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(4) Workers’ compensation insurance,
with limits not less than those required by
law.
(b) Hazard Insurance. At all times during
the Term hereof, Lessee shall, at its own cost and
expense, keep:
(1) The Demised Premises insured
against loss or damage by fire, lightning,
windstorm, hail, explosion, riot, damage from
aircraft, smoke damage, sprinkler leakage
damage, war damage (when available) and such
other insurance risks, casualties and hazards
as are insured against by owners of compara-
ble premises in an amount equal to one hun-
dred percent (100%) of the replacement cost
thereof (the initial replacement cost shall
be $120,000.00), said replacement cost to be
determined, on Lessor’s request not more
frequently than at annual intervals, by one
or more of the insurers, or by an architect,
contractor, appraiser or appraisal company
selected by Lessee. * * *
(2) In addition, Lessee shall, at its
own cost and expense, keep the net rental
value of the Demised Premises insured against
loss or damage by fire, lightning, windstorm,
hail, explosion, riot, damage from aircraft,
smoke damage, and such other insurance risks,
casualties and hazards as are insured against
by owners of comparable premises, in the
amount of $22,000.00. The Lessor reserves
the right, upon notice to the Lessee, to
adjust the coverage amount.
All insurance to be furnished by Lessee under this
paragraph shall be by policies which shall provide
that the loss, if any, shall be payable to Lessee.
All such insurance proceeds received by Lessee
(other than rent insurance proceeds, for which
provision is made in Paragraph 12(b)(2) hereof)
shall be available for application to the cost of
demolition, restoration, repair, replacement and
rebuilding of the damage which occasioned the
payment of such proceeds.
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Last modified: May 25, 2011