TENANT SHALL, AT TENANT'S EXPENSE, MAINTAIN
DURING THE TERM LIABILITY INSURANCE AGAINST THE FOLLOWING:
(A)
CLAIMS FOR PERSONAL INJURY OR PROPERTY DAMAGE COMMONLY COVERED BY
COMPREHENSIVE GENERAL LIABILITY INSURANCE WITH ENDORSEMENTS FOR BLANKET,
CONTRACTUAL, PERSONAL INJURY, OWNER'S PROTECTIVE LIABILITY, REAL PROPERTY, FIRE
DAMAGE, LEGAL LIABILITY, BROAD FORM PROPERTY DAMAGE, AND EXTENDED BODILY INJURY,
WITH COMMERCIALLY REASONABLE AMOUNTS FOR BODILY INJURY AND PROPERTY DAMAGE
ACCEPTABLE TO LANDLORD, BUT WITH A COMBINED SINGLE LIMIT OF NOT LESS THAN FIVE
MILLION DOLLARS ($5,000,000) PER OCCURRENCE AND TEN MILLION DOLLARS
($10,000,000) IN THE AGGREGATE.
(B)
CLAIMS COMMONLY COVERED BY WORKER'S COMPENSATION AND EMPLOYERS
LIABILITY INSURANCE FOR ALL PERSONS EMPLOYED BY TENANT ON THE LEASED PROPERTY.
SUCH WORKER'S COMPENSATION INSURANCE SHALL BE IN ACCORDANCE WITH THE
REQUIREMENTS OF ALL APPLICABLE LOCAL, STATE, AND FEDERAL LAW.
5.03
INSURANCE REQUIREMENTS.
THE FOLLOWING PROVISIONS SHALL APPLY TO ALL
INSURANCE COVERAGE REQUIRED UNDER THIS LEASE AGREEMENT, INCLUDING, BUT NOT
LIMITED TO, THE INSURANCE REQUIRED UNDER SECTIONS 5.01 AND 5.02 ABOVE:
(A)
THE CARRIERS OF ALL POLICIES SHALL HAVE A BEST'S RATING OF "A-" OR
BETTER AND A BEST'S FINANCIAL CATEGORY OF VII OR HIGHER AND SHALL BE AUTHORIZED
TO DO BUSINESS IN AND LICENSED TO ISSUE INSURANCE POLICIES OF THE TYPE SO ISSUED
TO TENANT IN THE STATE OF COLORADO.
(B)
TENANT SHALL BE THE "NAMED INSURED" AND LANDLORD SHALL BE AN
"ADDITIONAL INSURED" ON EACH LIABILITY INSURANCE POLICY REQUIRED UNDER
SECTION 5.01, EXCEPT THAT IF SUCH COVERAGE IS UNDER A BLANKET POLICY, LANDLORD,
SHALL EACH BE DESIGNATED AN "ADDITIONAL INSURED" ONLY WITH RESPECT TO THE LEASED
PROPERTY COVERED UNDER ANY SUCH POLICY OR POLICIES AND THE OPERATIONS AND
SERVICES CONDUCTED THEREON.
LANDLORD AND ANY MORTGAGEE OF LANDLORD SHALL BE
DESIGNATED "LOSS PAYEE" OR "MORTGAGEE LOSS PAYEE" ON EACH PROPERTY INSURANCE
POLICY REQUIRED UNDER SECTION 5.01 AND THE RENT LOSS INSURANCE COVERAGE REQUIRED
UNDER SECTION 5.01(C), EXCEPT THAT IF SUCH COVERAGE IS UNDER A BLANKET INSURANCE
POLICY, EACH SHALL BE DESIGNATED A "LOSS PAYEE"
14
OR "MORTGAGEE LOSS PAYEE" ONLY WITH RESPECT TO THE LEASED PROPERTY SUBJECT TO
THIS LEASE AGREEMENT.
(C)
TENANT SHALL DELIVER TO LANDLORD CERTIFICATES SHOWING THE REQUIRED
COVERAGE AND ENDORSEMENTS.
THE CERTIFICATES OF INSURANCE SHALL PROVIDE THAT THE
POLICY MAY NOT BE CANCELED OR NOT RENEWED, AND NO MATERIAL CHANGE OR REDUCTION
IN COVERAGE MAY BE MADE, WITHOUT AT LEAST THIRTY (30) DAYS' PRIOR WRITTEN NOTICE
TO LANDLORD.
(D)
THE POLICIES SHALL CONTAIN A SEVERABILITY OF INTEREST AND/OR
CROSS-LIABILITY ENDORSEMENT, PROVIDING THAT THE ACTS OR OMISSIONS OF TENANT WILL
NOT INVALIDATE THE LANDLORD'S COVERAGE, AND PROVIDING THAT LANDLORD SHALL NOT BE
RESPONSIBLE FOR PAYMENT OF PREMIUMS.
(E)
ALL LOSS ADJUSTMENT SHALL REQUIRE THE WRITTEN CONSENT OF LANDLORD
AND TENANT, AS THEIR INTERESTS MAY APPEAR, EXCEPT THAT IF THIS LEASE AGREEMENT
IS TERMINATED PURSUANT TO THE EXERCISE OF ANY RIGHTS OF THE PARTIES SET FORTH IN
ARTICLE X OF THIS LEASE AGREEMENT, LANDLORD SHALL BE ENTITLED TO DISBURSEMENT OF
ALL PROPERTY INSURANCE COVERAGES REQUIRED UNDER SECTION 5.01 AND RENT LOSS
INSURANCE PROCEEDS, IF ANY, UNDER