|
provisions of Paragraph 7.1(a), if the Lessee occupies the Premises for 12 months or less, then Lessee shall surrender the Premises in the same condition as delivered
<br />to Lessee on the Start Date with NO allowance for ordinary wear and tear. Lessee shall repair any damage occasioned by the installation, maintenance or removal of
<br />Trade Fixtures, Lessee owned Alterations and/or Utility Installations, furnishings, and equipment as well as the removal of any storage tank installed by or for Lessee.
<br />Lessee shall also remove from the Premises any and all Hazardous Substances brought onto the Premises by or for Lessee, or any third party (except Hazardous
<br />Substances which were deposited via underground migration from areas outside of the Premises) to the level specified in Applicable Requirements. Trade Fixtures
<br />shall remain the property of Lessee and shall be removed by Lessee. Any personal property of Lessee not removed on or before the Expiration Date or any earlier
<br />termination date shall be deemed to have been abandoned by Lessee and maybe disposed of or retained by Lessor as Lessor may desire. The failure by Lessee to
<br />timely vacate the Premises pursuant to this Paragraph 7.4(c) without the express written consent of Lessor shall constitute a holdover under the provisions of
<br />Paragraph 26 below.
<br />8. Insurance; Indemnity.
<br />8.1 Payment For Insurance. Lessee shall pay for all insurance required under Paragraph 8except to the extent of the cost attributable to liabil' in ante
<br />carried by Lessor under Paragraph 8.2(b) in excess of $2,D00,000 per occurrence. Premiums for policy periods commencing prior to or extending b yond the ase
<br />term shall be prorated to correspond to the Lease term. Payment shall be made by Lessee to Lessor within 30 days following receipt of an invoi
<br />8.2 Liability Insurance. 00
<br />(a) Carried by Lessee. Lessee shall obtain and keep in force a Commercial General Liability policy of insurance protecting Lessee L or as an
<br />additional insured against claims for bodily injury, personal injury and property damage based upon or arising out of the ownership, us occupan or maintenance of
<br />the Premises and all areas appurtenant thereto. Such insurance shall be on an occurrence basis providing single limit coverage in an a t less an $1,000,000
<br />per occurrence with an annual aggregate of not less than $2,000,000. Lessee shall add Lessor as an additional insured by means of an a or t least as broad
<br />as the Insurance Service Organization's "Additional Insured -Managers or Lessors of Premises" Endorsement. The policy shall tam infra -insured exclusions
<br />as between insured persons or organizations, but shall include coverage for liability assumed under this Lease as an"insur contra "for a performance of Lessee's
<br />indemnity obligations under this Lease. The limits of said insurance shall not, however, limit the liability of Lessee nor retie $�Lease any bligation hereunder.
<br />Lessee shall provide an endorsement on its liability policy(ies) which provides that its insurance shall be primary to a tcohr Cory with any similar insurance
<br />carried by Lessor, whose insurance shall be considered excess insurance only.
<br />(b) Carried by Lessor. Lessor shall maintain liability insurance as described in Paragraph 8.2(a), in dition to, I not lieu of, the insurance required to
<br />be maintained by Lessee. Lessee shall not be named as an additional insured therein.
<br />8.3 Property Insurance- Building, Improvements and Rental Value.
<br />(a) Building and Improvements. The Insuring Party shall obtain and keep in force a policy or policies in 'the a of Lessor, with loss payable to Lessor,
<br />any ground -lessor, and to any Lender insuring loss or damage to the Premises. The amount of suc insurance shall be equal to the full insurable replacement cost of
<br />the Premises, as the same shall exist from time to time, or the amount required by any Lender\.nsl
<br />tin no event more than the commercially reasonable and available
<br />insurable value thereof. Lessee Owned Alterations and Utility Installations, Trade Fixtures, ayj1ersonal property shall be insured by Lessee not by Lessor. If
<br />the coverage is available and commercially appropriate, such policy or policies shall insur gs of direct physical loss or damage (except the perils of Rood
<br />and/or earthquake unless required by Lender), including coverage for debris remova nd thentof any Applicable Requirementsrequiring the upgrading,
<br />demolition, reconstruction or replacement of any portion ofthe Premises asthere tof acyySaid policy or policies shall also contain an agreed valuation
<br />provision in lieu of any coinsurance clause, waiver of subrogation, and inflation gua rot C'fion causing an increase in the annual property insurance coverage
<br />amount by a factor of not less than the adjusted U.S. Department of Labor Consumer a Index for All Urban Consumers forthe city nearest to where the Premises
<br />are located. If such insurance coverage has a deductible clause, the deducti ount shall not exceed $5,000 per occurrence, and Lessee shall be liable for such
<br />deductible amount in the event of an Insured Loss.
<br />(b) Rental Value. The Insuring Party shall obtain and k . fort licy or policies in the name of Lessor with loss payable to Lessor and any Lender,
<br />insuring the loss of the full Rent for one year with an extended p od of i am 'ty for an additional 180 days ("Rental Value insurance"). Said insurance shall contain
<br />an agreed valuation provision in lieu of any coinsurance clause, d the a ount coverage shall be adjusted annually to reflect the projected Rent otherwise payable
<br />by Lessee, for the next 12 month period. Lessee shall be liable for yo u amount in the event of such loss.
<br />(c) Adjacent Premises. If the Premises are ar building, orof a group of buildings owned by Lessor which are adjacent to the Premises, the
<br />Lessee shall pay for any increase in the premiums for a property su ce of such building or buildings if said increase is caused by Lessee's acts, omissions, use or
<br />occupancy of the Premises.
<br />8.4 Lessee's Property; Business Interruption Insu ce; W ker's Compensation Insurance.
<br />(a) Property Damage. Lessee shall obtain and i in insurance coverage on all of Lessee's personal property, Trade Fixtures, and Lessee Owned
<br />Alterations and Utility Installations. Such insurance shall be fu replacement cost coverage with a deductible of not to exceed $1,000 per occurrence. The proceeds
<br />from any such insurance shall be used Lessee for the replacement of personal property, Trade Fixtures and Lessee Owned Alterations and Utility Installations.
<br />(b) Business In[errup n. Lessee shall obtain and maintain loss of income and extra expense insurance in amounts as will reimburse Lessee for direct or
<br />indirect loss of earnings attribute e t II perils commonly insured against by prudent lessees in the business of Lessee or attributable to prevention of access to the
<br />Premises as a result oIfsuch its.
<br />(c) Worker's mpensatlon In rance. Lessee shall obtain and maintain Worker's Compensation Insurance in such amount as may be required by
<br />Applicable Requirement Such icy shall include a'Waiver of Subrogation' endorsement. Lessee shall provide Lessor with a copy of such endorsement along with
<br />the certificate of Insuranc r py of the policy required by paragraph 8.5.
<br />(d) Represen Non of Adequate Coverage. Lessor makes no representation that the limitsor formsaf coverage of insurance specified herein are
<br />adequatetocove as rop y, business operations or obligations under this Lease.
<br />8.5 Insuran P ies. nsurance required herein shall be by companies maintaining during the policy term a "General Policyholders Rating" of at least A-, VII,
<br />as set f i e m current issue of "Best's Insurance Guide", or such other rating as may be required by a Lender. Lessee shall not do or permit to be done
<br />anyt g which nvali tes the required insurance policies. Lessee shall, prior to the Start Date, deliver to Lessor certified copies of policies of such insurance or
<br />certifi esw f the required endorsements evidencing the existence and amounts of the required insurance. No such policy shall be cancelable or subject
<br />U
<br />n except after 30 days prior written notice to Lessor. Lessee shall, at least 10 days prior to the expiration of such policies, furnish Lessor with evidence of
<br />r surance binders" evidencing renewal thereof, or Lessor may increase his liability insurance coverage and charge the cost thereof to Lessee, which
<br />all be payable by Lessee to Lessor upon demand. Such policies shall be for a term of at least one year, or the length of the remaining term of this Lease,
<br />is less. If either Party shall fail to procure and maintain the insurance required to be carried by it, the other Party may, but shall not be required to, procure
<br />ain the same.
<br />Waiver of Subrogation. Without affecting anyother rights or remedies, Lessee and Lessor each hereby release and relieve the other, and waive their entire
<br />right to recover damages against the other, for loss of or damage to its property arising out of or incident to the perils required to be insured against herein. The
<br />INITIALS INITIALS
<br />© 2019 AIR CRE. All Rights Reserved. r� Last Edited: 4/30/20204:53 PM
<br />STN-27.30, Revised 11-25-2019 65 B- /J 1 Page 6 of 16
<br />
|