Fire and Extended Coverage. Contractor at its costs shall maintain on the Project a policy of standard fire and extended coverage during the life of the Note and Deed of Trust securing this Agreement, or any subsequently executed document which replaces the Note and Deed of Trust, with vandalism and malicious mischief endorsements, to the extent of at least the full replacement value of the improvements which are part of the premises. The insurance policy shall be issued in the names of Contractor and the County as their interests appear. The insurance policy shall contain a lender's loss payable endorsement, providing that any proceeds shall be payable to the County as its interests appear and shall be subject to the interest of senior lenders. Subject to the requirements of senior lenders in the event that Contractor shall undertake to restore the damaged improvements or to reconstruct the destroyed improvements within a period of sixty (60) days of receipt of insurance proceeds, such insurance proceeds received by the County shall be released to Contractor as payments are required for said purposes, and upon completion of such restoration or reconstruction, any balance thereof remaining shall be paid to Contractor forthwith. In the event that Contractor shall fail to undertake the restoration or reconstruction of such improvements within sixty (60) days after receipt of insurance proceeds following any such damage or destruction, there shall be paid and released to the County from such insurance proceeds a sum equal to the cost of clearing the premises in the event Contractor does not at its own expense clear the premises within said period. The balance shall be held to compensate the parties to this Agreement as if the premises were sold. Subject to the requirements of senior lenders, Contractor shall also sell the vacant land on the open market and the proceeds of said land sale shall be distributed among the parties to this Agreement.
Fire and Extended Coverage. Fire, hazard and extended coverage, all-risks insurance protecting against, but not limited to, fire, theft, malicious mischief, vandalism, and such other hazards as Lender may require Borrower to carry for the Premises for the full insurable value thereof on a replacement cost claim recovery basis, containing standard non-contributing mortgagee loss payable clauses and subrogation clauses, and an agreement to notify Lender in writing at least thirty (30) days prior to any cancellation or amendment of any such policy. Copies of such policy, together with appropriate endorsements thereto, and evidence of the payment of the premiums thereon, shall be promptly delivered to Lender upon request. Said insurance shall be carried in full force and effect for the duration of the Loan.
Fire and Extended Coverage. Developer shall, at no -------------------------- cost or expense to Landlord, keep insured for the benefit of Developer and Landlord, and such other parties, having an insurable interest, as Developer may designate, the improvements constructed by or under Developer upon the Premises against loss or damage by fire and lightning and risks customarily covered by extended coverage endorsement, in amounts not less than one hundred percent (100%) of the actual replacement cost of said improvements, except that Developer, at Developer's option may exclude the cost of excavations, foundations and footings. Landlord shall be named as an insured under any such policy. Such fire and extended coverage shall also be required to be furnished by Developer during the construction of improvements on the Premises as contemplated by Section 7 below. Any loss payable under such insurance shall be payable to Developer, Landlord and such other parties having an insurable interest in the property as Developer may designate and may be endorsed with a standard mortgagee's loss payable endorsement in favor of the holder of any Leasehold Mortgagee holding a Leasehold Mortgage. Landlord will release the entire sum of the proceeds to Developer or to a lender for purposes of reconstruction, replacement or repair of any damaged improvement. The proceeds of such insurance shall be paid to Developer to the extent the amount of the recovery is for damages to interior, non-structural or subtenant improvements, equipment, fixtures, personal property or for rental value insurance to the extent such recoveries are separate identifiable items. If Developer shall within five (5) years after such damage or destruction commence construction of the damaged or destroyed building, or a new building in accordance with Section 7 hereof, the proceeds of any insurance payable by reason of such damage or destruction shall be paid to Developer. If Developer shall fail to commence such construction within such five (5) year period Landlord reserves the right to receive such portion of the insurance proceeds so that Landlord may, if appropriate, carry out such reconstruction of the destroyed building, with all excess amounts to Developer. If at any time during the last five (5) years of the term of the Lease whether the original term or any extension thereof, a building then on the Premises shall be so damaged by fire or other casualty that the cost of restoration shall exceed fifty percent (50%) of the re...
Fire and Extended Coverage. Beginning with the commencement of this Lease, the City shall at all times during the term or any renewal or continuation hereof maintain in full force and effect, Fire and Extended Coverage policy or policies of insurance in an amount not less than one hundred percent (100%) of the full replacement cost of the leased Building as updated from time to time during the entire term, renewal or continuation of the Lease.
Fire and Extended Coverage. LICENSOR agrees to insure and keep insured each Store, including the Licensed Premises, including OPERATOR’s Gaming Devices, Incidental Equipment, and all other personal property that is maintained within any of the Leased Premises as part of its gaming operations, against loss or damage by fire, theft, vandalism, or other hazards normally covered by standard fire and extended coverage policies for not less than 100% of their replacement value.
Fire and Extended Coverage. Tenant shall keep each Facility insured against loss or damage from all causes under standard "all risk" property insurance coverage, without exclusion for fire, lightning, windstorm, explosion, smoke damage, vehicle damage, sprinkler leakage, flood, vandalism, earthquake (if in an earthquake zone), malicious mischief or any other risks as are normally covered under an extended coverage endorsement, in the amounts that are not less than the full insurable value of the applicable Facility including all equipment and personal property (whether or not Landlord Personal Property) used in the operation of such Facility. The term "full insurable value" as used in this Lease shall mean the actual replacement value of the applicable Facility (including all improvements, but excluding the value of the Land) and every portion thereof, including the cost of compliance with changes in zoning and building codes and other laws and regulations, demolition and debris removal and increased cost of construction. In addition, the casualty insurance required under this Section 4.2 will include an agreed amount endorsement such that the insurance carrier has accepted the amount of coverage and deductible and has agreed that there will be no co-insurance penalty.
Fire and Extended Coverage. Landlord shall procure and maintain in full -------------------------- force and effect with respect to the Buildings, including the Tenant Improvements constructed by Landlord pursuant to Exhibit B (excluding, at --------- Landlord's option, such of the Tenant Improvements which are unusual or extraordinary for use of the Premises as permitted hereunder, as reasonably determined by Landlord and noticed to Tenant at the time Landlord approves the Final Plans pursuant to Exhibit B (the "Above Standard Tenant Improvements"), a --------- policy or policies of all risk insurance (including sprinkler, vandalism and malicious mischief coverage, and any other endorsements desired by the Landlord or required by the holder of any fee or leasehold mortgage on the Real Property, but excluding, at Landlord's option, the insurance described in Section 13.i. below) in such amount as Landlord shall determine, but in an amount at least equal to eighty percent (80%) (or such greater percentage as shall be required to preclude Landlord from being deemed a coinsurer) ) of the full replacement cost (including debris removal, and demolition, but excluding the land and the footings, foundations and installations below the basement level) thereof. Such insurance, and all other insurance maintained by Landlord under this Lease, shall be for the sole benefit of Landlord, and the proceeds therefrom shall be under Xxxxxxxx's sole control.
Fire and Extended Coverage. Fire and extended coverage insurance covering the Building and the Property and any alterations, improvements, additions or changes made by Landlord thereto in an amount not less than one hundred percent (100%) of their full replacement cost from time to time during the Lease term, providing protection against special causes of loss as defined within the property insurance form promulgated by the Insurance Services Office, Inc. Such insurance shall be on an agreed value (no coinsurance) basis and shall have a deductible of not more than Twenty-Five Thousand Dollars ($25,000.00).
Fire and Extended Coverage. Lessee shall obtain and carry course-of-construction insurance and shall insure the Facilities to one hundred percent (100%) of their replacement cost, using a standard form fire insurance policy containing the “Extended Coverage” endorsement.
Fire and Extended Coverage. Tenant, at Tenant’s sole cost and expense, shall provide and maintain insurance covering the Buildings and the Improvements, including without limitation, all buildings, structures, and improvements now situated or which hereafter may be erected or placed on the Land, against loss or damage by fire, vandalism, malicious mischief, windstorm, hall, smoke, explosion, riot, civil commotion, vehicles, aircraft, flood or earthquake (if Landlord and Tenant mutually agree in writing) including, without limitation, endorsements for increased cost of construction due to changes in laws, agreed amount or demolition. All such insurance shall be in a sum not less than 90 percent of the replacement cost (the “Replacement Cost”) exclusive of foundations and below ground improvements and shall contain a “Replacement Cost Endorsement.” Such insurance shall be in forms and with companies satisfactory to Landlord in its reasonable discretion. If any dispute as to whether the amount or coverage of insurance obtained by Tenant complies with the requirements of this Paragraph cannot be resolved by agreement, Landlord may, not more often than once every twenty four (24) months, request that the Replacement Cost be determined, at Tenant’s option, by either (a) the carrier of the insurance then in force, or (b) such other carrier of insurance as is reasonably acceptable to Landlord, and the resulting determination shall be conclusive between the parties for the purpose of this Paragraph.
