Lease and development agreement

Download 492.42 Kb.
Date conversion24.11.2016
Size492.42 Kb.
1   ...   14   15   16   17   18   19   20   21   ...   46

Section 10.2 Other Requirements as to Policies.

(a) Insureds under Property Policies. All property damage insurance policies required under this Agreement shall name the Recognized Mortgagee (if any), the Lessee, the City and the Port Authority (with insurance clauses consistent with the provisions of this Agreement) as the named insureds, as their respective interests may appear.

(b) Liability Insurance Limits. In the event the Lessee maintains any liability insurance in limits greater than aforesaid, the Indemnified Parties shall be included therein as additional insureds to the full extent of all such insurance in accordance with all the terms and provisions hereof.

(c) Contractual Liability Coverage. Each policy of liability insurance shall contain contractual liability coverage covering the insurable obligations assumed by the Lessee under any indemnification provisions set forth in this Agreement.

(d) Certain Endorsements.

(1) Each policy required under this Agreement shall contain a valid provision or endorsement that the policy may not be cancelled, terminated, changed or modified (other than to effectuate an increase in coverage) without giving at least thirty (30) days’ advance written notice thereof to the Recognized Mortgagee and the Port Authority, and an endorsement to the effect that the insurance as to the interests of all Recognized Mortgagees (if any) and the Indemnified Parties shall not be invalidated by any act or negligence of the Lessee or any other insured.

(2) Each policy of liability insurance shall contain an endorsement providing that in any action or proceeding under or in connection with such policy, the insurance carrier shall not without obtaining express advance consent from the General Counsel of the Port Authority raise any defense involving in any way the immunity of the Port Authority, the governmental nature of the Port Authority, the provisions of any statutes respecting suits against the Port Authority or the jurisdiction of the tribunal over the person of the Port Authority.

(3) Each policy of liability insurance shall contain an endorsement providing that the protection afforded the Lessee thereunder with respect to any claim or action against the Lessee by a third Person shall obtain and apply with like effect with respect to any claim or action against the Lessee by each Indemnified Party, and against each Indemnified Party by the Lessee, but such endorsement shall not limit, vary, change or affect the protections afforded the Indemnified Parties, as additional insureds.

(e) Blanket Policies, etc. Property insurance policies required under this Agreement may be written in the form of blanket policies and policies of liability insurance may be written in the form of a primary policy and one or more umbrella policies. On request of the Port Authority, which may be made at any time and from time to time, the Lessee shall furnish to the party or parties making such request a true copy of each of the insurance policies which the Lessee is required to carry under this Agreement; provided, however, that if any such insurance is carried in the form of a blanket policy, the Lessee need not furnish to the Port Authority the portions of such policy that relate to properties other than the Premises.

(f) Certificates, etc. With respect to each insurance policy, duplicate original certificates of insurance, specifically referencing the Port Authority number of this Agreement, shall be delivered to The Port Authority of New York and New Jersey, General Manager, Risk Management, 225 Park Avenue South, 12th Floor, New York, New York 10003, attention: Agreement Certificate Review (or to such other address as the Port Authority may direct by notice hereunder), not later than the Lease Commencement Date. Duplicate certificates of insurance with respect to a renewal policy shall be delivered to the Port Authority at least thirty (30) days prior to the expiration date of each expiring policy, except for any policy expiring after the date of expiration of the letting under this Agreement.

Section 10.3 Nature of Insurers.

All insurance provided for in this Agreement shall be issued by insurance carriers authorized to do business in the State of New York or subject to service of process in the State of New York and having an A.M. Best Rating of at least A- (A minus) or an equivalent rating by a comparable insurance rating agency.

Section 10.4 Port Authority Review.

All insurance coverages required under this Agreement may be reviewed by the Port Authority for adequacy of terms, conditions, coverages and limits of coverage at any time and from time to time during the term of the letting hereunder. The Port Authority may, at any such time, require an increase in the minimum limits, or additions, deletions, amendments or modifications to the above-scheduled insurance requirements, or may require such other and additional insurance against such other insurable hazards, as the Port Authority may deem required and the Lessee shall promptly comply therewith. The limits of coverage under any policy shall not be reduced without the Port Authority’s prior written consent.

Section 10.5 Settlement of Losses.

Losses under any policy (except any liability insurance and Workers’ Compensation Insurance) shall be adjusted with the Recognized Mortgagee, or if there is no Recognized Mortgagee, with the Port Authority. Except as otherwise provided herein, the proceeds shall be payable to the Recognized Mortgagee or, if there is no Recognized Mortgagee, to the Port Authority to be held in trust for the benefit of the Lessee, provided that, except as otherwise provided herein, all said proceeds shall be used for the repair, replacement or rebuilding of the Premises. Said proceeds shall be disbursed upon the request of an entity obligated to repair, replace or rebuild, provided that the Lessee or such entity has obtained the necessary approvals from the Port Authority to repair, replace or rebuild in accordance with the relevant provisions of this Agreement.
1   ...   14   15   16   17   18   19   20   21   ...   46

The database is protected by copyright © 2016
send message

    Main page