PERIMETER AND DEMISING WALLS THEREOF,
AND THE FRAMES FOR SUCH GLASS, INSURED AGAINST DAMAGE (INCLUDING TEMPORARY
REPAIRS) SUBJECT TO COMMERCIALLY REASONABLE DEDUCTIBLES REASONABLY APPROVED BY
LANDLORD;
(L)
WHILE ANY OF THE IMPROVEMENTS LOCATED IN THE DEMISED PREMISES OR
THE COMMON ELEMENTS OR ANY PORTIONS THEREOF ARE BEING REMOVED, IN TRANSIT OR AT
AN OFF-SITE LOCATION, TRIP TRANSIT, INSTALLATION FLOATER AND BAILEE FLOATER
INSURANCE (OR ANY SUBSTITUTE FORM PROVIDING EQUIVALENT COVERAGE) COVERING THE
PERILS INSURED UNDER THE ISO SPECIAL CAUSES OF LOSS FORM, INCLUDING COLLAPSE,
WATER DAMAGE, TRANSIT, FLOOD (SUBJECT TO SECTION 10.1(I) HEREOF), AND, TO THE
EXTENT AVAILABLE AT COMMERCIALLY REASONABLE RATES, EARTH MOVEMENT COVERAGE, WITH
DEDUCTIBLE REASONABLY APPROVED BY ANY RECOGNIZED MORTGAGEE (AND IF NONE, BY
LANDLORD), IN NONREPORTING FORM, COVERING THE FULL INSURABLE VALUE OF SUCH
IMPROVEMENTS; AND
(M)
SUCH OTHER INSURANCE AND IN SUCH AMOUNTS AS MAY FROM TIME TO TIME BE
THEN CUSTOMARILY CARRIED BY OWNERS OF COMPARABLE CLASS "A" OFFICE BUILDINGS (AS
UNDERSTOOD ON DECEMBER 12, 2001) IN MIDTOWN MANHATTAN.
SECTION 10.2
REQUIREMENTS FOR POLICIES.
ALL
INSURANCE PROVIDED FOR IN THIS ARTICLE X (AND IN ANY OTHER PROVISION OF THIS
LEASE) SHALL:
(A)
BE EFFECTED UNDER STANDARD FORM POLICIES ISSUED BY INSURERS OF
RECOGNIZED RESPONSIBILITY, AUTHORIZED TO DO BUSINESS IN THE STATE OF NEW YORK,
WHICH ARE RATED NO LESS THAN "A-/VII" IN THE THEN CURRENT EDITION OF BEST'S
INSURANCE REPORT (OR THE THEN EQUIVALENT OF SUCH RATING); PROVIDED, HOWEVER,
THAT INSURERS PROVIDING COVERAGE IN EXCESS OF THE AMOUNTS REQUIRED BY
SECTION 10.1 HEREOF MAY HAVE A LOWER RATING THAN THE RATING INDICATED IN THIS
SECTION 10.2(A) SO LONG AS ANY SUCH INSURERS PROVIDING SUCH EXCESS COVERAGE AND
HAVING A LOWER RATING THAN IS
91
REQUIRED BY THE FIRST CLAUSE OF THIS SECTION 10.2(A) ARE NOT TREATED AS
"CO-INSURERS" HEREUNDER OF THE AMOUNTS SET FORTH IN SECTION 10.1 HEREOF;
(B)
AS TO ANY POLICIES OF INSURANCE OF THE CHARACTER DESCRIBED IN
SECTIONS 10.1(A), 10.1(C), 10.1(D), 10.1(G), 10.1(I), 10.1(J), 10.1(K),
10.1(L) AND 10.1(M) HEREOF (IF APPLICABLE), EXPRESSLY PROVIDE THAT ANY LOSSES
THEREUNDER, SUBJECT TO SECTION 10.6 HEREOF, IN RESPECT OF LOSSES ARISING IN
RESPECT OF THE COMMON ELEMENTS, SHALL BE ADJUSTED WITH LANDLORD AND THE
CONDOMINIUM ASSOCIATION.
ALL SUCH INSURANCE SHALL BE CARRIED IN THE NAME OF
TENANT OR AN APPLICABLE SUBTENANT AND SHALL NAME THE LANDLORD, OTHER PUBLIC
PARTIES AND ANY PROPERTY MANAGERS RETAINED BY LANDLORD AS ADDITIONAL INSUREDS
THEREUNDER.
ANY LOSS THEREUNDER SHALL BE MADE PAYABLE TO LANDLORD (PROVIDED
THAT IF DEPOSITARY HAS BEEN APPOINTED TO RECEIVE SUCH FUNDS, THEN TO SUCH
DEPOSITARY), AND TENANT, AS THEIR RESPECTIVE INTERESTS MAY APPEAR; AND
(C)
TO THE EXTENT OBTAINABLE, CONTAIN AN AGREEMENT BY THE INSURER THAT
SUCH POLICY SHALL NOT BE CANCELLED OR MATERIALLY ALTERED TO REDUCE THE AMOUNT OR
THE EXTENT OF ANY COVERAGE AFFORDED THEREUNDER WITHOUT AT LEAST THIRTY (30)
DAYS' PRIOR WRITTEN NOTICE TO LANDLORD, AND SHALL PROVIDE THAT ANY LOSS
OTHERWISE PAYABLE THEREUNDER SHALL BE PAYABLE NOTWITHSTANDING ANY ACT OR
NEGLIGENCE OF LANDLORD OR TENANT WHICH MIGHT, ABSENT SUCH AGREEMENT, RESULT