Coach 2013 Annual Report Download - page 575

ARTICLE 43
INSURANCE
43.01 Tenant shall not violate, or permit the violation of, any condition imposed by the standard property insurance policy then issued
for office buildings in the Borough of Manhattan, City of New York, or cause or permit any action or condition that would invalidate or conflict with
Landlord's insurance policies or any insurance policies maintained by the Condominium, and shall not do, or permit anything to be done, or keep or permit
anything to be kept in the Premises which would subject Landlord to any liability or responsibility for personal injury or death or property damage, or which
would increase the fire or other casualty insurance rate on the Building or the property therein over the rate which would otherwise then be in effect (unless
Tenant pays the resulting premium as hereinafter provided for) or which would result in insurance companies of good standing refusing to insure the Building
or any of such property in amounts reasonably satisfactory to Landlord; it being understood and agreed that the mere occupancy and operation of the Premises
for the Primary Use (as opposed to the particular manner of use of the Premises) in accordance with the provisions of this Lease will not increase the fire or
other casualty insurance rate on the Building or the property therein over the rate which would otherwise then be in effect.
43.02 Tenant covenants to include the Premises in all insurance coverages required to be provided by Tenant with respect to the
balance of space occupied by Tenant within the Building (but in all events the types and at the levels at least equivalent to the types and levels required of
tenants and occupants of the Building pursuant to the Declaration), at Tenant’s sole cost and expense.
43.03 All such policies shall be issued by companies of recognized responsibility permitted to do business within New York State and
reasonably approved by Landlord and rated by Best’s Insurance Reports or any successor publication of comparable standing and carrying a rating of A- VIII
or better or the then equivalent of such rating (it being agreed that Hospitals Insurance Co. shall be deemed an acceptable insurance company for purposes
hereof), and all such policies shall contain a provision whereby the same cannot be canceled or modified unless Landlord and any additional insureds are
given at least thirty (30) days prior written notice of such cancellation or modification, or with respect to non-payment of premiums, at least ten (10) days prior
written notice of such cancellation or modification.
43.04 Prior to the time such insurance is first required to be carried by Tenant and thereafter, at least fifteen (15) days prior to the
expiration of any such policies, Tenant shall deliver to Landlord either duplicate originals of the aforesaid policies or, with respect to liability coverage, a
current version of the Acord 25 certificate and, with respect to property insurance, a 2003 Acord 28 certificate, each evidencing the insurance required
hereunder (the 2006 Acord 28 and the 2006 Acord 25 both being unacceptable to Landlord), together with evidence of payment for the policy. If Tenant
delivers certificates as aforesaid Tenant, upon reasonable prior notice from Landlord, shall make available to Landlord, at the Premises, duplicate originals of
such policies from which Landlord may make copies thereof, at Landlord’s cost. Subject to Article 5, Tenant’s failure to provide and keep in force the
aforementioned insurance shall be regarded as a material default hereunder, entitling Landlord to exercise any or all of the remedies as provided in this Lease in
the event of Tenant’s default. In addition, in the event Tenant fails to provide and keep in force the insurance required by this Lease, at the times and for the
durations specified in this Lease, Landlord shall have the right, but not the obligation, at any time and from time to time, and without notice, to procure such
insurance and/or pay the premiums for such insurance in which event Tenant shall repay Landlord within five (5) days after demand by Landlord
(accompanied by reasonable supporting documentation), as Additional Rent, all sums so paid by Landlord and any costs or expenses incurred by Landlord in
connection therewith without prejudice to any other rights and remedies of Landlord under this Lease.
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