A Brief Note On Insurance And Insurance Protection

2141 Words May 20th, 2016 9 Pages
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

Notwithstanding anything to the contrary elsewhere in this Agreement or in any Certificate of Insurance, no lease or other agreement will be an Insured Lease, no losses or other damages will be Insured Losses and no Insured shall be entitled to the payment of any Rent Reimbursement Payments or other compensation under this Agreement with respect to an Insured Lease unless and until the following conditions with respect to such Insured Lease have been satisfied in full:

(1) the Agent has issued a Certificate of Insurance for such Insured Lease on behalf of the Insurer, and

(2) a Renter Agreement with respect to such Insured Lease has been executed and delivered by Agent (on behalf of the Insurer) and the Tenant under such Insured Lease.

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