FULL REPLACEMENT
VALUE SHALL BE DETERMINED FROM TIME TO TIME, AT LESSOR'S REQUEST, NOT MORE
FREQUENTLY THAN ONCE EVERY THREE YEARS, BY ONE OF THE INSURERS OR BY AN
ARCHITECT, ENGINEER, CONTRACTOR OR APPRAISER SELECTED BY LESSEE, AT LESSEE'S
EXPENSE, AND APPROVED BY LESSOR.
NO OMISSION BY LESSOR TO REQUEST SUCH
DETERMINATION SHALL RELIEVE LESSEE OF ANY OF LESSEE'S OBLIGATIONS UNDER THIS
SECTION.
11.3
LESSEE SHALL NOT CARRY ANY SEPARATE INSURANCE OF
THE SAME CHARACTER REQUIRED UNDER THIS SECTION UNLESS LESSOR AND THE HOLDER OF
ANY MORTGAGE TO WHICH THIS LEASE IS SUBJECT SHALL BE NAMED AS AN INSURED WITH
LOSS PAYABLE AS HEREIN PROVIDED.
LESSEE SHALL PROMPTLY NOTIFY LESSOR OF THE
ISSUANCE OF ANY SUCH SEPARATE INSURANCE AND SHALL DELIVER THE POLICIES AND
CERTIFICATES AS PROVIDED IN SECTION 11.5.
11.4
LESSEE, AT LESSEE'S EXPENSE, SHALL MAINTAIN FOR
THE MUTUAL BENEFIT OF LESSOR AND LESSEE, COMPREHENSIVE GENERAL PUBLIC LIABILITY
INSURANCE (INCLUDING AN ENDORSEMENT FOR (A) PERSONAL INJURY COVERAGE; (B) BROAD
FORM HOLD HARMLESS CLAUSE; (C) NOTICE AND KNOWLEDGE OF OCCURRENCE CLAUSE; (D)
UNINTENTIONAL ERRORS AND OMISSIONS CLAUSE; AND ALSO INCLUDING, WITHOUT
LIMITATION, COVERAGE FOR EXPLOSION AND, (IF THE LEASED PROPERTY INCLUDE ANY
ELEVATOR, ELEVATOR LIABILITY AND ELEVATOR COLLISION) AGAINST CLAIMS FOR PERSONAL
INJURY, DEATH OR PROPERTY DAMAGE OCCURRING IN, ON OR ABOUT THE LEASED PROPERTY
(INCLUDING, WITHOUT LIMITATION, PERSONAL INJURY, DEATH OR PROPERTY DAMAGE
RESULTING DIRECTLY OR INDIRECTLY FROM ANY CHANGE, ALTERATION, IMPROVEMENT OR
REPAIR) WITH SUCH LIMITS AS LESSOR, FROM TIME TO TIME, REASONABLY MAY REQUIRE
BUT NOT LESS THAN $1,000,000 U.S. DOLLARS IN THE EVENT OF DEATH OR PERSONAL
INJURY TO ANY ONE PERSON AND NOT LESS THAN $2,000,000 U.S. DOLLARS IN THE EVENT
OF DEATH OR PERSONAL INJURY TO ANY NUMBER OF PERSONS IN ONE ACCIDENT AND OF NOT
LESS THAN $1,000,000 U.S. DOLLARS FOR PROPERTY DAMAGE.
SUCH COVERAGE MAY BE
EFFECTED BY AN UMBRELLA POLICY ABOVE THE BASIC COVERAGE PROVIDED BY
COMPREHENSIVE GENERAL PUBLIC LIABILITY INSURANCE COVERAGE.
11.5
THE INSURANCE REQUIRED UNDER THIS ARTICLE SHALL
BE EFFECTED BY VALID AND ENFORCEABLE POLICIES ISSUED BY INSURANCE COMPANIES OF
RECOGNIZED RESPONSIBILITY AUTHORIZED AND LICENSED TO DO BUSINESS IN THE COUNTRY
OF MEXICO AND WHICH HAVE RECEIVED AT LEAST AN A RATING FROM A.M. BEST & CO. AT
THE TIME SUCH POLICIES ARE ISSUED.
11.6
UPON THE LEASE STARTING DATE AND THEREAFTER, NOT
LESS THAN 30 DAYS PRIOR TO THE EXPIRATION DATE OF THE EXPIRING POLICIES
THERETOFORE FURNISHED PURSUANT TO THIS ARTICLE, ORIGINALS OF SUCH POLICIES AND
RENEWAL POLICIES, AS THE CASE MAY BE, SHALL BE DELIVERED BY LESSEE TO LESSOR,
WITH PROOF OF PAYMENT REASONABLY SATISFACTORY TO LESSOR OF THE RESPECTIVE
PREMIUMS THEREUNDER.
11.7
ALL POLICIES OF INSURANCE REQUIRED UNDER
SECTIONS 11.1 AND 11.4 SHALL NAME LESSEE AS THE INSURED AND LESSOR AND A HOLDER
OF ANY MORTGAGE COVERING THE LAND AS A LOSS PAYEE OR AN ADDITIONAL INSURED, AS
THEIR INTERESTS MAY APPEAR.
EACH POLICY OF INSURANCE REQUIRED UNDER THIS
ARTICLE, TO THE EXTENT OBTAINABLE, SHALL (A) CONTAIN AN AGREEMENT BY THE INSURER
THAT IT WILL NOT