Common use of Policy Form Clause in Contracts

Policy Form. (a) All policies of insurance required by the foregoing Section shall be issued by reputable and financially sound insurance companies reasonably satisfactory to Landlord having an A.M. Best Company rating of not less than “A” which are qualified to do business in the State of Michigan. All such policies shall be issued in the names of Tenant, and name Landlord and, if requested by Landlord, Landlord’s mortgagee(s) as additional insureds and loss payees so that such policies shall be for the mutual and joint benefit and protection of Landlord, Tenant and any such mortgagee. Tenant shall deliver executed copies of such policies of insurance or certificates thereof to Landlord prior to Landlord’s execution of this Lease. Thereafter, Tenant shall deliver executed copies of renewal policies or certificates thereof to Landlord within thirty (30) days prior to the expiration of the term of each such policy. As often as any such policy shall expire or terminate, Tenant shall procure and maintain renewal or additional policies in like manner and to like extent. All policies of insurance delivered by Tenant to Landlord shall contain a provision that the company writing said policy will give to Landlord and any mortgagee of Landlord not less than thirty (30) days’ notice in advance of any modification, cancellation, lapse, or reduction in the amounts of insurance, and shall further contain an agreement that any loss otherwise payable thereunder shall be payable notwithstanding any act or negligence of Landlord or Tenant which might, absent such agreement, result in a forfeiture of all or part of the payment of such loss. All general liability, property damage, and other casualty policies shall be written on an occurrence basis as primary policies, not contributing with or in excess of coverage that Landlord may carry.

Policy Form. (a) All Tenant shall obtain all policies of insurance required by the foregoing Section shall be issued by reputable and financially sound 5.1 from insurance companies reasonably satisfactory to Landlord having an A.M. Best Company rating of not less than “A” A- or better which are qualified to do business in the State of Michiganjurisdiction where the Property are situated. All such policies shall be issued in the names of Landlord and Tenant, and shall name Landlord and, if requested by Landlord, Landlord’s mortgagee(s) ▇▇▇▇▇▇ as additional insureds and loss payees so that insured. In addition, all such policies shall be providing coverage for the mutual physical damage include loss payee and joint benefit mortgagee endorsement in favor of Landlord and protection of Landlord▇▇▇▇▇▇, Tenant respectively and any such mortgageeas applicable. The Tenant shall deliver executed cause copies of such policies of insurance or originally executed certificates thereof to be delivered to Landlord prior to Landlord’s 's execution of this Lease, and not less than 30 days prior to any renewal thereof. Thereafter, Tenant Landlord shall deliver executed cause copies of renewal all such policies of insurance or originally executed certificates thereof thereof, together with any and all renewals thereof, to Landlord within thirty (30) be delivered to Lender no less than 10 days prior to the expiration of the term of each such policyeffective date thereof. As often as any such policy shall expire or terminate, Tenant shall procure and maintain renewal or additional policies in with like manner and to like extentterms. All None of such policies of insurance delivered by Tenant to Landlord shall contain a provision that the company writing said policy will give any co-insurance requirements and all such policies shall provide for written notice to Landlord and any mortgagee of Landlord Lender, not less than thirty (30) days’ notice in advance of 10 days prior to any modification, cancellation, lapse, or reduction in the amounts of insurance, and shall further contain an agreement provide that any loss otherwise payable thereunder shall be payable notwithstanding any act or negligence of Landlord or Tenant which might, absent such agreementprovision, result in a forfeiture of all or part of the payment of such loss. All general liability, property damage, and other casualty policies shall be written on an occurrence basis as primary policies, not contributing with or in excess of coverage that which Landlord may carry.