|
(b) Removal. By delivery to Lessee of written notice from Lessor not earlier than 90 and not later than 30 days prior to
<br />the end of the term of this Lease, Lessor may require that any or all Lessee Owned Alterations or Utility Installations be removed by
<br />the expiration or termination of this Lease. Lessor may require the removal at any time of all or any part of any Lessee Owned
<br />Alterations or Utility Installations made without the required consent.
<br />(c) Surrender; Restoration. Lessee shall surrender the Premises by the Expiration Date or any earlier termination date,
<br />with all of the improvements, parts and surfaces thereof broom clean and free of debris, and in good operating order, condition and
<br />state of repair, ordinary wear and tear excepted. "Ordinary wear and tear" shall not include any damage or deterioration that would
<br />have been prevented by good maintenance practice. Notwithstanding the foregoing, if this Lease is for 12 months or less, then Lessee
<br />shall surrender the Premises in the same condition as delivered to Lessee on the Start Date with NO allowance for ordinary wear and
<br />tear. Lessee shall repair any damage occasioned by the installation, maintenance or removal of Trade Fixtures, Lessee Owned
<br />Alterations and/or Utility Installations, furnishings, and equipment as well as the removal of any storage tank installed by or for
<br />Lessee. Lessee shall also completely remove from the Premises any and all Hazardous Substances brought onto the Premises by or for
<br />Lessee, or any third party (except Hazardous Substances which were deposited via underground migration from areas outside of the
<br />Premises), even if such removal would require Lessee to perform or pay for work that exceeds statutory requirements. Trade Fixtures
<br />shall remain the property of Lessee and shall be removed by Lessee. Any personal property of Lessee not removed on or before the
<br />Expiration Date or any earlier termination date shall be deemed to have been abandoned by Lessee and may be disposed of or retained
<br />by Lessor as Lessor may desire. The failure by Lessee to timely vacate the Premises pursuant to this Paragraph 7.4(c) without the
<br />express written consent of Lessor shall constitute a holdover under the provisions of 26 below.
<br />8. Insurance; Indemnity.
<br />8.1 Payment of Premiums. The cost of the premiums for the insurance policies required to be carried by Lessor,
<br />pursuant to Paragraphs 8.2(b), 8.3(a) and 8.3(b), shall be a Common Area Operating Expense. Premiums e - _„r.,.. .. _ieds
<br />eapAineReing pFief to, eF extending beyond, the tefm of this Lease shall be pFefated to Geimide with the eeFfespending Staft Date 9
<br />£ipiratiaa Paw. Or evidence of self insured retention in the same amount.
<br />8.2 Liability Insurance.
<br />(a) Carried by Lessee. Lessee shall obtain and keep in force a Commercial General Liability policy
<br />of insurance protecting Lessee and Lessor as an additional insured against claims for bodily injury, personal injury and property
<br />damage based upon or arising out of the ownership, use, occupancy or maintenance of the Premises and all areas appurtenant thereto.
<br />Such insurance shall be on an occurrence basis providing single limit coverage in an amount not less than $1,000,000 per occurrence
<br />with an annual aggregate of not less than $2,000,000. Lessee shall add Lessor as an additional insured by means of an endorsement at
<br />least as broad as the Insurance Service Organization's "Additional Insured -Managers or Lessors of Premises" Endorsement. The policy
<br />shall not contain any intra -insured exclusions as between insured persons or organizations, but shall include coverage for liability
<br />assumed under this Lease as an "insured contract" for the performance of Lessee's indemnity obligations under this Lease. The limits
<br />of said insurance shall not limit the liability of Lessee nor relieve Lessee of any obligation hereunder. Lessee shall provide an
<br />endorsement on its liability policy(ies) which provides that its insurance shall be primary to and not contributory with any similar
<br />insurance carried by Lessor, whose insurance shall be considered excess insurance only.
<br />(b) Carried by Lessor. Lessor shall maintain liability insurance as described in Paragraph 8.2(a), in
<br />addition to, and not in lieu of, the insurance required to be maintained by Lessee. Lessee shall not be named as an additional insured
<br />therein.
<br />8.3 Property Insurance - Building, Improvements and Rental Value.
<br />(a) Building and Improvements. Lessor shall obtain and keep in force a policy or policies of
<br />insurance in the name of Lessor, with loss payable to Lessor, any ground -lessor, and to any Lender insuring loss or damage to the
<br />Premises. The amount of such insurance shall be equal to the full insurable replacement cost of the Premises, as the same shall exist
<br />from time to time, or the amount required by any Lender, but in no event more than the commercially reasonable and available
<br />insurable value thereof. Lessee Owned Alterations and Utility Installations, Trade Fixtures, and Lessee's personal property shall be
<br />insured by Lessee not by Lessor. If the coverage is available and commercially appropriate, such policy or policies shall insure
<br />against all risks of direct physical loss or damage (except the perils of flood and/or earthquake unless required by a Lender), including
<br />coverage for debris removal and the enforcement of any Applicable Requirements requiring the upgrading, demolition, reconstruction
<br />or replacement of any portion of the Premises as the result of a covered loss. Said policy or policies shall also contain an agreed
<br />valuation provision in lieu of any coinsurance clause, waiver of subrogation, and inflation guard protection causing an increase in the
<br />annual property insurance coverage amount by a factor of not less than the adjusted U.S. Department of Labor Consumer Price Index
<br />for All Urban Consumers for the city nearest to where the Premises are located.
<br />(b) Rental Value. Lessor shall also obtain and keep in force a policy or policies in the name of Lessor
<br />with loss payable to Lessor and any Lender, insuring the loss of the full Rent for one year with an extended period of indemnity for an
<br />additional 180 days ("Rental Value Insurance"). Said insurance shall contain an agreed valuation provision in lieu of any
<br />10
<br />25L-12
<br />
|