Laserfiche WebLink
insurance required by this subdivision (0 1) with respect to the Improvements shall be carried <br /> in the names of Lessee and Lessor, as their respective interests may appear, and shall contain <br /> standard clauses which provide for any proceeds paid by an insurer to Lessee or Lessor and <br /> remaining after deducting all expenses, including fees and disbursements of counsel, incurred <br /> in the collection of such proceeds (the "Net Proceeds") resulting from claims for casualty <br /> thereunder to the Improvements for loss or damage covered thereby to be made jointly <br /> payable to Lessee and Lessor. <br /> (02) Comprehensive general liability insurance (including operations, contingent liability, <br /> operations of subcontractors, completed operations and contractual liability insurance) <br /> together with an Owner's Contractor's Policy with limits against bodily injury and property <br /> damage of not less than $1,000,000 for each occurrence (to accomplish the above-required <br /> limits, an umbrella excess liability policy may be used). <br /> (03) Worker's compensation insurance, with statutory coverage. <br /> (04) Acceptance of insurance policies delivered pursuant to this Section 6.1 shall not bar <br /> Lessor from requiring reasonable amounts of additional insurance which it deems necessary <br /> to protect its interest in the Leasehold Property. <br /> 6.2) Insurance After Construction-Upon completion of construction of the Improvements, <br /> Lessee shall maintain, or cause to be maintained, at its cost and expense, and from time to time at the <br /> request of Lessor shall furnish proof of the payment of premiums on, insurance as follows: <br /> (01) Insurance against loss and/or damage to the Improvements under a policy or policies <br /> covering such risks as are ordinarily insured against by similar businesses, including (without <br /> limiting the generality of the foregoing) fire, extended coverage, vandalism and malicious <br /> mischief, boiler explosion, water damage, demolition cost, debris removal, and collapse in an <br /> amount not less than the full insurable replacement value of the Improvements. No policy of <br /> insurance shall be so written that the proceeds thereof will produce less than the minimum <br /> coverage required by the preceding sentence, by reason of co-insurance provisions or <br /> otherwise, without the prior consent thereto in writing by Lessor. The term"full insurable <br /> replacement value" shall mean the actual replacement cost of the Improvements (excluding <br /> foundation and excavation costs and costs of underground flues, pipes, drains and other <br /> uninsurable items) and equipment. All policies evidencing insurance required by this <br /> subdivision(01)with respect to the Improvements shall be carried in the names of Lessee and <br /> Lessor, as their respective interests may appear, and shall contain standard clauses which <br /> provide for any proceeds paid by an insurer to Lessee or Lessor and remaining after deducting <br /> all expenses, including fees and disbursements of counsel, incurred in the collection of the Net <br /> Proceeds resulting from claims for casualty thereunder to the Improvements for loss or <br /> damage covered thereby to be made jointly payable to Lessee and Lessor. <br /> (02) Comprehensive general public liability insurance, including personal injury liability <br /> (with employee exclusion deleted), and automobile insurance, including owned, nonowned <br /> and hired automobiles, against liability for injuries to persons and/or property, in the minimum <br /> I3URNIS 566679.5 6 of 23 <br />