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

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Finance and Administration Committee - IX. Agreements for Development of the Cherokee Farm Research Park - Action(3) Any failure to comply with reporting provisions of the RequiredPolicies shall not affect coverage provided to University.(4) Coverage shall state that the Required Policies shall applyseparately to each insured against whom claim is made or suit isbrought, except with respect to the limits of the insurer’s liability.All Coverages:(5) Each of the Required Policies shall be endorsed to state thatcoverage shall not be suspended, voided, canceled, reduced incoverage or in limits except after thirty (30) days prior writtennotice by certified mail, return reception requested, being given toUniversity.7(6) The Required Policies shall be placed with insurers reasonablyacceptable to University.10.5 Evidence of Insurance Coverage. Tenant will, and shall require all Subtenants to,furnish University with certificates of insurance, policies and with original endorsementseffecting coverage required by this Lease. The certificates and endorsements for each insurancepolicy are to be signed by a person authorized by that insurer to bind coverage on its behalf. Thecertificates and endorsements are to be received and approved by University in the exercise of itsreasonable discretion before the Commencement Date. University reserves the right to requirecomplete, certified copies of all required policies, at any time.10.6 Waiver of Subrogation. Tenant and all Subtenants, on behalf of themselves andall others claiming under them, including any insurer, waive all claims against each other,including all rights of subrogation, for loss or damage to their respective property (including, butnot limited to, the Premises and the Projects) which is caused by or results from perils, events orhappenings which are the subject of property insurance carried by the respective parties and inforce at the time of any such loss, regardless of the negligence of either party.8088569.13 10173
Finance and Administration Committee - IX. Agreements for Development of the Cherokee Farm Research Park - Action11. DAMAGE AND DESTRUCTION.Any subleases that Tenant executes pertaining to the Premises shall provide that, if theProjects shall be damaged or rendered wholly or partially untenantable by fire or other casualtyduring the Term, then, Subtenants shall promptly either (a) rebuild or repair the Projects tosubstantially their former condition, or (b) do any work (e.g. demolition) necessary to remove alldebris and the remaining portion of the Projects and to place the Premises in safe and propercondition. In the event of a casualty occurring during the last two (2) years of the Term (or anySublease term, as applicable), if Tenant or a Subtenant (as applicable) elects not to rebuild orrepair the applicable Project to its former condition in accordance with this Lease, then theinsurance proceeds payable as a result of such casualty shall be the property of University, andTenant or the Subtenant (as applicable) shall take any action as may be reasonably necessary tocause such proceeds to be paid to University.712. LIABILITY AND INDEMNIFICATION.12.1 Limitation of University Liability. It is mutually understood and agreed thatUniversity shall not be liable for any damage or injury either to the persons or property of Tenantor any assignees, subtenants, guests, licensees or invitees of Tenant due to act of neglect ofTenant or its assignees, subtenants, guests, licensees or invitees, or damage or injury resultingfrom any cause whatsoever, unless attributable to the negligence of University, its officers,agents or employees for which University is liable pursuant to Tennessee law. As an agency ofthe State of Tennessee, University’s liability for any claims, losses or damages attributable toactivities related to its lease of the Premises pursuant to this lease shall be governed by theTennessee Claims Commission Act, T.C.A. 9-8-301, et seq.12.2 Indemnification. Any subleases that Tenant executes pertaining to the Premisesshall require Subtenants to indemnify and save University harmless (including its officers, agentsand employees) from any and all claims, demands, damages, and costs (including reasonableattorneys fees):a. for personal injury or property damage arising out of or occurring as aresult of this Lease and the use and occupancy of the Premises by theSubtenant, its officers, agents, employees, invitees and guests (and anyother person or entity using the Premises with the authorization andconsent of the Subtenant);b. arising from or as a result of or in any way related to any mortgage,financing, or encumbrance of Subtenant’s leasehold interest pursuant toSection 6; orc. attributable to a breach of the Sublease by Subtenant.This obligation shall survive the expiration or earlier termination of this lease. ALeasehold Mortgagee shall have no obligation in connection with any event, occurrenceor breach arising before the Leasehold Mortgagee actually became owner of Subtenant’srights pursuant to a sublease.8088569.13 11174
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