Common use of Waiver of Subrogation Rights Clause in Contracts

Waiver of Subrogation Rights. Whenever (a) any loss, cost, damage or expense resulting from fire or other casualty is incurred by either Tenant or User or anyone claiming by, through or under either of them in connection with the Property, and (b) the party suffering such loss is then either covered in whole or in part by insurance with respect to such loss, cost, damage or expense (or is required under this Agreement to be so insured), then the party so insured (or so required) hereby releases the other party from any liability said other party may have on account of such loss, cost, damage or expense to the extent of any amount recovered by reason of such insurance (or which could have been recovered, had insurance been carried as so required) and waives any right of subrogation which might otherwise exist in or accrue to any person on account thereof.