LANDLORD OR ITS
MORTGAGEE, AND ITS SUCCESSORS AND ASSIGNS AT A NEW YORK CITY BANK.
(II)
COMMERCIAL GENERAL LIABILITY INSURANCE ("LIABILITY INSURANCE")
AGAINST LIABILITY FOR BODILY INJURY AND DEATH, PROPERTY DAMAGE, PERSONAL AND
ADVERTISING INJURY, LIQUOR (TO THE EXTENT LIQUOR IS SOLD OR MANUFACTURED ON ANY
PROPERTY LOCATION), OPTOMETRIST AND DRUGGIST PROFESSIONAL LIABILITY (TO THE
EXTENT OPTOMETRIC AND PHARMACY OPERATIONS EXIST ON ANY PROPERTY LOCATION) ON
EACH PROPERTY LOCATION, SUCH LIABILITY INSURANCE (1) TO BE ON AN "OCCURRENCE"
FORM WITH A COMBINED SINGLE LIMIT OF NOT LESS THAN ONE MILLION DOLLARS
($1,000,000) PER OCCURRENCE AND TWO MILLION DOLLARS ($2,000,000) IN THE
AGGREGATE AND TO CONTINUE AT NOT LESS THAN THE AFORESAID LIMIT UNTIL REQUIRED TO
BE CHANGED BY LANDLORD IN WRITING BY REASON OF CHANGED ECONOMIC CONDITIONS
MAKING SUCH PROTECTION INADEQUATE; AND (2) TO PROVIDE COVERAGE FOR PREMISES AND
OPERATIONS, PRODUCTS AND COMPLETED OPERATIONS ON AN "IF ANY"
9
BASIS, INDEPENDENT CONTRACTORS, BLANKET CONTRACTUAL LIABILITY FOR ALL WRITTEN
AND ORAL CONTRACTS AND CONTRACTUAL LIABILITY COVERING THE INDEMNITIES CONTAINED
IN THIS AGREEMENT. THE DEDUCTIBLE FOR LIABILITY INSURANCE COVERAGE SHALL NOT
EXCEED TWO HUNDRED FIFTY THOUSAND DOLLARS ($250,000).
(III)
WORKERS' COMPENSATION INSURANCE PROVIDING STATUTORY BENEFITS AND
EMPLOYERS LIABILITY INSURANCE WITH A LIMIT OF AT LEAST ONE MILLION DOLLARS
($1,000,000) FOR ALL PERSONS EMPLOYED BY TENANT AT OR IN CONNECTION WITH EACH
PROPERTY LOCATION;
(IV)
BUSINESS INTERRUPTION/LOSS OF RENTS INSURANCE (1) COVERING ALL
RISKS REQUIRED TO BE COVERED BY THE INSURANCE PROVIDED FOR IN SECTION (I) ABOVE;
(2) IN AN AMOUNT EQUAL TO ONE HUNDRED PERCENT (100%) OF THE PROJECTED GROSS
INCOME FROM EACH INDIVIDUAL PROPERTY LOCATION (ON AN ACTUAL LOSS SUSTAINED
BASIS) FOR A PERIOD CONTINUING UNTIL THE RESTORATION OF THE INDIVIDUAL PROPERTY
LOCATION IS COMPLETED; THE AMOUNT OF SUCH BUSINESS INTERRUPTION/LOSS OF RENTS
INSURANCE SHALL BE DETERMINED PRIOR TO THE SIGNING OF THIS LEASE AND AT LEAST
ONCE EACH YEAR THEREAFTER BASED ON TENANT'S REASONABLE ESTIMATE OF THE GROSS
EARNINGS INCLUDING ONE HUNDRED PERCENT (100%) OF RENT PAYABLES FOR THE
SUCCEEDING TWENTY-FOUR (24) MONTH PERIOD, AND (3) CONTAINING AN EXTENDED PERIOD
OF INDEMNITY ENDORSEMENT WHICH PROVIDES THAT AFTER THE PHYSICAL LOSS TO THE
BUILDINGS, IMPROVEMENTS OR TENANT'S PERSONALTY HAS BEEN REPAIRED, THE CONTINUED
LOSS OR INCOME WILL BE INSURED UNTIL SUCH INCOME EITHER RETURNS TO THE SAME
LEVEL IT WAS AT PRIOR TO THE LOSS, OR THE EXPIRATION OF SIX (6) MONTHS FROM THE
DATE THAT THE APPLICABLE INDIVIDUAL PROPERTY LOCATION IS REPAIRED OR REPLACED
AND OPERATIONS ARE RESUMED, WHICHEVER FIRST OCCURS, AND NOTWITHSTANDING THAT THE
POLICY MAY EXPIRE PRIOR TO THE END OF SUCH PERIOD;
(V)
COMPREHENSIVE BOILER AND MACHINERY INSURANCE, IF APPLICABLE, IN AN
AMOUNT EQUAL TO THE GREATER OF FIVE MILLION DOLLARS ($5,000,000) OR FULL
REPLACEMENT COST OF THE BUILDINGS, IMPROVEMENTS AND TENANT'S PERSONALTY ON TERMS
CONSISTENT WITH THE "ALL RISK" PROPERTY INSURANCE REQUIRED UNDER SUBSECTION (I)
ABOVE;
(VI)
FLOOD INSURANCE, IF ANY PORTION OF A BUILDING IS LOCATED IN AN
AREA IDENTIFIED BY THE SECRETARY OF HOUSING AND URBAN DEVELOPMENT OR ANY
SUCCESSOR THERETO AS AN