Res 2007-183 - Laserfiche WebLink

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named as additional insureds, as their interests appear, on all insurance policies required by this Section 6.1. If Lessee's liability insurance policies do not contain the standard ISO Separation of Insureds Provision, or a substantially similar clause, such liability insurance policies shall be endorsed to provide cross-liability coverage at Lessee's expense. 6.2 Worker's Compensation Insurance. Lessee agrees, at its sole expense, to obtain and maintain workers' compensation insurance, as required by applicable law, during the Term. The policy will be endorsed to provide a waivex of subrogation as to Lessor. 6.3 Property Insurance. At all times during the Term of this Lease, Lessee shall, at its sole expense, maintain a policy or policies of special form commercial property insurance (ISO Special Causes of Loss Form (CP l0 30) or its equivalent), with all premiums paid in advance, issued by and binding upon an insurance company reasonably acceptable to Lessor and authorized to transact business in the State of Texas, insuring all buildings and structures included in the Leased Premises, and covering all trade fixtures, equipment, furniture and other personal property located in the Leased Premises, for the amount of the full replacement cost thereof as of the date of the loss (exclusive of foundation and excavation cost and costs of underground flues, pipes, drains and other uninsurable items) with a deductible amount no greater than that retained by owners of similar properties in the State of Texas at the time the policy in question is obtained. Lessor shall be named as the loss payee, on all such policies. Furthermore, no policy of insurance required under this Section 6.3 shall be written such that the proceeds thereof will produce less than the minimum of coverage required hereunder by reason of eo-insurance provisions or otherwise. 6.4 Additional Coverage/Reguirements of Policies. In addition to the insurance required in Sections 6.1, 6.2 and 6.3 hereof, Lessee must also maintain such other insurance, both in terms of {i} risks insured and scope of coverage, and (ii) amounts of coverage, as may from time to time during the Tenn be customarily carried by owners/operators of properties similar to the Leased Premises in the State of Texas with the effect that at any given time dieing the Term, Lessee shall maintain such additional insurance coverage on the Leased Premises and its operations thereon equal to that carried by the owners/operators of other similar conference center facilities in the State of Texas. All insurance required of Lessee under this Article 6 shall be primary and non- contributing with any insurance that may be carried by Lessor. Also, each policy of insurance required under this Article 6 shall {i} be issued by one or more insurance companies each of which must have an A.M. Best Company financial and performance rating of A-IX or better and be qualified or authorized by the laws of the State of Texas to assume the risk covered by such policy; (ii) provide that such policy shall not be canceled or modified without at least thirty (30) days prior written notice to Lessor and (iii) provide that any loss otherwise payable thereunder shall be payable notwithstanding any act or negligence of the named insureds which might, absent such agreement, result in a forfeiture of all or a part of such insurance payment. On the Operational Date and thereafter as Lessor may require, Lessee shall provide Lessor with certificates of insurance, or other evidence and documentation, acceptable to Lessor evidencing Lessee's full compliance with the insurance requirements of this Lease. If requested by Lessor, Lessee shall provide Lessor with certified copies of any of the required policies. Lessee shall promptly pay all premiums when due on such insurance and not less than fifteen (15) days prior to the expiration date of each such policy, deliver to Lessor acceptable evidence of insurance, 11 202904. I