Common use of Acknowledgement of the Existing Insurance Clause in Contracts

Acknowledgement of the Existing Insurance. The Lessee acknowledges that the first phase of the Development has been duly insured by insurance already purchased by the Developer Lessor from Allianz Seguros (under a new policy to be issued as a renewal of policy No. 03.96.0001831, which in turn shall be effective until October 10, 2014), with (a) a declared total risk value for the first phase of the Development and other integral parts of ▇▇▇▇▇▇ ▇▇▇▇ Business Park of (a.1) forty-four million eight hundred thousand Reais (R$44,800,000.00) for property damages and (a.2) eight million five hundred and eighty-five thousand four hundred and ninety-four Reais and fifty-six cents (R$8,585,494.56) for loss of profits (i.e. loss of rent and condominium charges), and (b) effective coverage with a single maximum Indemnity limit sub-limited to the declared Value at Risk for the first phase of the Development, in accordance with the table below (the “Development Insurance”):