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HomeMy WebLinkAbout0065 b. The Lessee will cause to be writtpn a policy or policies of insurance in the form gerierally knawn as Public Liability an~ Property Damage and/or O~~r.er's Landlard and Tenant roiicies, and Boiler Insurance Policies when there are boile~:~ included in any imProvements located on ~he DemisFd Premises, insuring the Lessee against any a~d all claims and demands made by an~• p~rson or persons whomsoever for injuries received improvements and buiidings located on the Demised Premises, or for any other risks i~sured against by such policies, each class of which policies shall have been writte~ wi±h limits of not less than $5~O,OQ0.00 'ror da~ages incurred or claimed ay any one person, and for not less than $1,000,000.00 for damages incurred or claimed by more than one person as a result of any accident or incident. All such p~licies wi11 name the Lessee and Lessor, as~their respective interests may appear, as the parties insured b~{ such policy or policies, and the originai or a true copy of each of such policies shall be delivered ~y Lessee to Lessar promptly upon the writing of such policy or policies, together with adequate evidence of the fa~ t that the premiums therefore are paid; an~, in any event, such policies deliver.ed by the Lessee to Lessor before the expirati~n of any then similar coverage and in ti~e to assure the Lessor that such coverage will be carried continuously. The said insurance policy or policies shall be in such form as herein set forth and in s~ch company or companies, an~ such a~ounts, in add- ition to the minimum amounts specified ~~~rein as the Lessor shall reasonably require. Th~ said po?.~Lv ar policies sha11 contain a provision reciting that the -~-overage provided thereby may not be cancel'ed or changed without ~ctual natice being give~ to the Lessor. c. Pro~erty Insurance. Lessee shall obtain and pay for policies or insurance insuring the buildings and improvements now or hereaft~r locate~ upon and constituting a portion ef the Demised Premises agai;?st loss by fire, wi.ndstorm an~ such other hazards as may be included in the broadcas~ £orm of extended coverage from time to time available; and by boiler explosion, if boilers are now or hereafter located in any portion of the Demised Premises; and~ to the extent reyuired by the Lessor, war damage or damage by civil insurrection or commotion as the same may not be ccvered by other policies hereinabove described. When, in compliance wi.th the provisions of this paragraph, the Lessee shall furnish policies insuring the actual replacement costs, said valuation shall be without deduction or depreciation inscfar as such coverage may be obtainable, and in su~h case the term "M.aximum insurable value" as used herein shall mean the actual replacement cost of the property required to be insured without deduction for depreciation. All insurance required to be carried shall ~e effected u,~der policies writt?n in such form and issued by such companies as shall be approved by the Lessor, who shall not unreasonably withhold such approval. All policies shall be for the benefit ~f the Lessor and the Lessee as their respective interests ~~ay appear, and shall be subject to such provisions as mortgagees of the Demised Premises may require. 13. Reconstruction and Re air. Upon the occurrence of any damage or tota or partia estruction fio any portion of the Demised Premises, whether or not the casualty causing such damage ~e insured against, and vrhether or not, if insured, any proceeds are paid in ' conne~tior, therewith, the foreg~ing provisions shall 3pply: a. Lease to continue. The destruction, alteration, demolition ~n non-use o other deterioration in condition of the Demised Premises or any portion thereof, re9ardless of the natvre thereof c-r events which cause such destruction, aZteration, demolition or non-use, except taking by eminent domain, shall no~ in any ~~ay reduce, abat_e or suspend the Lessee's cbligations and covenants hereunder nor shall the same effec~ a term~nation in w'~ole or in part of th~ s L~ase. ~ -a- ~ 1~ - ~tn " _ . _ " j - :R-' - _ - ~ _ _ . _ . .Y.