Agenda Packets - 1999/03/22 - Laserfiche WebLink

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$1,000,000 per person and$1,000,000 per accident and in which the property damage liability shall not be less than$500,000. The policy shall name Landlord as additional insured and shall contain clauses that losses shall be payable notwithstanding any act of negligence of the insured which might otherwise result in forfeiture of said insurance, and that the insurer will not cancel or change the insurance without first giving the Landlord (30) days prior written notice. The insurance shall be with an insurance company approved to do business in Minnesota and reasonably acceptable to Landlord. Tenant shall deliver a copy of the policy or a certificate of insurance to Landlord prior to taking possession of the Demised Premises, and a renewal certificate at least thirty(30) days prior to the expiration of any policy term. 9.2 INDEMNIFICATION. Except for claims arising out of the willful or negligent act of the other party or its representatives, each party shall indemnify and defend the other party against all claims, expenses and liabilities incurred, including reasonable attorneys' fees, in connection with loss of life, personal injury, and/or damage to property arising out of any occurrence in, upon or at the Demised Premises, or the occupancy or use thereof by said party, or occasioned wholly or in part by any act or omission of said party, its agents, employees, contractors, sublessee, concessionaires or licensees. ARTICLE X-DESTRUCTION AND RESTORATION 10.1 DAMAGED. If a significant portion of the Demised Premises shall be damaged or damaged by any uninsured casualty, Landlord shall have the option to rebuild or to terminate this lease by exercise of notice to Tenant given not more than 6 months from the date of such damage. 10.2 TENANT'S INSURANCE COVERAGE. Tenant shall carry insurance against fire and such other risks as are from time to time included in standard extended coverage insurance for the full insurable value of the Demised Premises. Tenant shall also carry said insurance for the full insurable value of Tenant's merchandise,trade fixtures, furnishings, wall covering, carpeting, drapes, equipment and all other items of personal property of Tenant located on or within the Demised premises. Any insurance policies required to be carried pursuant to this paragraph shall name Landlord as an additional insured, and Tenant shall furnish Landlord evidence of such insurance coverage. Such insurance policies may not be modified or terminated without thirty (30) days advance notice to Landlord. 10.3 INDEMNIFICATION. Each party hereto ("Releasing Party") hereby releases the other("Released Party") from any liability which the Released Party would, but for this paragraph, have had to the Releasing Party arising out of or in connection with any accident or occurrence or casualty: (a) Which is or would be covered by a fire and extended coverage policy (with vandalism and malicious mischief endorsement attached) or by a sprinkler leakage or water damage policy in the state in which the Demised Premises is located regardless of whether or not such coverage is being carried by the Releasing party, Page 7 3/22/99--CHS Lease agreement