Reso 2024-3761 - Laserfiche WebLink

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EXECUTION COPY Compensation Law" of the,State of Florida and all applicable federal laws. In addition, the policy(ies) shall include Employers' Liability with a limit of One Hundred Thousand Dollars ($100,000.00) for each accident. 20.3 Business Automobile Liability for all vehicles owned or used by LESSEE and LESSEE's contractors that are involved in the operation of the Leased Premises with limits of no less than One Million Dollars ($1,000,000.00) limits per occurrence, including for Hired and Non -Owned Auto Liability coverage, with LESSOR as an additional insured on a primary and non-contributory status in favor of LESSOR. 20.4. Fire and All Risk Property coverage (including flood), with an endorsement for increased cost of compliance, on the structures, improvements and fixtures located upon the Leased Premises in an amount equate to not less than ninety percent (90%) of its full insurable value, and shall name the LESSOR and LESSEE as Loss Payees on the policy. The deductible shall be no more than ten percent (10%) of the value of the structures and improvements located upon the Leased Premises. The proceeds of such policy shall be exclusively used as provided in Section 9.3(i) below. At any time during the term of this Lease upon request from LESSEE, LESSOR may secure Fire and All Risk Property coverage for the improvements on the Leased Premises, if possible, for the benefit of LESSEE at LESSEE's expense. Parties may revise coverage requirements from time to time by mutual consent of the contract administrators. 20.5. A liquor liability insurance policy, in standard form, insuring LESSEE, and LESSOR as an additional insured on a primary and non-contributory status in favor of LESSOR, against any and all liability for bodily injury or property damage arising out of or in connection with this Lease and the license granted herein with a policy limit of not less than One Million Dollars ($1,000,000.00) general aggregate and shall name the LESSOR as an additional insured on a primary and non- contributory status in favor of LESSOR. All such policies shall cover the activities under the Lease, including, but not limited to the possession, use, occupancy, maintenance, repair, and construction of additions, modifications, renovations or demolition of the Leased Premises or portions thereof. This policy shall not be affected by any other insurance carried by LESSOR. 20.6. All of the policies of insurance provided for in this Lease: A. shall be in the form and substance approved by the Florida Office of Insurance Regulations ("FLOIR") B. shall be issued only by companies licensed by FLOIR, C. Certificates of Insurance pertaining to same shall be delivered to LESSOR, at least fourteen (14) days prior to the Effective Date of the Lease Term, D. shall be with a carrier having an A Best's Rating of not less than A, Class VII, E. shall bear endorsements showing the receipt by the respective companies of the premiums thereon or shall be accompanied by other evidence of payment of such premiums to the insurance companies, including evidence of current annual payment, if on any installment payment basis, LEASE AGREEMENT - CREMA DOWNTOWN CORP. Page 17 of 36