25A - AGMT PARKING LEASE - Laserfiche WebLink

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Waiver of Subrogation Contractor hereby grants to City a waiver of any right to subrogation which any insurer of said Contractor may acquire against the City by virtue of the payment of any loss under such insurance. Contractor agrees to obtain any endorsement that may be necessary to affect this waiver of subrogation, but this provision applies regardless of whether or not the City has received a waiver of subrogation endorsement from the insurer. Verification of Coverage Contractor shall furnish the City with original Certificates of Insurance including all required amendatory endorsements (or copies of the applicable policy language effecting coverage required by this clause) and a copy of the Declarations and Endorsement Page of the CGL policy listing all policy endorsements to City before work begins. However, failure to obtain the required documents prior to the work beginning shall not waive the Contractor's obligation to provide them. The City reserves the right to require complete, certified copies of all required insurance policies, including endorsements required by these specifications, at any time. Special Risks or Circumstances City reserves the right to modify these requirements, including limits, based on the nature of the risk, prior experience, insurer, coverage, or other special circumstances. Section 4.03 Property Insurance Lessee shall provide to Lessor, before entering the Property, and shall maintain in force during the entire term of this Agreement, property insurance with extended coverage endorsements thereon, on the Property in an amount equal to the full replacement cost and/or value thereof; this policy shall contain a replacement cost endorsement naming Lessee as the insured and shall not contain a co-insurance penalty provision. The policy shall contain a special endorsement that such proceeds shall be used to repair or rebuild any such improvements so damaged or destroyed; and if not so used, such proceeds shall be paid to Lessor. The proceeds of any such insurance payable to Lessor shall be used for rebuilding or repair as necessary to restore the Property at the discretion of Lessor. The policy shall name Lessor as an Additional Insured. The policy or policies shall also contain the following endorsements: The insurer will not cancel or reduce the insured's coverage without thirty (30) days prior written notice to Lessor; and 2. Lessor will not be responsible for premiums or assessments on the policy. A complete and signed certificate of insurance with all endorsements required by this Section shall be filed with Lessor prior to the execution of this Agreement. At least thirty (30) days' prior to the expiration of any such policy, a signed and complete certification of insurance showing that coverage has been renewed, shall be filed with Lessor. 25A-7