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Guide Property Management LLC <br />1500 Westlake Ave N • Suite 212 • Seattle, WA 98109 <br />(206) 737-8171 <br />11 <br />Insurance Addendum & Credit <br />Reporting <br />11.1 ADDENDUM <br />This Addendum ("Addendum") is made part of the Residential <br />Lease Contract ("Agreement") dated 09/01/2024 , and is between <br />the Owner of 600 Ninth ("Owner") and City of Everett , <br />(collectively and individually "Residents"), for the premises at <br />600 9th Ave - 401 <br />Seattle, WA 98104 <br />(the "Leased Premises"), which is located within 600 Ninth (the <br />"Residential Community"). All capitalized terms used but not <br />defined herein shall have the meaning set forth in the Agreement. <br />Where the terms and conditions of this Addendum vary or conflict <br />with the terms and conditions of the Agreement, the terms and <br />conditions of this Addendum shall control. <br />11.2 INSURANCE ADDENDUM <br />This Addendum is attached to and becomes a part of the Residential <br />Lease Agreement.For the duration of the Lease, Lessee is required <br />to maintain and provide the following minimum required insurance <br />coverage: <br />•$100,000 Limit of Liability for Lessee’s legal liability for <br />damage to Lessor’s property for no less than the following <br />causes of loss: fire, smoke, explosion, backup or overflow of <br />sewer, drain or sump, and water damage (“Required <br />Insurance”). <br />Lessee is required to furnish Lessor with evidence of Required <br />Insurance prior to occupancy of leased premises and at the time <br />of each lease renewal period.If at any time Lessee does not have <br />Required Insurance, Lessee is in breach of the Lease and Lessor <br />shall have, in addition to any other rights under the Lease, the right <br />but not the obligation to purchase Required Insurance coverage <br />protecting the sole interest of the Lessor and seek contractual <br />reimbursement from the Lessee for all costs and expenses <br />associated with such purchase.This may be referred to as “force <br />placed insurance”. <br />Lessee may obtain Required Insurance or broader coverage from an <br />insurance agent or insurance company of Lessee’s choice.If Lessee <br />furnishes evidence of such insurance and maintains the insurance <br />for the duration of the Lease, then nothing more is required.If <br />Lessee does not maintain Required Insurance, the insurance <br />requirement of this Lease may be satisfied by Lessor, who may <br />purchase such coverage through the Lessor’s Legal Liability <br />Insurance Policy (“LLIP”).The coverage provided under the LLIP <br />will provide the Required Insurance coverage listed above.An <br />amount equal to the total cost to the Lessor for the LLIP coverage <br />shall be charged to Lessee by the Lessor as a recoverable expense <br />under the Lease.Some important points of this coverage, which <br />Lessee should understand are: <br />1.LLIP is designed to fulfill the insurance requirement of the <br />Lease.Lessor is the Insured under the LLIP.This is single <br />interest forced placed insurance.Lessee is not an Insured, <br />Additional Insured or beneficiary under the LLIP.All loss <br />payments are made to the Lessor. <br />2.LLIP coverage is NOT personal liability insurance or renters <br />insurance. LLIP does not cover the Lessee’s personal property <br />(contents), additional living expenses or liability arising out of <br />bodily injury or property damage to any third party.If Lessee <br />requires any of these coverages, then Lessee should contact <br />an insurance agent or insurance company of Lessee’s choice <br />to obtain personal liability insurance or renters insurance to <br />protect Lessee’s interests. <br />3.Coverage under the LLIP may be more expensive than the <br />cost of Required Insurance obtainable by Lessee elsewhere.At <br />any time, Lessee may contact an insurance agent or insurance <br />company of their choice for insurance options to satisfy the <br />Required Insurance under this Lease. <br />4.If Lessee has purchased Renters Insurance and at any time <br />allows such Renters Insurance to lapse in breach of the Lease <br />Agreement, Lessor may purchase Lessor Insurance without <br />notice and add the total cost associated therewith to Lessee’s <br />monthly rent payment. <br />5.Licensed insurance agents may receive a commission on the <br />LLIP. <br />6.The total cost to the Lessee for the Lessor obtaining LLIP <br />shall be ($10.50) per month, subject to no proration. This is <br />an amount equal to the actual premium charge to the Lessor <br />including any premium taxes and fees due to state governing <br />bodies. Additionally, an Administration Fee in the amount of <br />four dollars and fifty cent ($4.50) to be retained by the Lessor <br />for processing and handling will be charged. <br />7.In the event that loss or damage to Lessor’s property exceeds <br />the amount of Required Insurance, Lessee shall remain <br />contractually liable to Lessor for such amount.In the event <br />of liability to any other party for bodily injury or property <br />damage, Lessee shall remain liable to such other party. <br />8.It shall be the Lessee’s duty to notify Lessor of any subsequent <br />purchase of Renters Insurance. <br />As used in this Addendum: “Lease” may be interchangeable with <br />“Lease Agreement”; “Lessee” may be interchangeable with <br />“Resident” or “Tenant”, and “Lessor” may be interchangeable with <br />“Landlord” or “Owner”. <br />Scheduling of the premises under the LLIP is not mandatory and <br />Lessee may purchase Required Insurance from an insurance agent <br />or insurance company of Lessee’s choice at any time and coverage <br />under the LLIP will be terminated by the Lessor. <br />City of Everett <br />11.3 CREDIT REPORTING -CREDHUB <br />Rent obligation is one of the largest and important monthly expense <br />for tenants.We subscribe to CredHub and will report resident <br />payment history on a monthly basis. <br />28