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HomeMy WebLinkAbout1570 b. The Less~e wil]. cause to be writt~n a F~licy or policies of insurance in the form generally known as Public Liability and ProPerty Damage an~/or Owner~s Landlord and Tenant Policies. and Boiler Insurance Policies when there are boilers included in any improvements located on the Dzmised Premises, i~suring the Lessee against any and all claims and demands made by any person or perso~s whomsoever for in3uries received improver~ents and buiidings located on the Demised Premises, or for a~y other risks insured against by such policies, each class of which policies shall have been written with limits of not less than $5~0,000.00 for damages incurred or c2aimed by any one person, and for not less thaR $1,000,000.00 for damages incurred or claimed by more than one person as a result of any accide~t or incident. All such policies will nama the Less~e and Lessor, as their respective interests may appear, as the parties insured by such policy or policies, and the original ~r-a true copy of each of such policies sha11 be del~vered ~y Lessee to Lessor promptly upon the writing of such policy or policies, together with adequate evidence of the fact that the premiums therefore are paid; and, in any event, such policies delivered by the Lessee to Lessor before the expiration of any then similar coverage and in time to assure the Lessor that such ~overage will be carried contin~~ously. The said insurance policy or policies shall be in such form as herein set forth and in such company or companies, and in such amounts, in add- ition to the minimum amounts specified herein as the Lessor shall reasonably require. The said policy or policies shall contain a provision reciting that the coverage provided thereby may not be cancelled or changed wi.thout actual no~ice being given to the Lessor. c. Property Insurance. Lessee shall abtain and pay for policies or insurance insuring the buildings and improvements now or hereafter located upon and constituting a portion of the Demised Premises against loss by fire, windstorm and such other hazards a~s may be included in the oroadcast form of extended coverage ~rom time to time available; and by boiler explosion, if boilers are now or hereafter located in any portion of the~Demis~d Premises; and, to the extent required by the Lessor, war damage or damage by civil insurrection or ~ommotion as the same may nat be covered by-other policies hereinabove described. When, in compliance with the provisions of this paragraph, the Lessee shall furnish policies insuring the actual replacement costs, said va3uation shall be without deduction or depreciation insofar as such coverage may be obtainable, and in such case the term "Maximum insurabZe value" as ~sed herein shall mean the actual replacement cost of the property required to be insured without deduction for depreciation. All insurance required tc be carried sha11 be effected under policies written 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 , of the Lessor and the Lessee as their respective interests may aprear, and shall be subject to such provisions as mortgagees o: the Demised Premises may require. 13. Reconstruction and Re air. Upon the occurren~e of any damage or tota or partia estruction to any portion of the Demised Premises, whether or not the casualty cdusing such damage be insured against, and whether or not, if insured, any proceeds are paid in connection there;nrith, the foregoir~g provisions shall apply: a. Lease to continue. The destruction, alteration, demolition an non-use o~ot er d~terzor~tion in condition of the Demised Premises or any portion thereof, regardless of the nature thereof or events which cause such destruction, alteration, demolition or non-use, except taking by eminent domain, shall not in any way reduce, abate or suspend the Lessee's obligations and covenants hereunder nor shall the same effect a termination in whole or in part of this Lease. ~~f+.~.L ~ ~21~. ~~1568 -g- - 6~ ~ < ~ _ . _ . _ ti~ - - - ~ ~ ~ ~ ~.k t ~F~, ~~.~'+~^:F' ~`~1 3^~~Y~f _ '-4 R~. .a•.l~'.~.~ _ . 3 - i - ~