Laserfiche WebLink
10 <br />Leased Premises and, from time to time thereafter, at Landlord’s request, certificates evidencing <br />the existence and amounts of all such policies and copies of such insurance policies. There shall <br />be no deductible amount applicable with respect to the Tenant's policy of commercial general <br />liability insurance, unless approved in advance by Landlord in writing. Deductibles for Tenant's <br />“special form” property insurance shall be commercially reasonable and customary. There shall <br />be no self-insured retention with respect to the insurance requirements under this Section 16, <br />unless approved in advance in writing by Landlord in its sole discretion. <br />(c) If Tenant fails to acquire or maintain any insurance or provide evidence of <br />insurance required by this Section 16, Landlord may, but shall not be required to, obtain such <br />insurance or evidence and the costs associated with obtaining such insurance or evidence shall <br />be payable by Tenant to Landlord on demand together with a fee for overhead and administrative <br />expenses equal to 10% of such costs. <br />(d) Receipt by the Landlord or the Landlord’s designee of any certificate or other <br />insurance document showing less coverage than required is not a waiver of Tenant’s obligations to fulfill <br />the requirements of this Section. No statement on a third-party website (such as a Trustlayer) that a <br />requirement is “waived” or “overridden” is a waiver of Tenant’s obligations to fulfill the requirements of <br />this Section. <br />(e) Waiver of Subrogation. Tenant intends that its property loss risks shall be <br />borne by reasonable insurance carriers to the extent above provided, and Tenant hereby agrees <br />to look solely to, and seek recovery only from, its respective insurance carriers in the event of a <br />property loss to the extent that such coverage is agreed to be provided hereunder. Tenant <br />hereby waives all rights and claims for such losses, and waives all rights of subrogation of its <br />respective insurers, provided such waiver of subrogation shall not affect the rights to the insured <br />to recover thereunder. Tenant agrees that its respective insurance policies are now, or shall be, <br />endorsed such that the waiver of subrogation shall not affect the right of the insured to recover <br />thereunder, so long as no material additional premium is charged therefor. <br />17. DAMAGE OR DESTRUCTION BY FIRE OR OTHER CASUALTY. <br />(a) If the Leased Premises are damaged by fire, earthquake or other casualty <br />(“Casualty”), Tenant shall give immediate written notice to Landlord. If Landlord estimates that <br />(i) the damage can be repaired to meet Tenant’s business needs within one hundred eighty (180) <br />days after Landlord is notified by Tenant of such damage, and (ii) if there are sufficient insurance <br />proceeds available to repair such damage, then Landlord shall proceed with reasonable diligence <br />to restore the Leased Premises to substantially the condition which existed prior to the damage <br />and this Lease shall not terminate. If either of the conditions set forth in (i) and (ii) of the previous <br />sentence are not satisfied, then Landlord may elect, in its sole and absolute discretion, to either: <br />(x) terminate this Lease or (y) restore the Leased Premises to substantially the same condition <br />which existed prior to the damage and this Lease shall continue. Notice of Landlord’s election <br />shall be delivered to Tenant within ninety (90) days after the date Landlord receives written <br />notice of the damage. Failure to deliver notice within the specified period shall be treated as an <br />election not to restore. Tenant agrees to look to the provider of Tenant's insurance for coverage <br />for the loss of Tenant's use of the Leased Premises and any other related losses or damages <br />incurred by Tenant during any reconstruction period following a Casualty.