1996-08-28 - CC Packet - Laserfiche WebLink

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provided coverage afforded by the umbrella or excess policy are no less than the underlying comprehensive general liability coverage. Tenant will maintain Completed Operations coverage for a minimum of two years after the construction is completed. (c) Tenant Property Insurance The Tenant must keep in force for the duration 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. (d) Landlord's Insurance. Landlord shall maintain commercial general liability insurance insuring Landlord against liability for personal injury, death or damage arising out of Landlords ownership, use or management of the Structure by Landlord, its employees or agents, with combined single limits of not less than $600,000.00. Landlord shall also maintain fire and extended coverage insurance insuring the Structure for its full insurable value (subject to reasonable deductibles). (e) Adiustment to insurance Coverage Limits The coverage limits set forth herein shall be increased at the time of any Renewal Term by the greater of the Consumer Price Index as calculated under Section 2 (a) or 10 %. (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 (rated A+ or better), licensed to do business in the State of Minnesota, which includes all coverage required in this Section 10 above. Tenant will name the Landlord as an Additional Insured on the General Liability Policy. 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 the Landlord. (g) Waiver of Subrogation. Notwithstanding anything in this lease to the contrary, each party releases the other party from all liability, whether for negligence or otherwise, in connection with any loss covered by any policies which the releasing party carries with respect to such property, but only to the extent that such loss is collectable under such insurance policies. Any policy required to be obtained pursuant to this lease shall contain a waiver of subrogation in favor of the other party hereto. 11. Damage or Destruction If the Leased Premises is destroyed or damaged, so as, in Tenant's Judgment, to hinder its effective use of the Antenna Facilities, 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. In the event of a natural or man made disaster, or any other circumstance that would require the temporary removal of Tenant's Antenna Facilities lly from the Water Tower, Tenant may erect additional Antenna Facilities and install a N� additional equipment on a temporary basis on the Leased Premises to assure 7