CC PACKET 11222016 - Laserfiche WebLink

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8. EMPLOYEE AND SHORT TERM PARKING. Each Owner shall use reasonable efforts to ensure that employees of businesses located on its Lot park in areas which are not primary customer parking areas. Those parking spaces located on each Lot and identified on the attached Site Plan as either “Exclusive Parking” or “Short-Term Parking” may be posted by the Owner of each such Lot and used for exclusive or short term parking, as the case may be, for the benefit of said Owner and its tenants and their invitees. 9. LIABILITY AND INDEMNIFICATION; INSURANCE; CASUALTY. A. Negligence. The Owner of each respective Lot shall be responsible for those maintenance and repair expenses caused or occasioned by the negligent or willful acts or omissions of said Owner, its agents, employees, lessees, licensees, contractors, or invitees who have caused or created any extraordinary repair or maintenance expense to such Lots. B. Indemnification. To the extent permitted by applicable law, the Owner of each respective Lot (“Indemnifying Owner”) hereby agrees to indemnify and save the Owners of the other Lots (the “Indemnified Owner”) harmless from and against any and all suits, demands, liabilities, costs and other expenses, including reasonable attorneys’ fees, incurred in connection with or arising out of the use of the easement areas on such other Lots by the Indemnifying Owner or its employees, agents or contractors, tenants, invitees, licensees, or any tenants’ subtenants, invitees or licensees, of such respective Lot and from any mechanic’s lien filed against other Lots for work done at the request of the Indemnifying Owner or any tenant of such Lot in connection with said Lot. C. Insurance. Each Owner shall be responsible for obtaining its own insurance. The cost of insurance shall not be a Common Expense. Each Owner shall maintain or cause to be maintained and keep in force (i) commercial general liability insurance in amounts of not less than $2,000,000 per occurrence and $2,000,000 annual aggregate combined single limits for bodily injury liability and property damage liability, and $2,000,000 for personal injury liability, and (ii) insurance covering the buildings and other improvements on such Lot against all risks of direct physical loss in an amount of not less than 100% of the full replacement cost (without deduction for depreciation) of such improvements as such replacement cost shall be determined from time to time. Each Owner shall provide a certificate evidencing such insurance to the Owner of another Lot within 15 days of such written request. The Maintaining Owner (or a property manager retained by the Maintaining Owner to perform the Common Maintenance Obligations) shall maintain commercial general liability insurance covering the Maintaining Owner’s activities with a per occurrence combined single limit of liability of not less than Three Million Dollars ($3,000,000) and Three Million Dollars ($3,000,000) in the aggregate; provided that such limits shall be increased to an amount that is the reasonable prevailing practice in other comparable retail centers of similar size in the metropolitan area where the Shopping Center is located. The insurance policy required hereunder shall: (i) name the other Owners as additional insureds; (ii) provide that the policy may not be canceled or materially reduced in amount or coverage without at least twenty (20) days prior written notice by the insurer to each insured and any additional insured; (iii) provide that an act or omission of one of the insureds or additional insureds which would void or otherwise reduce coverage, shall not reduce or void the coverage as to any other insureds or additional insureds, respectively; (iv) be an “occurrence” based policy and not a “claims made” based policy; and (v) have a deductible of no greater than $25,000.00. 47