Cost and Expense. Except as otherwise provided herein, insurance premiums and any costs or expenses respecting the insurance described in this Article 12 shall be a Gross Operating Expense of the Hotel or otherwise paid by Owner. Premiums on policies for more than one year shall be charged pro rata over the period of the policies. Any reserves, losses, costs, damages or expenses which are uninsured, or fall within deductible limits or self-insured retentions, shall be treated as a cost of insurance and shall be a Gross Operating Expense.
Appears in 5 contracts
Samples: Hotel Management Agreement (Procaccianti Hotel Reit, Inc.), Management Agreement (Procaccianti Hotel Reit, Inc.), Hotel Management Agreement (Procaccianti Hotel Reit, Inc.)
