HomeMy WebLinkAbout0921 b. The L~~sse.~r.~ will caus~ to be written a policy or
policies of insur~nce in th~: form gener~lly known as Public
Li.ability and ~'ropc:rty U~ma9e and/or Owner's Landlord and TNnant
Policies, and Boiler Insurance Policies when there are boilers
included in any improv~;~nents located on the Demised Premises,
insuring the Lessee ayainst any and all claims and demands
made by any person or persons whomsoever for injuries received
improvements and buiidings ~ocated on the Demised Premises, or
for any other risks insured against by such policies, each
class of wh~.ch policies shall have been written with limits of
~ not Iess than $500,OU0.00 for damages incurred or claimed by
any ohe person, dnd for not less than ~1,000,000.00 for damages
incurred or clairned by more than one person as a result of any
accident or incident. AII such pol-icies will name the Lessee
and Lessor, as their respective interests may appear, as the
parties insured by such policy or policies. and the original
or a true copy of each of such policies shall 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 coverage 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 forth
and in such company or co~npanies, and in such amounts, in add-
ition to the minimum amounts specified herein as the Lessar
shall reasonably requi.re.. ?he said policy or policies shall
conta~n a prqvision reciting that the coverage provided thereby
may not be c'ancelled or changed without actual notice being
~ given to the Lessor.
' c. ~~ro~erty Insurance. Lessee shall obtain and pay for
policies or ir~surance insuring the buildings and impravements
now or hereafter located upon and constituting a portion of the
j Uemised Premises against loss by fire, windstorm and such other
; hazards as may be included in the broadcast form of ex~ended
~ coverage from time to time available; and by boiler explosion, if
; boilers are now or hereafter Zocated i~ any portion of the Demised
i 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 depreci~tion
insofar as such coverage may be obtainable, and in such case
. the term "Maximum insurable vaZue" as used herein shall mean the
actual replacement cost of the property required to be insured
' without deduction tor depreciation.
All insuranc~: required to be carried shall be effected under
poZicies written in such form and issued by such companies as
shall be approved by the Lessor, who shall riot unreasonably .
withhold such,approval.. AlI policies shall be for the benefit
of the Lessor and the Lessee as their respective interests m~y
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 portion of the Demised 1
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 shall apply: `
a. Lcase to continue. The destruction, alteration, demolition=
on non-use o ot er eterioration 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 cbligations and
covenants hereunder nor shall_ the same effECt a termination in
whole or in part of this Lease.
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