1995 - Laserfiche WebLink

Home Browse Search

Page 5 7. INSURANCE. At its own expense, Lessee ohall keep the Equipment- covered against loo_ due to fire and the risks normally included in extended coverage, malicious mischief and vandalism, for not less than the Full Insurable Value of the Equipment; and Lessee shall also carry automobile insurance, including bodily injury liability and property damage liability with a single limit of not less than $1,000,000 per occurrence, or ouch greater or leooer amount as Lessor may from time to time require on notice to Lessee. As used herein, "Full Incurable Value" means the full replacement value of the.Equipment or the then applicable Purchase Price designated an ouch on the Schedule of Payments, whichever is greater. All insurance shall be in form and amount and with companies reasonably satisfactory to Lessor. All insurance for loco or damage shall provide that looses shall be payable to Lessor and Lessee, as their interests may appear, and Lessee shall utilize its best- efforts to have all checks to ouch losses delivered to Lessor. Lessor shall be named as an additional insured with reopect to such liability insurance. Lessee shall pay the premiums and deliver to Lessor evidence satisfactory to Lessor of ouch insurance coverage. Each insurer shall agree, by endorsement furnished to Lessor, that (a) it will give Lessor 30 days prior written notice of the effective date of any material alteration or cancellation of ouch policy; and (b) insurance as to the interest of any named additional insured or loss payee other than Lessee shall not be invalidated by any actions, inactions, breach of warranty or conditions or negligence of Lessee with respect to such policy. If Lessee inoureo similar properties against casualty loan by self - insurance, Lessee may satisfy its obligations with respect to casualty insurance hereunder by providing self- insurance with respect to the Full Incurable Value of the Equipment by means of an adequate insurance fund. Lessee shall carry workmen's compensation insurance covering all employees working on, in, near or about the Equipment, or demonstrate to the satisfaction of Lessor that adequate self- insurance is provided, and shall require any other person or entity working on, in, or near or about_ the Equipment to carry such coverage, and will furnish to Lessor certificates evidencing such coverage throughout the Lease Term. The Net Proceeds of the insurance required hereby small be applied as provided in Section B. As used herein "Net Proceeds" means the amount remaining from the groan proceedo of any insurance claim or condemnation award after deduction of all expenses (including attorney's feeo) incurred in the. collection of ouch claim or award. If Lessee is a governmental entity and does not maintain liability insurance as described above, Lessee agrees that it will maintain a program of self insurance, either alone, or in cooperation with other governmental entities, that provides coverage to Lessee in the form and amount stated above, but in any event, not leas than the maximum exposure to Lessee under any applicable governmental immunity rule, regulation, statute or law. Lessee shall deliver to Lessor evidence satisfactory to Lessor of ouch self- insurance coverage. B. DAMAGE, DESTRUCTION AND CONDEPINATION: USI, OF NEW PROCEEDS. If prior to the termination of the Lease Term (a) the Equipment is damaged in whole or in part by casualty; or (b) title to, or the temporary use of, the Equipment or the estate of Lessee or Lessor in the Equipment shall be taken under the exercise of the power of eminent domain by any governmental body or by any person acting under governmental authority; Lessee and Lessor will cause the Net Proceeds of any insurance claims or condemnation award to be applied to Lessee's obligations by thin section. If the Equipment is not - deemed to be a total loos, Lessee shall, at its expense (after the application of the N Proceeds of any insurance claims or condemnation award), cause the repair or replacemen of the Equipment. In the event of total destruction of the Equipment, Lessee shall pay— to Lessor on the next rent due date (as net forth on the Schedule of Payments) which r succeeds the date of ouch loon, an amount equal to the purchase price of the equipment