NOTICE IN WRITING IN
ADVANCE OF ANY CANCELLATION.
NO POLICY SHALL HAVE A DEDUCTIBLE IN EXCESS OF
$500,000 FOR ANY ONE OCCURRENCE.
14.4
LANDLORD'S RIGHTS.
SHOULD TENANT FAIL TO TAKE OUT AND KEEP IN FORCE
EACH INSURANCE POLICY REQUIRED UNDER THIS ARTICLE 14, OR SHOULD SUCH INSURANCE
NOT BE APPROVED BY LANDLORD AND SHOULD THE TENANT NOT RECTIFY THE SITUATION
WITHIN TWO (2) BUSINESS DAYS AFTER WRITTEN NOTICE FROM LANDLORD TO TENANT,
LANDLORD SHALL HAVE THE RIGHT, WITHOUT
36
ASSUMING ANY OBLIGATION IN CONNECTION THEREWITH, TO PURCHASE SUCH INSURANCE AT
THE SOLE COST OF TENANT, AND ALL COSTS INCURRED BY LANDLORD SHALL BE PAYABLE
WITHIN FIVE (5) DAYS OF DEMAND TO LANDLORD BY TENANT AS ADDITIONAL RENT AND
WITHOUT PREJUDICE TO ANY OTHER RIGHTS AND REMEDIES OF LANDLORD UNDER THIS
LEASE.
NOTWITHSTANDING ANYTHING TO THE CONTRARY SET FORTH HEREIN, AT ANY TIME
AND FROM TIME TO TIME, UPON REASONABLE NOTICE TO TENANT, LANDLORD MAY ELECT TO
INSURE ALL OR ANY PART OF THE PREMISES UNDER ITS OWN POLICY OR POLICIES OF
INSURANCE, IN WHICH EVENT, DURING THE PERIOD OF SUCH COVERAGE THE COST OF ANY
SUCH POLICIES SHALL BE AN OPERATING EXPENSE HEREUNDER AND TENANT MAY ELECT TO
DISCONTINUE INSURANCE COVERAGE IT IS OTHERWISE REQUIRED TO CARRY HEREUNDER TO
THE EXTENT OF SUCH INSURANCE PROVIDED BY LANDLORD.
14.5
WAIVER OF SUBROGATION.
NOTWITHSTANDING ANYTHING TO THE CONTRARY IN
THIS LEASE, THE PARTIES HERETO (AND THEIR RESPECTIVE AGENTS, EMPLOYEES,
SUCCESSOR, ASSIGNEES AND, AS TO TENANT, ITS SUBTENANTS) RELEASE EACH OTHER AND
THEIR RESPECTIVE AGENTS, EMPLOYEES, SUCCESSOR, ASSIGNEES AND, AS TO TENANT, ITS
SUBTENANTS FROM DAMAGE TO ANY PROPERTY THAT IS CAUSED BY OR RESULTS FROM A RISK
(I) WHICH IS ACTUALLY INSURED AGAINST, TO THE EXTENT OF RECEIPT OF PAYMENT UNDER
SUCH POLICY, (II) WHICH IS REQUIRED TO BE INSURED AGAINST UNDER THIS LEASE, OR
(III) WHICH WOULD NORMALLY BE COVERED BY THE STANDARD "ALL RISK" PROPERTY
INSURANCE.
LANDLORD AND TENANT (AND EACH OF TENANT'S SUBTENANTS) SHALL EACH
OBTAIN FROM THEIR RESPECTIVE COMMERCIAL PROPERTY INSURERS AT ANY TIME DURING THE
TERM INSURING OR COVERING THE PROPERTY OR ANY PORTION THEREOF OF ITS CONTENTS
THEREIN, A WAIVER OF ALL RIGHTS OF SUBROGATION WHICH THE INSURER OF ONE PARTY
MIGHT OTHERWISE, IF AT ALL, HAVE AGAINST THE OTHER PARTY.
14.6
NO LIABILITY.
NO APPROVAL BY LANDLORD OF ANY TENANT INSURER, OR THE
TERMS OR CONDITIONS OF ANY POLICY, OR ANY COVERAGE OR AMOUNT OF INSURANCE, OR
ANY DEDUCTIBLE AMOUNT SHALL BE CONSTRUED AS A REPRESENTATION BY LANDLORD OF THE
SOLVENCY OF THE INSURER OR THE SUFFICIENCY OF ANY POLICY OR ANY COVERAGE OR
AMOUNT OF INSURANCE OR DEDUCTIBLE AND TENANT ASSUMES FULL RISK AND
RESPONSIBILITY FOR ANY INADEQUACY OF INSURANCE COVERAGE OR ANY FAILURE OF
INSURERS.
15.
ASSIGNMENT AND SUBLETTING.
15.1
CONSENT REQUIRED.
EXCEPT AS OTHERWISE EXPLICITLY PROVIDED HEREIN,
TENANT SHALL NOT DIRECTLY OR INDIRECTLY, VOLUNTARILY OR BY OPERATION OF LAW,
(I) SELL, ASSIGN, ENCUMBER, PLEDGE OR OTHERWISE TRANSFER OR HYPOTHECATE ALL OR
ANY PART OF ITS INTEREST IN OR RIGHTS WITH RESPECT