HomeMy WebLinkAbout0849 b. The Lc,~ssc.~e will causi: to be written a policy or
policies of insuranc~ in tht~ form generally known as Public ~
Liability and Prop~rty Dam~ge an~i/or Owner's Landlord and T~nant
Policies, and Boiler Insurance Nolicies when there are boilers
included in any improvements located on the Demised Premises,
insuring the Lessee against any and all claims and demands
made by any person or persons whomsoever for injuries received
' improvements and buiidings aocated on the Demised Premises, or
for any other risks insured against by such policies, eacti
class of which policies shall have been written with limits of
not less than ~.500,OU0.00 for damages incurred or claimed by
~ 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 policies will name the Lessee .
and Lessor, as their respective i~terests may appear, as the
parties i~sured by such policy or policies, and the original
or a true copy of each of' such policies shatl be delivered by
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 cove.rage and in time 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 £orth~
and in such company or companies, and in such amounts, in add-
ition to the minimum amounts specified herein as the Lessar
shall reasonably require. The said policy or policies shali .
contain a provision reciting that the coverage provided thereby
may not be cancelled or changed without actual notice being -
given to the Lessor.
~ c. Pro~erty Insurance. Lessee shall obtain 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 as may be included in the broadcast form 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 required by the Lessor,-war damage
~ ~ or damage by civil insurrection or commotion as the same may not
! 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 valuation shall be without deduction or depreciation
insofar as such coverage may be obtainable, and in such case
the term "M~ximum insurable value" as used herein shall me~n the
actual replacement cost ~f the property required to be insured
without d~duction for d~preciation.
All insurance required to be carried shall be effected under
policies writt~n in such form and issued by such companies as
shall be aNproved by the Lessor, who shall not unreasanably
v~ithhold such approval.. All policies shall be for the benefit
of the Lessor and the Lessee as their respective interests may
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 to a or partia estruction to any portio~ of the Demised
Premises, whether or not the casualty causing such damage be insured
against, and whether or not. if ~insured, any proceeds are paid in
connection therewith, the foregoing provisions sha~l apply: _
a. Le~se to continue. The destruction, alteration, demolition
c,n non-use o ot er eterioration in condition of the Demised
Premises or any portion th~reof, 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 cbligations and
covenants hereunder nor shall the same efEect a termination in~
whole or in part of this Lease.
eaa~ 2z~ P~ct ~4~