SHALL
EXPRESSLY PROVIDE THAT ANY LOSSES THEREUNDER SHALL BE ADJUSTED AND PAID AS
PROVIDED IN ARTICLE 0.
ALL SUCH INSURANCE SHALL BE CARRIED IN THE NAME OF
TENANT AND LANDLORD AND THE HOLDER OF ANY MORTGAGE ON THE DEMISED PREMISES SHALL
BE NAMED AS ADDITIONAL INSUREDS (EXCEPT WITH RESPECT TO THE POLICIES DESCRIBED
IN SUBSECTION C OF SECTION I HEREOF, FOR WHICH ONLY TENANT SHALL BE THE NAMED
INSURED), AS THEIR RESPECTIVE INTERESTS MAY APPEAR, AND THE PROCEEDS THEREOF
SHALL BE HELD AND DISBURSED IN ACCORDANCE WITH THE PROVISIONS OF ARTICLE 0 OF
THIS LEASE.
15
III.
RENEWALS.
UPON THE EXECUTION AND DELIVERY OF THIS LEASE AND
THEREAFTER NOT LESS THAN THIRTY (30) DAYS PRIOR TO THE EXPIRATION DATES OF THE
EXPIRING POLICIES THERETOFORE FURNISHED PURSUANT TO THIS ARTICLE, CERTIFIED
COPIES OF ALL POLICIES REQUIRED HEREUNDER, BEARING NOTATIONS EVIDENCING THE
PAYMENT OF PREMIUMS OR ACCOMPANIED BY OTHER EVIDENCE SATISFACTORY TO LANDLORD OF
SUCH PAYMENT, SHALL BE DELIVERED BY TENANT TO LANDLORD.
IV.
NO SEPARATE INSURANCE.
NEITHER LANDLORD NOR TENANT SHALL TAKE OUT
SEPARATE INSURANCE CONCURRENT IN FORM OR CONTRIBUTING IN THE EVENT OF LOSS WITH
THAT REQUIRED IN THIS ARTICLE TO BE FURNISHED BY, OR WHICH MAY REASONABLY BE
REQUIRED TO BE FURNISHED BY, TENANT UNLESS LANDLORD OR TENANT, RESPECTIVELY, AND
THE HOLDER OF ANY MORTGAGE ON THE DEMISED PREMISES, IS INCLUDED THEREIN AS AN
INSURED, WITH LOSS PAYABLE AS IN THIS LEASE PROVIDED.
EACH PARTY SHALL
IMMEDIATELY NOTIFY THE OTHER OF THE TAKING OUT OF ANY SUCH SEPARATE INSURANCE
AND SHALL DELIVER CERTIFIED COPIES THEREFOR AS PROVIDED IN SECTION III HEREOF.
V.
NOTIFICATIONS TO LANDLORD.
EACH POLICY DELIVERED HEREUNDER SHALL
CONTAIN AN AGREEMENT BY THE INSURER THAT SUCH POLICY SHALL NOT BE CANCELED
WITHOUT AT LEAST THIRTY (30) DAYS PRIOR WRITTEN NOTICE TO LANDLORD AND TO ANY
MORTGAGEE NAMED OR REQUIRED TO BE NAMED IN SUCH POLICY.
VI.
INTENTIONALLY DELETED.
VII.
BLANKET POLICIES.
ANY INSURANCE REQUIRED TO BE MAINTAINED BY
TENANT MAY BE TAKEN OUT UNDER A BLANKET INSURANCE POLICY OR POLICIES COVERING
OTHER PREMISES, PROPERTIES OR INSURED IN ADDITION TO THE DEMISED PREMISES;
PROVIDED, HOWEVER, THAT ANY SUCH POLICY OF BLANKET INSURANCE EITHER SHALL
SPECIFY THEREIN, OR TENANT SHALL FURNISH LANDLORD WITH A WRITTEN STATEMENT FROM
THE INSURER UNDER SUCH POLICY SO SPECIFYING, THE AMOUNT OF THE TOTAL INSURANCE
ALLOCATED TO THE DEMISED PREMISES, I.E. A SO-CALLED "AGREED AMOUNT ENDORSEMENT".
VIII.
TENANT TRADE FIXTURES.
IF TENANT PROCURES AND MAINTAINS INSURANCE
UPON ITS SIGNS, TRADE FIXTURES AND OTHER SIMILAR EQUIPMENT, TENANT SHALL BE THE
SOLE OWNER OF SUCH INSURANCE AND SHALL RECOVER AND RETAIN THE PROCEEDS OF SUCH
INSURANCE IN THE EVENT OF ANY LOSS COVERED BY SUCH INSURANCE; PROVIDED, HOWEVER,
LANDLORD SHALL BE THE SOLE OWNER OF ANY INSURANCE PROCEEDS APPLICABLE TO LOSS OF
"PERSONAL PROPERTY," AS SUCH TERM IS DEFINED IN THE PURCHASE AGREEMENT AND WHICH
ARE SUBJECT TO THE BILL OF SALE THERETO.
IX.
FAILURE TO MAINTAIN INSURANCE.
SHOULD TENANT FAIL TO EFFECT,
MAINTAIN OR RENEW ANY INSURANCE PROVIDED FOR IN THIS ARTICLE 0, OR