2007-09-24 Agenda - Laserfiche WebLink

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(b) Lessee shall not do or permit to be done any act or thing upon the Premises which will invalidate or be in conflict with the provisions of the fire and extended coverage insurance policies covering said property. Lessee at its sole cost and expense shall comply with all rules or requirements of the board of fire underwriters, or any other similar body, and shall not do or permit to be done, or keep or permit to be kept, anything in or upon the Premises which will invalidate or lessen the coverage of such insurance. Executed copies of said policies of insurance, or certificates thereof, shall be delivered by Lessee to Lessor by October 1, 1998, and thereafter, within thirty (30) days prior to expiration of the term of each policy, a renewal or replacement insurance policy or certificate thereof, shall be delivered by Lessee to Lessor. In addition to the delivery of the policies, or certificates, at the same time Lessee shall deliver to Lessor proof of the payment of premiums for said policy. As often as any such policy shall expire or terminate, renewal or additional policies shall be procured and maintained by Lessee in like manner and to like extent. All said policies of insurance delivered by Lessee to Lessor must contain a provision that the company writing said policy will give Lessor twenty days’ notice in writing in advance of any cancellation, lapse or reduction in the amount of insurance. Both Lessor and Lessee shall be named as loss payees in the policy, and Lessee shall pay any deductible. Lessee shall be responsible for obtaining fire and extended insurance coverage for Lessee’s personal property brought onto the Premises. (c) Lessee and Lessor each hereby waive any and all rights of recovery against the other, or against the officers, employees, agents and representatives of the other, for loss of or damage to such waiving party or its property or the property of others under its control to the extent that such loss or damage required to be insured hereunder or that is insured against under any insurance policy in force at the time of such loss or damages. The insured party shall give notice to the insurance carrier or carriers that the foregoing mutual waiver of subrogation is contained in this Lease. LIABILITY INSURANCE. 15. Lessee agrees to maintain, at its sole cost and expense, at all times after the date of this Lease, liability insurance in full force and effect insuring Lessee and Lessor, as their interests appear, for the Premises, and any portion of the grounds of Kaufman Park which is subject to this Lease. The liability insurance required to be carried hereunder shall be insurance in standard form generally in use in the State of Missouri with insurance companies having a current “Best” rating of not less than A and a financial rating not less than Class VII and authorized to do business in the State of Missouri, except that Lessee may elect to self-insure until October 1, 1998. The liability insurance shall be as follows: (i) Comprehensive liability insurance in an amount not less than $100,000.00 for any one person in a single accident or occurrence and not less than $1,000,000.00 for all claims arising out of a single accident or occurrence, including injuries to persons and damage or destruction of property. In the event Section 537.610 RSMo or any other applicable law shall be amended, repealed or changed so that Lessor’s maximum liability for tort claims shall increase, Lessee shall within thirty (30) days after written notice from Lessor increase the liability insurance amount to such new maximum. (ii) Executed copies of said policies of insurance, or certificates thereof, shall be delivered by Lessee to Lessor by October 1, 1998, and thereafter, within thirty (30) days prior to expiration of the term of each such policy, a renewal or replacement insurance policy or certificate thereof, shall be delivered by Lessee to Lessor. In addition to the delivery of the policies, or certificates, at the same time, Lessee shall deliver to Lessor proof of the payment of premiums for said policy. As often as any such policy shall expire or terminate, renewal or additional policies shall be procured and maintained by the respective parties in like manner and to like extent. All said policies of insurance delivered by Lessee or Lessor must contain a provision that the company writing said policy will give Lessor twenty H-5-f September 24, 2007