Common use of Property and Casualty Insurance Clause in Contracts

Property and Casualty Insurance. During the Term, Tenant shall, at its sole cost and expense, obtain, carry and maintain insurance, in an amount not less than the full insurable replacement value of any and all other buildings and improvements on the Premises, against fire and such other risks as are, from time to time, included in special form causes of loss Building and Personal Property Policy of insurance (or current ISO equivalent). Replacement value shall be set initially based on Landlord’s property coverage in existence prior to the Effective Date. Subsequent changes to the insured replacement value of property shall be determined by agreement of Landlord and Tenant, or if the parties are unable to agree, then by an architect, contractor, appraiser, appraisal company or insurance company approved by Landlord and Tenant, provided the method of valuation is approved by the insurance company providing insurance on the Premises. The policies of insurance required hereunder shall be obtained from insurance companies authorized to do business in the State of South Carolina with an A.M. Best rating of A- or greater. Upon Landlord’s request, Tenant shall deliver to Landlord certificates of such insurance policies, together with evidence ELECTRONICALLY FILED - 2020 Feb 14 2:23 PM - GREENVILLE - COMMON PLEAS - CASE#2020CP2300012 of the payment of the premiums therefor, prior to the expiration of the policy then in force. Each of such policies shall name Tenant as the first-party insured, Landlord as an additional insured, and any mortgagee of the Premises as mortgagee and/or loss payee as the Loan Documents dictate. Proceeds from property insurance coverage shall be payable to such parties as their respective interests may appear, and shall provide for not less than thirty (30) days written notice to Landlord prior to any cancellation or amendment of such policy. Reference is made to Section 14 of this Lease for liability and other insurance required to be carried and maintained by Tenant and Landlord.

Property and Casualty Insurance. During the Term, Tenant shall, at its sole cost and expense, obtain, carry and maintain insurance, in an amount not less than the full insurable replacement value of any and all other buildings and improvements on the Premises, against fire and such other risks as are, from time to time, included in special form causes of loss Building and Personal Property Policy of insurance (or current ISO equivalent). Replacement value shall be set initially based on Landlord’s property coverage in existence prior to the Effective Date. Subsequent changes to the insured replacement value of property shall be determined by agreement of Landlord and Tenant, or if the parties are unable to agree, then by an architect, contractor, appraiser, appraisal company or insurance company approved by Landlord and Tenant, provided the method of valuation is approved by the insurance company providing insurance on the Premises. The policies of insurance required hereunder shall be obtained from insurance companies authorized to do business in the State of South Carolina with an A.M. Best rating of A- or greater. Upon Landlord’s request, Tenant shall deliver to Landlord certificates of such insurance policies, together with evidence ELECTRONICALLY FILED - 2020 Feb 14 2:23 PM - GREENVILLE - COMMON PLEAS - CASE#2020CP2300012 of the payment of the premiums therefor, prior to the expiration of the policy then in force. Each of such policies shall name Tenant as the first-party insured, Landlord as an additional insured, and any mortgagee of the Premises as mortgagee and/or loss payee as the Loan Documents dictate. Proceeds from property insurance coverage shall be payable to such parties as their respective ELECTRONICALLY FILED - 2020 Feb 14 2:23 PM - GREENVILLE - COMMON PLEAS - CASE#2020CP2300012 interests may appear, and shall provide for not less than thirty (30) days written notice to Landlord prior to any cancellation or amendment of such policy. Reference is made to Section 14 of this Lease for liability and other insurance required to be carried and maintained by Tenant and Landlord.

Property and Casualty Insurance. During the Term, Tenant shall, at its sole cost and expense, obtain, carry and maintain insurance, in an amount not less than the full insurable replacement value of any and all other buildings and improvements on the Premises, against fire and such other risks as are, from time to time, included in special form causes of loss Building and Personal Property Policy of insurance (or current ISO equivalent). Replacement value shall be set initially based on Landlord’s property coverage in existence prior to the Effective Date. Subsequent changes to the insured replacement value of property shall be determined by agreement of Landlord and Tenant, or if the parties are unable to agree, then by an architect, contractor, appraiser, appraisal company or insurance company approved by Landlord and Tenant, provided the method of valuation is approved by the insurance company providing insurance on the Premises. The policies of insurance required hereunder shall be obtained from insurance companies authorized to do business in the State of South Carolina with an A.M. Best rating of A- or greater. Upon Landlord’s request, Tenant shall deliver to Landlord certificates of such insurance policies, together with evidence ELECTRONICALLY FILED - 2020 Feb 14 2:23 PM Jun 29 9:24 AM - GREENVILLE - COMMON PLEAS - CASE#2020CP2300012 of the payment of the premiums therefor, prior to the expiration of the policy then in force. Each of such policies shall name Tenant as the first-party insured, Landlord as an additional insured, and any mortgagee of the Premises as mortgagee and/or loss payee as the Loan Documents dictate. Proceeds from property insurance coverage shall be payable to such parties as their respective interests may appear, and shall provide for not less than thirty (30) days written notice to Landlord prior to any cancellation or amendment of such policy. Reference is made to Section 14 of this Lease for liability and other insurance required to be carried and maintained by Tenant and Landlord.

Property and Casualty Insurance. During the Term, Tenant shall, at its sole cost and expense, obtain, carry and maintain insurance, in an amount not less than the full insurable replacement value of any and all other buildings and improvements on the Premises, against fire and such other risks as are, from time to time, included in special form causes of loss Building and Personal Property Policy of insurance (or current ISO equivalent). Replacement value shall be set initially based on Landlord’s property coverage in existence prior to the Effective Date. Subsequent changes to the insured replacement value of property shall be determined by agreement of Landlord and Tenant, or if the parties are unable to agree, then by an architect, contractor, appraiser, appraisal company or insurance company approved by Landlord and Tenant, provided the method of valuation is approved by the insurance company providing insurance on the Premises. The policies of insurance required hereunder shall be obtained from insurance companies authorized to do business in the State of South Carolina with an A.M. Best rating of A- or greater. Upon Landlord’s request, Tenant shall deliver to Landlord certificates of such insurance policies, together with evidence ELECTRONICALLY FILED - 2020 Feb 14 2:23 07 2:40 PM - GREENVILLE - COMMON PLEAS - CASE#2020CP2300012 of the payment of the premiums therefor, prior to the expiration of the policy then in force. Each of such policies shall name Tenant as the first-party insured, Landlord as an additional insured, and any mortgagee of the Premises as mortgagee and/or loss payee as the Loan Documents dictate. Proceeds from property insurance coverage shall be payable to such parties as their respective interests may appear, and shall provide for not less than thirty (30) days written notice to Landlord prior to any cancellation or amendment of such policy. Reference is made to Section 14 of this Lease for liability and other insurance required to be carried and maintained by Tenant and Landlord.

Property and Casualty Insurance. During the Term, Tenant shall, at its sole cost and expense, obtain, carry and maintain insurance, in an amount not less than the full insurable replacement value of any and all other buildings and improvements on the Premises, against fire and such other risks as are, from time to time, included in special form causes of loss Building and Personal Property Policy of insurance (or current ISO equivalent). Replacement value shall be set initially based on Landlord’s property coverage in existence prior to the Effective Date. Subsequent changes to the insured replacement value of property shall be determined by agreement of Landlord and Tenant, or if the parties are unable to agree, then by an architect, contractor, appraiser, appraisal company or insurance company approved by Landlord and Tenant, provided the method of valuation is approved by the insurance company providing insurance on the Premises. The policies of insurance required hereunder shall be obtained from insurance companies authorized to do business in the State of South Carolina with an A.M. Best rating of A- or greater. Upon Landlord’s request, Tenant shall deliver to Landlord certificates of such insurance policies, together with evidence ELECTRONICALLY FILED - 2020 Feb 14 2:23 PM - GREENVILLE - COMMON PLEAS - CASE#2020CP2300012 of the payment of the premiums therefor, prior to the expiration of the policy then in force. Each of such policies shall name Tenant as the first-party insured, Landlord as an additional insured, and any mortgagee of the Premises as mortgagee and/or loss payee as the Loan Documents dictate. Proceeds from property insurance coverage shall be payable to such parties as their respective ELECTRONICALLY FILED - 2020 Jun 29 9:24 AM - GREENVILLE - COMMON PLEAS - CASE#2020CP2300012 interests may appear, and shall provide for not less than thirty (30) days written notice to Landlord prior to any cancellation or amendment of such policy. Reference is made to Section 14 of this Lease for liability and other insurance required to be carried and maintained by Tenant and Landlord.