Rental Interruption Insurance. District shall at all times from and after District’s acceptance of the Project, for the benefit of District and Developer, as their interests may appear, maintain rental interruption insurance to cover loss, total or partial, of the use of the Project due to damage or destruction, in an amount at least equal to the maximum estimated Lease Payments payable under this Facilities Lease during the current or any future twenty-four (24) month period. This insurance may be maintained as part of or in conjunction with any other insurance coverage carried by the District, and such insurance may be maintained in whole or in part in the form of participation by the District in a joint powers agency or other program providing pooled insurance. This insurance may not be maintained in the form of self-insurance.
Rental Interruption Insurance. District shall carry and maintain in force for the benefit of District and Contractor, as their interests may appear, rental interruption insurance to cover loss, total or partial, of the use of the Project due to damage or destruction, in an amount at least equal to the maximum estimated Sublease Payments payable under this Sublease and for the entire term of the Sublease. This insurance may be maintained as part of or in conjunction with any other insurance coverage carried by the District, and such insurance may be maintained in whole or in part in the form of participation by the District in a joint powers agency or other program providing pooled insurance. This insurance may not be maintained in the form of self- insurance. The proceeds of this insurance shall be paid to the Contractor in lieu of the Sublease Payments that would otherwise be due and owing during this period.
Rental Interruption Insurance. The Borrower shall procure and maintain, or cause to be procured and maintained, so long as Bonds are Outstanding under the Indenture, rental interruption or use and occupancy insurance to cover the Borrower’s loss, total or partial, of payments for the Loan resulting from the loss, total or partial, of the use of the Improvements located on the Project as a result of any of the hazards covered in the insurance required by Section 6.18, in an amount at least equal to the sums of (i) Maximum Annual Debt Service on the Bonds and (ii) budgeted Operation and Maintenance Costs coming due and payable during the current Fiscal Year; provided, however, that with respect to budgeted Operation and Maintenance Costs, in the first Fiscal Year such amount shall be as agreed to by the Borrower and the Oversight Agent and that in any future Fiscal Year such amount shall be the greater of the budgeted Operation and Maintenance Costs or the prior Fiscal Year’s actual Operation and Maintenance Costs. Such insurance may be maintained as part of or in conjunction with any other insurance coverage carried by the Borrower. Any insurer providing such insurance must be rated at least “B+” by A.M. Best (and if any Bonds are then rated by S&P, at least “BBB-” by S&P). The Net Proceeds of such insurance, if any, shall be paid to the Trustee and deposited in the Debt Service Fund, and shall be credited towards the payment of the Bonds as the same become due and payable. Any such insurance policy shall provide that it shall not be changed, modified, amended or cancelled without at least 30 days written notice to the Borrower and the Trustee.
Rental Interruption Insurance. If the Property is used for commercial purposes and we so request in writing, you must also have insurance against loss of rents and other income or payments to be made by tenants or others with respect to use of the Property or any part thereof from the risks covered by the other required insurance for 100% of the rents and other payments from the property or rental value for a period of at least twelve months from the date the claim arises;
Rental Interruption Insurance. The City shall procure and maintain, or cause to be procured and maintained, throughout the Term of this Lease, rental interruption or use and occupancy insurance to cover loss, total or partial, of the use of any portion of the Leased Property constituting buildings or other improvements as a result of any of the hazards covered in the insurance required by Section 5.4, in an amount at least equal to the maximum such Lease Payments coming due and payable during any consecutive two Fiscal Years. Such insurance may be maintained as part of or in conjunction with any other insurance coverage carried by the City, and may be maintained in whole or in part in the form of the participation by the City in a joint powers agency or other program providing pooled insurance; provided that such insurance may not be maintained by the City in the form of self-insurance. The Net Proceeds of such insurance, if any, must be paid to the Trustee and deposited in the Bond Fund, to be applied as a credit towards the payment of the Lease Payments allocable to the insured improvements as the same become due and payable.
Rental Interruption Insurance. The Town shall procure and maintain, or cause to be procured and maintained, throughout the Term of the Lease Agreement, rental interruption or use and occupancy insurance to cover loss, total or partial, of the use of the Facility as a result of any of the hazards covered in the insurance required by Section 5.4, in an amount at least equal to the maximum Lease Payments coming due and payable during any future twenty-four (24) month period. Such insurance may be maintained as part of or in conjunction with any other insurance coverage carried by the Town and may be maintained in whole or in part in the form of the participation by the Town in a joint powers agency or other program providing pooled insurance; provided that such insurance may not be main- tained in the form of self-insurance. The proceeds of such insurance, if any, shall be paid to the Trustee and deposited in the Revenue Fund, and shall be credited towards the payment of the Lease Payments as the same become due and payable.
Rental Interruption Insurance. Landlord agrees to purchase at its own expense and to keep in force during the term of this Lease, a policy or policies of rental interruption insurance to cover one hundred percent (100%) of the rent payable by all tenants occupying the building. Other Insurance Matters Landlord shall furnish Tenant with certificates and original endorsements effecting the required coverage prior to execution of this agreement by Tenant. The endorsements shall be on forms as approved by the Tenant’s Risk Management or Tenant’s Counsel. Any deductible or self-insured retention over $100,000 shall be disclosed to and approved by Tenant. In the event Tenant receives a thirty (30) day written notice of cancellation concerning any of the required policies, or should Landlord fail to have in effect the required coverage at anytime during this lease, Tenant may give notice to Landlord to reinstate or acquire the affected coverage. Should Landlord fail to reinstate or acquire the affected coverage within ten (10) days of Tenant’s notice to reinstate or acquire the affected coverage, Tenant may either terminate the lease, reinstate or acquire the affected coverage, and Landlord shall reimburse Tenant for the necessary cost at Tenant’s option. All coverages shall be with insurance carriers licensed and admitted to do business in California. All coverages shall be with insurance carriers acceptable to Tenant.
Rental Interruption Insurance. The City shall procure and maintain, or cause to be maintained, throughout the Lease Term rental interruption or use and occupancy insurance, (but, with respect to earthquake and flood exposures, only if such insurance is commercially available under reasonable terms) to cover loss, total or partial, of the use of any structures constituting any part of the Leased Premises during the Lease Term as a result of any of the hazards covered in the insurance required by Section 5.4 in an amount at least equal to the annual debt service payments scheduled to be paid on the Bonds in the next two succeeding years. Such insurance shall be subject to deductibles, depending on the hazard covered, in such amounts as set forth in Section 5.4. The Net Proceeds of such insurance shall be paid to the Trustee and deposited in the Redemption Fund to be applied to the payment of debt service on the Bonds.
Rental Interruption Insurance. The City shall procure (or cause to be procured) and maintain (or cause to be maintained), throughout the term of this Lease Agreement, rental interruption insurance to cover loss, total or partial, of the use of any part of the Property as the result of any of the hazards covered in the insurance required by subsection (c) hereof and the resulting loss of rental income to the Trustee, as assignee of the Authority, in an amount sufficient to pay the maximum remaining principal and interest portions of Lease Payments due under this Lease Agreement for a period of at least 24 months. The Net Insurance Proceeds of such insurance shall be paid to the Trustee for deposit in the Lease Payment Account and shall be credited towards the payment of Lease Payment in the order in which such Lease Payment become due and payable.
Rental Interruption Insurance. During the Term, Tenant shall maintain rent or rental value insurance in an amount equal to the full rental value of the Demised Premises for a period of two years against physical loss or damage of the Demised Premises resulting in all or a portion of the Demised Premises not being available for occupancy and use by Tenant. Landlord, unless required by Mortgagee, then Mortgagee, shall be named as loss payee on the rental interruption policy and the proceeds thereof shall be used to ensure the prompt and timely payment of any abated Rent permitted under this Lease.
