IS AGREED THAT THIS INSURANCE SPECIFICALLY COVERS THE LIABILITY ASSUMED
UNDER THE BUILDING AND LAND LEASE AGREEMENT WITH W & P DEVELOPMENT CORPORATION
DATED EFFECTIVE JUNE 1, 2013 (THE "LEASE").
2. IT IS FURTHER AGREED THAT W & P DEVELOPMENT CORPORATION IS AN ADDITIONAL
INSURED WITH RESPECT TO ANY LIABILITY ARISING OUT OF THE LEASE OR THE PREMISES
LEASED THEREBY. A COPY OF THE POLICY ENDORSEMENT NAMING W & P DEVELOPMENT
CORPORATION AS AN ADDITIONAL INSURED UNDER THE GENERAL LIABILITY AND AUTOMOBILE
LIABILITY SECTION MUST BE SUBMITTED TO LANDLORD.
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3. IN THE EVENT OF MATERIAL CHANGE IN, OR CANCELLATION OF, THIS INSURANCE, THE
COMPANY WILL NOTIFY W & P DEVELOPMENT CORPORATION AT LEAST THIRTY (30) DAYS
PRIOR TO THE EFFECTIVE DATE OF SUCH CHANGE OR CANCELLATION.
4. IT IS FURTHER AGREED THAT SUBROGATION AGAINST W & P DEVELOPMENT CORPORATION
SHALL BE WAIVED AS RESPECTS WORKERS' COMPENSATION AND EMPLOYERS' LIABILITY
INSURANCE.
ALL POLICIES OF INSURANCE MAINTAINED UNDER THIS PROVISION SHALL BE ENDORSED TO
PROVIDE thirty (30) DAYS PRIOR WRITTEN NOTICE OF CANCELLATION TO LANDLORD.
INSURANCE CERTIFICATES EVIDENCING SUCH POLICIES SHALL BE DELIVERED TO LANDLORD
UPON OCCUPANCY OF THE PREMISES, IT BEING EXPRESSLY UNDERSTOOD THAT FAILURE TO
MAINTAIN INSURANCE IS A MATERIAL BREACH OF CONTRACT AND TIME BEING OF THE
ESSENCE. IN THE EVENT THAT ANY INSURANCE AS REQUIRED HEREIN IS PROVIDED ON A
"CLAIM-MADE" BASIS, SUCH INSURANCE SHALL PROVIDE FOR A RETROACTIVE DATE NOT
LATER THAN THE COMMENCEMENT OF THIS LEASE. IF THE PURCHASE OF AN "OPTIONAL
EXTENSION PERIOD," "OPTIONAL CLAIMS REPORTING PERIOD" OR OTHER SIMILARLY TITLED
CLAUSE IS NECESSARY TO MAINTAIN COVERAGE AS REQUIRED HEREUNDER, SUCH CLAUSE
SHALL PROVIDE INSURANCE FOR ALL OCCURRENCES AS REQUIRED HEREIN. THE LIMITS OF
LIABILITY OF SUCH INSURANCE AS REQUIRED HEREIN SHALL REMAIN UNIMPAIRED TO THE
FULL EXTENT PERMITTED BY SUCH INSURANCE POLICY, AND TENANT SHALL EXECUTE ALL
PROCEDURES NECESSARY TO REMOVE ANY SUCH IMPAIRMENT.
32. Landlord's Insurance. Landlord shall obtain and keep in force during the
Lease Term a "Special Form" property insurance policy that provides coverage of
all customarily insurable risks on the Premises, the Building and the Park in
the amount of the full replacement cost (without regard to depreciation);
provided that it is understood and agreed that such Special Form policy may be
part of a blanket property insurance policy that also covers additional
properties owned by Landlord and its affiliates. Landlord may also, but shall
not be required to, procure any other insurance policies respecting the Premises
which Landlord deems necessary.
33. Waiver of Subrogation. Landlord and Tenant each waives any and all rights of
recovery against the other and against the officers, employees, agents and
representatives of the other for loss or damage to the property of the waiving
party or the property of others under its control, where such loss or damage is
insured against under any insurance policy in force at the time of such loss or
damage. Upon obtaining the property insurance policies as required in this
Lease, both Tenant and Landlord shall (i) give