transferee’s assuming Landlord’s obligations hereunder, any such transferee shall have the benefit of Landlord’s rights, and be subject to Landlord’s obligations hereunder as
of the date of such transfer; provided that no further liability or obligation shall accrue against Landlord hereunder after the transfer’s effective date. In no event shall Landlord be released from liability for obligations or liabilities
which accrued prior to the effective date of transfer unless and to the extent such obligations and/or liabilities shall be expressly assumed by the transferee in writing.
INSURANCE
21.1 Landlord shall maintain in full force and effect a Special Form (so-called
“All Risk”) commercial property insurance policy or policies on the Building and any improvements thereto or the Complex constructed or owned by Landlord, including Building Standard Improvements, the Work and any additions and
improvements by Tenant which have become or are to become the property of Landlord upon vacation of the Premises by Tenant. Such property insurance shall be maintained on a replacement cost basis, in an amount adequate to cover the full insurable
replacement value of all of the Building and all alterations and improvements thereto, including the Work and other alterations and improvements made by or on behalf of Tenant, and other insurable improvements in the Complex; provided, however, in
no event shall such insurance cover Tenant’s personal property. Said insurance shall be maintained with a solvent insurance company authorized to do business in Texas and rated A-/VII or better by Best’s, and payments for losses thereunder
shall be made solely to Landlord’s mortgagee holding the first priority mortgage or deed of trust on the Building, or if none to Landlord.
21.2 Landlord shall maintain a policy or policies of comprehensive general liability insurance with the premiums thereon fully paid on or before the due
dates, issued by and binding upon a solvent insurance company authorized to do business in Texas and rated A-/VII or better by Best’s, such insurance to afford minimum protection of not less than $10,000,000.00 in respect of personal injury or
death in respect of any one occurrence and of not less than $3,000,000.00 for property damage in any one occurrence. Such insurance may be satisfied by a combination of insurance dedicated exclusively to the Complex and of one or more umbrella
insurance policies so long as the limits for the dedicated policy(ies) of insurance shall not be less than $2,000,000 in respect of personal injury or death in any one occurrence and $1,000,000 for property damage in any one occurrence. Landlord
shall name Tenant and its subtenants and assigns, as their interests may appear, as additional insureds on Landlord’s general liability policies of insurance.
21.3 Tenant shall, at all times during the Term of this Lease, at its own expense, maintain a policy or policies of insurance with premiums fully paid in advance, issued by and binding upon a solvent
insurance company licensed to do business in the State of Texas and being rated A-/VII or better by Best’s, insuring all of Tenant personal property, including removable trade fixtures located in the Premises against loss or damage by fire,
explosion or other hazards and contingencies for the full insurance value thereof.
21.4 Tenant shall, at all times during the Term of this
Lease, at its own expense, maintain a policy or policies of comprehensive general liability insurance with the premiums thereon fully paid in advance, issued by and binding upon a solvent insurance company licensed to business in the State of Texas
and being rated A-/VII or better by Best’s, such insurance to afford minimum protection of not less than $3,000,000.00 in the event of bodily injury or death to any number of persons in any one occurrence, and with limits of not less than
$1,00,000.00 for property damage in any one occurrence.
21.5 The policy or policies of general liability insurance to be maintained by Tenant
shall name Tenant, Landlord and Landlord’s property manager as an additional insured as their interest may appear. Policies cannot be amended or modified as to Landlord without fifteen (15) days prior written notice to Landlord.
21.6 Tenant shall deliver certificates of insurance in form reasonably satisfactory to Landlord prior to occupancy of the Premises by Tenant,
and during the Term of this Lease not less than ten (10) days prior to the expiration of existing policies. If Tenant shall fail to provide a required certificate(s) of insurance within such ten (10) day period, such failure shall not be
deemed to be a breach of this Lease so long as Tenant shall deliver such certificate(s) within ten (10) days of Tenant’s receipt of notice from Landlord of such failure. Tenant shall cause its insurers to provide thirty (30) days (ten
(10) days in the event of non-payment of premium) prior notice to Landlord of cancellation or non-renewal of any policy required of Tenant hereunder.
21.7 All insurance required to be maintained by Landlord under this Lease shall be maintained with insurance companies qualified to do business in the state of Texas, and rated at least A-/VII by the most
current Best’s Key Rating Guide (or its equivalent, if such Guide ceases to be published). Upon written request from Tenant during the Term, Landlord shall deliver certificates of insurance in form reasonably satisfactory to Tenant. Landlord
shall cause its insurers to provide thirty (30) days (ten (10) days in the event of non-payment of premium) prior notice to Tenant of cancellation or non-renewal of any policy required hereunder.
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