05-10-2021 Council Packet - Laserfiche WebLink

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MIN NAVARRE f) Additional Insured -Certificate of Insurance. The Tenant shall provide, prior to tenancy, evidence of the required insurance in the form of a Certificate of Insurance issued by a company authorized to do business in the state of Minnesota, which includes all coverages required in this Paragraph 11. Tenant will list Landlord as an Additional Insured on the General Liability and Commercial Automobile Liability Policies. The Certificate(s) shall also provide the coverage may not be canceled, non-renewed, or materially changed without thirty(30) days' prior written notice to Landlord. Tenant may self-insure provided Tenant demonstrates financial capability, sufficient to meet any claims, equivalent to an insurance company rated A- or better by Best Insurance Guide. If Tenant self-insures, Verizon Wireless will issue a Certificate of Insurance, for the limits set forth in the lease, meeting the requirements listed above. g) Waiver of Claims; Subrogation. Each of Landlord and Tenant hereby releases the other from any and all liability or responsibility to the other or anyone claiming through or under it by way of subrogation or otherwise for any loss or damage that may occur to the Property or any improvements thereto, or the Tower or any improvements thereto, or any property of such party therein,by reason of fire or any other cause which could be insured against under the terms of standard fire and extended coverage (all-risk) insurance policies, regardless of cause or origin, including fault or negligence of the other party hereto, or anyone for whom such party may be responsible. Each party shall cause each insurance policy obtained by it to state that the insurer waives all right of recovery by way of subrogation against either party hereto in connection with damage covered by such policy. The releases in this paragraph shall be effective whether the loss was actually covered by insurance. Tenant assumes all risk of loss or damage to Tenant's property or leasehold improvements within the Property, including any loss or damage caused by water leakage, fire windstorm, explosion, theft, act of any other tenant, or other cause. Landlord shall not be liable to Tenant, or its employees, for loss or damage to any property in or at the Property, the Premises, or the Tower. h) Landlord's Insurance. Landlord will maintain property insurance at replacement cost and comprehensive general liability coverage. 12. Damage or Destruction. If the Premises is destroyed or damaged, without contributory fault of the Tenant or its agents, so as, in the reasonable judgement of the Tenant, to hinder its effective use of the Communications Facilities, as set out in Exhibits B and C, Tenant may elect to terminate this Lease upon 30 days' written notice to Landlord. In the event Tenant elects to terminate the Lease, Tenant shall be entitled to reimbursement of prepaid rent covering the period subsequent to the date of damage to or destruction of the Leased Premises. 385866/3 9