Res 2007-183 - Laserfiche WebLink

Home Browse Search

such as a renewal policy or policies marked "Premium Paid", or other evidence satisfactory to Lessor, reflecting that all required insurance is current and in force. Lessee will immediately give notice to Lessor of any cancellation of, or change in, any insurance policy required to be maintained hereunder. Lessee may satisfy any insurance requirement hereunder by providing one or more "blanket" insurance policies provided same is reasonably acceptable to Lessor. b.5 WAIVER. LESSOR AND LESSEE HEREBY WAIVE ALL CLAIMS, RIGHTS OF RECOVERY AND CAUSES OF ACTION THAT EITHER PARTY OR ANY PARTY CLAIMING BY, THROUGH OR UNDER SUCH PARTY BY SUBROGATION OR OTHERWISE MAY NOW OR HEREAFTER HAVE AGAINST THE OTHER PARTY OR ANY OF THE OTHER PARTY'S PRESENT AND FUTURE SUBSIDIARIES, AFFILIATES, PARTNERS, OFFICERS, DIRECTORS, EMPLOYEES, DIRECT OR INDIRECT STOCKHOLDERS, AGENTS, OTHER REPRESENTATIVES, SUCCESSORS AND ASSIGNS FOR LOSS OR DAMAGE TO PROPERTY OF LESSOR AND LESSEE, EVEN IF CAUSED BY THE NEGLIGENCE OR FAULT OF THE RELEASED PARTY OR ITS PARTNERS, DIRECTORS, OFFICERS, FMPLOYEES, AGENTS OR REPRESENTATIVES, TO THE EXTENT THA'I' THE LOSSES OR DAMAGES ARE COVERED BiY THE INSURANCE POLICIES ACTUALLY MAINTAINEll PURSUANT TO SECTION 6.3 OF THIS LEASE. 6.6 Adjustment of Losses. Any loss under any such insurance policy required under Section 6.3 hereof shall be made payable to Lessor for the benefit of Lessee and Lessor, to the end that Lessor shall be entitled to collect all money due under such insurance policies payable in the event of and by reason of the loss of or damage to the Leased Premises, to be applied pursuant to Section 6.7 below. Any accumulation of interest on the insurance proceeds collected by Lessee shall be added to, and become a part of, the fund being held by Lessor for the benefit of Lessor and Lessee. The adjustment of losses with the insurer shall be made by Lessor. 6.7 Application of Proceeds of Property Insurance. All proceeds payable pursuant to the provision of any policies of property insurance required to be carried under the terms of this Lease (net of reasonable expenses of collection} shall be applied for the following purposes: (a) All such net proceeds shall first be used, subject to any other terms and conditions contained in this Lease, to fund the rebuilding, restoration and repair of the portion of the Leased Premises which have become destroyed or damaged for which such proceeds are payable, such funds to be released by Lessor to Lessee on such terms and conditions as Lessor may reasonably require; and (b) Following completion of all work under subsection (a) above, any proceeds not disbursed pursuant to subsection (a) above shall be applied to or as directed by Lessor in its sole discretion. 6.8 Environmental Investigation and Remediation. (a) Lessee represents and warrants that it has undertaken a reasonable investigation of the environmental condition of the Land, and the results of Lessee's environmental investigation did not identify any condition relating to the environment that could reasonably be expected to materially and adversely impact Lessee's ability to conduct its 12 2025904.1