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A Brief Note On Insurance And Insurance Protection

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Agreement to Insure

Subject to and in accordance with all of the terms and conditions of this Agreement and the applicable Certificate of Insurance, and in consideration of the Premium paid by a Tenant to the Insurer with respect to each Insured Lease to be insured hereunder, the Insurer hereby guarantees the Insured against any Insured Loss(es) incurred by the Insured under each Insured Lease identified in a Certificate of Insurance for such Insured Lease, solely to the extent that such Insured Loss(es) arise directly from a Rent Protection Event that occurs during the Rent Protection Period for such Insured Lease (“Rent Protection”).

Terms and Conditions

Section One ~ Conditions to the Effectiveness of Rent Protection …show more content…

Initial Term

An Insured Lease will have Rent Protection under this Agreement only during the Rent Protection Period for such Insured Lease as specified in the applicable Certificate of Insurance therefor. The Insurer shall not have any obligation to inform the Insured or any Tenant that the Rent Protection Period with respect to an Insured Lease is ending or has ended, or of any non-renewal of Rent Protection for any Insured Lease.

B. Extension or Renewal of Lease

No renewal or extension of the term of an Insured Lease beyond the original stated Expiration Date thereof shall have any Rent Protection hereunder unless the Insurer, in its sole discretion, issues a new Certificate of Insurance directly extending Rent Protection for such extension period or renewal following Tenant’s submission to and acceptance by the Insurer of a new application for Rent Protection prior to the original stated Expiration Date of such Insured Lease.

C. Holdover After Expiration or Termination of Insured Lease

If a Tenant or Occupant “holds over” in the Apartment (remains in occupancy or otherwise fails to deliver vacant possession of the Apartment to the Insured after the Expiration Date or earlier termination of the Insured Lease), then an additional period of time will be added to the Rent Protection Period, not to exceed the earlier to occur of (i) the date on which vacant possession of the Apartment is delivered to the Insured and (ii) the date which

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