Res 2002-228 - Laserfiche WebLink

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terms of said mutual waivers, and to have said insurance policies properly endorsed if necessary, to prevent the invalidation of said insurance coverages by reason of said waivers. This provision shall be cumulative of Section 16. B. Liability Insurance: Tenant shall procure and maintain throughout the term of this Lease a policy or polices of insurance, at its sole cost and expense, insuring Tenant and Landlord against any and all liability for property damage or injury to or death of person or persons occasioned by or arising out of or in connection with the use or occupancy of the Leased Premises, the limits of such policy or policies to be in an amount not less than $300,000 with respect to injuries to or death of anyone person, in an amount not less than $300,000 with respect to anyone accident or disaster, and in an amount not less than $100,000 with respect to property damaged or destroyed. Tenant shall furnish evidence satisfactory to Landlord of the maintenance of such insurance and shall obtain a written obligation on the part of each insurance company to notify Landlord at least 10 days prior to cancellation of such insurance. 26. TRANSFER OF LANDLORD'S RIGHTS Landlord shall have the right to transfer and assign, in whole or in part, all and every feature of its rights and obligations under this Lease and in the building and property referred to in this Lease. In such event, Landlord shall give written notice to Tenant and Landlord shall thereupon be released from any further obligation under this Lease and Tenant agrees to look solely to Landlord's successor for the performance of such obligations. 27. BANKRUPTCY Bankruptcy, insolvency or inability to pay its debts as such become due of Tenant or any guarantor of this Lease; filing by or against Tenant or any guarantor in any court pursuant to any statute either of the United States or of any state of a petition in bankruptcy or insolvency or for reorganization arrangement or for the appointment of a receiver or trustee of all or a portion of Tenant's or any such guarantor's property; or the making by Tenant or any such guarantor of an assignment for the benefit of creditors, shall constitute a default by Tenant under this Lease and this Lease shall terminate, at the option of Landlord. Tenant shall then immediately surrender the Leased Premises to Landlord. If Tenant fails to do so, Landlord may expel or remove Tenant and its property and retake possession of the Leased Premises without liability for any prosecution or any claim for damages by reason of such re-entry. Tenant further agrees to indemnify Landlord, to the extent of Tenant's liability under applicable law, for all loss and damage suffered by Landlord by reason of such termination, including loss of rental for the remainder of the Lease term. 28. DEFAULT The following shall also constitute events of default by Tenant under this Lease: (a) Tenant's failure to pay rent and other sums payable by Tenant under this Lease when due. Page 7