7.3 SR 03-01-2021 - Laserfiche WebLink

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6.6 Requirements. All policies of insurance required by Sections 6.1(a), 6.1(b), 6.2(a) and 6.4 shall require notice to Landlord and Mortgagee at least 30 days prior to the cancellation or modification of the policy as a condition to the policy, and in the event any such notice of cancellation is given, Tenant shall provide Landlord and Mortgagee with a certificate of insurance evidencing a renewal or replacement policy at least five (5) days prior to the date of such cancellation. The policies of insurance required under Section 6.1(a) and 6.4 shall name Landlord and any Mortgagee as loss payee, as their interests may appear. Each policy of insurance required by Sections 6.1(a) and 6.4 shall contain an endorsement that the coverage with respect to the Premises afforded under such policy will be extended by the insurer following the stated expiration date of such policy for a period equal to the lesser of ten (10) days following the expiration of such policy or the date when a renewal or replacement policy is bound, and Tenant shall provide Landlord and Mortgagee with a certificate of insurance evidencing such renewal or replacement policy at least five (5) days prior to the expiration of such ten (10)-day period. The policies of insurance required under Section 6.2(a) shall name Landlord and Mortgagee as additional insureds, and evidence of the renewal or replacement policies reasonably satisfactory to Landlord and Mortgagee shall be delivered to Landlord and Mortgagee at least ten (10) business days before the expiration thereof. Certificates of insurance with respect to all policies required under this Lease shall be delivered to Landlord and Mortgagee upon commencement of the Term, and as promptly as practicable after the expiration of existing policies and within ten (10) days of written demand by Landlord. Insurers shall be licensed to do business in the State of Minnesota and either domiciled in the USA or qualified to do business therein as a foreign corporation. All property insurance policies shall contain a standard, non- contributory, first mortgagee clause in favor of Mortgagee. Notwithstanding anything contained herein to the contrary, Landlord retains the right, at Landlord's option, at any time during the Term, for any reason or for no reason, for Landlord, to obtain and continuously maintain in full force and effect during the Term, all of the insurance required under Section 6.1(a) and 6.4 above upon not less than thirty (30) days prior written notice to Tenant. Thereafter, Tenant will have no obligation to maintain such insurance, under any of such Section 6.1(a) and 6.4 as elected by Landlord, but Tenant will reimburse Landlord for all costs, expenses and premiums incurred in obtaining such insurance, within ten (10) days after Landlord provides Tenant with an invoice for such costs and expenses. Tenant will also reimburse Landlord for any costs incurred by Landlord for the coverage identified in Section 6.2(b). 6.7 Waiver of Claims; Subrogation. Notwithstanding any other provision of this Lease to the contrary, whenever (a) any loss, cost, damage or expense, including consequential damage or expense, resulting from fire, explosion or any other casualty or similar occurrence is incurred by either of the parties hereto, or anyone claiming by, through, or under it is connection with the Premises, and (b) such party is then covered in whole or in part by insurance with respect to such loss, cost, damage or expense or is required under this Lease to be so insured or self insured, then the party so insured (or so required) hereby waives, releases and discharges any claims against and releases the other party from any liability said other party may have on account of such loss, costs, damage or expense, including consequential damage or expense, to the extent of any amount recovered by reason of such insurance, or the amount which could have been recovered by reason of such insurance policies if the same had been maintained as required by the terms of this Lease. The parties agree to furnish to each insurance company which has or 10