01-25-2021 Council Packet - Laserfiche WebLink

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ARTICLE 8. Insurance. (a) Tenant shall purchase, in advance, and shall maintain with insurers of recognized responsibility licensed to do business in the State of Minnesota: (1) Liability insurance covering all acts of Tenant, its employees, agents, representatives and guests within the Leased Premises in a single limit amount of not less than $2,000,000.00. (2) Property damage liability insurance covering leasehold improvements installed by Tenant, Tenant's fixtures and equipment. (b) The amount of liability insurance may be adjusted by Landlord upon sixty (60) days written notice, to reasonably reflect the current standards of the underwriting and insurance industry relative to Minnesota childcare centers. (c) All such insurance maintained by Tenant shall, with respect to liability but not with respect to property damage, name Landlord as an additional insured, and shall require the insurer to endeavor to provide not less than thirty (30) days written notice of cancellation to Landlord and Tenant by the insurer. Certificates of all such insurance shall be delivered to Landlord prior to occupancy of the Leased Premises by Tenant and at least thirty (30) days prior to the termination date of any existing policy. ARTICLE 9. Casualty Loss. In the event of any damage or destruction to the Leased Premises by fire or other cause during the term hereof, the following provisions shall apply: (a) If the Leased Premises are damaged by fire or any other cause to such extent that the cost of restoration, as reasonably estimated by Landlord, will equal or exceed thirty percent (30%) of the replacement value of the Building (exclusive of foundations) just prior to the occurrence of the damage, then Landlord may, no later than the sixtieth (60th) day following the damage, give written notice of election to terminate the Lease. (b) If the cost of restoration as reasonably estimated by Landlord shall amount to less than thirty percent (30%) of said replacement value of the Building, or if, despite the cost, Landlord does not elect to terminate this Lease, Landlord shall, at Landlord's sole cost and expense, regardless of the receipt by Landlord of insurance proceeds, restore the Building and the Leased Premises within 180 days of such damage or destruction, subject to delays beyond Landlord's control, and Tenant shall have no right to terminate this Lease except as herein provided. Landlord has no obligation to restore under this paragraph if damage to the Building does not affect the Leased Premises, and the Leased Premises remain in full working order (including heat and water services). Landlord shall not be responsible for restoring or repairing leasehold improvements of the Tenant. During the period that the Leased Premises is untenable, in whole or in part, as a result of a casualty loss, Rent shall abate in whole, or, if Tenant is able to occupy a portion of the Leased Premises without unreasonable business interruption, in part. Any partial abatement of Rent shall be based upon the amount of square footage occupied by Tenant, at any given time during the period of casualty loss, 8