a portion of the risk which Tenant is required to provide insurance coverage under this Lease. In the event Tenant self-assumes the risk, it will be responsible for all losses and liabilities to procure the same extent for the account of Tenant and the cost thereof shall be paid to Landlord as if valid and collectible insurance were in effectadditional rent upon receipt by Tenant of bills therefor. The foregoing provision concerning the right All such policies maintained by Tenant pursuant to self-assume this Section 13.A shall only apply to the Tenant as of the date of this Lease, and to no successors and/or assigns unless consented to by Landlord in its sole discretioncontain commercially reasonable deductibles.
Appears in 1 contract
Samples: Office Lease (Houghton Mifflin Co)
Tenant’s Insurance. Tenant shall carry (maintain insurance complying with all of the following:
A. Tenant shall procure, pay for and keep in full force and effect, at its sole expense all times during the Term, the following:
(1) (I) fire Commercial General Liability Insurance insuring Tenant against liability for bodily injury, death, property damage, and extended coverage insurance insuring Tenant's Improvements to personal injury occurring at the Premises and any and all furniturePremises, equipment, supplies, contents and other property owned, leased, held or possessed by Tenant and contained therein, such insurance coverage to be in an amount equal to the full replacement value of such improvements and property, as such may increase resulting from time to time; (ii) worker's compensation insurance as required by the laws of the State of Georgia; and (iii) commercial general liability coverage on an occurrence basis for injury to or death of a person or persons and for damage to property occasioned by or arising out of the condition, use, Xxxxxx’s use or occupancy of the Premises, or other portions of the Building or Project, Building, Property, including contractual liability and such other coverages and endorsements as are reasonably required by Landlord, such policy to have or Common Areas or resulting from Xxxxxx’s activities in or about the Premises. Such insurance shall be on an occurrence basis with a combined single limit of liability of not less than Three Million and no/100 Dollars the amount of Tenant’s Required Liability Coverage ($3,000,000) for any bodily injury as set forth in Article 1). The policy or property damage occurring as a result of or in connection with the above. Landlord and Landlord's property manager shall be named additional insureds on the policies required hereunder and such policies shall provide that the coverage thereunder is primary to, and not contributing with, any policy carried by any such additional insured. Tenant shall have included in all policies of insurance respectively obtained by it with respect to the Building or Premises a waiver by the Insurer of all right of subrogation against the Landlord in connection with any loss or damage thereby insured against, and Landlord shall have included in all property insurance policies required to be maintained by Landlord under this lease a waiver by the insurer of all right of subrogation against the Tenant in connection with any loss or damage thereby insured against. To the full extent permitted by law, Landlord as to its property insurance policies and Tenant as to all its policies, each waives all right of recovery against the other for, and agrees to release the other from liability for, loss or damage to the extent such loss or damage results from a cause covered by valid and collectible insurance in effect at the time of such loss or damage; provided however, that the foregoing release by each party is conditioned upon the other party's carrying insurance with the above described waiver of subrogation to the extent required above, and if such coverage is not obtained or maintained by either party, then the other party's foregoing release shall be deemed to be rescinded until such waiver is either obtained or reinstated. All said insurance policies shall be carried with companies licensed endorsed to do business name Landlord and such others as are designated by Landlord as additional insureds in the State of Georgia form equivalent to CG 20 11 11 85 or its equivalent as reasonably satisfactory to Landlord having. a Best's Rating of A XII or better determined by Landlord, and shall contain the following additional endorsement: “The insurance afforded to the additional insureds is primary insurance. If the additional insureds have other insurance which is applicable to the loss on a contributing, excess, or contingent basis, the amount of this insurance company’s liability under this policy shall not be noncancellable reduced by the existence of such other insurance. Any insurance carried by the additional insureds shall be excess and nonamendable except after non contributing with the insurance provided by the Tenant.” The policy shall not be canceled or reduced without at least thirty (30) days’ written notice to additional insureds. If the policy insures more than one location, it shall be endorsed to show that the limits and aggregate apply per location. Tenant’s policy shall also contain the severability of interest and cross-liability endorsement or clauses.
(2) Fire and Property Damage Insurance in so-called Special Form plus flood coverage insuring Tenant against loss from physical damage to Tenant’s personal property, including but not limited to any tenant improvements that Tenant has an interest in inventory, stock, trade fixtures, and improvements within, at or around the Premises with coverage for the full actual replacement cost thereof;
(3) Plate-glass insurance, at actual replacement cost;
(4) Boiler and Machinery Insurance, if applicable;
(5) Product Liability Insurance (including without limitation Liquor Liability insurance for liability arising out of the distribution, sale, or consumption of food and/or beverages including alcoholic beverages at the Premises for not less than the Tenant’s Required Liability Coverage as set forth in Article 1;
(6) Workers’ compensation insurance and any other employee benefit insurance sufficient to comply with all Laws which policy shall be endorsed to provide thirty (30) days written notice of cancellation to Landlord;
(7) With respect to making of alterations or the construction of improvements or the like undertaken by Tenant, contingent liability and builder’s risk insurance, in an amount and with coverage satisfactory to Landlord;
(8) Business Income Insurance at a minimum of 50% coinsurance including coverage for loss of business income due to damage to equipment from perils covered under the so called Special Form plus the perils of flood; and
(9) Comprehensive Auto Liability Insurance with a combined single limit coverage of not less than the amount of Tenant’s Required Liability Coverage (as set forth in Article 1) for bodily injury and/or property damage liability for; a) Owned autos b) Hired or borrowed autos c) Non-owned autos d) Auto blanket. The policy shall be endorsed to provide thirty (30) days’ written notice of cancellation to Landlord.
B. Each policy of liability insurance required to be carried by Tenant pursuant to this Article or actually carried by Tenant with respect to the Premises, Project, Building, Property, or Common Areas, (i) shall be in a form satisfactory to Landlord, (ii) shall be provided by carriers admitted to do business in the state of Colorado with a Best rating of “A/VI” or better and/or acceptable to Landlord. At Landlord's request, duly executed certificates of such Property insurance shall contain a waiver of subrogation against Landlord, its principal, employees, agents, and contractors which might arise by reason of any payment under such policy or by reason of any act or omission of Landlord, its principals, employees, agents, or contractors. Each policy of liability insurance required to be delivered carried by Tenant pursuant to Landlord prior this Paragraph shall have no deductible in excess of $5,000.00.
C. Prior to the Commencement Date time Tenant or any of its contractors enter the Premises, Tenant shall deliver to the Landlord with respect to each policy of insurance required to be carried by Tenant pursuant to this Article, a certificate of the insurer certifying, in a form satisfactory to the Landlord, that the policy has been issued and at least premium paid providing the coverage required by this Article and containing the provisions herein. Attached to such a certificate shall be endorsements naming Landlord as additional insured, and including the wording for primary insurance above. With respect to each renewal or replacement of any such insurance, the requirements of this Article must be complied with not less than thirty (30) days prior to the expiration or cancellation of each respective the policy termbeing renewed or replaced. Landlord shall have may at any time and from time-to-time inspect and/or copy any and all insurance policies required to be carried by Tenant pursuant to this Article. If Landlord’s lender, insurance broker or advisor, or counsel reasonably determines at any time that the right to periodically review the coverages required hereunder and form or amount of coverage set forth in the event Landlord deems It reasonably necessary to require additional coverage resulting from inflation or from increases in jury verdicts or other economic conditions in the jurisdiction where the Property is located, Tenant shall obtain the coverage requested by Landlord. Notwithstanding Article 9.1.(A) for any other provisions in this Lease to the contrary, Tenant shall have the right to self-assume or obtain policy of insurance from an insurance company that is a wholly owned subsidiary of one (1) of the two (2) general partners of the Tenant which insurance company must have a Best's Rating of A XII or better, for all or a portion of the risk which Tenant is required to provide carry pursuant to this Article is not adequate, then Tenant shall increase the amount of coverage for such insurance to such greater amount or change the form as Landlord’s lender, insurance broker or advisor or counsel reasonably deems adequate (provided however such increase level of coverage may not exceed the level of coverage for such insurance commonly carried by comparable businesses similarly situated and operating under this Lease. In similar circumstances).
D. The Commercial General Liability Insurance carried by Tenant shall specifically insure the event performance by Tenant self-assumes the risk, it will be responsible for all losses and liabilities to the same extent as if valid and collectible insurance were in effect. The foregoing provision concerning the right to self-assume shall only apply to the Tenant as of the date indemnification provisions set forth in Article 8.2 of this LeaseLease provided, and however, nothing contained in this Article 9 shall be construed to no successors and/or assigns unless consented to by Landlord limit the liability of Tenant under the indemnification provisions set forth in its sole discretionsaid Article 8.2.
Appears in 1 contract
Samples: Lease Agreement
Tenant’s Insurance. Tenant shall covenants and agrees that from and after the date of delivery of the Premises from Landlord to Tenant, Tenant will carry (and maintain, at its sole cost and expense, the following types of insurance, in the amounts specified and in the form hereinafter provided, as follows:
A. Tenant shall maintain at its sole cost and expense during the Term) (I) fire and extended coverage insurance insuring Tenant's Improvements to on all of its personal property, including removable trade fixtures, located in the Premises and on its leasehold improvements and all additions and improvements made by Tenant in or to the Premises, in an amount not less than 100% of the full replacement cost thereof.
B. Tenant shall procure and maintain throughout the Term a policy or policies of insurance, at its sole cost and expense, Insuring Tenant and Landlord against any and all furniture, equipment, supplies, contents and other property owned, leased, held or possessed by Tenant and contained therein, such insurance coverage to be in an amount equal to the full replacement value of such improvements and property, as such may increase from time to time; (ii) worker's compensation insurance as required by the laws of the State of Georgia; and (iii) commercial general liability coverage on an occurrence basis for injury to or death of a person or persons and for damage to property persons, occasioned by or arising out of the condition, use, or occupancy of the Premises, or other portions of the Building or Property, including contractual liability and such other coverages and endorsements as are reasonably required by Landlord, such policy to have a combined single limit of not less than Three Million and no/100 Dollars ($3,000,000) for any bodily injury or property damage occurring as a result of or in connection with the above. use or occupancy of the Premises or by the condition of the Premises (including the contractual liability of Tenant to indemnify Landlord contained herein), the coverages and Landlordlimits of such policy or policies to be not less than as set forth below:
A. Employer's property manager shall be named additional insureds on the policies required hereunder Liability $500,000
B. Comprehensive General $500,000 with respect Liability to any one occurrence and such policies shall provide that the coverage thereunder is primary to, and not contributing with, any policy carried by any such additional insured. Tenant shall have included in all policies of insurance respectively obtained by it Bodily Injury/ $500,000 with respect to the Building or Premises a waiver by the Insurer of all right of subrogation against the Landlord in connection with any loss or damage thereby insured against, and Landlord shall have included in all property insurance policies required to be maintained by Landlord under this lease a waiver by the insurer of all right of subrogation against the Tenant in connection with any loss or damage thereby insured againstProperty Damage annual policy aggregate. To the full extent permitted by law, Landlord as to its property insurance policies and Tenant as to all its policies, each waives all right of recovery against the other for, and agrees to release the other from liability for, loss or damage to the extent such loss or damage results from a cause covered by valid and collectible insurance in effect at the time of such loss or damage; provided however, that the foregoing release by each party is conditioned upon the other party's carrying insurance with the above described waiver of subrogation to the extent required above, and if such coverage is not obtained or maintained by either party, then the other party's foregoing release The policy shall be deemed to be rescinded until such waiver is either obtained or reinstated. All said issued by an insurance policies shall be carried carrier with companies licensed to do business in the State of Georgia reasonably satisfactory to Landlord having. a Best's Rating rating of A XII B:VII or better better, endorsed to include Landlord as an additional insured, state that the insurance is primary over any other insurance carried by Landlord, and shall include the following coverages:
a) Premises Operations b) Independent Contractors c) Contractual coverage in support of Section 7.02B of this Lease d) Personal Injury Liability without exclusionary or limiting endorsements. Evidence of these coverages represented by Certificates of Insurance issued by the applicable insurance carrier(s) must be noncancellable and nonamendable except after thirty (30) days written notice to Landlord. At Landlord's request, duly executed certificates of such insurance shall be delivered furnished to Landlord prior to Tenant moving in. Certificates of Insurance shall specify the Commencement Date and at least additional insured status mentioned above as well as the Waivers of Subrogation (as set forth in Section 7.05). Landlord will be notified in writing thirty (30) days prior to cancellation, material change or renewal of insurance. If Tenant fails to comply with the expiration foregoing requirements relating to insurance, Landlord may obtain such insurance and Tenant shall pay to Landlord immediately on demand the premium cost thereof. Notwithstanding anything to the contrary contained herein, to the extent that the terms of each respective policy term. Landlord shall have the right to periodically review the coverages required hereunder and in the event Landlord deems It reasonably necessary to require additional coverage resulting from inflation or from increases in jury verdicts any mortgage, indenture, deed of trust or other economic conditions in similar instrument regarding delivery of the jurisdiction where proceeds of insurance to Landlord's mortgagee conflicts with the Property is locatedprovisions hereof, Tenant the provisions of such mortgage, indenture, deed of trust or other similar instrument shall obtain the coverage requested by Landlord. Notwithstanding any other provisions in this Lease govern and shall be superior to the contraryrights or Tenant hereunder, Tenant shall have the right to self-assume with no further liability of Landlord or obtain insurance from an insurance company that is a wholly owned subsidiary of one (1) of the two (2) general partners of the Tenant which insurance company must have a BestLandlord's Rating of A XII or better, for all or a portion of the risk which Tenant is required to provide insurance coverage under this Lease. In the event Tenant self-assumes the risk, it will be responsible for all losses and liabilities to the same extent as if valid and collectible insurance were in effect. The foregoing provision concerning the right to self-assume shall only apply to the Tenant as of the date of this Lease, and to no successors and/or assigns unless consented to by Landlord in its sole discretionmortgagee with regard thereto.
Appears in 1 contract
Samples: Lease Agreement (2 Infinity Inc)
Tenant’s Insurance. (a) Tenant shall carry (shall, during the term hereof and any other period of occupancy, at its sole expense during cost and expense, keep in full force and effect the Termfollowing insurance:
(i) (I) fire and Standard form property insurance insuring against the perils of fire, extended coverage, vandalism, malicious mischief, special extended coverage ("All-Risk") and sprinkler leakage. This insurance insuring policy shall be upon all property owned by Tenant, for which Tenant is legally liable or that was installed at Tenant's Improvements to expense, and which is located in the Project including, without limitation, furniture, fittings, installations, fixtures (other than Tenant improvements installed by Landlord), and any other personal property in an amount not less than ninety percent of the full replacement cost thereof. Such policy shall name Landlord and any mortgagees of Landlord as additional insured parties, as their respective interests may appear.
(ii) Commercial General Liability Insurance insuring Tenant against any liability arising out of the lease, use, occupancy or maintenance of the Premises and any and all furniture, equipment, supplies, contents and other property owned, leased, held or possessed by Tenant and contained therein, such areas appurtenant thereto. Such insurance coverage to shall be in an the amount equal to the full replacement value of such improvements and property, as such may increase from time to time; (ii) worker's compensation insurance as required by the laws of the State of Georgia; and (iii) commercial general liability coverage on an occurrence basis $3,000,000 Combined Single Limit for injury to to, or death of a person one or more persons in an occurrence, and for damage to tangible property occasioned (including loss of use) in an occurrence. The policy shall insure the hazards of premises and operation, contractual liability (covering the Indemnity contained in Paragraph 18 hereof) and shall (1) name Landlord as an additional insured, and (2) contain a cross liability provision, and (3) contain a provision that "the insurance provided the Landlord hereunder shall be primary and non-contributing with any other insurance available to the Landlord."
(iii) Workers' Compensation and Employer's Liability insurance (as required by state law).
(iv) Any other form or arising out forms of insurance as Tenant or Landlord or any mortgagees of Landlord may reasonably require from time to time in form, in amounts and for insurance risks against which a prudent tenant would protect itself; provided that such other insurance is warranted due to a substantial change in the condition, usenature of Tenant's operations at the Premises and the increased risks associated therewith or due to the total amount of any claims paid on Tenant's insurance policies in the prior twelve (12) month period, or occupancy such insurance is customarily required for similar uses by owners of the Premisescomparable buildings in Pleasanton, or other portions of the Building or Property, including contractual liability and such other coverages and endorsements as are reasonably required by Landlord, such policy to have a combined single limit of not less than Three Million and no/100 Dollars California.
($3,000,000b) for any bodily injury or property damage occurring as a result of or in connection with the above. Landlord and Landlord's property manager shall be named additional insureds on the policies required hereunder and such policies shall provide that the coverage thereunder is primary to, and not contributing with, any policy carried by any such additional insured. Tenant shall have included in all policies of insurance respectively obtained by it with respect to the Building or Premises a waiver by the Insurer of all right of subrogation against the Landlord in connection with any loss or damage thereby insured against, and Landlord shall have included in all property insurance policies required to be maintained by Landlord under this lease a waiver by the insurer of all right of subrogation against the Tenant in connection with any loss or damage thereby insured against. To the full extent permitted by law, Landlord as to its property insurance policies and Tenant as to all its policies, each waives all right of recovery against the other for, and agrees to release the other from liability for, loss or damage to the extent such loss or damage results from a cause covered by valid and collectible insurance in effect at the time of such loss or damage; provided however, that the foregoing release by each party is conditioned upon the other party's carrying insurance with the above described waiver of subrogation to the extent required above, and if such coverage is not obtained or maintained by either party, then the other party's foregoing release shall be deemed to be rescinded until such waiver is either obtained or reinstated. All said insurance policies shall be carried with companies licensed to do business written in the State of Georgia reasonably a form satisfactory to Landlord having. a Best's Rating of A XII or better and shall be noncancellable taken out with insurance companies holding a General Policyholders Rating of "A" and nonamendable a Financial Rating of "X" or better, as set forth in the most current issue of Bests Insurance Guide. Within ten days after the execution of this Lease, Tenant shall deliver to Landlord certificates evidencing the existence of the amounts and forms of coverage satisfactory to Landlord. No such policy shall be cancelable or reducible in coverage except after thirty (30) days prior written notice to Landlord. At Landlord's requestTenant shall, duly executed certificates of such insurance shall be delivered to Landlord prior to the Commencement Date and at least thirty (30) within ten days prior to the expiration of each respective policy termsuch policies, furnish Landlord with a new certificate of insurance evidencing the renewal thereof, or within ten (10) days after written notice Landlord may order such insurance and charge the cost thereof to Tenant as additional rent. If Landlord obtains any insurance that is the responsibility of Tenant under this section, Landlord shall have deliver to Tenant a written statement setting forth the right to periodically review cost of any such insurance and showing in reasonable detail the coverages required hereunder and manner in the event Landlord deems It reasonably necessary to require additional coverage resulting from inflation or from increases in jury verdicts or other economic conditions in the jurisdiction where the Property is located, Tenant shall obtain the coverage requested by Landlord. Notwithstanding any other provisions in this Lease to the contrary, Tenant shall have the right to self-assume or obtain insurance from an insurance company that is a wholly owned subsidiary of one (1) of the two (2) general partners of the Tenant which insurance company must have a Best's Rating of A XII or better, for all or a portion of the risk which Tenant is required to provide insurance coverage under this Lease. In the event Tenant self-assumes the risk, it will be responsible for all losses and liabilities to the same extent as if valid and collectible insurance were in effect. The foregoing provision concerning the right to self-assume shall only apply to the Tenant as of the date of this Lease, and to no successors and/or assigns unless consented to by Landlord in its sole discretionhas been computed.
Appears in 1 contract
Tenant’s Insurance. Tenant agrees to take out and keep in force during the term hereof, without expense to Landlord, with an insurance company with general policy holder’s rating of not less than A-VII, as rated in the most current Best’s Insurance Reports, or other company acceptable to Landlord, the policies of insurance as set forth below. Tenant shall carry (at its sole expense during be permitted to obtain the Term) (I) fire and extended insurance required under this Paragraph 14 by providing a blanket policy of insurance only if such blanket policies expressly provide coverage insurance insuring Tenant's Improvements to the Premises and any Landlord as required by this Lease without regard to claims made under such policies with respect to other persons or properties and in such form and content reasonably acceptable to Landlord. All such insurance policies shall be on an occurrence basis and not a claims-made basis, contain a standard separation of insureds provision, and shall name Landlord, its property manager IRG Realty Advisors, LLC (or such other property manager selected by Landlord), and their respective agents and employees as additional insureds on a primary and non-contributory basis.
A. Causes of Loss – Special Form property insurance, in an amount not less than one hundred percent (100%) of replacement cost covering all tenant improvements, betterments and alterations permitted under this Lease, floor and wall coverings, and Tenant’s office furniture, business and personal trade fixtures, equipment, supplies, contents furniture system and other personal property owned, leased, held or possessed by Tenant and contained therein, such insurance coverage to be in an amount equal to the full replacement value of such improvements and property, as such may increase from time to time; time situated in the Premises. Such property insurance shall include a replacement cost endorsement, providing protection against any peril included within the classification fire and extended coverage, sprinkler damage, vandalism, malicious mischief, and such other additional perils as covered in a cause of loss (iispecial form) worker's compensation insurance policy. The proceeds of such insurance shall be used for the repair and replacement of the property so insured, except that if not so applied or if this Lease is terminated following a casualty, the proceeds applicable to the leasehold improvements shall be paid to Landlord and the proceeds applicable to Tenant’s personal property shall be paid to Tenant;
B. Commercial general liability insurance, in the name of Tenant, insuring against any liability from the use and occupancy of the Premises and the business operated by Tenant. All such policies shall be written to apply to all bodily injury or death, property damage and personal injury losses, and shall include blanket contractual liability (including Tenant’s indemnity obligations under this Lease), broad form property damage liability, premise-operations and products-completed operations and shall contain an exception to any pollution exclusion which insures damage or injury arising out of heat, smoke or fumes from hostile fire, a contractual liability endorsement, and provide primary coverage to Landlord (any insurance policy issued to Landlord providing duplicate or similar coverage shall be deemed to be excess over Tenant’s policies), in such amounts as may from time to time be customary with respect to similar properties in the same area, but in any event not less than $3,000,000.00 per occurrence (or such other amounts as may be required by Landlord). The amounts of such insurance required hereunder shall be adjusted from time to time as requested by Landlord based upon Landlord’s determination as to the amounts of such insurance generally required at such time for comparable premises and buildings in the general geographical area of the Premises. In addition, such policy of insurance shall include coverage for any potential liability arising out of or because of any construction, work of repair, maintenance, restoration, replacement, alteration, or other work done on or about the Premises by or under the control or direction of Tenant;
C. Workers Compensation insurance as required by the laws of state law applicable in the State of Georgia; and (iii) commercial general liability coverage on an occurrence basis for injury to or death of a person or persons and for damage to property occasioned by or arising out of state in which the condition, use, or occupancy of the Premises, or other portions of the Building or Property, including contractual liability and such other coverages and endorsements as are reasonably required by Landlord, such policy to have a combined single limit Premises is located with Employers Liability insurance with limits of not less than Three Million $1,000,000.00; and
D. Business automobile liability insurance covering owned, hired and no/100 Dollars non-owned vehicles with limits of not less than $1,000,000.00 combined single limit ($3,000,000) for any bodily injury or and property damage occurring as a result of or in connection with the above. Landlord and Landlord's property manager shall be named additional insureds on the policies required hereunder and such policies shall provide that the coverage thereunder is primary to, and not contributing with, any policy carried by any such additional insured. Tenant shall have included in all policies of insurance respectively obtained by it with respect to the Building or Premises a waiver by the Insurer of all right of subrogation against the Landlord in connection with any loss or damage thereby insured against, and Landlord shall have included in all property insurance policies required to be maintained by Landlord under this lease a waiver by the insurer of all right of subrogation against the Tenant in connection with any loss or damage thereby insured against. To the full extent permitted by law, Landlord as to its property insurance policies and Tenant as to all its policies, each waives all right of recovery against the other for, and agrees to release the other from liability for, loss or damage to the extent such loss or damage results from a cause covered by valid and collectible insurance in effect at the time of such loss or damage; provided however, that the foregoing release by each party is conditioned upon the other party's carrying insurance with the above described waiver of subrogation to the extent required above, and if such coverage is not obtained or maintained by either party, then the other party's foregoing release shall be deemed to be rescinded until such waiver is either obtained or reinstated. All said insurance policies shall be carried with companies licensed to do business in the State of Georgia reasonably satisfactory to Landlord having. a Best's Rating of A XII or better and shall be noncancellable and nonamendable except after thirty (30) days written notice to Landlord. At Landlord's request, duly executed certificates of such insurance shall be delivered to Landlord prior to the Commencement Date and at least thirty (30) days prior to the expiration of each respective policy term. Landlord shall have the right to periodically review the coverages required hereunder and in the event Landlord deems It reasonably necessary to require additional coverage resulting from inflation or from increases in jury verdicts or other economic conditions in the jurisdiction where the Property is located, Tenant shall obtain the coverage requested by Landlord. Notwithstanding any other provisions in this Lease to the contrary, Tenant shall have the right to self-assume or obtain insurance from an insurance company that is a wholly owned subsidiary of one (1) of the two (2) general partners of the Tenant which insurance company must have a Best's Rating of A XII or better, for all or a portion of the risk which Tenant is required to provide insurance coverage under this Lease. In the event Tenant self-assumes the risk, it will be responsible for all losses and liabilities to the same extent as if valid and collectible insurance were in effect. The foregoing provision concerning the right to self-assume shall only apply to the Tenant as of the date of this Lease, and to no successors and/or assigns unless consented to by Landlord in its sole discretionper occurrence.
Appears in 1 contract
Samples: Lease Agreement (Elio Motors, Inc.)
Tenant’s Insurance. 23.1. Tenant shall carry (at its sole expense during covenants to provide on or before the Term) (I) fire Commencement Date and extended coverage throughout the Term for the benefit of Landlord, Landlord’s mortgagee, Landlord’s Managing Agent and Tenant: ● A comprehensive policy of liability insurance insuring Tenant's Improvements to the Premises and/or Certificate of Insurance, with a deductible not exceeding $2,500, protecting Landlord, Landlord’s mortgagee, Landlord’s Managing Agent and Tenant against any and all furniture, equipment, supplies, contents and other property owned, leased, held or possessed by Tenant and contained therein, such insurance coverage to be in an amount equal to the full replacement value of such improvements and property, as such may increase from time to time; (ii) worker's compensation insurance as required by the laws of the State of Georgia; and (iii) commercial general liability coverage on an occurrence basis for injury to or death of a person or persons and for damage to property whatsoever occasioned by accident on or arising out of about the conditionReal Property, use, or occupancy of the Premises, or other portions of the Building or Property, including contractual liability and such other coverages and endorsements as are reasonably required by Landlord, such the Premises or any appurtenances thereto. Such policy to have a combined single limit of not less than Three Million and no/100 Dollars ($3,000,000) for any bodily injury or property damage occurring as a result of or in connection with the above. Landlord and Landlord's property manager shall be named additional insureds on the policies required hereunder and such policies shall provide that the coverage thereunder is primary to, and not contributing with, any policy carried by any such additional insured. Tenant shall have included in all policies of insurance respectively obtained by it with respect to the Building or Premises a waiver by the Insurer of all right of subrogation against the Landlord in connection with any loss or damage thereby insured against, and Landlord shall have included in all property insurance policies required to be maintained written by Landlord under this lease a waiver by the insurer of all right of subrogation against the Tenant in connection with any loss or damage thereby insured against. To the full extent permitted by law, Landlord as to its property insurance policies and Tenant as to all its policies, each waives all right of recovery against the other for, and agrees to release the other from liability for, loss or damage to the extent such loss or damage results from a cause covered by valid and collectible insurance in effect at the time of such loss or damage; provided however, that the foregoing release by each party is conditioned upon the other party's carrying insurance with the above described waiver of subrogation to the extent required above, and if such coverage is not obtained or maintained by either party, then the other party's foregoing release shall be deemed to be rescinded until such waiver is either obtained or reinstated. All said insurance policies shall be carried with companies licensed qualified to do business in the State of Georgia reasonably satisfactory to Landlord having. a Best's Rating of A XII New Jersey and which are rated “Grade A-X” or better in Best’s and at limits of liability in minimum amounts approved by Landlord from time to time in respect of any one person, in respect of any one accident and in respect to property damage. The original amounts thereof are as set forth in Item M of the Basic Lease Provisions. Such insurance may be carried under a blanket policy covering the Premises and other locations of Tenant, if any. ● Fire and Extended Coverage, Vandalism, Malicious Mischief and Special Extended Coverage Insurance in an amount adequate to cover the cost of replacement of all personal property, decorations, trade fixtures, furnishings and equipment in the Premises and all contents therein. Landlord shall not be noncancellable and nonamendable except after thirty (30) days written notice liable for any damage to Landlordproperty of Tenant by fire or other peril, no matter how caused, it being understood that Tenant will look solely to its insurer for reimbursement.
23.2. At Landlord's request, duly executed certificates of Prior to the time such insurance shall is first required by this Paragraph 23 to be delivered to Landlord prior to the Commencement Date carried by Tenant and thereafter, at least thirty (30) days prior to the expiration of each respective any such policy, Tenant agrees to deliver to Landlord either a duplicate original of the aforesaid policy termor a certificate evidencing such insurance. Said certificate shall contain an endorsement that such insurance may not be canceled except upon thirty (30) days’ notice to Landlord, together with evidence of payment for the policy.
23.3. Upon failure at any time on the part of Tenant to procure and deliver to Landlord the policy or certificate of insurance, as herein above provided, Landlord shall have be at liberty, but shall not be obligated in any way whatsoever, from time to time, as often as such failure shall occur, to procure such insurance and to pay the right premium therefor, and any sums paid for insurance by Landlord shall be and become Additional Rent and due immediately. Payment by Landlord of such premium or the carrying by Landlord of any such policy shall not be deemed to periodically review waive or release Tenant’s Default with respect thereto.
23.4. Tenant will not do or permit anything to be done upon or bring or keep or permit anything to be brought or kept upon the coverages required hereunder and in Premises which will increase Landlord’s rate of insurance on the event Landlord deems It reasonably necessary to require additional coverage resulting from inflation or from increases in jury verdicts or other economic conditions in the jurisdiction where the Property is located, Tenant shall obtain the coverage requested Building. If by Landlord. Notwithstanding any other provisions in this Lease to the contrary, Tenant shall have the right to self-assume or obtain insurance from an insurance company that is a wholly owned subsidiary of one (1) reason of the two (2) general partners failure of Tenant to comply with the Tenant which insurance company must have a Best's Rating of A XII or better, for all or a portion of the risk which Tenant is required to provide insurance coverage under this Lease. In the event Tenant self-assumes the risk, it will be responsible for all losses and liabilities to the same extent as if valid and collectible insurance were in effect. The foregoing provision concerning the right to self-assume shall only apply to the Tenant as of the date terms of this Lease, and or by reason of Tenant’s occupancy (even though permitted or contemplated by this Lease), the insurance rate charged to no successors and/or assigns unless consented Landlord shall at any time be higher than it would otherwise be, Tenant will reimburse Landlord for that part of all insurance premiums charged because of such violation or occupancy by Tenant. Tenant agrees to comply with any reasonable requests or recommendation made by Landlord in its sole discretionLandlord’s insurance underwriter.
Appears in 1 contract
Tenant’s Insurance. Tenant shall carry maintain insurance complying with all of the following:
9.1.1 Tenant shall procure, pay for and keep in full force and effect the following:
9.1.1.1 Commercial general liability insurance, including property damage, against liability for personal injury, bodily injury, death and damage to property occurring in or about, or resulting from an occurrence in or about, the Premises with combined single limit coverage of not less than the amount of Tenant’s Liability Insurance Minimum specified in Section Q of the Summary, which insurance shall contain a “contractual liability” endorsement insuring Tenant’s performance of Tenant’s obligation to indemnify Landlord contained in Section 10.3;
9.1.1.2 Such other insurance that from time to time is either (at its sole expense during i) reasonably required by any Lender, or (ii) reasonably required by Landlord and customarily carried by tenants of similar property in similar businesses in the Term) (I) vicinity of the Project; and
9.1.1.3 A policy or policies of fire and extended coverage property damage insurance in “all risk” form with a sprinkler leakage endorsement insuring Tenant's Improvements to the Premises personal property, inventory, trade fixtures, and any leasehold improvements within the Premises, including, but not limited to, the Tenant Trade Fixtures and all furniturethe Tenant Alterations, equipment, supplies, contents and other property owned, leased, held or possessed by Tenant and contained therein, such insurance coverage to be in an amount equal to for the full replacement value thereof. The proceeds from any of such improvements policies shall be used for the repair or replacement of leasehold improvements, and, if desired by Tenant, such other items so insured. Tenant shall also maintain a policy or policies of worker’s compensation insurance and property, any other employee benefit insurance sufficient to comply with all laws.
9.1.2 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 such may increase from time to timeLandlord reasonably designates as additional insured; (ii) worker's compensation shall be primary insurance as required by which provides that the laws insurer shall be liable for the full amount of the State loss up to and including the total amount of Georgialiability set forth in the declarations without the right of contribution from any other insurance coverage of Landlord; and (iii) commercial general liability coverage on an occurrence basis for injury to or death of a person or persons and for damage to property occasioned by or arising out of the condition, use, or occupancy of the Premises, or other portions of the Building or Property, including contractual liability and such other coverages and endorsements as are reasonably required by Landlord, such policy to have a combined single limit of not less than Three Million and no/100 Dollars ($3,000,000) for any bodily injury or property damage occurring as a result of or in connection with the above. Landlord and Landlord's property manager shall be named additional insureds on the policies required hereunder and such policies shall provide that the coverage thereunder is primary to, and not contributing with, any policy carried by any such additional insured. Tenant shall have included in all policies of insurance respectively obtained by it with respect a form satisfactory to the Building or Premises a waiver by the Insurer of all right of subrogation against the Landlord in connection with any loss or damage thereby insured against, and Landlord shall have included in all property insurance policies required to be maintained by Landlord under this lease a waiver by the insurer of all right of subrogation against the Tenant in connection with any loss or damage thereby insured against. To the full extent permitted by law, Landlord as to its property insurance policies and Tenant as to all its policies, each waives all right of recovery against the other for, and agrees to release the other from liability for, loss or damage to the extent such loss or damage results from a cause covered by valid and collectible insurance in effect at the time of such loss or damageLandlord; provided however, that the foregoing release by each party is conditioned upon the other party's carrying insurance with the above described waiver of subrogation to the extent required above, and if such coverage is not obtained or maintained by either party, then the other party's foregoing release shall be deemed to be rescinded until such waiver is either obtained or reinstated. All said insurance policies (iv) shall be carried with companies licensed to do business in the State of Georgia reasonably satisfactory acceptable to Landlord having. and having a Best's Rating rating of A XII A+, VIII or better and shall be noncancellable and nonamendable except after thirty (30) days written notice to Landlord. At Landlord's request, duly executed certificates of such insurance shall be delivered to Landlord prior to the Commencement Date and at least thirty (30) days prior to the expiration of each respective policy term. Landlord shall have the right to periodically review the coverages required hereunder and in the event Landlord deems It reasonably necessary to require additional coverage resulting from inflation or from increases in jury verdicts or other economic conditions in the jurisdiction where the Property is located, Tenant shall obtain the coverage requested by Landlord. Notwithstanding any other provisions in this Lease to the contrary, Tenant shall have the right to self-assume or obtain insurance from an insurance company that is a wholly owned subsidiary of one (1) of the two (2) general partners of the Tenant which insurance company must have a “Best's Rating of A XII or better, for all or a portion of the risk which Tenant is required to provide insurance coverage under this Lease. In the event Tenant self-assumes the risk, it will be responsible for all losses and liabilities to the same extent as if valid and collectible insurance were in effect. The foregoing provision concerning the right to self-assume shall only apply to the Tenant as of the date of this Lease, and to no successors and/or assigns unless consented to by Landlord in its sole discretion.’s Insurance Guide;”
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Tenant’s Insurance. Tenant shall carry (at its sole expense maintain in full force and effect during the Term) (I) fire and extended coverage insurance insuring Tenant's Improvements to Lease Term the Premises and any and all furniture, equipment, supplies, contents and other property owned, leased, held following insurance:
A. Tenant shall maintain a policy or possessed by Tenant and contained therein, such insurance coverage to be in an amount equal to the full replacement value policies of such improvements and property, as such may increase from time to time; (ii) worker's compensation insurance as required by the laws of the State of Georgia; and (iii) commercial general liability coverage on an occurrence basis insurance, including property damage, against liability for injury to or death of a person or persons personal injury, bodily injury, death, and for damage to property occasioned by occurring in or arising out of the condition, useabout, or occupancy of resulting from an occurrence in or about, the Premises, or other portions of the Building or Property, including contractual liability and such other coverages and endorsements as are reasonably required by Landlord, such policy to have a Leased Premises with combined single limit coverage of not less than Three Million the amount of Tenant's Minimum Liability Insurance coverage set forth in Article 1. Such commercial general liability insurance shall contain a "contractual liability" endorsement insuring Tenant's performance of Tenant's obligation to indemnify Landlord as set forth in Article 10. If Landlord's Lender or Landlord's insurance advisor or counsel reasonably determines at any time that the amount of such coverage is not adequate, Tenant shall increase such coverage to such amount as Landlord's Lender, insurance advisor or counsel reasonably deems adequate, not to exceed the level of coverage then commonly carried by comparable businesses similarly situated.
B. Tenant shall maintain a policy or policies of property insurance against "all risks" at least as broad as the current ISO Special Form policy, including earthquake and no/100 Dollars flood (if required by a lender that has or will obtain a lien on the Leased Premises), for loss to the Leased Premises, the structures on the Leased Premises, any Tenant Improvements, floor and wall coverings, and business personal property on a full insurable replacement cost basis with no coinsurance clause, and Business Income insurance covering at least six months of loss of income and continuing expense. The proceeds from any of such policies shall be used for the repair or replacement of such items so insured.
C. If Tenant undertakes or authorizes any construction, alteration, improvements or the like in the Leased Premises, then Tenant shall maintain contingent liability and broad form builder's risk insurance with coverage in an amount satisfactory to Landlord.
D. Tenant shall maintain a policy or policies of workers compensation insurance and any other employee benefit insurance sufficient to comply with all Laws.
E. Tenant shall maintain a policy or policies of automobile liability insurance covering all owned, nonowned, and hired vehicles with a $3,000,000) 1,000,000 per accident limit for any bodily injury or and property damage occurring as a result of or in connection with the above. damage.
F. Landlord and Landlord's property manager such others it designates shall be named as additional insureds on the policies of insurance described in this Article. All insurance required hereunder and such policies by this Article (i) shall provide be primary insurance which provides that the coverage thereunder is primary to, insurer shall be liable for the full amount of the loss up to and not contributing with, any policy carried by any such additional insured. Tenant shall have included including the total amount of liability set forth in all policies of insurance respectively obtained by it with respect to the Building or Premises a waiver by declarations without the Insurer of all right of subrogation against the Landlord in connection with contribution from any loss or damage thereby insured againstother insurance coverage of Landlord, and Landlord shall have included in all property insurance policies required to be maintained by Landlord under this lease a waiver by the insurer of all right of subrogation against the Tenant in connection with any loss or damage thereby insured against. To the full extent permitted by law, Landlord as to its property insurance policies and Tenant as to all its policies, each waives all right of recovery against the other for, and agrees to release the other from liability for, loss or damage to the extent such loss or damage results from a cause covered by valid and collectible insurance in effect at the time of such loss or damage; provided however, that the foregoing release by each party is conditioned upon the other party's carrying insurance with the above described waiver of subrogation to the extent required above, and if such coverage is not obtained or maintained by either party, then the other party's foregoing release (ii) shall be deemed in a form satisfactory to be rescinded until such waiver is either obtained or reinstated. All said insurance policies Landlord, (iii) shall be carried with companies licensed reasonably acceptable to do business in the State of Georgia reasonably satisfactory Landlord, (iv) shall provide that such policies shall not be subject to Landlord having. a Best's Rating of A XII cancellation or better and shall be noncancellable and nonamendable change except after at least thirty (30) days prior written notice to Landlord, (v) shall contain a "cross liability" provision providing in substance that Landlord, although named as an insured, shall nevertheless be entitled to recover under the policy for any loss suffered by Landlord by reason of the negligence of Tenant, and (vi) shall not have a "deductible" in excess of One Thousand Dollars ($1,000.00) per occurrence. At Landlord's requestCopies of such policy or policies, or duly executed certificates for them, together with satisfactory evidence of such insurance the payment of the premium therefor, shall be delivered to deposited with Landlord prior to the Commencement Date time Tenant enters into possession of the Leased Premises and at least upon renewal of such policies, but not less than thirty (30) days prior to the expiration of each respective policy term. Landlord shall have the right to periodically review the coverages required hereunder and in the event Landlord deems It reasonably necessary to require additional coverage resulting from inflation or from increases in jury verdicts or other economic conditions in the jurisdiction where the Property is located, Tenant shall obtain the coverage requested by Landlord. Notwithstanding any other provisions in this Lease to the contrary, Tenant shall have the right to self-assume or obtain insurance from an insurance company that is a wholly owned subsidiary term of one (1) of the two (2) general partners of the Tenant which insurance company must have a Best's Rating of A XII or better, for all or a portion of the risk which Tenant is required to provide insurance coverage under this Lease. In the event Tenant self-assumes the risk, it will be responsible for all losses and liabilities to the same extent as if valid and collectible insurance were in effect. The foregoing provision concerning the right to self-assume shall only apply to the Tenant as of the date of this Lease, and to no successors and/or assigns unless consented to by Landlord in its sole discretionsuch coverage.
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Samples: Lease Agreement (Knightscope, Inc.)
Tenant’s Insurance. Tenant shall carry (During the Term of this Lease, and any extension and ------------------ renewal thereof, Tenant, at its sole expense during cost and expense, shall carry and maintain the Term) (I) fire following policies of insurance with insurance companies licensed or authorized to do business in the State of Georgia and extended rated as no less than A-, Class VII in the current edition of Best's Guide, insuring Landlord, Landlord's authorized agent, Tenant and any lender of record encumbering the Premises if requested by Landlord, and shall deliver to Landlord a certificate of insurance evidencing such coverage insurance insuring Tenant's Improvements both prior to taking possession of the Premises and any annually thereafter:
(1) Property Insurance on the Special or All-Risk Form (including theft, sprinkler leakage, boiler and machinery insurance), covering Tenant's personal property, trade fixtures, inventory and equipment located in, and all furnitureabove-standard improvements to, equipment, supplies, contents and other property owned, leased, held or possessed by Tenant and contained therein, such insurance coverage to be the Premises in an amount equal to the full replacement value cost of such improvements all items; Landlord reserves the right to request Tenant to have a replacement cost appraisal done not less than every three years. Said All-Risk policy is to have a maximum deductible of $250,000.00
(2) Commercial General Liability Insurance on an occurrence form including premises operations, products/completed operations, hazard and property, as such may increase from time to time; contractual coverage with limits of no less than $2,000,000.00 per occurrence and $2,000,000.00 General Aggregate with an umbrella policy of not less than $4,000,000.00.
(ii3) worker's compensation insurance as Workers' Compensation Insurance with liability limits required by the laws of the State state in which the Premises are located and employers liability coverage.
(4) Business Interruption Insurance in amounts sufficient to pay for Tenant's expenses and lost income attributable to perils commonly insured against by prudent tenants or attributable to prevention of Georgia; and (iii) commercial general liability coverage on an occurrence basis for injury access to or death of a person or persons and for damage to property occasioned by or arising out of the condition, use, or occupancy of the Premises, or other portions of the Building or Property, including contractual liability and such other coverages and endorsements as are reasonably required by Landlord, such policy to have a combined single limit of not less than Three Million and no/100 Dollars ($3,000,000) for any bodily injury or property damage occurring Premises as a result of or in connection with the abovesuch perils. Landlord and Landlord's property manager shall be named additional insureds on the policies required hereunder and such policies shall provide that the coverage thereunder is primary toSuch insurance shall, and not contributing with, any policy carried by any such additional insured. Tenant shall have included in all policies of insurance respectively obtained by it with respect to the Building or Premises a waiver by the Insurer of all right of subrogation against the Landlord in connection with any loss or damage thereby insured against, and Landlord shall have included in all property insurance policies required to be maintained by Landlord under this lease a waiver by the insurer of all right of subrogation against the Tenant in connection with any loss or damage thereby insured against. To the full extent permitted by law, name Landlord and its asset and property manager as to its property insurance policies additional insureds and Tenant as to all its policies, each waives all right of recovery against the other for, and agrees to release the other from liability for, loss or damage to the extent such loss or damage results from a cause covered by valid and collectible insurance in effect at the time of such loss or damage; provided however, that the foregoing release by each party is conditioned upon the other party's carrying insurance with the above described waiver of subrogation to the extent required above, and if such coverage is not obtained or maintained by either party, then the other party's foregoing release shall be deemed to be rescinded until such waiver is either obtained or reinstated. All said insurance policies shall be carried with companies licensed to do business in the State of Georgia reasonably satisfactory to Landlord having. a Best's Rating of A XII or better and shall be noncancellable and nonamendable except after provide for thirty (30) days days' prior written notice to LandlordLandlord and its asset and property manager before any modification or termination of said insurance. At Landlord's request, duly executed certificates of such The above-referenced insurance shall be delivered considered primary and non-contributory with or secondary to Landlord prior to the Commencement Date and at least thirty (30) days prior to the expiration of each respective policy termcoverage provided by Landlord. Landlord shall have reserves the right to periodically review the coverages required hereunder and in the event Landlord deems It reasonably necessary to require additional coverage resulting from inflation or from increases in jury verdicts or other economic conditions in and increase limits as industry standards change. Should Tenant engage the jurisdiction where the Property is locatedservices of a contractor, Tenant shall obtain the coverage requested by Landlord. Notwithstanding any other provisions in this Lease to the contrary, Tenant shall have the right to self-assume or obtain insurance from an insurance company will make certain that is a wholly owned subsidiary of one (1) of the two (2) general partners of the Tenant which insurance company must have a Best's Rating of A XII or better, for all or a portion of the risk which Tenant is required to provide insurance coverage under this Lease. In the event Tenant self-assumes the risk, it such contractor will be responsible for all losses carry General Liability Insurance and liabilities to the same extent will name Landlord and its asset and property manager as if valid and collectible insurance were in effect. The foregoing provision concerning the right to self-assume shall only apply to the Tenant as of the date of this Lease, and to no successors and/or assigns unless consented to by Landlord in its sole discretionadditional insureds.
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Tenant’s Insurance. (a) Tenant shall carry (shall, during the Term and any other period of occupancy, at its sole expense during cost and expense, keep in full force the Termfollowing insurance:
(i) (I) fire and extended coverage Standard form property insurance insuring against special perils and sprinkler leakage. This insurance policy shall be upon all property owned by Tenant's Improvements , for which Tenant is legally liable or that was installed at Tenant’s expense, and which is located in the Building including, without limitation, furniture, fittings, installations, fixtures (other than tenant improvements installed by Landlord), and any other personal property, in an amount not less than the full replacement cost thereof. If there is a dispute as to the amount which comprises full replacement cost, the decision of Landlord or any mortgagees of Landlord shall be conclusive. This insurance policy shall also cover direct or indirect loss of Tenant’s earnings attributable to Tenant’s inability to use fully or obtain access to the Premises and any and all furniture, equipment, supplies, contents and other property owned, leased, held or possessed by Tenant and contained therein, such insurance coverage to be Building in an amount equal to the full replacement value which will properly reimburse Tenant. Such policy shall name Landlord and any mortgagees of such improvements and propertyLandlord as insured parties, as such their respective interests may increase from time to time; appear.
(ii) worker's compensation Commercial General Liability Insurance insuring Tenant against any liability arising out of the lease, use, occupancy or maintenance of the Premises and all areas appurtenant thereto. Such insurance shall be in the amount of $2,000,000 Combined Single Limit for injury to, or death of one or more persons in an occurrence, and for damage to tangible property in an occurrence. The policy shall insure the hazards of the Premises and Tenant’s operations thereon, independent contractors, and contractual liability (covering the indemnity contained in Paragraph 20), and shall (1) name Landlord and Landlord’s lender(s) and mortgagee(s) as additional insureds, (2) contain a cross-liability provision, and (3) contain a provision that the insurance provided Landlord under this Subparagraph 22(a)(ii) shall be primary and non-contributing with any other insurance available to Landlord.
(iii) Workers’ Compensation and Employer’s Liability insurance as required by state law.
(iv) Business interruption insurance coverage for all Basic Monthly Rent and Operating Expenses for a period of at least twelve (12) months.
(v) Any other form or forms of insurance which Tenant or Landlord or any mortgagees of Landlord may reasonably require from time to time in form, in amounts, and for insurance risks against which a prudent tenant would protect itself.
(b) All policies to be procured by Tenant shall be written in a form satisfactory to Landlord and shall be maintained with insurance companies holding a General Policyholders Rating of “A” and a Financial Rating of “X” or better, as set forth in the laws most current issue of Best’s Insurance Guide. Within ten (10) days after the execution of this Lease and before occupying the Premises, Tenant shall deliver to Landlord copies of policies or certificates evidencing the existence of the State amounts and forms of Georgia; coverage satisfactory to Landlord. No such policy shall be cancelable or reducible in coverage without at least ten (10) days prior written notice to Landlord. Tenant shall, at least ten (10) days before the expiration of such policies, furnish Landlord with renewals or “binders” thereof, or Landlord may order such insurance and charge the cost thereof to Tenant as additional rent. If Landlord obtains any insurance that is the responsibility of Tenant under this Pxxxxxxxx 00, Xxxxxxxx shall deliver to Tenant a written statement setting forth the cost of any such insurance and showing in reasonable detail the manner in which it has been computed, and Tenant shall reimburse Landlord such amount at the Lease Interest Rate until paid.
(iiic) commercial general During the Term, Landlord shall insure the Building (excluding any property which Tenant is obligated to insure under Subparagraphs 22(a)) against damage with All-Risk insurance and public liability insurance, all in such amounts and with such deductibles as Landlord considers appropriate. Landlord may, but shall not be obligated to, obtain and carry earthquake insurance, flood insurance, rental interruption insurance, or any other form or forms of insurance as it or Landlord’s mortgagees may determine advisable. Tenant acknowledges that Tenant’s insurance shall in any event provide primary coverage on an occurrence basis for injury and that it has no right to or death of a person or persons and for damage to property occasioned receive any proceeds from any insurance policies carried by or arising out of the conditionLandlord.
(d) Tenant will not keep, use, sell or occupancy offer for sale in or upon the Premises any article which may be prohibited by any insurance policy periodically in force covering the Building. If Tenant’s use of the Premises, whether or other portions of not Landlord has consented to the Building or Propertysame, including contractual liability and such other coverages and endorsements as are reasonably required by Landlord, such policy to have a combined single limit of not less than Three Million and no/100 Dollars ($3,000,000) results in any increase in premiums for any bodily injury or property damage occurring as a result of or in connection with the above. Landlord and Landlord's property manager shall be named additional insureds on the policies required hereunder and such policies shall provide that the coverage thereunder is primary to, and not contributing with, any policy insurance periodically carried by any such additional insured. Tenant shall have included in all policies of insurance respectively obtained by it Landlord with respect to the Building, Tenant shall pay any such increase in premiums as additional rent within ten (10) days after being billed therefore by Landlord. In determining whether increased premiums are a result of Tenant’s use of the Premises, a schedule issued by the organization computing the insurance rate on the Building or the Tenant Improvements showing the various components of such rate shall be conclusive evidence of the several items and charges which make up such rate. Tenant shall promptly comply with all reasonable requirements of the insurance authority or any present or future insurer relating to the Premises.
(e) If any of Landlord’s insurance policies shall be canceled or cancellation shall be threatened or the premium or coverage thereunder changed or threatened to be changed in any way because of the use of the Premises or any part thereof by Tenant or any assignee or subtenant of Tenant or by anyone Tenant permits on the Premises and, if Tenant fails to remedy the condition giving rise to such threatened or actual cancellation, or threatened or actual change in coverage or premiums, then, within forty-eight (48) hours after notice thereof, Landlord may, at its option, either terminate this Lease or enter upon the Premises and attempt to remedy such condition, and Tenant shall promptly pay the cost thereof to Landlord as additional rent. Landlord shall not be liable for any damage or injury caused to any property of Tenant or of others located on the Premises resulting from such entry. If Landlord is unable or elects not to remedy such condition, then Landlord shall have all of the remedies for a waiver by Tenant default provided for in this Lease.
(f) All policies of insurance required hereunder shall include a clause or endorsement denying the Insurer of all right insurer any rights of subrogation against the Landlord in connection with any loss or damage thereby insured against, and Landlord shall other party to the extent rights have included in all property insurance policies required to be maintained by Landlord under this lease a waiver been waived by the insurer insured before the occurrence of all right of subrogation against the Tenant in connection with any loss injury or damage thereby insured againstloss. To the full extent permitted by law, Landlord as to its property insurance policies and Tenant as to all its policies, each waives all right waive any rights of recovery against the other for, and agrees for injury or loss due to release the other from liability for, loss hazards covered by policies of insurance containing such a waiver of subrogation clause or damage endorsement to the extent such loss or damage results from a cause covered by valid and collectible insurance in effect at the time of such loss or damage; provided however, that the foregoing release by each party is conditioned upon the other party's carrying insurance with the above described waiver of subrogation to the extent required above, and if such coverage is not obtained or maintained by either party, then the other party's foregoing release shall be deemed to be rescinded until such waiver is either obtained or reinstated. All said insurance policies shall be carried with companies licensed to do business in the State of Georgia reasonably satisfactory to Landlord having. a Best's Rating of A XII or better and shall be noncancellable and nonamendable except after thirty (30) days written notice to Landlord. At Landlord's request, duly executed certificates of such insurance shall be delivered to Landlord prior to the Commencement Date and at least thirty (30) days prior to the expiration of each respective policy term. Landlord shall have the right to periodically review the coverages required hereunder and in the event Landlord deems It reasonably necessary to require additional coverage resulting from inflation or from increases in jury verdicts or other economic conditions in the jurisdiction where the Property is located, Tenant shall obtain the coverage requested by Landlord. Notwithstanding any other provisions in this Lease to the contrary, Tenant shall have the right to self-assume or obtain insurance from an insurance company that is a wholly owned subsidiary of one (1) of the two (2) general partners of the Tenant which insurance company must have a Best's Rating of A XII injury or better, for all or a portion of the risk which Tenant is required to provide insurance coverage under this Lease. In the event Tenant self-assumes the risk, it will be responsible for all losses and liabilities to the same extent as if valid and collectible insurance were in effect. The foregoing provision concerning the right to self-assume shall only apply to the Tenant as of the date of this Lease, and to no successors and/or assigns unless consented to by Landlord in its sole discretionloss covered thereby.
Appears in 1 contract
Samples: Lease Agreement (Innovega Inc.)
Tenant’s Insurance. Tenant shall carry (hereby agrees to maintain in full force and effect at its sole expense all times during the Term) (I) fire Term and extended coverage at Tenant's cost and expense, the policies of insurance described in this Section 9.1.
9.1.1 A policy or policies of hazard insurance insuring all Tenant's Improvements to personal property, improvements and fixtures, existing in the Premises and on the Commencement Date or at any and time thereafter, against all furniture, equipment, supplies, contents and other property owned, leased, held or possessed of the risks covered by Tenant and contained therein, such a standard "special causes of loss" endorsement. Such insurance coverage to shall be in an amount equal to the lesser of the replacement cost or full replacement insurable value of such personal property, improvements and propertyfixtures. The amount of any deductibles must be reasonably acceptable to Landlord.
9.1.2 A policy or policies of "commercial general liability", or a combination of "commercial general liability" and "umbrella or excess liability" insurance naming Landlord (and any mortgagee of Landlord and any lessor under an Oxxxxxxxx) as an additional insured thereunder, with combined single limits of not less than $3,000,000 and with deductibles reasonably acceptable to Landlord. The liability insurance required hereunder shall cover all of Tenant's operations and contingent liability of Tenant for all operations performed at the Premises on Tenant's behalf by Tenant's contractors or subcontractors and shall specifically include products/completed operations liability, contractual liability, fire damage liability, and medical payments and shall provide that Tenant's employees are covered by such may increase from time insurance. The liability coverage required hereunder shall state that Tenant's insurance applies separately to time; (ii) each named insured against whom a claim is made or suit is brought, except with respect to the limits of the insurer's liability.
9.1.3 A policy or policies of "worker's compensation compensation" insurance with minimum limits as required by the laws Washington Labor and Industrial Relations Statutes, and the rules and regulations promulgated thereunder, and policy or policies of "employer's liability".
9.1.4 A policy or policies of "business interruption insurance" covering those risks referred to in Section 9.1.1 in an amount not less than the State of Georgia; Base Rent and (iii) commercial general liability coverage on an occurrence basis Additional Rent for injury to or death of a person or persons and for damage to property occasioned by or arising out of the condition, use, or occupancy of the Premises, or other portions of the Building or Property, including contractual liability and such other coverages and endorsements as are reasonably required by Landlord, such policy to have a combined single limit period of not less than Three Million and no/100 Dollars twelve ($3,000,00012) for any bodily injury or property damage occurring as a result of or in connection months commencing with the above. Landlord and Landlord's property manager date of the loss.
9.1.5 Each policy of insurance required under this Section 9.1 shall be named additional insureds on the policies required hereunder and such policies shall (a) provide that the coverage liability of the insurer thereunder is primary toshall not be affected by, and that the insurer shall not contributing withclaim any right of setoff, counterclaim, apportionment, proration or contribution by reason of any policy carried by any such additional insured. Tenant shall have included in all policies of other insurance respectively obtained by it with respect to the Building or Premises a waiver for Landlord, Tenant, or any person claiming by, through or under any of them; (b) provide that such policy may not be canceled, whether or not requested by the Insurer of all right of subrogation against the Landlord in connection with any loss or damage thereby insured againstTenant, and Landlord shall have included in all property insurance policies required to be maintained by Landlord under this lease a waiver by except upon the insurer of all right of subrogation against the Tenant in connection with any loss or damage thereby insured against. To the full extent permitted by law, Landlord as to its property insurance policies and Tenant as to all its policies, each waives all right of recovery against the other for, and agrees to release the other from liability for, loss or damage to the extent such loss or damage results from a cause covered by valid and collectible insurance in effect at the time of such loss or damage; provided however, that the foregoing release by each party is conditioned upon the other party's carrying insurance with the above described waiver of subrogation to the extent required above, and if such coverage is not obtained or maintained by either party, then the other party's foregoing release shall be deemed to be rescinded until such waiver is either obtained or reinstated. All said insurance policies shall be carried with companies licensed to do business in the State of Georgia reasonably satisfactory to Landlord having. a Best's Rating of A XII or better and shall be noncancellable and nonamendable except after thirty (30) days written notice to Landlord. At Landlord's request, duly executed certificates of such insurance shall be delivered to Landlord prior to the Commencement Date and giving at least thirty (30) days prior written notice thereof to Landlord, Tenant and every mortgagee of any interest in the Premises (as such mortgagees are identified by Landlord to Tenant); (c) be written by an insurance company with a current AM Best Company rating of A-XII or better; and (d) be written as primary policies, not contributing with and not in excess of any coverage that Landlord may carry. If any insurance required of Tenant under this Lease becomes exhausted as a result of claim payments or is canceled or non-renewed or becomes null and void for any reason, Landlord reserves the right but shall not be obligated to replace or reinstate such insurance for the protection of Landlord's interest and Tenant shall reimburse Landlord within twenty (20) days of demand for any and all expenses incurred as a result of such reinstatement or replacement of Tenant's insurance. Landlord makes no representation that the limits of liability specified to be carried by Tenant under the terms of this Lease are adequate to protect Tenant against Tenant's undertakings under this Section 9.1, and if Tenant believes any such insurance coverage called for under this Lease is insufficient, Tenant shall provide, at its own expense, such additional insurance as Tenant deems adequate. On or prior to the expiration Commencement Date, and thereafter within twenty (20) days following a request from Landlord, Tenant shall deposit with Landlord current certificates of each respective policy terminsurance issued by the insurance carriers or the insurance brokers certifying that all insurance required of Tenant under this Section 9.1 is in effect. If requested by Landlord in writing, Tenant also shall deposit current copies of all required insurance policies and endorsements. Landlord shall have the right to periodically review require Tenant to increase the liability limits, change the coverages and the scope of the risks covered by the insurance policies required of Tenant hereunder and to such higher levels, such other coverages or such broader scope of risks as Landlord may from time to time reasonably specify; provided, however, that such changes will not impose insurance obligations on Tenant greater than the obligations generally being required of similarly situated tenants of similar properties in the event Landlord deems It reasonably necessary to require additional coverage resulting from inflation or from increases in jury verdicts or other economic conditions in the jurisdiction where the Property is located, Tenant shall obtain the coverage requested by Landlord. Notwithstanding any other provisions in this Lease to the contrary, Tenant shall have the right to self-assume or obtain insurance from an insurance company that is a wholly owned subsidiary of one (1) vicinity of the two (2) general partners of Building at the Tenant which insurance company must have a Best's Rating of A XII or better, for all or a portion of the risk which Tenant is required to provide insurance coverage under this Lease. In the event Tenant self-assumes the risk, it will be responsible for all losses and liabilities to the same extent as if valid and collectible insurance were in effect. The foregoing provision concerning the right to self-assume shall only apply to the Tenant as of the date of this Lease, and to no successors and/or assigns unless consented to by Landlord in its sole discretiontime such changes are required.
Appears in 1 contract
Samples: Lease Agreement (Zones Inc)
Tenant’s Insurance. Throughout the Term of this Lease, Tenant shall carry (at its sole expense during the Term) (I) fire maintain ISO Special Form property insurance, including building and extended coverage insurance insuring Tenant's Improvements to the Premises and any and all furnituremachinery comprehensive form, equipment, supplies, contents and other property owned, leased, held or possessed by Tenant and contained therein, such insurance coverage to be in an amount equal to 100% of the full replacement value of Tenant’s trade fixtures, equipment, and other personal property located on the Premises together with such improvements other insurance as may be reasonably required by Landlord’s lender or by any government agency. All proceeds of Tenant’s policy of property insurance shall be payable to Tenant, and propertyall proceeds of policies of insurance procured by Landlord shall be payable to Landlord. Tenant hereby waives any right to recovery from Landlord and Landlord hereby waives any right of recovery from Tenant for any loss or damage (including consequential loss) resulting from any of the perils insured against in the special form property insurance policy with extended coverage endorsement. During the Term of this Lease, as such may increase from time to time; Tenant shall, at Tenant’s expense, maintain commercial general liability insurance against claims for personal injury, death or property damage occurring in, upon or about the Premises in an amount not less than $3,000,000 per occurrence and $3,000,000 annual aggregate (ii) worker's with a separate general aggregate limit for the Premises), automobile liability insurance with a combined single limit or equivalent in an amount not less than $2,000,000, and workers’ compensation insurance as required by the laws law. Tenant’s policies of the State of Georgia; and (iii) commercial general liability coverage on insurance shall name Landlord as an occurrence basis for injury to or death of a person or persons and for damage to property occasioned by or arising out of the conditionadditional insured, use, or occupancy of the Premises, or other portions of the Building or Property, including contractual liability and such other coverages and endorsements as are reasonably required by Landlord, such policy to have a combined single limit of not less than Three Million and no/100 Dollars ($3,000,000) for any bodily injury or property damage occurring as a result of or in connection with the above. Landlord and Landlord's property manager shall be named additional insureds on the policies required hereunder and such policies shall provide that the coverage thereunder is primary tofor blanket contractual liability, premises, products/completed operations, and not contributing with, any policy carried by any such additional insuredpersonal and advertising injury coverage. Tenant shall have included in all Tenant’s policies of insurance respectively obtained shall be primary and not contributory as to other insurance purchased by it with respect or available to the Building or Premises a waiver by the Insurer of all right of subrogation against the Landlord in connection with any loss or damage thereby insured againstLandlord, and Landlord shall have included in all property retentions or deductibles reasonably acceptable to Landlord. A certificate of the insurance policies required to be maintained carried by Landlord Tenant under this lease a waiver by the insurer of all right of subrogation against the Tenant in connection with any loss or damage thereby insured against. To the full extent permitted by law, Landlord as to its property insurance policies and Tenant as to all its policies, each waives all right of recovery against the other for, and agrees to release the other from liability for, loss or damage to the extent such loss or damage results from a cause covered by valid and collectible insurance in effect at the time of such loss or damage; provided however, that the foregoing release by each party is conditioned upon the other party's carrying insurance with the above described waiver of subrogation to the extent required above, and if such coverage is not obtained or maintained by either party, then the other party's foregoing release shall be deemed to be rescinded until such waiver is either obtained or reinstated. All said insurance policies shall be carried with companies licensed to do business in the State of Georgia reasonably satisfactory to Landlord having. a Best's Rating of A XII or better and shall be noncancellable and nonamendable except after thirty (30) days written notice to Landlord. At Landlord's request, duly executed certificates of such insurance Article 13 shall be delivered to Landlord prior to the Commencement Date and thereafter at least thirty (30) 30 days prior to the expiration of each respective the then current policies. Upon the written request of Landlord, copies of such policies shall also be delivered to Landlord. Each policy termshall contain an endorsement prohibiting cancellation or non-renewal without at least 30 days prior notice to Landlord. 14. FIRE AND CASUALTY Except as hereafter provided, if the Premises are wholly or partially destroyed or damaged by fire or other casualty, Landlord shall restore the Premises with reasonable diligence; provided, however, that Landlord shall have no obligation to restore improvements not originally provided by Landlord or to replace any of Tenant’s fixtures, furnishings, equipment, or personal property and Tenant shall be responsible for refixturing the Premises and reinstalling its equipment. Landlord need not commence repairs until a substantial portion of the insurance proceeds are available and shall not be required to expend more than the actual insurance proceeds received. Proceeds of insurance payable with respect to a fire or other casualty shall be received and held by Landlord. In the event the Premises are destroyed or damaged by any fire or casualty not covered by the insurance maintained by Landlord or to the extent of not less than 25% of the replacement cost thereof, or if the fire or casualty occurs within the last year of the Term of the Lease, then Landlord or Tenant shall have the option to terminate this Lease by giving notice to the other party within 60 days after the occurrence of such damage or destruction, in which case Landlord shall retain all insurance proceeds with respect to the Premises as its own property. If Landlord does not terminate this Lease as provided above, this Lease shall continue in full force and effect, but Base Rent shall be equitably abated until the restoration is substantially complete. The provisions of this Lease shall govern when this Lease is terminable as a result of a fire or casualty and no other rule or statute on the subject applies. In the event that the Lease is terminated, Tenant is entitled to reimbursement for any prepaid rent. Notwithstanding anything herein to the contrary, in the event the holder of any indebtedness secured by a mortgage or deed of trust covering the Premises, Building or Project requires that any insurance proceeds be applied to such indebtedness, then Landlord shall have the right to periodically review terminate this Lease by delivering written notice to Tenant within 15 days after such requirement is made by any such holder, whereupon the coverages required hereunder and in Lease shall end on the event Landlord deems It reasonably necessary to require additional coverage resulting from inflation or from increases in jury verdicts or other economic conditions in date of such notice as if the jurisdiction where date of such notice were the Property is located, Tenant shall obtain the coverage requested by Landlord. Notwithstanding any other provisions date originally fixed in this Lease to for the contraryexpiration of the Term. 15. CONDEMNATION If any portion of the Premises is appropriated or taken under the power of eminent domain which Tenant determines in its reasonable judgment renders the Premises unusable by Tenant, either Landlord or Tenant shall have the right to self-assume or obtain insurance from an insurance company that is a wholly owned subsidiary of one (1) terminate this Lease, as of the two (2) general partners of the Tenant which insurance company must have a Best's Rating of A XII or better, for all or a portion of the risk which date Tenant is required to provide insurance coverage vacate the appropriated or condemned part of the Premises, by giving notice in writing of such election within 30 days after receipt by Tenant from Landlord of written notice that Tenant’s Premises have been or will be so appropriated or taken. Notwithstanding the foregoing, Landlord may only exercise its option to terminate this Lease under this Article 15 if Landlord terminates the leases of all other similarly situated tenants occupying premises in the Building which are also subject to the taking. If neither Landlord nor Tenant elects to terminate this Lease, or if no portion of the Premises is appropriated or taken under the power of eminent domain by any public or quasi-public authority exercising such power as to the Building, then Landlord shall restore the Premises to the extent practicable to their condition prior to the taking, and thereafter the Base Rent shall be reduced on an equitable basis, taking into account the relative value of the portion of the Premises taken as compared to the portion remaining. All awards or compensation for any taking of any part of the Premises, whether payable to Landlord or Tenant, shall be the sole property of Landlord. Notwithstanding anything to the contrary contained herein, Tenant shall be entitled to receive the portion of an award of compensation relating to damage to or loss of trade fixtures or other personal property belonging to Tenant. Landlord shall be under no obligation to restore or replace Tenant’s furnishings, trade fixtures, equipment and personal property. In the event that the Lease is terminated, Tenant self-assumes is entitled to reimbursement for any prepaid rent. For the risk, it will be responsible for all losses and liabilities to the same extent as if valid and collectible insurance were in effect. The foregoing provision concerning the right to self-assume shall only apply to the Tenant as of the date purposes of this LeaseArticle 15, and to no successors and/or assigns unless consented to by Landlord a voluntary sale or conveyance in its sole discretionlieu of condemnation shall be deemed an appropriation or a taking under the power of eminent domain.
Appears in 1 contract
Samples: Purchase and Sale Agreement
Tenant’s Insurance. Tenant (A) Tenant, at Tenant’s expense, shall carry obtain and keep in full force and effect (at its sole expense during i) an insurance policy for Tenant’s Property, the Term) (I) fire interior installation existing in the Premises on the Commencement Date and extended coverage insurance insuring Tenant's Improvements the Alterations, in either case to the Premises and any and all furnitureextent insurable under the ISO Cause of Loss – Special Form property insurance policy or its equivalent, equipment, supplies, contents and other property owned, leased, held or possessed by Tenant and contained therein, such insurance coverage to be in an amount equal to one hundred percent (100%) of the full replacement cost thereof, (ii) an insurance policy for the plate glass that constitutes the windows of the Premises, to the extent insurable under the available standard forms of “all-risk” insurance policies, in an amount equal to one hundred percent (100%) of the replacement value thereof (the insurance policies described in clause (i) above and this clause (ii) being collectively referred to herein as “Tenant’s Property Policy”), and (iii) a policy of commercial general liability insurance on an occurrence basis, with contractual liability coverage for insured contracts (the insurance policy described in this clause (iii) being referred to herein as “Tenant’s Liability Policy”). Tenant’s Property Policy and. Tenant’s Liability Policy shall name Tenant as the insured. Tenant’s Property Policy shall also include business interruption insurance that is sufficient in amount to pay the Fixed Rent and the CAM Expense Payment and the Tax Payment due hereunder for a period of at least one (1) year. The Landlord Parties shall be named as additional insureds on Tenant’s Liability Policy.
(B) Tenant’s Liability Policy shall contain a provision that (a) no act or omission of Tenant shall affect or limit the obligation of the insurer to pay the amount of any loss sustained on behalf of the additional insureds, and (b) the policy will provide at least thirty (30) days of advance written notice of cancellation to Landlord (except ten (10) days notice for nonpayment of premium). If Tenant receives any notice of cancellation or any other notice from the insurance carrier which may adversely affect the coverage of the insureds under Tenant’s Property Policy or Tenant’s Liability Policy, then Tenant shall immediately deliver to Landlord a copy of such improvements notice. The minimum amounts of liability under Tenant’s Liability Policy shall be Five Million Dollars ($5,000,000) per occurrence and in the annual aggregate for injury (or death) to persons and damage to property, as such which minimum amount Landlord may increase from time to time; (ii) worker's compensation time to the amount of insurance as that in Landlord’s reasonable judgment is then being customarily required by prudent landlords of first-class buildings in the laws of the State of Georgia; and (iii) commercial general liability coverage on an occurrence basis for injury to or death of a person or persons and for damage to property occasioned by or arising out of the condition, use, or occupancy of the Premises, or other portions vicinity of the Building or Propertyfrom tenants leasing space similar in size, including contractual liability nature and such other coverages and endorsements as are reasonably required by Landlord, such policy location to have a combined single limit of not less than Three Million and no/100 Dollars the Premises.
($3,000,000C) for any bodily injury or property damage occurring as a result of or in connection with the above. Landlord and Landlord's property manager shall be named additional insureds on the policies required hereunder and such policies shall provide that the coverage thereunder is primary to, and not contributing with, any policy carried by any such additional insured. Tenant shall have included in all policies of insurance respectively obtained by it with respect to the Building or Premises a waiver by the Insurer of all right of subrogation against the Landlord in connection with any loss or damage thereby insured against, cause Tenant’s Liability Policy and Landlord shall have included in all property insurance policies required Tenant’s Property Policy to be maintained issued by Landlord under this lease a waiver by the insurer of all right of subrogation against the Tenant in connection with any loss or damage thereby insured against. To the full extent reputable and independent insurers that are (x) permitted by law, Landlord as to its property insurance policies and Tenant as to all its policies, each waives all right of recovery against the other for, and agrees to release the other from liability for, loss or damage to the extent such loss or damage results from a cause covered by valid and collectible insurance in effect at the time of such loss or damage; provided however, that the foregoing release by each party is conditioned upon the other party's carrying insurance with the above described waiver of subrogation to the extent required above, and if such coverage is not obtained or maintained by either party, then the other party's foregoing release shall be deemed to be rescinded until such waiver is either obtained or reinstated. All said insurance policies shall be carried with companies licensed to do business in the State of Georgia reasonably satisfactory to Landlord having. New York, and (y) rated in Best’s Insurance Guide, or any successor thereto, as having a Best's Rating general policyholder rating of A XII or better A- and a financial rating of at least VIII (it being understood that if such ratings are no longer issued, then such insurer’s financial integrity shall be noncancellable and nonamendable except after thirty (30) days written notice to Landlord. At Landlord's request, duly executed certificates of such insurance shall be delivered to Landlord prior conform to the Commencement Date and at least thirty (30) days prior to the expiration of each respective policy term. Landlord shall have the right to periodically review the coverages required hereunder and in the event Landlord deems It reasonably necessary to require additional coverage resulting standards that constitute such ratings from inflation or from increases in jury verdicts or other economic conditions in the jurisdiction where the Property is located, Tenant shall obtain the coverage requested by Landlord. Notwithstanding any other provisions in this Lease to the contrary, Tenant shall have the right to self-assume or obtain insurance from an insurance company that is a wholly owned subsidiary of one (1) of the two (2) general partners of the Tenant which insurance company must have a Best's Rating of A XII or better, for all or a portion of the risk which Tenant is required to provide insurance coverage under this Lease. In the event Tenant self-assumes the risk, it will be responsible for all losses and liabilities to the same extent as if valid and collectible insurance were in effect. The foregoing provision concerning the right to self-assume shall only apply to the Tenant ’s Insurance Guide as of the date hereof).
(D) Tenant has the right to satisfy Tenant’s obligation to carry Tenant’s Liability Policy with blanket or umbrella insurance policies, provided that such blanket or umbrella insurance policies (x) contain an aggregate per location endorsement that provides the required level of protection for the Premises, and (y) provide that a loss that relates to any other location does not impair or reduce the level of protection available for the Premises below the amount required by this Lease, provided, further however, if Tenant’s commercial general liability and to no successors and/or assigns unless consented to by Landlord in its sole discretionumbrella/excess liability policies do not provide such per location endorsements and limits, then, notwithstanding the provisions of Section 15.1(B), the minimum amounts of liability under Tenant’s Liability Policy shall be Ten Million Dollars ($10,000,000).
Appears in 1 contract
Samples: Loan Agreement (Alexanders Inc)
Tenant’s Insurance. A. Tenant shall carry (and keep in full force and effect from and after the Commencement Date and at its sole expense all times during the TermLease Term broad-form commercial liability insurance with limits of at least One Million Dollars ($1,000,000.00) (I) fire and extended coverage for each occurrence.
B. Tenant shall carry an all-risk insurance insuring policy covering all of Tenant's Improvements to ’s property located in the Premises (including without limitation Tenant’s Personal Property) for not less than the full insurable value and any and all furniture, equipment, supplies, contents and other property owned, leased, held or possessed by Tenant and contained therein, replacement cost thereof without reduction for depreciation. All proceeds of such insurance shall be used solely to restore, repair or replace Tenant’s property located in the Premises (including without limitation Tenant’s Personal Property).
C. Tenant shall obtain such additional amounts of insurance and additional types of coverage to be in an amount equal to the full replacement value of such improvements and property, as such Landlord may increase reasonably request from time to time; (ii) worker's compensation insurance as required by the laws of the State of Georgia; and (iii) .
D. All commercial general liability coverage on an occurrence basis for injury to or death of a person or persons and for damage to property occasioned by or arising out of the condition, use, or occupancy of the Premises, or other portions of the Building or Property, including contractual liability and such other coverages and endorsements as are reasonably required by Landlord, such policy to have a combined single limit of not less than Three Million and no/100 Dollars ($3,000,000) for any bodily injury or property damage occurring as a result of or in connection with the above. Landlord and Landlord's property manager shall be named additional insureds on the policies required hereunder and such policies shall provide that the coverage thereunder is primary to, and not contributing with, any policy carried by any such additional insured. Tenant shall have included in all policies of insurance respectively obtained by it with respect to the Building or Premises a waiver by the Insurer of all right of subrogation against the Landlord in connection with any loss or damage thereby insured against, and Landlord shall have included in all property insurance policies required to be maintained by Landlord under this lease a waiver by the insurer of all right of subrogation against the Tenant in connection with any loss or damage thereby insured against. To the full extent permitted by law, Landlord as to its property insurance policies and Tenant as to all its policies, each waives all right of recovery against the any other for, and agrees to release the other from liability for, loss or damage to the extent such loss or damage results from a cause covered by valid and collectible insurance in effect at the time of such loss or damage; provided however, that the foregoing release by each party is conditioned upon the other party's carrying insurance with the above described waiver of subrogation to the extent required above, and if such coverage is not obtained or maintained by either party, then the other party's foregoing release shall be deemed to be rescinded until such waiver is either obtained or reinstated. All said insurance policies carried by Tenant shall (i) be carried with issued by insurance companies licensed authorized to do business in the State of Georgia Alabama, with a then current Xxxxxx X. Best Company, Inc. (or if it no longer exists, a comparable rating service) general policy holder’s rating of “A” or better and financial size category of Class XII or higher and otherwise reasonably satisfactory to Landlord; (ii) designate, as additional named insureds, Landlord, Landlord’s managing agent, Landlord’s mortgagee(s) and any other parties designated by Landlord; (iii) be written as a primary policy coverage and not contributing with or in excess of any coverage that Landlord having. a Best's Rating of A XII or better and shall be noncancellable and nonamendable except after may carry; (iv) provide for thirty (30) days days’ prior written notice to Landlord. At Landlord's request, duly executed certificates Landlord of any cancellation or other expiration of such policy; and (v) contain contractual liability coverage insuring the performance by Tenant of the indemnity provisions of this Lease. In addition, all property damage insurance policies shall be delivered either permit or contain an express waiver of any right to recovery (by subrogation or otherwise) by the insurance company against Landlord and Landlord’s mortgagees. Tenant shall deliver to Landlord prior to the Commencement Date and at least thirty (30) days prior to the expiration either a copy of each respective such policy term. Landlord shall have the right to periodically review of insurance or a certificate evidencing the coverages required hereunder and in prior to occupancy. Renewal certificates shall be provided by Tenant on an annual basis. Neither the event Landlord deems It reasonably necessary issuance of any insurance policy required hereunder nor the minimum limits specified herein with respect to require additional coverage resulting from inflation or from increases in jury verdicts or other economic conditions in the jurisdiction where the Property is located, Tenant shall obtain the coverage requested by Landlord. Notwithstanding any other provisions in this Lease to the contrary, Tenant shall have the right to self-assume or obtain insurance from an insurance company that is a wholly owned subsidiary of one (1) of the two (2) general partners of the Tenant which insurance company must have a Best's Rating of A XII or better, for all or a portion of the risk which Tenant is required to provide Tenant’s insurance coverage shall be deemed to limit or restrict in any way Tenant’s liability under this Lease. In the event Tenant self-assumes the risk, it will be responsible for all losses and liabilities to the same extent as if valid and collectible insurance were in effect. The foregoing provision concerning the right to self-assume shall only apply to the Tenant as of the date of this Lease, and to no successors and/or assigns unless consented to by Landlord in its sole discretion.
Appears in 1 contract
Samples: Lease Agreement (Clarient, Inc)
Tenant’s Insurance. Tenant shall carry (procure and maintain throughout the Term at its sole expense during the Term) (I) fire and extended coverage insurance insuring Tenant's Improvements to expense, the following insurance:
14.4.1 Commercial general liability insurance, insuring Tenant against liability arising out of the Lease and the use, occupancy, or maintenance of the Premises and any and all furniture, equipment, supplies, contents and other property owned, leased, held or possessed by Tenant and contained therein, such areas appurtenant thereto. Such insurance coverage to shall be in an the amount equal to the full replacement value of such improvements and property, as such may increase from time to time; (ii) worker's compensation insurance as required by the laws of the State of Georgia; and (iii) commercial general liability coverage on an occurrence basis not less than $5,000,000 combined single limit for injury to or death of a person one or more persons in an occurrence, and for damage to tangible property occasioned by (including loss of use) in an occurrence (or arising out in such amount as Landlord determines in its reasonable discretion). Such policy shall include Products/Completed Operations coverage with an aggregate limit of no less than $2,000,000. Such policy shall insure Tenant's contractual liability (covering the conditionindemnity in Section 14.2) and shall: (i) name Landlord and its named principals, useproperty manager and lender as additional insureds, (ii) provide a waiver of subrogation with respect to Landlord, and (iii) provide that it is primary and noncontributing with any insurance in force on behalf of Landlord.
14.4.2 Causes of Loss - Special Form" property insurance (or occupancy comparable coverage acceptable to Landlord) insuring against the perils of the Premisesfire, vandalism and malicious mischief and including extended coverage and coverage against sprinkler leakage. This insurance policy shall be upon all personal property for which Tenant is legally liable or other portions of that was installed at Tenant's expense, and that is located in the Building or PropertyPremises, including contractual liability without limitation all of Tenant's furnishings, fixtures, furniture, personal property and such other coverages equipment and endorsements as are reasonably required by Landlord, such policy to have a combined single limit of all tenant improvements and alterations installed in the Premises at Tenant's expense in an amount not less than Three Million and no/100 Dollars ($3,000,000the full replacement cost thereof on an agreed amount basis with no coinsurance. Tenant has been advised that it may be desirable to purchase insurance against risk of loss by earthquake provided that such insurance is available on commercially reasonable terms. Tenant's property insurance policy(ies) for any bodily injury or property damage occurring as a result of or in connection with the above. shall name Landlord and Landlord's property manager shall be named additional insureds on the policies required hereunder and such policies shall provide that the coverage thereunder is primary toany mortgagees of Landlord as insured parties, and not contributing with, any policy carried by any such additional insuredas their respective interests may appear. Tenant shall have included acknowledges that Landlord has recommended that Tenant purchase business interruption coverage, covering [*CONFIDENTIAL TREATMENT HAS BEEN REQUESTED AS TO CERTAIN PORTIONS OF THIS DOCUMENT. EACH SUCH PORTION, WHICH HAS BEEN OMITTED HEREIN AND REPLACED WITH A SERIES OF THREE ASTERISKS IN BRACKETS [***], HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.] direct or indirect loss of Tenant's earnings attributable to Tenant's inability to use fully or obtain access to the Premises or Building. Tenant may elect to purchase such insurance but in all policies any event waives any claim against Landlord from any cause of loss that would be covered by insurance had Tenant purchased such coverage.
14.4.3 Worker's Compensation and Employees Liability Insurance as required by state law.
14.4.4 Any other form or amount of insurance respectively obtained by it with respect as Tenant or Landlord or any mortgagees of Landlord may reasonably require from time to the Building or Premises time in form, in amounts and for insurance risks against which a waiver by the Insurer of all right of subrogation against the Landlord prudent tenant would protect itself. As used in connection with any loss or damage thereby insured againstthis paragraph, and Landlord shall have included in all property insurance policies required to be maintained by Landlord under this lease a waiver by the insurer of all right of subrogation against the Tenant in connection with any loss or damage thereby insured against. To the full extent permitted by law, Landlord as to its property insurance policies and Tenant as to all its policies, each waives all right of recovery against the other for, and agrees to release the other from liability for, loss or damage to the extent such loss or damage results from a cause covered by valid and collectible insurance in effect at the time of such loss or damage; provided however, that the foregoing release by each party is conditioned upon the other party's carrying insurance with the above described waiver of subrogation to the extent required above, and if such coverage is not obtained or maintained by either party, then the other party's foregoing release shall be deemed to be rescinded until reasonable if it is of the type and in such waiver is either obtained or reinstated. All said insurance policies shall be carried with companies licensed to do business amounts as commercial landlords require in leases in the State of Georgia reasonably satisfactory market area in which the premises are located for premises used for the uses similar to Landlord having. a Best's Rating of A XII or better and shall be noncancellable and nonamendable except after thirty (30) days written notice to Landlord. At Landlord's request, duly executed certificates of such insurance shall be delivered to Landlord prior to the Commencement Date and at least thirty (30) days prior to the expiration of each respective policy term. Landlord shall have the right to periodically review the coverages required hereunder and in the event Landlord deems It reasonably necessary to require additional coverage resulting from inflation or from increases in jury verdicts or other economic conditions in the jurisdiction where the Property is located, Tenant shall obtain the coverage requested by Landlord. Notwithstanding any other provisions in this Lease to the contrary, Tenant shall have the right to self-assume or obtain insurance from an insurance company that is a wholly owned subsidiary of one (1) of the two (2) general partners of the Tenant which insurance company must have a Best's Rating of A XII or better, for all or a portion of the risk which Tenant is required to provide insurance coverage under this Lease. In the event Tenant self-assumes the risk, it will be responsible for all losses and liabilities to the same extent as if valid and collectible insurance were in effect. The foregoing provision concerning the right to self-assume shall only apply to the Tenant as of the date of this Lease, and to no successors and/or assigns unless consented to by Landlord in its sole discretionTenant's.
Appears in 1 contract
Tenant’s Insurance. Tenant shall carry (at its sole expense obtain and maintain during the Term) (I) fire term of this Lease commercial general liability insurance with a combined single limit for personal injury and extended coverage insurance insuring Tenant's Improvements to the Premises and any and all furniture, equipment, supplies, contents and other property owned, leased, held or possessed by Tenant and contained therein, such insurance coverage to be damage in an amount equal to the full replacement value of such improvements not less than $2,000,000 each occurrence and property$5,000,000 general aggregate, as such may increase from time to time; (ii) worker's and employer’s liability and workers’ compensation insurance as required by law. Tenant’s commercial general liability insurance policy shall (i) include coverage for premises and operations liability, products and completed operations liability, broad form property damage, blanket contractual liability and personal and advertising liability; (ii) provide that the laws of insurer has the State of Georgia; duty to defend all insureds, and (iii) commercial general liability provide that defense costs do not deplete policy limits. Such insurance shall also be endorsed to provide that (1) it may not be canceled or altered in such a manner as adversely to affect the coverage on an occurrence basis for injury afforded thereby without thirty (30) days’ prior written notice to or death of a person or persons Landlord, (2) Landlord and for damage to property occasioned other entities designated by or arising out Landlord are named as additional insureds, (3) the insurer acknowledges acceptance of the condition, use, or occupancy mutual waiver of the Premises, or other portions of the Building or Property, including contractual liability and such other coverages and endorsements as are reasonably required claims by Landlord, such policy to have a combined single limit of not less than Three Million and no/100 Dollars ($3,000,000) for any bodily injury or property damage occurring as a result of or in connection with the above. Landlord and Landlord's property manager shall be named additional insureds on the policies required hereunder Tenant pursuant to paragraph (b) below, and (4) such policies shall provide that the coverage thereunder insurance is primary to, and not contributing with, any policy carried by any such additional insured. Tenant shall have included in all policies of insurance respectively obtained by it with respect to the Building or Premises a waiver by the Insurer of all right of subrogation against the Landlord in connection with and that any loss or damage thereby insured against, and Landlord shall have included in all property other insurance policies required to be maintained by Landlord under this lease a waiver by the insurer of all right of subrogation against the Tenant in connection is excess and noncontributing with any loss or damage thereby insured againstsuch insurance. To the full extent permitted by lawIf, Landlord as to its property insurance policies and Tenant as to all its policies, each waives all right of recovery against the other for, and agrees to release the other from liability for, loss or damage to the extent such loss or damage results from a cause covered by valid and collectible insurance in effect at the time of such loss or damage; provided however, that the foregoing release by each party is conditioned upon the other party's carrying insurance with the above described waiver of subrogation to the extent required above, and if such coverage is not obtained or maintained by either party, then the other party's foregoing release shall be deemed to be rescinded until such waiver is either obtained or reinstated. All said insurance policies shall be carried with companies licensed to do business in the State opinion of Georgia reasonably satisfactory Landlord’s insurance adviser, based on an increase in recovered liability claims generally or in amounts of insurance which tenants in similar premises are then being required to Landlord having. a Best's Rating maintain, the specified amounts of A XII or better and shall be noncancellable and nonamendable except after coverage are no longer adequate, within thirty (30) days written notice to following Landlord. At Landlord's ’s request, duly executed certificates such coverage shall be appropriately increased. Tenant shall also obtain and maintain insurance (“Personal Property Insurance”) covering leasehold improvements paid for by Tenant and Tenant’s personal property and fixtures from time to time in, on, or at the Premises, in an amount not less than one hundred percent(100%) of the full replacement cost, without deduction for depreciation, providing protection against events protected under “All Risk Coverage,” as well as against sprinkler damage, vandalism, and malicious mischief. Any proceeds from the Personal Property Insurance shall be used for the repair or replacement of the property damaged or destroyed, unless this Lease is terminated under an applicable provision herein. If the Premises are not repaired or restored following damage or destruction in accordance with other provisions of this Lease, Tenant shall assign or pay to Landlord and Landlord shall receive any proceeds from the Personal Property Insurance allocable to Tenant’s leasehold improvements. Tenant shall obtain and maintain business interruption insurance in an amount not less than the greater of Tenant’s annual gross revenue or an amount adequate to provide for payment of Base Rent and other amounts due Landlord under this Lease during a one year interruption of Tenant’s business by fire or other casualty. Prior to the commencement of the term, Tenant shall deliver to Landlord copies of such insurance shall be delivered to Landlord prior to the Commencement Date policies or, at Landlord’s option, certificates thereof with endorsements, and at least thirty (30) days prior to the expiration of each respective such policy term. Landlord shall have the right to periodically review the coverages required hereunder and in the event Landlord deems It reasonably necessary to require additional coverage resulting from inflation or from increases in jury verdicts or other economic conditions in the jurisdiction where the Property is locatedany renewal thereof, Tenant shall deliver to Landlord replacement or renewal binders, followed by copies of such policies or, at Landlord’s option, certificates within a reasonable time thereafter. If Tenant fails to obtain the such insurance or to furnish Landlord any such duplicate policies or certificates as herein required, Landlord may, at its election, upon notice to Tenant but without any obligation so to do, procure and maintain such coverage requested and Tenant shall reimburse Landlord on demand as additional rent for any premium so paid by Landlord. Notwithstanding any other provisions in this Lease to the contrary, Tenant shall have the right to self-assume or obtain provide all insurance from an coverage required herein to be provided by Tenant pursuant to blanket policies so long as such coverage is expressly afforded by such policies for the location which is the Premises. All insurance company that is a wholly owned subsidiary of one (1) of the two (2) general partners of the Tenant shall be written by carriers which insurance company must are admitted in California and which have a Best's Rating rating by A.M. Best Insurance Service, or its successor, of A XII at least “A/VIII” or better, for all or a portion of the risk which Tenant is required to provide insurance coverage under this Lease. In the event Tenant self-assumes the risk, it will be responsible for all losses and liabilities to the same extent as if valid and collectible insurance were in effect. The foregoing provision concerning the right to self-assume shall only apply to the Tenant as of the date of this Lease, and to no successors and/or assigns unless consented to by Landlord in its sole discretionequivalent.
Appears in 1 contract
Samples: Industrial Gross Lease (Celera CORP)
Tenant’s Insurance. The Tenant shall carry save Landlord harmless and indemnified from and against all injury, loss, claim or damage to any person or property while on the Premises or Landlord’s Property arising out of the use or occupancy of the Premises by Tenant (unless caused by the act, neglect or default of Landlord, its employees, agents, licensees or contractors), and from and against all injury, loss, claim or damage to any person or property anywhere on the Premises or Landlord’s Property occasioned by any act, neglect or default of Tenant or of its employees, agents licensees or contractors. The Tenant shall maintain with respect to the Premises and Landlord’s Property comprehensive general liability and property damage insurance including the broad form comprehensive general liability endorsement and a contractual liability coverage endorsement in amounts not less than $2,000,000.00 combined single limit and an annual aggregate of at least $2,000,000.00. Such insurance shall insure Landlord as well as Tenant against injury to persons or damage to property as herein provided. The Tenant shall maintain, at its sole expense during the Term) (I) cost and expense, fire and extended coverage insurance insuring Tenant's Improvements to the Premises and any and for all of its contents, furniture, furnishings, equipment, suppliesimprovements, contents funds, personal property, floor coverings and other property ownedfixtures located within or about the Premises, leased, held or possessed by Tenant and contained therein, such insurance coverage to be providing protection in an amount equal to One Hundred (100%) percent of the full replacement insurable value of such improvements said items. All of Tenant’s insurance shall be with companies qualified to do business in Massachusetts, and property, as such may increase from time to time; (ii) worker's compensation shall be issued by insurance as required by the laws of the State of Georgia; and (iii) commercial companies with a general liability coverage on an occurrence basis for injury to or death of a person or persons and for damage to property occasioned by or arising out of the condition, use, or occupancy of the Premises, or other portions of the Building or Property, including contractual liability and such other coverages and endorsements as are reasonably required by Landlord, such policy to have a combined single limit policyholder’s rating of not less than Three Million A-13 and no/100 Dollars ($3,000,000) for any bodily injury or property damage occurring a financial rating of not less than Class X as a result of or rated in connection with the abovemost current ‘‘Best’s” Insurance Reports. Landlord and Landlord's property manager shall be named additional insureds on the policies required hereunder and such policies shall provide that the coverage thereunder is primary to, and not contributing with, any policy carried by any such additional insured. Tenant shall have included in all policies of Such insurance respectively obtained by it with respect to the Building or Premises a waiver by the Insurer of all right of subrogation against the Landlord in connection with any loss or damage thereby insured against, and Landlord shall have included in all property insurance policies required to may be maintained by Tenant under a blanket policy or policies so-called, provided the coverage afforded Landlord is not reduced or diminished by reason of the use of such blanket insurance policy, and provided further that the requirements set forth herein are otherwise satisfied. In the event this Lease is extended beyond the original term hereof, and every five years thereafter, Tenant shall, upon written notice thereof from Landlord, increase the amount of the liability insurance required hereunder to an amount, which is the greater of:
a. The original amount of liability insurance required hereunder plus that percentage of said amount as is equal to the percent of increase, if any, in the Consumer Price Index for all urban consumers for Boston, Massachusetts published by the Bureau of Labor Statistics, U.S. Department of Labor (Index) as at the date of the required increase in liability insurance hereunder over the said Index as at the Term Commencement Date; or
b. The amount of liability insurance, as reasonably determined by Landlord, required in similar buildings in the Boston area. The Tenant shall deposit with Landlord certificates of insurance that it is required to maintain under this lease a waiver by the insurer of all right of subrogation against the Tenant in connection with any loss Lease, at or damage thereby insured against. To the full extent permitted by law, Landlord as to its property insurance policies and Tenant as to all its policies, each waives all right of recovery against the other for, and agrees to release the other from liability for, loss or damage to the extent such loss or damage results from a cause covered by valid and collectible insurance in effect at the time of such loss or damage; provided however, that the foregoing release by each party is conditioned upon the other party's carrying insurance with the above described waiver of subrogation to the extent required above, and if such coverage is not obtained or maintained by either party, then the other party's foregoing release shall be deemed to be rescinded until such waiver is either obtained or reinstated. All said insurance policies shall be carried with companies licensed to do business in the State of Georgia reasonably satisfactory to Landlord having. a Best's Rating of A XII or better and shall be noncancellable and nonamendable except after thirty (30) days written notice to Landlord. At Landlord's request, duly executed certificates of such insurance shall be delivered to Landlord prior to the Term Commencement Date Date, and at least thirty thereafter, within twenty (3020) days prior to the expiration of each respective policy termsuch policy. Landlord Such policies shall have provide that the right policies may not be changed or canceled without at least (20) days’ prior written notice to periodically review the coverages required hereunder and Landlord. The Tenant covenants that in the event Landlord deems It reasonably necessary to require additional coverage resulting from inflation it keeps upon the Premises or from Landlord’s Property any substance of dangerous, inflammable or explosive characters or makes any use of the Premises which increases in jury verdicts the rate of insurance on the Premises or other economic conditions in the jurisdiction where the Property is locatedLandlord’s Property, Tenant shall obtain the coverage requested by Landlord. Notwithstanding promptly pay to Landlord upon demand any other provisions in this Lease to the contrarysuch increase resulting there from, Tenant which shall have the right to self-assume or obtain insurance from an insurance company that is a wholly owned subsidiary of one (1) of the two (2) general partners of the Tenant which insurance company must have a Best's Rating of A XII or better, for all or a portion of the risk which Tenant is required to provide insurance coverage under this Lease. In the event Tenant self-assumes the risk, it will be responsible for all losses due and liabilities to the same extent payable as if valid and collectible insurance were in effect. The foregoing provision concerning the right to self-assume shall only apply to the Tenant as of the date of this Lease, and to no successors and/or assigns unless consented to by Landlord in its sole discretionadditional rent hereunder.
Appears in 1 contract
Samples: Lease (Mfic Corp)
Tenant’s Insurance. A. Tenant shall procure and maintain policies of insurance, at its own cost and expense through the New Mexico Public Schools Insurance Authority for liability of Tenant and its "public employees" as defined in the Tort Claims Act (NMSA 1978, Section 41-4-1 et. seq.) in amounts prescribed by the Tort Claims Act, causing Landlord to be named as an additional insured on such policy of insurance but only in respect of liability arising out of Tenant's actions on the Premises. Certificates of Tenant's insurance policies shall be deposited with Landlord as requested by Landlord during the term of this Lease.
B. Landlord shall carry (its own general liability insurance in respect of liability related to or connected with the Premises for bodily injury to or personal injury to or death of any person or persons, or for damage to property in an amount of no less than legally required.
C. Landlord shall carry a policy or policies of insurance, at its sole expense during the Term) (I) fire cost and extended coverage insurance expense, insuring Tenant, Landlord and Landlord's Improvements lender Xxxxx Fargo Bank or subsequent lender, if any, against property loss, bodily injury or damage to the Premises and any and all furniture, equipment, supplies, contents and other property owned, leased, held or possessed by Tenant and contained therein, such insurance coverage to be in an amount equal to liability limits of no less than $2,000,000 and the full replacement value cost thereof of such improvements any damage resulting from actions of Tenant, Tenant’s students or parents, Tenant’s employees, agents or other invitees of Tenant.
D. Tenant shall, from the Rental Commencement Date, carry commercial tenant's property insurance, covering Landlord and property, as such may increase from time Tenant against all risks of physical loss to time; (ii) worker's compensation insurance as required by the laws of the State of Georgia; and (iii) commercial general liability coverage on an occurrence basis for injury to or death of a person or persons and for damage to property occasioned by or arising out of the condition, use, or occupancy contents of the Premises, including without limitation, the furniture, fixtures and equipment, in an amount equal to full replacement cost.
E. Tenant will not conduct or permit to be conducted any activity or place any equipment in or about the Premises, which will in any way increase the rate of fire insurance or other portions insurance on the Building; and if any increase in the rate of fire insurance or other insurance is stated by any insurance company or by the Building applicable insurance rating bureau to be due to activity or Property, including contractual liability and such other coverages and endorsements as are reasonably required by Landlordequipment of Tenant in or about the Premises, such policy statement shall be evidence that the increase in such rate is due to have a combined single limit of not less than Three Million such activity or equipment, and no/100 Dollars ($3,000,000) for any bodily injury or property damage occurring as a result of or in connection with the above. Landlord and Landlord's property manager thereof, Tenant shall be named additional insureds on liable for such increase and shall reimburse Landlord therefore.
F. Tenant shall at all times maintain Worker's Compensation insurance covering its employees in and about the policies Premises as required hereunder by law and such policies shall provide that Landlord proof of such insurance upon request.
G. If the coverage thereunder is primary toPremises, and not contributing withor Tenant’s personal property or fixtures in the Premises, any policy carried shall be damaged or destroyed by any such additional insured. Tenant shall have included in all policies of insurance respectively obtained by it with respect to the Building or Premises a waiver by the Insurer of all right of subrogation against the Landlord in connection with any loss or damage thereby insured against, and Landlord shall have included in all property insurance policies casualty required to be maintained insured under the terms of this Lease, whether or not such damage or destruction is caused, or claimed to be caused, by the neglect or misconduct of Landlord under or Tenant, or any of their respective officers, employees, agents, contractors, or invitees, neither Landlord, Tenant, nor their respective insurance companies shall have any right of action, by way of subrogation or otherwise, against Landlord or Tenant, or any of their officers, employees, agents, contractors, or invitees, arising from such damage or destruction, and each policy of insurance required by this lease Lease shall provide a waiver and release by the insurer of all right of subrogation against the Tenant in connection with any loss or damage thereby insured against. To the full extent permitted by law, Landlord as to its property insurance policies and Tenant as to all its policies, each waives all right of recovery against the other for, and agrees to release the other from liability for, loss or damage to the extent such loss or damage results from a cause covered by valid and collectible insurance in effect at the time of such loss or damage; provided however, that the foregoing release by each party is conditioned upon the other party's carrying insurance with the above described waiver of subrogation to the extent required above, and if such coverage is not obtained or maintained by either party, then the other party's foregoing release shall be deemed to be rescinded until such waiver is either obtained or reinstated. All said insurance policies shall be carried with companies licensed to do business in the State of Georgia reasonably satisfactory to Landlord having. a Best's Rating of A XII or better and shall be noncancellable and nonamendable except after thirty (30) days written notice to Landlord. At Landlord's request, duly executed certificates of such insurance shall be delivered to Landlord prior to the Commencement Date and at least thirty (30) days prior to the expiration of each respective policy term. Landlord shall have the right to periodically review the coverages required hereunder and in the event Landlord deems It reasonably necessary to require additional coverage resulting from inflation or from increases in jury verdicts or other economic conditions in the jurisdiction where the Property is located, Tenant shall obtain the coverage requested by Landlord. Notwithstanding any other provisions in this Lease to the contrary, Tenant shall have the right to self-assume or obtain insurance from an insurance company that is a wholly owned subsidiary of one (1) of the two (2) general partners of the Tenant which insurance company must have a Best's Rating of A XII or better, for all or a portion of the risk which Tenant is required to provide insurance coverage under this Lease. In the event Tenant self-assumes the risk, it will be responsible for all losses and liabilities to the same extent as if valid and collectible insurance were in effect. The foregoing provision concerning the right to self-assume shall only apply to the Tenant as of the date of this Lease, and to no successors and/or assigns unless consented to by Landlord in its sole discretionright.
Appears in 1 contract
Samples: Lease Agreement
Tenant’s Insurance. Tenant shall carry (at its sole expense maintain in full force and effect during the Term) (I) fire and extended coverage insurance insuring Tenant's Improvements to Lease Term the Premises and any and all furniture, equipment, supplies, contents and other property owned, leased, held following insurance:
A. Tenant shall maintain a policy or possessed by Tenant and contained therein, such insurance coverage to be in an amount equal to the full replacement value policies of such improvements and property, as such may increase from time to time; (ii) worker's compensation insurance as required by the laws of the State of Georgia; and (iii) commercial general liability coverage on an occurrence basis insurance, including property damage, against liability for injury to or death of a person or persons personal injury, bodily injury, death, and for damage to property occasioned by occurring in or arising out of the condition, useabout, or occupancy of resulting from an occurrence in or about, the Premises, or other portions of the Building or Property, including contractual liability and such other coverages and endorsements as are reasonably required by Landlord, such policy to have a Leased Premises with combined single limit coverage of not less than Three Million the amount of Tenant's Minimum Liability Insurance coverage set forth in Article 1. Such commercial general liability insurance shall contain a "contractual liability" endorsement insuring Tenant's performance of Tenant's obligation to indemnify Landlord as set forth in Article 10. If Landlord's Lender or Landlord's insurance advisor or counsel reasonably determines at any time that the amount of such coverage is not adequate, Tenant shall increase such coverage to such amount as Landlord's Lender, insurance advisor or counsel reasonably deems adequate, not to exceed the level of coverage then commonly carried by comparable businesses similarly situated.
B. Tenant shall maintain a policy or policies of property insurance against “all risks” at least as broad as the current ISO Special Form policy, including earthquake and no/100 Dollars flood (if required by a lender that has or will obtain a lien on the Leased Premises), for loss to the Leased Premises, the structures on the Leased Premises, any Tenant Improvements, floor and wall coverings, and business personal property on a full insurable replacement cost basis with no coinsurance clause, and Business Income insurance covering at least six months of loss of income and continuing expense. The proceeds from any of such policies shall be used for the repair or replacement of such items so insured.
C. If Tenant undertakes or authorizes any construction, alteration, improvements or the like in the Leased Premises, then Tenant shall maintain contingent liability and broad form builder's risk insurance with coverage in an amount satisfactory to Landlord.
D. Tenant shall maintain a policy or policies of workers compensation insurance and any other employee benefit insurance sufficient to comply with all Laws.
E. Tenant shall maintain a policy or policies of automobile liability insurance covering all owned, nonowned, and hired vehicles with a $3,000,000) 1,000,000 per accident limit for any bodily injury or and property damage occurring as a result of or in connection with the above. damage.
F. Landlord and Landlord's property manager such others it designates shall be named as additional insureds on the policies of insurance described in this Article. All insurance required hereunder and such policies by this Article (i) shall provide be primary insurance which provides that the coverage thereunder is primary to, insurer shall be liable for the full amount of the loss up to and not contributing with, any policy carried by any such additional insured. Tenant shall have included including the total amount of liability set forth in all policies of insurance respectively obtained by it with respect to the Building or Premises a waiver by declarations without the Insurer of all right of subrogation against the Landlord in connection with contribution from any loss or damage thereby insured againstother insurance coverage of Landlord, and Landlord shall have included in all property insurance policies required to be maintained by Landlord under this lease a waiver by the insurer of all right of subrogation against the Tenant in connection with any loss or damage thereby insured against. To the full extent permitted by law, Landlord as to its property insurance policies and Tenant as to all its policies, each waives all right of recovery against the other for, and agrees to release the other from liability for, loss or damage to the extent such loss or damage results from a cause covered by valid and collectible insurance in effect at the time of such loss or damage; provided however, that the foregoing release by each party is conditioned upon the other party's carrying insurance with the above described waiver of subrogation to the extent required above, and if such coverage is not obtained or maintained by either party, then the other party's foregoing release (ii) shall be deemed in a form satisfactory to be rescinded until such waiver is either obtained or reinstated. All said insurance policies Landlord, (iii) shall be carried with companies licensed reasonably acceptable to do business in the State of Georgia reasonably satisfactory Landlord, (iv) shall provide that such policies shall not be subject to Landlord having. a Best's Rating of A XII cancellation or better and shall be noncancellable and nonamendable change except after at least thirty (30) days prior written notice to Landlord, (v) shall contain a "cross liability" provision providing in substance that Landlord, although named as an insured, shall nevertheless be entitled to recover under the policy for any loss suffered by Landlord by reason of the negligence of Tenant, and (vi) shall not have a "deductible" in excess of One Thousand Dollars ($1,000.00) per occurrence. At Landlord's requestCopies of such policy or policies, or duly executed certificates for them, together with satisfactory evidence of such insurance the payment of the premium therefor, shall be delivered to deposited with Landlord prior to the Commencement Date time Tenant enters into possession of the Leased Premises and at least upon renewal of such policies, but not less than thirty (30) days prior to the expiration of each respective policy term. Landlord shall have the right to periodically review the coverages required hereunder and in the event Landlord deems It reasonably necessary to require additional coverage resulting from inflation or from increases in jury verdicts or other economic conditions in the jurisdiction where the Property is located, Tenant shall obtain the coverage requested by Landlord. Notwithstanding any other provisions in this Lease to the contrary, Tenant shall have the right to self-assume or obtain insurance from an insurance company that is a wholly owned subsidiary term of one (1) of the two (2) general partners of the Tenant which insurance company must have a Best's Rating of A XII or better, for all or a portion of the risk which Tenant is required to provide insurance coverage under this Lease. In the event Tenant self-assumes the risk, it will be responsible for all losses and liabilities to the same extent as if valid and collectible insurance were in effect. The foregoing provision concerning the right to self-assume shall only apply to the Tenant as of the date of this Lease, and to no successors and/or assigns unless consented to by Landlord in its sole discretionsuch coverage.
Appears in 1 contract
Samples: Lease Agreement (Knightscope, Inc.)
Tenant’s Insurance. Tenant shall carry (will secure and maintain, at its Tenant’s sole expense expense, with companies acceptable to Landlord during the TermTerm and any extension or renewal hereof the following insurance for the Premises:
(a) (I) fire and extended coverage insurance insuring Tenant's Improvements to the Premises and any and all furniture, equipment, supplies, contents and other property owned, leased, held or possessed by Tenant and contained therein, such insurance coverage to be in an amount equal to the full replacement value of such improvements and property, as such may increase from time to time; (ii) worker's compensation insurance as required by the laws of the State of Georgia; and (iiii) commercial general liability coverage on insurance in an occurrence basis for injury to or death of a person or persons and for damage to property occasioned by or arising out of the condition, use, or occupancy of the Premises, or other portions of the Building or Property, including contractual liability and such other coverages and endorsements as are reasonably required by Landlord, such policy to have a combined single limit amount of not less than Three Million and no/100 Dollars ($3,000,000) 1,000,000 per occurrence, with a $2,000,000 general aggregate for any bodily injury and property damage, 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 property damage occurring 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 a result of or in connection with the aboveunderlying coverage. Landlord and Landlord's property manager shall be named as an additional insureds insured on the policies required hereunder aforesaid liability insurance and shall be provided with evidence confirming such policies shall provide that the coverage thereunder is primary to, and not contributing with, any policy carried by any such additional insuredcoverage. Tenant shall have included in all policies of insurance respectively obtained by it with respect to the Building or Premises a waiver by the Insurer of all right of subrogation against the Landlord in connection with any loss or damage thereby insured against, and Landlord shall have included in all property insurance All policies required to be maintained carried by Landlord under this lease a waiver Tenant hereunder must be issued by the insurer of all right of subrogation against the Tenant in connection with any loss or damage thereby insured against. To the full extent permitted by law, Landlord as to its property and binding upon an insurance policies and Tenant as to all its policies, each waives all right of recovery against the other for, and agrees to release the other from liability for, loss or damage to the extent such loss or damage results from a cause covered by valid and collectible insurance in effect at the time of such loss or damage; provided however, that the foregoing release by each party is conditioned upon the other party's carrying insurance with the above described waiver of subrogation to the extent required above, and if such coverage is not obtained or maintained by either party, then the other party's foregoing release shall be deemed to be rescinded until such waiver is either obtained or reinstated. All said insurance policies shall be carried with companies company licensed to do business in the State state in which the property is located with a rating of Georgia reasonably satisfactory to Landlord having. a Best's Rating of A XII at least “A-““VII” or better and shall 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 noncancellable and nonamendable except after thirty (30) days written notice 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. At Landlord's request, duly executed certificates evidencing the existence and amount of such each liability insurance shall policy required hereunder and Evidence of Property Insurance Form, Accord 27, evidencing property insurance as required will be delivered to Landlord prior to the Commencement Date delivery or possession of the Premise and ten (10) days prior to each renewal date.
(b) 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 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, 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 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 expiration date of each respective policy term. any such coverage, Landlord shall have the right will be authorized (but not required) to periodically review the coverages required hereunder and procure such coverage in the event Landlord deems It reasonably necessary amount stated with all costs thereof to require additional coverage resulting from inflation or from increases in jury verdicts or other economic conditions in the jurisdiction where the Property is located, be chargeable to Tenant shall obtain the coverage requested by Landlord. Notwithstanding any other provisions in this Lease to the contrary, Tenant shall have the right to self-assume or obtain insurance from an insurance company that is a wholly owned subsidiary of one (1) of the two (2) general partners of the Tenant which insurance company must have a Best's Rating of A XII or better, for all or a portion of the risk which Tenant is required to provide insurance coverage under this Lease. In the event Tenant self-assumes the risk, it will be responsible for all losses and liabilities to the same extent as if valid and collectible insurance were in effectpayable upon written invoice thereof. The foregoing provision concerning the right to self-assume shall only apply to the Tenant as limits of the date 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 to no successors and/or assigns unless consented to by will be the sole responsibility of Tenant. Landlord may, in its sole 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. During the term of this Lease, and any renewal thereof, Tenant shall carry (maintain at all times and at its sole expense during the Term) (I) fire and extended coverage insurance insuring Tenant's Improvements to covering the Premises as follows:
a. fire, with extended coverage, vandalism and any and all furniture, equipment, supplies, contents and other property owned, leased, held or possessed by Tenant and contained thereinmalicious mischief insurance, such insurance coverage to be in an amount equal to not less than 90 percent of the full replacement value value, insuring Tenant’s merchandise, fixtures, trade fixtures, furnishings, equipment and all other items of such improvements and personal property, as such may increase from time ;
b. comprehensive liability insurance in the amount of (a) at least $1,000,000 per occurrence with respect to time; (ii) worker's compensation insurance as required by the laws of the State of Georgia; and (iii) commercial general liability coverage on an occurrence basis for bodily injury to or death of a person to any one person, (b) at least $1,000,000 with respect to bodily injury or persons and for damage to property occasioned by or death arising out of the condition, use, or occupancy of the Premises, or other portions of the Building or Property, including contractual liability and such other coverages and endorsements as are reasonably required by Landlord, such policy to have a combined single limit of not less than Three Million and no/100 Dollars ($3,000,000) for any bodily injury or property damage occurring as a result of or in connection with the above. Landlord and Landlord's property manager shall be named additional insureds on the policies required hereunder and such policies shall provide that the coverage thereunder is primary toone accident, and not contributing with, any policy carried by any such additional insured. Tenant shall have included in all policies of insurance respectively obtained by it (c) at least $500,000 with respect to property damage arising out of any one occurrence;
c. worker’s compensation insurance subject to statutory limits or better in respect of any work or other operations on or about the Building Premises;
d. such other insurance as Landlord may deem necessary or Premises a waiver by the Insurer may require. As evidence thereof, Tenant shall provide Landlord with current Certificates of Insurance evidencing all right of subrogation against the Landlord insurance required in connection with any loss or damage thereby insured againstthis Section, and Landlord which Certificates shall have included in all property insurance policies required to be maintained by Landlord under this lease a waiver by the insurer of all right of subrogation against the Tenant in connection with any loss or damage thereby insured against. To the full extent permitted by law, name Landlord as an additional insured and shall provide for ten (10) days notice to its property Landlord before cancellation, termination, expiration, or modification. All insurance policies and Tenant as to all its policies, each waives all right of recovery against the other for, and agrees to release the other from liability for, loss or damage to the extent such loss or damage results from a cause covered by valid and collectible insurance in effect at the time of such loss or damage; provided however, that the foregoing release by each party is conditioned upon the other party's carrying insurance with the above described waiver of subrogation to the extent required above, and if such coverage is not obtained or maintained by either party, then the other party's foregoing release requirements herein shall be deemed to be rescinded until such waiver is either obtained or reinstated. All said through responsible insurance policies shall be carried with companies licensed to do business in the State of Georgia reasonably satisfactory Wisconsin. Tenant releases Landlord from any and all liability or responsibility to Landlord having. a Best's Rating Tenant or anyone claiming through or under it by way of A XII subrogation or better and otherwise for any loss or damage covered by such insurance or such other insurance as may be carried by the Tenant, even if such loss or damage is caused by Landlord, or anyone for whom such party may be responsible; provided, however, that this release shall be noncancellable and nonamendable except after thirty (30) days written notice to Landlord. At Landlord's request, duly executed certificates of such insurance shall be delivered to Landlord prior applicable only to the Commencement Date extent that the loss or damage is covered by insurance policies maintained or required to be maintained by Tenant and at least thirty (30) days prior to the expiration of each respective policy term. Landlord any such release shall have not adversely affect or impair said policies or prejudice the right of Tenant to periodically review the coverages required hereunder and in the event Landlord deems It reasonably necessary to require additional coverage resulting from inflation or from increases in jury verdicts or other economic conditions in the jurisdiction where the Property is located, recover thereunder. Tenant shall obtain the coverage requested by Landlord. Notwithstanding any other provisions in this Lease to the contrary, Tenant shall have the right to self-assume or obtain insurance from an insurance company agrees that is a wholly owned subsidiary of one (1) of the two (2) general partners of the Tenant which insurance company must have a Best's Rating of A XII or better, for all or a portion of the risk which Tenant is required to provide insurance coverage under this Lease. In the event Tenant self-assumes the risk, it will be responsible for all losses and liabilities request its insurance carriers to the same extent as if valid and collectible insurance were in effect. The foregoing provision concerning the right to self-assume shall only apply to the Tenant as of the date of this Lease, and to no successors and/or assigns unless consented to by Landlord include in its sole discretionpolicies such a clause or endorsement, if necessary.
Appears in 1 contract
Samples: Lease Agreement