Circuit City 1997 Annual Report Download - page 37

work or thing done, permitted or suffered by Tenant, its agents, contractors, sublessees, employees or invitees, in or about the Premises, the
Building, or the Project and any breach or default in the performance of any obligation to be performed by Tenant under the terms of this
Lease, or arising from any at, neglect, fault or omission of Tenant, or of its agents, contractors, sublessees, employees or invitees, and (ii) any
and all costs, attorneys' fees, expenses and liabilities incurred with respect to any such claims, actions, liabilities, or proceedings, and in the
event any actions or proceedings shall be brought against Landlord by reason of any such claims. Tenant, upon notice from Landlord, shall
defend the same at Tenant's expense by counsel approved in writing by Landlord. Tenant hereby assumes all risk of damage to property or
injury to person in, upon or about the Premises from any cause whatsoever except that which is caused by the failure of Landlord to observe
any of the terms and conditions of this Lease where such failure has persisted for an unreasonable period of time after Landlord receives
written notice of such, and Tenant hereby waives al its claims in respect thereof against Landlord.
As used herein, the term "liabilities" shall include all suits, actions, claims and demands and all expenses (including attorneys' fees and costs of
defense) incurred in or about any such liability and any action or proceeding brought thereon. If any claim shall be made or any action or
proceeding brought against Landlord on the basis of any liability described in this Paragraph. Tenant shall, upon notice from Landlord defend
the same at Tenant's expense by counsel reasonably satisfactory to Landlord. It is understood that payment shall not be a condition precedent to
recovery upon the foregoing indemnity. See Addendum (#1)
16. INSURANCE.
Tenant, at its cost, shall pay for and keep in full fore and effect throughout the Term of this Lease:
(a) COMPREHENSIVE GENERAL LIABILITY OR COMMERCIAL GENERAL LIABILITY insurance with respect to the Premises and the
operations of or on behalf of Tenant, in, of or about the Premises, including, but not limited to, personal injury, product liability (if applicable),
blanket contractual, owner's protective, broad from property damage liability, liquor liability (if applicable) and owned and non-owned
automobile liability in amounts not less than $3,000,00 per occurrence on the commencement date of this Lease. The insurance policy or
policies shall contain the following provisions: (1) severability of interest, (2) cross liability, (3) an endorsement naming Landlord, Landlord's
Mortgagees and any other parties in interest designated by Landlord as additional insured, (4) an endorsement stating "such insurance as is
afforded by this policy for the benefit of the Landlord and any other additional insured shall be primary as respects any liability or claims
arising out of the occupancy of the Premises by the Tenant, or Tenant's operations and any insurance carried by Landlord, or any other
additional insured shall be non-contributory,"
(5) with respect to improvements or alterations permitted under this Lease, contingent liability and builder's risk insurance, (6) an endorsement
allocating to the Premises the full amount of liability limits required by this Lease, and (7) coverage must be on an "occurrence basis". "Claims-
Made" forms are not acceptable.
(b) WORKERS COMPENSATION COVERAGE as required by law, together with Employers Liability coverage with a limit of not less than
$1,000,000.
(c) TENANT'S PROPERTY INSURANCE: Tenant shall at all times during the term hereof and at its cost and expense, maintain in effect
policies of insurance covering (1) all Tenant Improvements on the Premises installed by Tenant, (2) all personal property of Tenant located in
or at the Premises including, but not limited to, fixtures, furnishings, equipment and furniture, in an amount not less than their full replacement
value, and (3) loss of income or business interruption covering a period of not less than one (1) year. These policies shall provide protection
against any peril included within the classification "All Risk" including, but not limited to, insurance against sprinkler leakage, vandalism and
malicious mischief. The proceeds of such insurance shall be used to repair or replace the Tenant Improvements and personal property so
insured.
All policies of insurance required to be kept or maintained by Tenant AND LANDLORD hereunder shall include a clause or endorsement
denying the insurer any rights of subrogation against the other party to the extent rights have been waived by the insured before the occurrence
of injury or loss, if same are obtainable without unreasonable cost. Landlord and Tenant each hereby waive any rights of recovery against the
other for injury or loss to such waiving party or to its property or the property of others under its control, arising from any cause required to be
insured against under any policy of insurance required to be carried to be carried by such waiving party under this Lease. The foregoing waiver
shall be effective whether or not the waiving party shall actually obtain and maintain the insurance which such waiving party is obligated to
obtain and maintain under this Lease.
All insurance required to be provided by Tenant under this Lease: (a) shall be issued by insurance companies authorized to do business in the
state in which the Premises are located and holding a General Policyholders Rating of "A" and a Financial Rating of "X" or better, as set forth
in the most recent edition of Best's Insurance Reports; (b) shall contain an endorsement requiring at least 30 days prior written notice to
Landlord and Landlord's lender, before cancellation or change in coverage scope or amount of any policy. Tenant shall deliver a certificate or
copy of such policy together with evidence of payment of all current premiums to Landlord within 30 days of execution of this Lease and
within fifteen (15) days of expiration of each policy. Tenant's failure to provide evidence of such coverage to Landlord shall constitute a default
under this Lease.
Subject to being reimbursed by Tenant, Landlord shall insure the Building (excluding all property which Tenant is obligated to insure) against
damage with "All Risk" insurance and public liability insurance (See Addendum #2) including rental abatement insurance, all in such amounts
and with such deductibles as Landlord considers appropriate, BUT IN NO EVENT LESS THAN THE REPLACEMENT COST THEREOF.
Tenant shall pay, as additional rent, the cost of any insurance maintained by Landlord hereunder and any other insurance Landlord may elect to
obtain for the PREMISES from time to time during the Term (including, without limitation, earthquake and/or flood insurance). Tenant shall