Finance and Administration - Board of Trustees - The University of ...

Finance and Administration Committee - IX. Agreements for Development of the Cherokee Farm Research Park - Action(each a “Permitted Transferee”), Tenant shall not assign, convey or transfer its interest in thisLease or the leasehold estate created hereby.10. INSURANCE.10.1 Property Insurance. During the Term, Tenant shall cause, or shall require itsSubtenants to cause, the Premises, including all Projects located thereon and all contents andpersonalty located therein, to be insured (to the extent insurable) against loss or damage by theelements for the full insurable value thereof. With regard to the obligations of Tenant, Tenantagrees to self-insure and/or to provide assurance of insurance coverage in types and amountsrequired by state law, regulation and/or policy. All Subtenants shall:7(a) Obtain a policy or policies of insurance insuring the Premises in anamount equal to the replacement cost of the Projects, as well as claims for injuries topersons or damages to property which may arise from or in connection with the use andoccupancy of the Premises, designating University as an additional insured (subjecthowever to the rights of Leasehold Mortgagees as loss payees with respect to propertydamage); and(b) Maintain coverage at least as broad as including all major divisions ofcoverage, and be on a comprehensive basis including, but not limited to, premisesoperations, bodily injury and property damage.10.2 Liability Insurance. Tenant and its Subtenants shall maintain general liabilityinsurance with limits of said insurance to be no less than the exposure and limits of University’sliability under the Tennessee Claims Commission Act, T.C.A. Sections 9-8-301, et seq.,currently being three hundred thousand dollars ($300,000.00) per claimant and one milliondollars ($1,000,000.00) per occurrence, or as it may be from time to time amended and/orconstrued by the Claims Commission and the courts.10.3 Deductibles. Any deductibles or self-insured retentions must be declared to andapproved by University, such approval not be unreasonably withheld, conditioned or delayed.10.4 Other Requirements. The policies of insurance required hereunder (the “RequiredPolicies”) are to contain, or be endorsed to contain, the following provisions:General Liability:(1) University is to be covered as an insured as respects: liabilityarising out of the Premises occupied or used. Coverage shallcontain no special limitations on the scope of protection affordedto University.(2) The insurance coverage of the Required Policies shall be theprimary insurance as respects University. Any insurance or selfinsurancemaintained by University shall be excess and notcontributory to the insurance provided by the Required Policies.8088569.13 9172