MUTUAL AND JOINT BENEFIT AND PROTECTION OF LANDLORD AND TENANT,
AND
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EXECUTED COPIES OF SUCH POLICIES OF INSURANCE OR CERTIFICATES THEREOF SHALL BE
DELIVERED TO THE LANDLORD WITHIN TEN (10) DAYS AFTER THE TERM COMMENCEMENT DATE
AND, THEREAFTER, WITHIN THIRTY (30) DAYS PRIOR TO THE EXPIRATION OF THE TERM OF
EACH SUCH POLICY.
ALL PUBLIC LIABILITY AND PROPERTY DAMAGE POLICIES SHALL
CONTAIN A PROVISION THAT THE LANDLORD, ALTHOUGH AN ADDITIONAL INSURED, SHALL
NEVERTHELESS BE ENTITLED TO RECOVER UNDER SAID POLICIES FOR ANY LOSS OCCASIONED
TO IT OR LANDLORD'S AGENTS BY REASON OF THE NEGLIGENCE OF THE TENANT.
UPON THE
EXPIRATION OR TERMINATION OF ANY SUCH POLICY, RENEWAL OR ADDITIONAL POLICIES
SHALL BE PROCURED AND MAINTAINED BY THE TENANT TO PROVIDE THE REQUIRED
COVERAGE.
ALL POLICIES OF INSURANCE DELIVERED TO LANDLORD MUST CONTAIN A
PROVISION THAT THE COMPANY WRITING SAID POLICY WILL PROVIDE LANDLORD WITH THIRTY
(30) DAYS NOTICE IN WRITING IN ADVANCE OF ANY CANCELLATION OR LAPSE OR THE
EFFECTIVE DATE OF ANY REDUCTION IN THE AMOUNTS OF INSURANCE (EXCEPT IN THE EVENT
OF NON-PAYMENT OF PREMIUM, IN WHICH CASE TEN (10) DAYS WRITTEN NOTICE SHALL BE
GIVEN).
ALL PUBLIC LIABILITY, PROPERTY DAMAGE AND OTHER CASUALTY POLICIES SHALL
BE WRITTEN AS PRIMARY POLICIES, NOT CONTRIBUTING WITH AND NOT IN EXCESS OF
COVERAGE WHICH LANDLORD MAY CARRY.
TENANT AGREES THAT IF, AFTER THE TERM
COMMENCEMENT DATE, TENANT DOES NOT TAKE OUT AND MAINTAIN THE INSURANCE REQUIRED
UNDER THIS SECTION 10.3, LANDLORD MAY (BUT SHALL NOT BE REQUIRED TO) PROCURE
SAID INSURANCE ON TENANT'S BEHALF, AND ANY COSTS OR EXPENSES INCURRED BY
LANDLORD IN CONNECTION THEREWITH SHALL PROMPTLY BE PAID BY TENANT TO LANDLORD AS
ADDITIONAL RENT.
10.3.4
NOTWITHSTANDING ANYTHING TO THE CONTRARY, TENANT'S OBLIGATION TO
CARRY THE INSURANCE DESCRIBED IN THIS SECTION MAY BE BROUGHT WITHIN THE COVERAGE
OF A SO-CALLED BLANKET POLICY OR POLICIES OF INSURANCE CARRIED AND MAINTAINED BY
THE TENANT, PROVIDED THAT (I) LANDLORD WILL BE AN ADDITIONAL INSURED THEREUNDER
AS ITS INTERESTS MAY APPEAR, (II) THE COVERAGE AFFORDED LANDLORD WILL NOT BE
REDUCED OR DIMINISHED BY REASON OF THE USE OF SUCH BLANKET POLICY OF INSURANCE,
AND (III) THE REQUIREMENTS SET FORTH HEREIN ARE OTHERWISE SATISFIED.
TENANT
AGREES TO PERMIT LANDLORD AT ALL REASONABLE TIMES TO INSPECT THE POLICIES OF
INSURANCE OF TENANT COVERING THE PREMISES FOR POLICIES WHICH ARE NOT REQUIRED TO
BE DELIVERED TO LANDLORD.
10.4
Release of Subrogation Rights.
Landlord and Tenant hereby mutually
release each other from liability and waive all right to recover against each
other for any loss from perils insured against under their respective insurance
policies, including any extended coverage and special form endorsements to said
policies; provided, however, this Section shall be inapplicable if it would have
the effect, but only to the extent that it would have the effect of invalidating
any insurance coverage of Landlord or Tenant.
The parties shall obtain, if
available, from their respective insurance companies, a waiver of any right of
subrogation which said insurance company may have against the Landlord or