Insurance and Subrogation. (A) During the term of this Lease, Tenant hereby covenants and agrees, at its sole expense, to keep the Premises and Equipment fully insured against damage caused by fire and other risks and to maintain liability insurance with respect to the operation of its business on the Premises, in such amounts, with such insurers and with such coverages as are consistent with the coverages maintained by Tenant in the operation of Tenant's business and other truck stop facilities. Tenant may maintain any insurance coverages required by the terms of this Lease under a blanket policy covering other assets of Tenant. (B) Tenant agrees to furnish Landlord copies of the policies or certificates of insurance described in subparagraph (A) above upon request. (C) Each fire and liability insurance policy obtained and maintained by either Landlord or Tenant with respect to the Premises and Equipment shall contain appropriate clauses pursuant to which the insurance companies issuing such policies (i) waive all rights of subrogation against Landlord and Tenant, as applicable, with respect to losses payable under such policies and/or (ii) agree that such policies shall not be invalidated because the insured has hereby waived any and all right of recovery against Tenant for losses covered by such policies. (D) Landlord hereby waives any and all rights of recovery which it might otherwise have against Tenant, its directors, officers, partners, servants, agents, or employees, for any loss, injury, or damage to the extent the same is covered by Landlord's insurance, notwithstanding that such loss, injury, or damage may result from the negligence or fault of Tenant, its directors, officers, partners, servants, agents or employees. Tenant hereby waives any and all right of recovery which it might otherwise have against Landlord, its partners, officers, servants, agents, or employees, for any loss, injury, or damage to the extent the same could be covered by insurance, notwithstanding that such loss, injury or damage may result from the negligence or fault of Landlord, its partners, officers, servants, agents, or employees. (E) All policies referred to in this Section 16 shall contain an agreement by the insurer(s) that such policies shall not be cancelled or altered except upon thirty (30) days prior written notice (ten (10) days in the case of cancellation caused by the nonpayment of premiums) to each named insured and loss payee, and shall name Landlord and Landlord's Mortgagee, if any, as "additional insureds" or as loss payee as their respective interests may appear.
Appears in 2 contracts
Sources: Lease Agreement (Petro Stopping Centers L P), Lease Agreement (Petro Stopping Centers Holdings Lp)
Insurance and Subrogation. (Aa) During Tenant shall maintain insurance complying with all of the term of this Leasefollowing:
(i) Tenant shall procure, Tenant hereby covenants pay for and agreeskeep in full force and effect, at its sole expenseall times during the Lease Term, to keep the Premises and Equipment fully insured against damage caused by fire and other risks and to maintain following:
(1) Comprehensive general liability insurance with respect insuring Tenant against liability for personal injury, bodily injury, death and damage to the operation of its business on property occurring within the Premises, or resulting from Tenant's use or occupancy of the Premises, the Building, the Common Areas or the Property, or resulting from Tenant's activities in such amountsor about the Premises or the Property, with such insurers and with such coverages coverage in an amount equal to Tenant's Required Liability Coverage (as are consistent with the coverages maintained by Tenant set forth in the operation Basic Lease Information), which insurance shall contain a "broad form liability" endorsement insuring Tenant's performance of Tenant's business obligation to indemnify Landlord as contained in this Lease;
(2) Fire and property damage insurance in so-called "fire and extended coverage" form insuring Tenant against loss from physical damage to Tenant's personal property, inventory, trade fixtures and improvements within the Premises with coverage for the full actual replacement cost thereof;
(3) Plate glass insurance, at actual replacement cost;
(4) Pressure vessel insurance, if applicable;
(5) Product liability insurance (including, without limitation, if food and/or beverages are distributed, sold and/or consumed within the Premises, to the extent obtainable, coverage for liability arising out of the distribution, sale, use or consumption of food and/or beverages (including alcoholic beverages, if applicable) at the Premises for not less than Tenant's Required Liability Coverage (as set forth in Basic Lease Information);
(6) Workers compensation insurance and any other truck stop facilities. Tenant may maintain any employee benefit insurance coverages required sufficient to comply with all laws; and
(7) With respect to making of alterations or the construction of improvements or the like undertaken by the terms of this Lease under a blanket policy covering other assets of Tenant, contingent liability and builder's risk insurance, in an amount and with coverage reasonably satisfactory to Landlord.
(B) Tenant agrees to furnish Landlord copies of the policies or certificates of insurance described in subparagraph (A) above upon request.
(Cii) Each fire and policy of liability insurance policy obtained and maintained required to be carried by either Landlord Tenant pursuant to this paragraph or actually carried by Tenant with respect to the Premises and Equipment shall contain appropriate clauses pursuant to which or the insurance companies issuing such policies Property: (i) waive all rights of subrogation against Landlord and Tenantshall, as applicable, except with respect to losses payable under insurance required by subparagraph (a)(vi) above, name Landlord, and such policies and/or others as are designated by Landlord, as additional insureds; (ii) agree shall be primary insurance providing that the insurer shall be liable for the full amount of the loss, up to and including the total amount of liability set forth in the declaration of coverage, without the right of contribution from or prior payment by any other insurance coverage of Landlord; (iii) shall be in a form satisfactory to Landlord; (iv) shall be carried with companies reasonably acceptable to Landlord with Best's ratings of at least A and XI; (v) shall provide that such policies policy shall not be invalidated because subject so cancellation, lapse or change except after at least thirty days prior written notice to Landlord, and (vi) shall contain a so-called "severability" or "cross liability" endorsement. Each policy of property insurance maintained by Tenant with respect to the insured has hereby waived Premises or the Property or any property therein (i) shall provide that such policy shall not be subject to cancellation, lapse or change except after at least thirty days prior written notice to Landlord and all (ii) shall contain a waiver and/or a permission to waive by the insurer of any right of recovery against Tenant for losses covered by such policies.
(D) Landlord hereby waives any and all rights of recovery which it might otherwise have against Tenant, its directors, officers, partners, servants, agents, or employees, for any loss, injury, or damage to the extent the same is covered by Landlord's insurance, notwithstanding that such loss, injury, or damage may result from the negligence or fault of Tenant, its directors, officers, partners, servants, agents or employees. Tenant hereby waives any and all right of recovery which it might otherwise have subrogation against Landlord, its partners, principals, members, officers, servants, agents, or employees, for agents and contractors, which might arise by reason of any loss, injury, payment under such policy or damage to the extent the same could be covered by insurance, notwithstanding that such loss, injury reason of any act or damage may result from the negligence or fault omission of Landlord, its partners, principals, members, officers, servantsemployees, agents, or employeesagents and contractors.
(E) All policies referred to in this Section 16 shall contain an agreement by the insurer(s) that such policies shall not be cancelled or altered except upon thirty (30) days prior written notice (ten (10) days in the case of cancellation caused by the nonpayment of premiums) to each named insured and loss payee, and shall name Landlord and Landlord's Mortgagee, if any, as "additional insureds" or as loss payee as their respective interests may appear.
Appears in 2 contracts
Sources: Office Lease (Maker Communications Inc), Office Lease (Maker Communications Inc)
Insurance and Subrogation. (A) During the term of this Lease, Tenant hereby covenants and agrees, at its sole expense, to keep the Premises and Equipment fully insured against damage caused by fire and other risks and to maintain liability insurance with respect to the operation of its business on in the Premises, Premises in such amounts, with such insurers and with such coverages as are consistent with the coverages maintained by Tenant in the operation of Tenant's business and other truck stop facilities. Tenant may maintain any insurance coverages required by the terms of this Lease under a blanket policy covering other assets of TenantLessee.
(B) During the term of this Lease, Tenant agrees that upon request from Landlord that Tenant will furnish to furnish Landlord copies of the policies or certificates of insurance described in subparagraph (Aa) above upon requestabove, and with respect to each renewal thereof, evidencing the payment of the premiums due in connection therewith.
(C) Each fire and liability insurance policy obtained and maintained by either Landlord or Tenant with respect to the Premises and Equipment shall contain appropriate clauses pursuant to which the insurance companies issuing such policies (i) waive all rights of subrogation against Landlord and Tenant, as applicable, with respect to losses payable under such policies and/or (ii) agree that such policies shall not be invalidated because the insured has hereby waived any and all right of recovery against Tenant for losses covered by such policies.
(D) Landlord hereby waives any and all rights of recovery which it might otherwise have against Tenant, its directors, officers, partners, servants, agents, or employees, for any loss, injury, or damage to the extent the same is could be covered by Landlord's insurance, notwithstanding that such loss, injury, or damage may result from the negligence or fault of Tenant, its directors, officers, partners, servants, agents or employees. Tenant hereby waives any and all right of recovery which it might otherwise have against Landlord, its partners, officers, servants, agents, or employees, for any loss, injury, or damage to the extent the same could be covered by insurance, notwithstanding that such loss, injury or damage may result from the negligence or fault of Landlord, its partners, officers, servants, agents, or employees.
(E) All policies referred Landlord hereby covenants and agrees during the term of this Lease to carry and maintain commercial general liability insurance, including contractual indemnification coverage, in this Section 16 shall contain an agreement by the insurer(samount of not less than One Million Dollars ($1,000,000.00) that such policies shall not be cancelled or altered except upon thirty (30) days prior written notice (ten (10) days in the case of cancellation caused by the nonpayment of premiums) to each named insured per occurrence, combined single limit, for injury and loss payeeof life and property damage, which commercial general liability coverage shall cover any and shall name all occurrences arising prior to the Effective Date of this Lease, regardless of when the claims with regards to such occurrences are asserted. Landlord shall, upon request of Tenant, provide Tenant evidence of such insurance and Landlord's Mortgagee, if any, as "additional insureds" or as loss payee as their respective interests may appearof the payment of the premiums therefore.
Appears in 2 contracts
Sources: Lease Agreement (Petro Stopping Centers Holdings Lp), Lease Agreement (Petro Stopping Centers L P)
Insurance and Subrogation. (A) During the term of this Lease, Tenant hereby covenants and agrees, at its sole expense, to keep the Premises and Equipment fully insured against damage caused by fire and other risks and to maintain liability insurance with respect to the operation of its business on the Premises, in such amounts, with such insurers and with such coverages as are consistent with the coverages maintained by Tenant in the operation of Tenant's business and other truck stop facilities. Tenant may maintain any insurance coverages required by the terms of this Lease under a blanket policy covering other assets of Tenant.
(B) Tenant agrees to furnish Landlord copies of the policies or certificates of insurance described in subparagraph (A) above upon request.
(C) Each fire and liability insurance policy obtained and maintained by either Landlord or Tenant with respect to the Premises and Equipment shall contain appropriate clauses pursuant to which the insurance companies issuing such policies (i) waive all rights of subrogation against Landlord and Tenant, as applicable, with respect to losses payable under such policies and/or (ii) agree that such policies shall not be invalidated because the insured has hereby waived any and all right of recovery against Tenant for losses covered by such policies.
(D) Landlord hereby waives any and all rights of recovery which it might otherwise have against Tenant, its directors, officers, partners, servants, agents, or employees, for any loss, injury, or damage to the extent the same is covered by Landlord's insurance, notwithstanding that such loss, injury, or damage may result from the negligence or fault of Tenant, its directors, officers, partners, servants, agents or employees. Tenant hereby waives any and all right of recovery which it might otherwise have against Landlord, its partners, officers, servants, agents, or employees, for any loss, injury, or damage to the extent the same could be covered by insurance, notwithstanding that such loss, injury or damage may result from the negligence or fault of Landlord, its partners, officers, servants, agents, or employees.
(E) All policies referred to in this Section 16 shall contain an agreement by the insurer(s) that such policies shall not be cancelled or altered except upon thirty (30) days prior written notice (ten (10) days in the case of cancellation caused by the nonpayment of premiums) to each named insured and loss payee, and shall name Landlord and Landlord's Mortgagee, if any, as "additional insureds" or as loss payee as their respective interests may appear.
Appears in 2 contracts
Sources: Lease Agreement (Petro Stopping Centers Holdings Lp), Lease Agreement (Petro Stopping Centers L P)
Insurance and Subrogation. (A) During the term any applicable Term of this Lease, Tenant hereby covenants and agrees, at its sole expense, agrees to keep maintain policies of insurance as follows:
(1) Insuring the Premises and Equipment fully insured which are now or shall hereafter constitute a portion of the Real Property against loss or damage caused by fire fire, and against such other risks of a similar or dissimilar nature as shall be insurable against under present or future forms of special form property insurance policies available to the owners of property similar to the Premises in Seneca County, New York, including vandalism, malicious mischief and to maintain replacement cost endorsements naming Landlord Lender, its Successors and/or Assigns as first mortgagee. Such insurance shall in no event be for less than the full replacement cost of the Premises and the Equipment.
(2) Rental value and/or business interruption insurance in an amount of not less than one year’s Rent under this Lease.
(3) Commercial general liability insurance with respect naming Landlord Lender, its Successors and/or Assigns as additional insured and Landlord as additional insured, assuring against loss, damage or liability for injury or death to persons and loss and damage to property occurring from any cause whatsoever upon, in or about the Premises in the amount of not less than TWO MILLION FIVE HUNDRED AND NO/DOLLARS ($2,500,000.00) per occurrence. The minimum limits of the liability policy of insurance shall in no way limit or diminish Tenant’s indemnity liability under this Lease.
(4) Workers’ compensation insurance as and if required by local law.
(5) Flood and earthquake insurance in form and substance satisfactory to Landlord.
(6) Such other insurance (or increased limits) which is customarily carried by prudent operators of businesses similar to the operation of its Tenant’s business on after the Premises, in such amounts, with such insurers and with such coverages as are consistent with the coverages maintained by Tenant in the operation of Tenant's business and other truck stop facilities. Tenant may maintain any insurance coverages required by the terms date of this Lease under a blanket policy covering other assets of Tenantor which may be reasonably required by Landlord Lender from time to time.
(B) Tenant agrees All insurance provided for herein shall be affected under valid and enforceable policies, in form and substance then standard in New York and satisfactory to furnish Landlord, issued by insurers of recognized responsibility approved of by Landlord. Upon the execution of this Lease, and thereafter thirty (30) days prior to the expiration dates of expiring policies, a certificate of insurance showing all coverage, policy limits and expiration dates for all insurance policies required by the Lease shall be delivered to Landlord, Landlord copies Lender and Agency. Without limiting the generality of the foregoing, such Certificate shall contain an agreement by the insurers that such policies shall not be canceled or certificates materially modified without at least thirty (30) days prior written notice to Landlord, Landlord Lender or Agency. All insurance with respect to damage or destruction to the Premises shall provide that the proceeds thereof shall be payable to Tenant, Landlord, Landlord Lender and Agency as the insureds thereunder, as their respective interests may appear. All proceeds payable by reason of loss under any insurance described policy provided for herein shall be paid and applied as provided in subparagraph (A) above upon requestthis Lease.
(C) Each fire Tenant may effect any insurance required pursuant to the terms hereof pursuant to blanket policies provided that the protection afforded pursuant to such policies with respect to the Premises shall not be less than that which is required pursuant to the terms hereof for a separate policy or policies.
(D) To the extent obtainable, each casualty and liability insurance policy obtained and maintained by either Landlord or Tenant with respect to the Premises and Equipment shall contain appropriate clauses pursuant to which the insurance companies issuing such policies (i) waive all rights of subrogation against Landlord and Tenant, as applicable, with respect to losses payable under such policies and/or (ii) agree that such policies shall not be invalidated because the insured has hereby waived any and all right of recovery against Tenant for losses covered by such policies.
(DE) Landlord hereby waives any and all rights of recovery which it might otherwise have against Tenant, its directors, officers, partners, servants, agents, or employees, for any loss, injury, or damage to the extent the same is covered by Landlord's insurance’s insurance and the proceeds are actually received, notwithstanding that such loss, injury, or damage may result from the negligence or fault of Tenant, its directors, officers, partners, servants, agents or employees. Tenant hereby waives any and all right of recovery which it might otherwise have against Landlord, its partners, officers, servants, agents, or employees, for any loss, injury, or damage to the extent the same could be is covered by insuranceTenant’s insurance and the proceeds are actually received, notwithstanding that such loss, injury or damage may result from the negligence or fault of Landlord, its partners, officers, servants, agents, or employees.
(E) All policies referred to in this Section 16 shall contain an agreement by the insurer(s) that such policies shall not be cancelled or altered except upon thirty (30) days prior written notice (ten (10) days in the case of cancellation caused by the nonpayment of premiums) to each named insured and loss payee, and shall name Landlord and Landlord's Mortgagee, if any, as "additional insureds" or as loss payee as their respective interests may appear.
Appears in 1 contract
Insurance and Subrogation. (Aa) Tenant shall carry insurance during the entire Term hereof and any extension thereof insuring Tenant, and insuring Landlord, the managing agent for the Real Property and their respective agents, partners and employees, as their interests may appear, with terms, coverages and in companies reasonably satisfactory to Landlord, Tenant shall maintain the following coverages in the following amounts:
(i) Public liability insurance with the broad form comprehensive general liability endorsement, including contractual liability insurance covering Tenant's indemnity obligations hereunder, in an amount not less than $1,000,000 combined single limit per occurrence, together with umbrella and excess liability coverage of $5,000,000.
(ii) All risk" physical damage insurance including fire, sprinkler leakage, vandalism and extended coverage for the full replacement cost of all additions, improvements and alterations to the Premises (except to the extent that such are contemplated by the Plans) and of all office furniture, trade fixtures, office equipment, merchandise and all other items of Tenant's property on the Premises.
(iii) Business interruption or extra expense insurance with limits not less than those carried by a prudent tenant.
(iv) Worker's compensation insurance in the amounts required by applicable law. Tenant shall, prior to the commencement of the Term and from time to time during the Term, furnish to Landlord policies or certificates evidencing the foregoing insurance coverage. Tenant's policies shall state that such insurance coverage may not be reduced, canceled or not renewed without at least thirty (30) days' prior written notice to Landlord and Tenant (unless such cancellation is due to non-payment of premium, and in that case only ten (10) days' prior written notice shall be sufficient).
(b) During the term entire Term of this Lease, Landlord shall maintain the following coverages in the following amounts, naming Tenant hereby covenants and agrees, at its sole expense, to keep the Premises and Equipment fully insured against damage caused by fire and other risks and to maintain as an additional insured: (i) Public liability insurance with respect to the operation of its business on the Premisesbroad form comprehensive general liability endorsement, including contractual liability insurance covering Tenant's indemnity obligations hereunder, in such amountsan amount not less than $1,000,000 combined single limit per occurrence, together with such insurers umbrella and with such coverages as are consistent with the coverages maintained by Tenant in the operation excess liability coverage of Tenant's business and other truck stop facilities. Tenant may maintain any insurance coverages required by the terms of this Lease under a blanket policy covering other assets of Tenant$5,000,000.
(B) Tenant agrees to furnish Landlord copies of the policies or certificates of insurance described in subparagraph (A) above upon request.
(C) Each fire and liability insurance policy obtained and maintained by either Landlord or Tenant with respect to the Premises and Equipment shall contain appropriate clauses pursuant to which the insurance companies issuing such policies (i) waive all rights of subrogation against Landlord and Tenant, as applicable, with respect to losses payable under such policies and/or (ii) agree that such policies shall not be invalidated because the insured has hereby waived any and all right of recovery against Tenant for losses covered by such policies.
(D) Landlord hereby waives any and all rights of recovery which it might otherwise have against Tenant, its directors, officers, partners, servants, agents, or employees, for any loss, injury, or damage to the extent the same is covered by Landlord's insurance, notwithstanding that such loss, injury, or damage may result from the negligence or fault of Tenant, its directors, officers, partners, servants, agents or employees. Tenant hereby waives any and all right of recovery which it might otherwise have against Landlord, its partners, officers, servants, agents, or employees, for any loss, injury, or damage to the extent the same could be covered by insurance, notwithstanding that such loss, injury or damage may result from the negligence or fault of Landlord, its partners, officers, servants, agents, or employees.
(E) All policies referred to in this Section 16 shall contain an agreement by the insurer(s) that such policies shall not be cancelled or altered except upon thirty (30) days prior written notice (ten (10) days in the case of cancellation caused by the nonpayment of premiums) to each named insured and loss payee, and shall name Landlord and Landlord's Mortgagee, if any, as "additional insureds" or as loss payee as their respective interests may appear.
Appears in 1 contract
Sources: Office Lease (Excal Enterprises Inc)
Insurance and Subrogation. (a) Tenant shall carry insurance during the entire Term hereof insuring Tenant and insuring Landlord, Building Manager and their respective agents, partners and employees, as their interests may appear, with terms, coverages and in companies with a rating of A.M. Best "A" or better, and with such increases in limits as Landlord may from time to time reasonably request, but initially Tenant shall maintain the following coverages in the following amounts:
(i) During Public liability insurance with the term broad form commercial liability endorsement, including contractual liability insurance covering Tenant's indemnity obligations hereunder, in an amount not less than $10,000,000.00 per occurrence.
(ii) All risk" physical damage insurance including fire, sprinkler leakage, vandalism and extended coverage for the full replacement cost of this Leaseall additions, Tenant hereby covenants improvements and agrees, at its sole expense, alterations to keep the Premises (except to the extent the same are part of building standard work performed by Landlord pursuant to the Workletter, if any, attached hereto) and Equipment fully of all office furniture, trade fixtures, office equipment, merchandise and all other items of Tenant's property on the Premises; plus valuable papers insurance covering documents and papers of value in Tenant's vaults with limits not less than those customarily carried by prudent tenants in such businesses. Tenant shall, prior to the commencement of the Term and from time to time during the Term, furnish to Landlord policies or certificates (with proof of payment) evidencing the foregoing insurance coverage. Tenant's policies shall state that such insurance coverage may not be reduced or cancelled or be allowed to expire without at least thirty (30) days' prior written notice to Landlord and Tenant (unless such cancellation is due to non-payment of premium, and in that case only ten (10) days' prior written notice shall be sufficient).
(b) Landlord and Tenant agree to have all policies of physical damage insurance which may be carried by either of them endorsed with a clause providing that any release from liability of or waiver of claim for recovery from the other party or any of the parties named in Section 19(a) above entered into in writing by the insured thereunder prior to any loss or damage shall not affect the validity of said policy or the right of the insured to recover thereunder. Each such policy shall provide further that the insurer waives all rights of subrogation which such insurer might have against damage caused by any of the parties named in Section 19(a) above, and Landlord and Tenant shall first seek recovery under any applicable insurance policy before proceeding against the other.
(c) Landlord shall carry insurance during the entire Term hereof, with commercially reasonable deductible amounts and with insurance companies with a rating of A.M. Best "A" or better, and with such increases in limits as Tenant may from time to time reasonably request, but initially Landlord shall maintain the following coverages in the following amounts: (i) "all-risk" replacement cost property insurance on the Building against fire and other extended coverage perils (including boiler and machinery and electrical apparatus coverage) in an amount sufficient to prevent Landlord from being deemed a co-insurer of the risks and to maintain insured under the policy, but in no event less than the amount, if any, required by the First Mortgagee, (ii) commercial liability insurance with respect to the operation of its business on the Premisesinsurance, in such amounts, with such insurers and with such coverages as are consistent with the coverages maintained including contractual liability (which also insures Tenant but excluding coverage over liability incurred by Tenant in the operation of Tenant's business its business), in an amount not less than $10,000,000.00 per occurrence, and (iii) rent loss insurance covering loss of rents from Tenant under this lease and other truck stop facilities. Tenant may maintain any insurance coverages required by the terms of this Lease tenants under a blanket policy covering other assets of Tenant.
(B) Tenant agrees to furnish Landlord copies of the policies or certificates of insurance described in subparagraph (A) above upon request.
(C) Each fire and liability insurance policy obtained and maintained by either Landlord or Tenant with respect to the Premises and Equipment shall contain appropriate clauses pursuant to which the insurance companies issuing such policies (i) waive all rights of subrogation against Landlord and Tenant, as applicable, with respect to losses payable under such policies and/or (ii) agree that such policies shall not be invalidated because the insured has hereby waived any and all right of recovery against Tenant for losses covered by such policies.
(D) Landlord hereby waives any and all rights of recovery which it might otherwise have against Tenant, its directors, officers, partners, servants, agents, or employees, for any loss, injury, or damage to the extent the same is covered by Landlord's insurance, notwithstanding that such loss, injury, or damage may result from the negligence or fault of Tenant, its directors, officers, partners, servants, agents or employees. Tenant hereby waives any and all right of recovery which it might otherwise have against Landlord, its partners, officers, servants, agents, or employees, for any loss, injury, or damage to the extent the same could be covered by insurance, notwithstanding that such loss, injury or damage may result from the negligence or fault of Landlord, its partners, officers, servants, agents, or employees.
(E) All policies referred to in this Section 16 shall contain an agreement by the insurer(s) that such policies shall not be cancelled or altered except upon thirty (30) days prior written notice (ten (10) days leases in the case Building in such amounts as a prudent owner of cancellation caused by a first class office building in the nonpayment City of premiums) to each named insured and loss payeeChicago, and shall name Landlord and Landlord's MortgageeIllinois, if any, as "additional insureds" or as loss payee as their respective interests may appearwould carry.
Appears in 1 contract
Sources: Lease (Chicago Title Corp)
Insurance and Subrogation. (Aa) During the term of this Lease, Tenant hereby covenants and agreesTenant, at its sole cost and expense, shall carry insurance during the entire Term hereof insuring Tenant, and insuring Landlord, the managing agent for the Real Property and their respective officers, directors, agents, partners and employees, as their interests may appear, with terms, coverage and in companies reasonably satisfactory to keep Landlord, and with such increases in limits as Landlord may from time to time request, but initially Tenant shall maintain the Premises and Equipment fully insured against damage caused by fire and other risks and to maintain following coverages in the following amounts:
(i) Public liability insurance with respect to the operation of its business on the Premisesbroad form comprehensive general liability endorsement, including contractual liability insurance covering Tenant's indemnity obligations hereunder, in such amounts, with such insurers and with such coverages as are consistent with the coverages maintained by Tenant in the operation of Tenant's business and other truck stop facilities. Tenant may maintain any insurance coverages required by the terms of this Lease under a blanket policy covering other assets of Tenantan amount not less than $1,000,000.00 combined single limit per occurrence.
(Bii) Tenant agrees to furnish Landlord copies All risk" physical damage insurance including fire, sprinkler leakage, vandalism and extended coverage for the full replacement cost of the policies or certificates of insurance described in subparagraph (A) above upon request.
(C) Each fire all additions, improvements and liability insurance policy obtained and maintained by either Landlord or Tenant with respect alterations to the Premises and Equipment shall contain appropriate clauses pursuant to which the insurance companies issuing such policies (i) waive all rights of subrogation against Landlord and Tenant, as applicable, with respect to losses payable under such policies and/or (ii) agree that such policies shall not be invalidated because the insured has hereby waived any and all right of recovery against Tenant for losses covered by such policies.
(D) Landlord hereby waives any and all rights of recovery which it might otherwise have against Tenant, its directors, officers, partners, servants, agents, or employees, for any loss, injury, or damage except to the extent the same is covered are part of building standard work performed by Landlord pursuant to the Work Letter, if any, attached hereto) and of all office furniture, trade fixtures, office equipment, merchandise and all other items of Tenant's property on the Premises.
(iii) Business interruption or extra expense insurance with limits not less than those carried by a prudent tenant. Tenant shall, prior to the commencement of the Term and from time to time during the Term, or at any time upon written request from Landlord, furnish to Landlord policies or certificates evidencing the foregoing insurance coverage. Tenant's insurance, notwithstanding policies shall state that such lossinsurance coverage may not be reduced, injurycanceled or not renewed without at least thirty (30) days' prior written notice to Landlord and Tenant (unless such cancellation is due to non-payment of premium, and in that case only ten (10) day's prior written notice shall be sufficient).
(b) Tenant shall comply with all applicable laws and ordinances, all orders and decrees of court and all requirements of other governmental authority, and shall not directly or indirectly make any use of the Premises which may thereby be prohibited or be dangerous to person or property or which may jeopardize any insurance coverage, or damage may result from increase the negligence cost of insurance or fault require additional insurance coverage.
(c) Each of Tenant, its directors, officers, partners, servants, agents or employees. Landlord and Tenant hereby waives any and all right of recovery which it might otherwise have against Landlordevery claim, its partners, officers, servants, agents, or employeesincluding insurer's subrogation claims, for recovery from the other for any loss, injury, and all loss or damage to the extent Building or Premises or to the same could be covered by insurancecontents thereof, notwithstanding that and including claims for deductible and self-insurance retention amounts, whether such loss, injury loss or damage may result from is due to the negligence of Landlord or fault of Landlord, Tenant or its partners, respective officers, servantsdirectors, agents, employees or employees.
(E) All policies referred invitees of any of them. Furthermore, Landlord and Tenant agree that as respects any rights or claims between them, they shall each look solely to in this Section 16 shall contain an agreement by the insurer(s) that such policies shall not be cancelled or altered except upon thirty (30) days prior written notice (ten (10) days their respective insurance carriers in the case event of cancellation caused by the nonpayment of premiums) to each named insured and any physical loss payee, and shall name Landlord and Landlord's Mortgagee, if any, as "additional insureds" or as loss payee as their respective interests may appeardamage.
Appears in 1 contract
Sources: Office Lease (Participate Com Inc)
Insurance and Subrogation. (Aa) During the term of this Lease, Tenant hereby covenants and agrees, at its sole expense, to keep the Premises and Equipment fully insured against damage caused by fire and other risks and to maintain liability insurance with respect to the operation of its business on in the Premises, Premises in such amounts, with such insurers and with such coverages as are consistent with the coverages maintained by Tenant in the operation of Tenant's business and other truck stop facilities. Tenant may maintain any insurance coverages required by the terms of this Lease under a blanket policy covering other assets of TenantLessee.
(Bb) During the term of this Lease, Tenant agrees that upon request from Landlord that Tenant will furnish to furnish Landlord copies of the policies or certificates of insurance described in subparagraph (Aa) above upon requestabove, and with respect to each renewal thereof, evidencing the payment of the premiums due in connection therewith.
(Cc) Each fire and liability insurance policy obtained and maintained by either Landlord or Tenant with respect to the Premises and Equipment shall contain appropriate clauses pursuant to which the insurance companies issuing such policies (i) waive all rights of subrogation against Landlord and Tenant, as applicable, with respect to losses payable under such policies and/or (ii) agree that such policies shall not be invalidated because the insured has hereby waived any and all right of recovery against Tenant for losses covered by such policies.
(Dd) Landlord hereby waives any and all rights of recovery which it might otherwise have against Tenant, its directors, officers, partners, servants, agents, or employees, for any loss, injury, or damage to the extent the same is could be covered by Landlord's insurance, notwithstanding that such loss, injury, or damage may result from the negligence or fault of Tenant, its directors, officers, partners, servants, agents or employees. Tenant hereby waives any and all right of recovery which it might otherwise have against Landlord, its partners, officers, servants, agents, or employees, for any loss, injury, or damage to the extent the same could be covered by insurance, notwithstanding that such loss, injury or damage may result from the negligence or fault of Landlord, its partners, officers, servants, agents, or employees.
(Ee) All policies referred Landlord hereby covenants and agrees during the term of this Lease to carry and maintain commercial general liability insurance, including contractual indemnification coverage, in this Section 16 shall contain an agreement by the insurer(samount of not less than One Million Dollars ($1,000,000.00) that such policies shall not be cancelled or altered except upon thirty (30) days prior written notice (ten (10) days in the case of cancellation caused by the nonpayment of premiums) to each named insured per occurrence, combined single limit, for injury and loss payeeof life and property damage, which commercial general liability coverage shall cover any and shall name all occurrences arising prior to the Effective Date of this Lease, regardless of when the claims with regards to such occurrences are asserted. Landlord shall, upon request of Tenant, provide Tenant evidence of such insurance and Landlord's Mortgagee, if any, as "additional insureds" or as loss payee as their respective interests may appearof the payment of the premiums therefore.
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Insurance and Subrogation. (A) During the term any applicable Term of this Lease, Tenant hereby covenants and agrees, at its sole expense, agrees to keep maintain policies of insurance as follows:
(1) Insuring the Premises and Equipment fully insured which are now or shall hereafter constitute a portion of the Real Property against loss or damage caused by fire fire, and against such other risks of a similar or dissimilar nature as shall be insurable against under present or future forms of special form property insurance policies available to the owners of property similar to the Premises in Spokane County, Washington, including vandalism, malicious mischief and to maintain replacement cost endorsements. Such insurance shall in no event be for less than the full replacement cost of the Premises and the Equipment.
(2) Rental value and/or business interruption insurance in an amount of not less than one year’s Rent under this Lease.
(3) Commercial general liability insurance with respect assuring against loss, damage or liability for injury or death to persons and loss and damage to property occurring from any cause whatsoever upon, in or about the Premises in the amount of not less than TWO MILLION FIVE HUNDRED AND NO/DOLLARS ($2,500,000.00) per occurrence. The minimum limits of the liability policy of insurance shall in no way limit or diminish Tenant’s indemnity liability under this Lease.
(4) Workers’ compensation insurance as and if required by local law.
(5) Flood and earthquake insurance in form and substance satisfactory to Landlord.
(6) Such other insurance (or increased limits) which is customarily carried by prudent operators of businesses similar to the operation of its Tenant’s business on after the Premises, in such amounts, with such insurers and with such coverages as are consistent with the coverages maintained by Tenant in the operation of Tenant's business and other truck stop facilities. Tenant may maintain any insurance coverages required by the terms date of this Lease under a blanket policy covering other assets of Tenantor which may be reasonably required by Landlord’s lender from time to time.
(B) Tenant agrees All insurance provided for herein shall be effected under valid and enforceable policies, in form and substance then standard in Washington and satisfactory to furnish Landlord copies Landlord, issued by insurers of recognized responsibility approved of by Landlord. Upon the execution of this Lease, and thereafter thirty (30) days prior to the expiration dates of expiring policies theretofore furnished hereunder, originals of the policies, together with evidence that the premiums therefor have been paid, shall be delivered to Landlord. Without limiting the generality of the foregoing, all such policies shall contain an agreement by the insurers that such policies shall not be canceled or certificates modified without at least thirty (30) days prior written notice to Landlord and to such other parties, including Landlord’s lender, as Landlord may designate to such insurers in writing from time to time including complete address and contact information, and shall provide that any loss shall be payable to Landlord notwithstanding (i) any act or negligence by Tenant or any lessee or other occupant of the Premises which might otherwise result in forfeiture of said insurance, (ii) use of all or any portion of the Premises for purposes more hazardous than permitted by such policy, (iii) any sale or other proceeding pursuant hereto or (iv) any change in title to or ownership of the Premises or any portion thereof. All insurance described with respect to damage or destruction to the Property shall provide that the proceeds thereof shall be payable to Landlord or Landlord’s Lender, if so required, and all other insurance shall name Tenant and Landlord and such other parties as Landlord may designate as the insureds thereunder, as their respective interests may appear. All proceeds payable by reason of loss under any insurance policy provided for herein shall be paid to Landlord and applied as provided in subparagraph (A) above upon requestthis Lease.
(C) Each fire Tenant may effect any insurance required pursuant to the terms hereof pursuant to blanket policies provided that the protection afforded pursuant to such policies with respect to the Premises shall not be less than that which is required pursuant to the terms hereof for a separate policy or policies. In the event of blanket insurance, Tenant shall not be required to deliver to Landlord originals of said policies but need only deliver copies thereof, certified by the insurance broker to be true, correct and complete.
(D) To the extent obtainable, each casualty and liability insurance policy obtained and maintained by either Landlord or Tenant with respect to the Premises and Equipment shall contain appropriate clauses pursuant to which the insurance companies issuing such policies (i) waive all rights of subrogation against Landlord and Tenant, as applicable, with respect to losses payable under such policies and/or (ii) agree that such policies shall not be invalidated because the insured has hereby waived any and all right of recovery against Tenant for losses covered by such policies.
(DE) Landlord hereby waives any and all rights of recovery which it might otherwise have against Tenant, its directors, officers, partners, servants, agents, or employees, for any loss, injury, or damage to the extent the same is covered by Landlord's insurance’s insurance and the proceeds are actually received, notwithstanding that such loss, injury, or damage may result from the negligence or fault of Tenant, its directors, officers, partners, servants, agents or employees. Tenant hereby waives any and all right of recovery which it might otherwise have against Landlord, its partners, officers, servants, agents, or employees, for any loss, injury, or damage to the extent the same could be is covered by insuranceTenant’s insurance and the proceeds are actually received, notwithstanding that such loss, injury or damage may result from the negligence or fault of Landlord, its partners, officers, servants, agents, or employees.
(E) All policies referred to in this Section 16 shall contain an agreement by the insurer(s) that such policies shall not be cancelled or altered except upon thirty (30) days prior written notice (ten (10) days in the case of cancellation caused by the nonpayment of premiums) to each named insured and loss payee, and shall name Landlord and Landlord's Mortgagee, if any, as "additional insureds" or as loss payee as their respective interests may appear.
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Insurance and Subrogation. (A) During the term of this Lease, 9.1. Tenant hereby covenants and agreesshall, at its sole expense, to keep maintain during the Term fire and extended coverage insurance with an all-risk endorsement for the full insurable replacement cost of the Premises (excluding foundations) and Equipment fully insured against damage caused otherwise as reasonably acceptable to Landlord subject, if Tenant so elects, to a “deductible’ or self insurance in an amount reasonably approved by fire and other risks and to Landlord.
9.2. Tenant shall, at its expense, maintain during the Term a policy or policies of comprehensive general liability insurance with respect to for claims of personal injury or death and property damage occurring in, about or as a result of the operation use of its business on the Premises, with such coverage and in such amountsamount as from time to time typically obtained by owners of properties such as the Premises (but as of the Commencement Date with minimum single limits of coverage for any one occurrence of $1,000,000), which insurance may provide for a “deductible” or self insurance in an amount reasonably approved by Landlord. Such insurance shall provide it is primary coverage and not excess over or contributory with such insurers any other insurance coverage.
9.3. All insurance policies required under Sections 9.1 and with such coverages 9.2: (a) shall name Landlord, Tenant and any of Landlord’s mortgagees as are consistent with insureds; (b) shall be payable to Landlord (or Landlord’s mortgagee as Landlord may direct) as to insurance under Section 9.1 and to discharge the coverages liability insured against as to insurance under Section 9.2; (c) shall be purchased from companies reasonably satisfactory to Landlord; (d) may be maintained by Tenant in the operation of Tenant's business under a so-called “blanket policy” insuring other parties and other truck stop facilitieslocations so long as the amount of required insurance is not diminished; and (e) contain each insurers’ binding agreement that it will give to Landlord and any of Landlord’s mortgagees thirty (30) days’ prior written notice of any alteration, termination or cancellation of coverage.
9.4. Tenant may maintain any insurance coverages required by the terms of this Lease under a blanket policy covering other assets of Tenant.
(B) Tenant waives all claims against Landlord in respect of, and agrees to furnish indemnify, defend and hold Landlord copies harmless from any liability or loss (including actual attorneys’ fees) in connection with, damage (actual or alleged) to any property (including, without limitation documents, files and work product) or injury to or death of any person (actual or alleged) in, upon or about the policies Premises arising at any time and from any cause (excluding the negligence of Landlord, its employees, agents or certificates of contractors) in, upon or about the Premises arising at any time. Any indemnification under this Section shall constitute Payment Obligations payable upon demand. Any insurance described in subparagraph (A) above upon request.
(C) Each fire and liability insurance policy obtained and maintained by either Landlord or Tenant with respect to the Premises and Equipment party shall contain appropriate clauses pursuant to a clause or endorsement under which the insurance companies issuing such policies (i) waive insurer waives all rights of subrogation against Landlord and Tenantthe other party, as applicableits agents or employees, with respect to losses payable under such policies and/or (ii) agree that such policies shall not be invalidated because the insured has hereby waived any and all right of recovery against Tenant for losses covered by such policiespolicy.
(D) Landlord hereby waives any and all rights of recovery which it might otherwise have against Tenant, its directors, officers, partners, servants, agents, or employees, for any loss, injury, or damage to the extent the same is covered by Landlord's insurance, notwithstanding that such loss, injury, or damage may result from the negligence or fault of Tenant, its directors, officers, partners, servants, agents or employees9.5. Tenant hereby waives any and all right of recovery which it might otherwise have against Landlordshall, at its partnersexpense, officers, servants, agents, or employees, for any loss, injury, or damage to maintain during the extent the same could be covered by insurance, notwithstanding that such loss, injury or damage may result from the negligence or fault of Landlord, its partners, officers, servants, agents, or employees.
(E) All policies referred to in this Section 16 shall contain an agreement by the insurer(s) that such policies shall not be cancelled or altered except upon thirty (30) days prior written notice (ten (10) days Term insurance providing Landlord in the case this Lease is terminated under Section 8 with payment of cancellation caused by the nonpayment Payment Obligations under this Lease for a period of premiumstwelve (12) months beyond the date Tenant is liable for such. Such insurance shall be made payable to each named insured and loss payee, and shall name Landlord and Landlord's Mortgagee, if any, as "additional insureds" or as loss payee as their respective interests may appearotherwise comply with Section 9.3(c) and (e).
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