IMPROVEMENTS WHICH ARE PERMANENTLY AFFIXED TO THE PREMISES), ALTERATIONS,
FIXTURES, FURNISHINGS, MERCHANDISE, EQUIPMENT OR PERSONAL PROPERTY IN OR ON THE
PREMISES, WHETHER IN PLACE AS OF THE DATE HEREOF OR INSTALLED HEREAFTER.
THE
AMOUNT OF SUCH INSURANCE SHALL NOT BE LESS THAN ONE HUNDRED PERCENT (100%) OF
THE REPLACEMENT COST THEREOF, AND LESSOR SHALL NOT HAVE ANY RESPONSIBILITY NOR
PAY ANY COST FOR MAINTAINING ANY TYPES OF SUCH INSURANCE.
LESSEE SHALL PAY ALL
DEDUCTIBLES.
SECTION 7.03.
LESSOR'S LIABILITY INSURANCE.
DURING THE LEASE TERM,
LESSOR SHALL MAINTAIN A POLICY OF POLICIES OF COMMERCIAL GENERAL LIABILITY
INSURANCE NAMING LESSOR (AND SUCH OTHERS AS DESIGNATED BY LESSOR) AGAINST CLAIMS
AND LIABILITY FOR BODILY INJURY, PERSONAL INJURY AND PROPERTY DAMAGE ON OUR
ABOUT THE PROJECT, WITH COMBINED SINGLE LIMIT COVERAGE IN AN AMOUNT
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determined by Lessor in its sole discretion (which amount is currently Fifty
Million Dollars ($50,000,000.00)); provided that if such policy is a blanket
policy that covers properties (other than the Project) owned by Lessor, only
that portion allocable to the Project shall be payable hereunder.
Lessee, in
addition to the rent and other charges provided herein, agrees to pay Lessee's
Share of the premiums for all such insurance in accordance with Article IV.
SECTION 7.04.
LIABILITY INSURANCE CARRIED BY LESSEE.
AT ALL TIMES
DURING THE LEASE TERM (AND ANY HOLDOVER PERIOD) LESSEE SHALL OBTAIN AND KEEP IN
FORCE A COMMERCIAL GENERAL LIABILITY POLICY OF INSURANCE PROTECTING LESSEE,
LESSOR AND ANY LENDER(S) WHOSE NAMES ARE PROVIDED TO LESSEE AS ADDITIONAL
INSUREDS AGAINST CLAIMS AND LIABILITY FOR BODILY INJURY, PERSONAL INJURY AND
PROPERTY DAMAGE BASED UPON INVOLVING OR ARISING OUT OF OWNERSHIP, USE, OCCUPANCY
OR MAINTENANCE OF THE PREMISES.
SUCH INSURANCE SHALL BE ON AN OCCURRENCE BASIS
PROVIDING A SINGLE LIMIT COVERAGE IN AMOUNT OF NOT LESS THAN FIVE MILLION
DOLLARS ($5,000,000) PER OCCURRENCE WITH AN ADDITIONAL LESSORS OR PREMISES
ENDORSEMENTS AND CONTAINING AN "AMENDMENT OF THE POLLUTION EXCLUSION
ENDORSEMENT" FOR DAMAGE CAUSED BY HEAT, SMOKE, FUMES FROM A HOSTILE FIRE.
THE
LIMITS OF SAID INSURANCE REQUIRED BY THIS LEASE AS CARRIED BY LESSEE SHALL NOT,
HOWEVER LIMIT THE LIABILITY OF LESSEE NOR RELIEVE LESSEE OF ANY OBLIGATION
HEREUNDER.
ALL INSURANCE TO BE CARRIED BY LESSEE SHALL BE PRIMARY TO AND NOT
CONTRIBUTORY WITH, ANY SIMILAR INSURANCE CARRIED BY LESSOR WHOSE INSURANCE SHALL
BE CONSIDERED EXCESS INSURANCE ONLY.
SECTION 7.05.
LESSEE TO FURNISH PROOF OF INSURANCE.
LESSEE SHALL
FURNISH TO LESSOR PRIOR TO THE COMMENCEMENT DATE, AND AT LEAST THIRTY (30) DAYS
PRIOR TO THE EXPIRATION DATE OF ANY POLICY, CERTIFICATES INDICATING THAT THE
PROPERTY INSURANCE AND LIABILITY INSURANCE REQUIRED TO BE MAINTAINED BY LESSEE
IS IN FULL FORCE AND EFFECT FOR THE TWELVE (12) MONTH PERIOD FOLLOWING SUCH
EXPIRATION DATE; THAT LESSOR HAS BEEN NAMED AS AN ADDITIONAL INSURED TO THE
EXTENT OF CONTRACTUAL LIABILITY ASSUMED IN SECTION 7.07. "INDEMNIFICATION" AND
SECTION 7.08. "LESSOR AS PARTY DEFENDANT"; AND THAT ALL SUCH POLICIES WILL NOT
BE CANCELED UNLESS THIRTY (30) DAYS' PRIOR WRITTEN NOTICE OF THE PROPOSED
CANCELLATION HAS BEEN GIVEN