THE RENTAL VALUE INSURANCE
SHALL BE PAID TO LESSOR TO BE APPLIED BY LESSOR FIRST TO THE PAYMENT OF RENT AND
ALL OTHER CHARGES TO BE PAID HEREUNDER.
ANY BALANCE OF SUCH PORTION OF THE
TOTAL PROCEEDS REMAINING AFTER PAYMENT OF SAID SUMS DURING THE AFORESAID PERIOD
SHALL BE PAID TO LESSEE.
SECTION 10.04.
(A)
LESSEE FURTHER AGREES THAT, THROUGHOUT THE DEMISED
TERM, IT WILL MAINTAIN (I) COMMERCIAL GENERAL LIABILITY INSURANCE ON AN
OCCURRENCE FORM WITH CONTRACTUAL LIABILITY ENDORSEMENT COVERING THE COVENANTS
SET FORTH IN SECTION 6.01 HEREOF, PROTECTING LESSEE AND LESSOR AGAINST CLAIMS OF
ANY AND ALL PERSONS, FIRMS AND CORPORATIONS FOR PERSONAL INJURY, DEATH OR
PROPERTY DAMAGE OCCURRING UPON, IN OR ABOUT THE DEMISED PREMISES OR
IMPROVEMENTS, OR ANY ELEVATORS OR ESCALATORS THEREIN OR THEREON, OR IN OR ABOUT
THE ADJOINING STREETS, SIDEWALKS AND PASSAGEWAYS, SUCH INSURANCE WITH A COMBINED
SINGLE LIMIT OF NO LESS THAN $10,000,000 PER OCCURRENCE AND AGGREGATE, WHETHER
AS PRIMARY OR IN COMBINATION WITH UMBRELLA EXCESS FOR BODILY INJURY AND PROPERTY
DAMAGE AND (II) WITH RESPECT TO AN CONSTRUCTION OR OTHER WORK ON OR ABOUT THE
DEMISED PREMISES AND THE IMPROVEMENTS, APPROPRIATE WORKMEN'S COMPENSATION
INSURANCE. ALL POLICIES FOR SUCH INSURANCE AS IS PROVIDED FOR IN THIS
SECTION 10.04 SHALL LIST LESSOR AS AN ADDITIONAL INSURED AND SHALL BE OBTAINED
BY LESSEE WITH ANY RESPONSIBLE CARRIER OR CARRIERS OF LESSEE'S SELECTION RATED
A-/VIII OR BETTER BY A.M. BEST AND COMPANY AND APPROVED TO DO BUSINESS IN NEW
YORK STATE.
POLICIES AND ENDORSEMENTS EVIDENCING SUCH INSURANCE COVERAGE SHALL
BE DELIVERED BY LESSEE TO LESSOR PROMPTLY AFTER EXECUTION OF THIS LEASE, AND
CERTIFICATES EVIDENCING RENEWAL OF SUCH INSURANCE SHALL BE DELIVERED TO LESSOR
AT LEAST TEN (10) DAYS PRIOR TO THE EXPIRATION OF ANY POLICY OF SUCH INSURANCE
FOLLOWED BY COPIES OF POLICIES AND ENDORSEMENTS WITH REASONABLE PROMPTNESS. ANY
SUCH POLICIES SHALL CONTAIN, TO THE EXTENT OBTAINABLE, AN AGREEMENT BY THE
INSURERS NOT TO CANCEL SUCH POLICIES OR MATERIALLY ALTER THEIR RESPECTIVE
COVERAGES EXCEPT UPON AT LEAST TEN (10) DAYS' PRIOR WRITTEN NOTICE TO LESSOR.
(b)
Lessee shall be responsible, at Lessee's own cost and expense, throughout
the term of this Lease, to maintain, and keep in full force and effect,
insurance coverage for all vehicles, furniture, fixtures, machinery (including,
without limitation, communication systems and computer systems), goods,
supplies, product and other personalty of Lessee or others (collectively
"Lessee's Property") at or about the Demised Premises.
13
SECTION 10.05.
INTENTIONALLY OMITTED.
SECTION 10.06.
IF THE IMPROVEMENTS SHALL BE DAMAGED OR DESTROYED BY FIRE
OR ANY OTHER CASUALTY WHATSOEVER, LESSOR SHALL REPAIR THE DAMAGE AND RESTORE THE
IMPROVEMENTS, AT ITS EXPENSE, WITH REASONABLE PROMPTNESS AFTER NOTICE OF THE
DAMAGE OR DESTRUCTION.
IN THE EVENT THAT ANY OF THE INSURANCE PROCEEDS WITH
RESPECT TO THE DEMISED PREMISES AND IMPROVEMENTS, SHALL REMAIN AFTER THE
COMPLETION OF SUCH RESTORATION, THE EXCESS SHALL BE PAID TO LESSEE OR AS IT MAY
DIRECT FOR LESSEE'S ACCOUNT.
LESSEE'S OBLIGATIONS HEREUNDER ARE SUBJECT TO THE
FOLLOWING FURTHER UNDERSTANDINGS AND AGREEMENTS:
If such fire or