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2007-07-11 Set Agenda & Handouts
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2007-07-11 Set Agenda & Handouts
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<br />13. Property Insurance. <br /> <br />(a) Insured Risks and Amounts. Seller shall keep all buildings, improvements and <br />fixtures now or later located on or a part of the Property insured against loss by <br />fire, lightning and such other perils as are included in a standard "all risk" <br />endorsement, and against loss or damage by all other risks and hazards covered by <br />a standard extended coverage insurance policy, including without limitation, <br />vandalism, malicious mischief, burglary, theft and, if applicable, steam boiler <br />explosion. Such insurance shall be in an amount no less than the full replacement <br />cost of the buildings, improvements and fixtures, without deduction for physical <br />depreciation. If any of the buildings, improvements or fixtures are located in a <br />federally designated flood prone area, and if flood insurance is available for that <br />area, Seller shall procure and maintain flood insurance in amounts reasonably <br />satisfactory to Buyer. <br /> <br />(b) Other Terms. The insurance policy shall contain a loss payable clause in favor of <br />Buyer which provides that Buyer's right to recover under the insurance shall not <br />be impaired by any acts or omissions of Buyer or Seller, and that Buyer shall <br />otherwise be afforded all rights and privileges customarily provided a mortgagee <br />under the so-called standard mortgage clause. <br /> <br />(c) Notice of Damage. In the event of damage to the Property by fire or other <br />casualty, Seller shall promptly give notice of such damage to Buyer and the <br />insurance company. <br /> <br />(d) Application of Insurance Proceeds. If the Property is damaged by fire or other <br />casualty, the insurance proceeds paid on account of such damage shall be applied <br />to payment of the amounts paid by Buyer to Seller under this Agreement. <br /> <br />14. Injury or Damage Occurring on the Prol'erty. <br /> <br />(a) Liability. Buyer shall be free from liability and claims for damages by reason of <br />injuries occurring on or after the date of this Agreement to any person or persons <br />or property while on or about the Property. Seller shall defend and indemnify <br />Buyer from all liability, loss, costs and obligations, including reasonable <br />attorneys' fees, on account of or arising out of any such injuries. <br /> <br />(b) Liability Insurance. Seller shall, at Seller's expense, procure and maintain <br />liability and builder's risk insurance against claims for bodily injury, death and <br />property damage occurring on or about the Property in amounts reasonably <br />satisfactory to Buyer and naming Buyer as an additional insured. Seller shall also <br />procure worker's compensation insurance as required by law and provide Buyer <br />with evidence of such insurance. <br /> <br />15. Environmental Testing. At all times prior to the Closing, Buyer and its agents <br /> <br />shall have the right, upon reasonable notice to Seller, to go upon the Property to conduct such <br />
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