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Resolution 9338
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Resolution 9338
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12/1/2020 3:02:40 PM
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12/1/2020 2:57:11 PM
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MV City Council
City Council Document Type
Resolutions
Date
11/23/2020
Resolution/Ordinance Number
9338
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Tenant agrees to indemnify, defend and hold Landlord and its partners, officers and <br />employees and property manager harmless from and against any claim, loss or expense arising <br />out of injury, death or property loss or damage occurring by reason of Tenant's use of the <br />Premises, except only to the extent caused by the negligent act or intentional misconduct of <br />Landlord or its partners, officers or employees or property manager. <br />Nothing in this Lease shall constitute a waiver or limitation of the Landlord's immunities <br />or limitations on liability as set froth in Minnesota Statutes, Chapter 466. <br />12. INSURANCE: <br />Tenant agrees to purchase, in advance, and to carry in full force and effect the following <br />insurance: <br />(a) "All risk" property insurance covering the full replacement value of all of <br />Tenant's leasehold improvements, trade fixtures and personal property within the Premises. <br />Landlord shall be named as loss payee under all such policies. <br />(b) Commercial general liability insurance, providing coverage on an <br />"occurrence" rather than a "claims made" basis, which policy shall include coverage for Bodily <br />Injury, Property Damage, Personal Injury, Contractual Liability (applying to this Lease), and <br />Independent Contractors, in current Insurance Services Office form or other form which provides <br />coverage at least as broad. Tenant shall maintain a combined policy limit of at least $2,000,000 <br />aggregate $1,000,000 per occurrence applying to Bodily Injury, Property Damage and Personal <br />Injury, which limit may be satisfied by Tenant's basic policy, or by the basic policy in <br />combination with umbrella or excess policies so long as the coverage is at least as broad as that <br />required herein. Such liability for property damage and fire legal liability shall not be less than <br />$500,000.00 Such liability, umbrella and/or excess policies may be subject to aggregate limits so <br />long as the aggregate limits have not at any pertinent time been reduced to less than the policy <br />limit stated above, and provided further that any umbrella or excess policy provides coverage <br />from the point that such aggregate limits in the basic policy become reduced or exhausted. <br />Landlord shall be named as additional insured under all such policies. <br />At least ten (10) days prior to entry by Tenant on the Premises, Tenant shall deliver to <br />Landlord evidence that the insurance required by this Lease is in full force and effect. At least <br />thirty (30) days prior to expiration of any such coverage, Tenant shall deliver evidence that the <br />coverage in question will be renewed or replaced upon expiration. Such evidence of insurance <br />shall be in writing signed by a party authorized to bind the insurer, authorize Landlord to rely <br />thereon, and shall contain sufficient information to enable Landlord to determine whether <br />Tenant's insurance complies with the requirements of this Lease. Upon request, Tenant shall <br />also furnish insurer -certified copies of all pertinent policies. All polices used to provide the <br />coverage required by this Lease shall (i) be endorsed to require the insurer to provide at least <br />thirty (30) days notice to Landlord prior to cancellation or non -renewal, and (ii) be issued by <br />financially sound companies having an A.M. Best Company rating of at least A:VII. <br />7 <br />MU210-35-681286.v2 <br />
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