5.2. SR 12-07-1998 - Laserfiche WebLink

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in the collection of such proceeds (the "Net Proceeds") resulting from claims for casualty thereunder to the Improvements for loss or damage covered thereby to be made jointly payable to Lessee and Lessor. (02) Comprehensive general liability insurance (including operations, contingent liability, operations of subcontractors, completed operations and contractual liability insurance) together with an Owner's Contractor's Policy with limits against bodily injury and property damage of not less than $1,000,000 for each occurrence (to accomplish the above-required limits, an umbrella excess liability policy may be used). (03) Worker's compensation insurance, with statutory coverage. (04) Acceptance of insurance policies delivered pursuant to this Section 6.1 shall not bar Lessor from requiring reasonable amounts of additional insurance which it deems necessary to protect its interest in the Leasehold Property. 6.2) Insurance After Construction - Upon completion of construction of the Improvements, Lessee shall maintain, or cause to be maintained, at its cost and expense, and from time to time at the request of Lessor shall furnish proof of the payment of premiums on, insurance as follows: (01) Insurance against loss and/or damage to the Improvements under a policy or policies covering such risks as are ordinarily insured against by similar businesses, including (without limiting the generality of the foregoing) fire, extended coverage, vandalism and malicious mischief, boiler explosion, water damage, demolition cost, debris removal, and collapse in an amount not less than the full insurable replacement value of the Improvements. No policy of insurance shall be so written that the proceeds thereof will produce less than the minimum coverage required by the preceding sentence, by reason of co-insurance provisions or otherwise, without the prior consent thereto in writing by Lessor. The term "full insurable replacement value" shall mean the actual replacement cost of the Improvements (excluding foundation and excavation costs and costs of underground flues, pipes, drains and other uninsurable items) and equipment. All policies evidencing insurance required by this subdivision (01) with respect to the Improvements shall be carried in the names of Lessee and Lessor, as their respective interests may appear, and shall contain standard clauses which provide for any proceeds paid by an insurer to Lessee or Lessor and remaining after deducting all expenses, including fees and disbursements of counsel, incurred in the collection of the Net Proceeds resulting from claims for casualty thereunder to the Improvements for loss or damage covered thereby to be made jointly payable to Lessee and Lessor. (02) Comprehensive general public liability insurance, including personal injury liability (with employee exclusion deleted), and automobile insurance, including owned, nonowned and hired automobiles, against liability for injuries to persons and/or property, in the minimum amount for each occurrence and for each year of $1,000,000, for public liability not arising from ownership or operation of automobiles (or other motor vehicles), and in the minimum amount of $100,000 for each occurrence and for each year for liability arising out of BURNIS 566679.3 6 of 22