11-10-1997 Council Packet - Laserfiche WebLink

Home Browse Search

r AiUpmobile Liability. The Tenant must carry Automobile Liability coverage Coverage shdl afford total liability limits for Bodily Injury Liability and Property ^‘ability in the amount of $1,000,000 per accident. The liability limits may be afforded under the Commercial Policy, or in combination with an Umbrella or Excess Liabihy Policy provided coverage afforded by the Umbrella Excess Policy is no less than the underlying Commercial Auto Liability coverage. Coverage shall be provided for Bodily Injury and Property Damage for the ownership, use, maintenance or operation of all owned, non-owned and hired automobiles. The Commercial Automobile Policy shall include at least statutory personal injury protection, uninsured motorists and underinsured motorists coverages. Failure to maintain the insurance as listed above ^JibUce^eancellaUoiLwin result in immediate termination of the Lease, and Tenant wiil be liable for 150% of the annual rent as called for in Paragraph 13(c). Ignant Property Insurance. The Tenant must keep in force during the term and any renewals of the Lease a policy covering damages to its property at the Leased Premises. The amount of coverage shall be sufficient to replace the damaged property loss of use and comply with any ordinance or law requirements. Adjustment to Insurance Coverap ^ I imit. The coverage limits set forth herein shml be increased at the time of any Renewal Term by a minimum of the Consumer Price Index as calculated under Paragraph 2(a). If the increase would be less than 25% based on the comsumer price index, the limits may be increased up to 25% based on the limits needed to provide adequate coverage. ^ditional 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 (rated A+ or better) by Best Insurance Guide, licensed to do business in the state of Minnesota, which includes all coverages required in this Paragraph 11. Tenant will name 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. fg) ^iver of Claims: Subrogation . -€aeh-ef Landlord and Tenant hereby releases the other from any and all liability or responsibility to the other or anyone claiming through 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 tmy 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 082AJ2148276 11/7/97