Common use of Kinds and Amounts Clause in Contracts

Kinds and Amounts. Tenant, at its sole cost and expense, shall obtain and continuously maintain in full force and effect during the Lease Term: (a) Policies of insurance for the benefit of Landlord, as the named insured, insuring the Building against (i) loss or damage by fire or other casualty, on an “all risk” form, subject only to such exclusions as are approved by Landlord; (ii) loss or damage by flood, if the Premises are in a designated flood hazard area; (iii) loss from so-called explosion, collapse and underground hazards; (iv) if a sprinkler is in the Premises, loss from sprinkler leakage, (v) rent loss insurance sufficient to pay all rent for a period of no less than twelve months after a casualty, and (vi) loss or damage from such other risks or hazards of a similar or dissimilar nature which are now or may hereafter be customarily insured against with respect to improvements similar in construction, design, general location, use and occupancy to the Building. At all times, such insurance coverage shall be in an amount equal to one hundred percent (100%) of the full replacement cost of the Building and shall include a so-called “agreed value endorsement”. “Full Replacement Cost” shall mean Landlord’s reasonable judgment, from time to time, of the cost of replacing the Building without deduction for depreciation or wear and tear, and including a reasonable sum for architectural, engineering, legal, administrative and supervisory fees connected with the restoration or replacement of the Building in the event of damage thereto or destruction thereof. If Tenant disputes Landlord’s judgment as to full replacement cost, Tenant may at its expense, commission an appraisal of the property performed by an appraiser acceptable to Landlord, which appraisal shall then serve as the basis for replacement cost.

Kinds and Amounts. Tenant, Landlord shall at its sole cost and expense, shall obtain and continuously maintain in full force and effect all times during the Term of this Lease Term: (a) Policies of keep in effect insurance for the benefit of Landlord, as the named insured, insuring the Building on all Improvements against (i) loss or damage by fire or other casualtyand lightning, on an “all risk” formthe risks covered by what is commonly known as extended coverage, subject only to such exclusions as are approved by Landlord; (ii) loss or damage by flood, if the Premises are in a designated flood hazard area; (iii) loss from so-called explosion, collapse malicious mischief and underground hazards; (iv) if a sprinkler is in the Premises, loss from sprinkler leakage, (v) rent loss insurance sufficient to pay all rent for a period of no less than twelve months after a casualtyvandalism, and (vi) loss or damage from such all other risks or hazards of a similar or dissimilar nature which are now or may hereafter be customarily insured against with respect to improvements similar in construction, design, general location, use and occupancy to the Building. At all times, such insurance coverage shall be direct physical loss in an amount equal to the full replacement value on the replacement form basis, of such Improvements. The policy or policies evidencing such insurance shall be written by a company or companies reasonably satisfactory to Landlord and to Landlord's mortgagee, if any, and authorized to do business in the state where the Premises are located, shall name Landlord as insured thereunder, and shall provide that losses shall be paid to Landlord or its mortgagee, if applicable. At the request of Landlord, a mortgage clause may be included in said policies covering Landlord's mortgagee, if any. Tenant further agrees that if and when obtainable, Landlord will procure and maintain so-called war risk and war damage insurance, earthquake and flood insurance on the Improvements for not less than one hundred percent (100%) of the full insurance value above foundation. Such insurance shall provide for payment of loss thereunder to Landlord and shall, at Landlord's request, contain a mortgage clause in favor of Landlord's mortgagee, if any. Landlord shall also obtain (i) boiler and machinery insurance in an amount equal to the full replacement value of the Improvements, (ii) insurance against loss of Rents due to the occurrence of any casualty or hazard in the amount of all Base Rent payments, taxes, assessments and insurance premiums required hereunder for a twelve (12)-month period, (iii) liability insurance, (iv) insurance against breakage of all plate glass in the Improvements and (v) such other insurance reasonably required by Landlord, all in amounts and under terms customarily carried by Landlord for similar buildings owned by it. The cost of the Building and insurance contemplated by this Article X shall include a so-called “agreed value endorsement”. “Full Replacement Cost” shall mean Landlord’s reasonable judgment, from time to time, of the cost of replacing the Building without deduction for depreciation or wear and tear, and including a reasonable sum for architectural, engineering, legal, administrative and supervisory fees connected with the restoration or replacement of the Building in the event of damage thereto or destruction thereof. If Tenant disputes Landlord’s judgment as to full replacement cost, Tenant may at its expense, commission an appraisal of the property performed by an appraiser acceptable to Landlord, which appraisal shall then serve as the basis for replacement costbe commercially reasonable.