Reso 2024-3761 - Laserfiche WebLink

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EXECUTION COPY and shall provide that they may not be canceled by the insurer for thirty (30) days after service of notice of the proposed cancellation upon LESSOR and shall not be invalidated as to the interest of LESSOR by any act, omission or neglect of LESSEE. 20.7. Waiver of Subrogation for General Liability, Workers Compensation, Business Automobile, and Umbrella Policies. Each of the parties, LESSOR and LESSEE, hereby releases the other from any and all liability or responsibility to the other or anyone claiming through or under them by way of subrogation or otherwise for any loss or damage to property caused by fire or any other perils insured in policies of insurance for any loss or damage to property caused by fault or negligence covering such property, even if such loss or damage shall have been caused by the fault or negligence of the other party, or anyone for which such parry may be responsible, including any other licensees or occupants of the Leased Premises; provided however, that this release shall be applicable and in force and effect only to the extent that such release shall be lawful at the time and in any event only with respect to loss or damage occurring during such time as the releaser's policies shall contain a clause or endorsement to the effect that any such release shall not adversely affect or impair said policies or prejudice the right of the releaser to coverage thereunder and then only to the extent of the insurance proceeds payable under such policies. Each of LESSOR and LESSEE agrees that it will request its insurance carriers to include in its policies such a clause or endorsement. If extra costs shall be charged therefore, each party shall advise the other thereof and of the amount of the extra cost and the other party, at its election, may pay the same, but shall not be obligated to do so. 20.8. Umbrella or Excess Liability. LESSEE agrees to maintain either a Commercial Umbrella or Excess Liability at a limit of liability not less than $1,000,000 Each Occurrence, $2,000,000. Aggregate. LESSEE agrees to endorse LESSOR as an "Additional Insured" on the Commercial Umbrella/Excess Liability, unless the Certificate of Insurance states the Commercial Umbrella/Excess Liability provides coverage on a pure/true follow -form basis, or LESSOR is automatically defined as an Additional Protected Person. Umbrella or Excess Policy must be follow - form coverage over the Commercial General Liability, Automobile Liability, and Employers' Liability policies. 20.9. Public Construction Bond. LESSEE or LESSEE's contractor shall furnish a Public Construction Bond to LESSOR, as an Obligee, in an amount not less than one hundred percent (100%) of the price of LESSEE's contract with its contractor(s). The bond furnished by LESSEE or LESSEE's contractor shall incorporate by reference the terms of this Lease as fully as though they were set forth verbatim in such bonds. In the event the price of LESSEE's contract with its contractor is adjusted by change order, the penal sum of the bond shall be deemed increased by like amount. The bond furnished by LESSEE or LESSEE's contractor shall be in form required by LESSOR and in conformity with Section 255.05, Florida Statutes, shall be recorded in the Public Records of Miami - Dade County before construction commences, and shall be executed by a surety, or sureties, reasonably suitable to LESSOR. The Public Construction Bond shall continue in effect through the contract term between LESSEE and its contractor(s). The bonds shall be with a surety company authorized to do business in the State of Florida and having been in business with a record of successful continuous operation for at least five (5) years. The Bond shall guarantee all work and materials furnished under the Agreement including losses resulting from defects in the materials or improper performance of Services under the Agreement that may appear or be discovered during performance of the Services or during any applicable warranty period after completion of all Services, and for latent defects. LEASE AGREEMENT - CREMA DOWNTOWN CORP. Page 18 of 36