Common use of Single Policy Clause in Contracts

Single Policy. Notwithstanding anything to the contrary contained in this Article 7, any insurance coverage required to be provided by Landlord under this Article 7 may be provided by Tenant on behalf of Landlord under a single policy, and any insurance required to be provided by Tenant under this Article 7 may be provided by Landlord on behalf of Tenant under a single policy, provided that (i) any such coverage shall otherwise comply with the foregoing provisions of this Article 7, including with respect to the naming of loss payees, named insureds and additional insureds, (ii) in the result of an insured claim, any such coverage shall result in the same allocation of proceeds as would have been made had the policies been maintained separately, and (iii) notwithstanding the fact that one party may maintain insurance coverage for the benefit of the other party, the cost of insurance under this Article 7 shall be allocated such that each party shall pay for its respective share of such insurance.