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14 <br />4859-3312-3005v4 <br />set forth in this Article 6 and the requirements set forth in Exhibit B of the Regulatory <br />Agreement. <br />(a) Property Insurance. Lessee shall keep the Leased Premises insured against loss <br />or damage by a standard all risk policy, excluding earthquake risks, in amounts such that the <br />proceeds of such insurance shall not be less than the full replacement value of the Improvements. <br />(b) Liability and Property Damage Insurance. During the Lease Term, Lessee shall <br />keep in full force and effect a policy or policies of comprehensive general liability and property <br />damage insurance against liability for bodily injury to or death of any person or property damage <br />arising out of an occurrence on or about the Leased Premises. The limits of such insurance shall <br />be not less than Two Million Dollars ($2,000,000) combined single limit each occurrence, Four <br />Million Dollars ($4,000,000) annual aggregate, together with Ten Million Dollars ($10,000,000) <br />excess liability coverage, or such other policy limits as Lessor may require in its reasonable <br />discretion, including coverage for bodily injury, property damage, hired and non-owned <br />automobile liability, products, completed operations and contractual liability coverage. <br />(c) Workers’ Compensation Insurance. Lessee shall require all contractors <br />performing work on the Leased Premises to carry workers’ compensation insurance covering all <br />persons employed in connection with the Leased Premises or the Improvements and with respect <br />to whom death, bodily injury, or sickness insurance claims could be asserted against Lessor <br />and/or Lessee. Lessee shall furnish or cause to be furnished to Lessor evidence satisfactory to <br />Lessor that Lessee (if Lessee has any employees), and any contractor that has contracted for the <br />performance of work on the Leased Premises, or otherwise pursuant to this Lease carries <br />statutory Workers’ Compensation insurance and Employer’s Liability insurance in a minimum <br />amount of One Million Dollars ($1,000,000) per accident. <br />(d) Builders’ Risk Insurance. Upon commencement of construction and continuing <br />until issuance of a certificate of occupancy, or equivalent for the Improvements, Lessee and all <br />contractors working on behalf of Lessee shall maintain a policy of builder’s all-risk insurance in <br />an amount not less than the full insurable cost of the Project on a replacement cost basis with a <br />lender’s loss payable endorsement for the benefit of Lessor. During the course of any alteration, <br />construction or reconstruction, the cost of which exceeds Two Hundred Fifty Thousand Dollars <br />($250,000), Lessee shall require any contractor to provide builders’ risk insurance for the full <br />insurable cost of the work and liability insurance in an amount not less than One Million Dollars <br />($1,000,000) combined single limit for bodily injury or property damage insuring the interests of <br />Lessor, Lessee and any contractors and subcontractors. <br />Section 6.2 Insurance Policies and Premiums. <br />(a) All liability policies required by this Lease shall be written on an <br />occurrence basis, and shall name the Indemnitees as additional insureds. Duplicate copies of <br />such policies or certificates of such insurance shall be promptly furnished to Lessor. <br />(b) All policies of insurance shall include an endorsement that provides that <br />notice of any change or cancellation of said policy must be made in writing and sent to Lessee <br />Page 94 of 428