Agenda - 02-20-2001-9b - Laserfiche WebLink

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F T 7.3 Insurance. 7.3.1 Tenant's Insurance. At all times during the Term of this Lease, Tenant shall carry and maintain at its sole cost and expense, the following insurance in the amounts specified below or such other amounts as Landlord and Tenant may from time to time agree upon, with insurance companies and on forms satisfactory to Landlord and Tenant: 7.3.1.1 Fire and Extended Coverage Insurance. Fire and extended coverage insurance covering all leasehold Improvements in the Premises and all of Tenant's merchandise, equipment, trade fixtures, appliances, furniture, furnishings, and personal property from time to time, on, or upon the Premises, in an amount not less than the full replacement cost without deduction for depreciation from time to time during the term of this Lease, providing protection against all perils included within the classification of fire, extended coverage, vandalism, malicious mischief, special extended peril (all risk), boiler, flood, vandalism, glass breakage, and sprinkler leakage. 7.3.1.2 Workmen's Co ensation Insurance. Workmen's compensation insurance insuring against and satisfying Tenant's obligations and liabilities under the workmen's compensation laws of North Carolina, as the same may be amended from time to time. 7.3.2 Forms of Policies. Original or copies of original policies and evidence of the payment of all premiums of such policies shall be delivered prior to Tenant's occupancy of the Premises and from time to time at least thirty (30) days prior to the expiration of the term of each such policy. All such policies maintained by Tenant shall be purchased only from insurers who are licensed to do business in the State of North Carolina, comply with the requirements thereof, and who carry A.M. Best Company rating of "A" or "A+" and will provide that they may not be terminated or amended except after thirty (30) days' prior written notice to Landlord. Notwithstanding the foregoing, nothing herein shall preclude the Tenant from providing self insurance, so long as the level of insurance protection required by this Agreement is maintained, and the Tenant has sufficient reserves to meet its insurance obligation. 7.3.3 Adequacy of Cover. Landlord, its Agents and employees make no representation that the limits of liability specified to be carried by Tenant pursuant to this Article VII are adequate to protect Tenant. If Tenant believes that any of such insurance Coverage is inadequate, Tenant will obtain, at Tenant's sole expense, such additional insurance coverage as Tenant deems adequate. 7.3.4 Waiver of Subrogation. To the extent they are able to do so, each of Landlord and Tenant hereby releases the other from any loss or damage to property caused by fire or any other perils insured through or under either by way of subrogation or otherwise for any loss or damage to property caused by fire or any other perils insured in policies of insurance covering such property, even if such loss or damage shall have been caused by the fault or negligence of the other party, or anyone for whom such party may be responsible; provided, however, that this release shall be applicable and in force and effect only with respect to the loss or damage occurring during such times as the releasor's policies shall contain a clause or endorsement to the effect that any such release shall not adversely affect or impair said policies or prejudice the right of the releasor to recover thereunder and then only to the extent of the insurance proceeds payable under such policies. Each of Landlord and Tenant agrees that it will request its insurance carriers to include in its policies such a clause or endorsement. If extra cost shall be charged therefor, each party shall advise the other thereof and of the amount of the extra cost, and the other party, at its election, may pay the same, but shall not be obligated to do so. 7.4 Hold?Over. This Lease shall terminate at the end of the original term or any extensions thereof hereof without the necessity of any notice from either Landlord or Tenant to terminate same and Landlord's right to the Leased Premises shall be as stated in Section 2.2.1 and elsewhere herein, and Tenant hereby waives notice to vacate the Leased Premises and agrees that Landlord shall be entitled to the summary recovery of