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4/23/13 10 <br />policyholder rating of A or better and a financial rating of “VIII” or better. All insurance <br />policies required to be carried by either Party shall be effected under standard form policies. <br />Such insurance shall provide that the same may not be canceled without thirty (30) days prior <br />written notice to the other Owner. The Owners shall each provide to the other Owner certificates <br />evidencing the fact that such insurance has been obtained. Additionally, upon the request of <br />either Owner, and provided that such request shall be commercially reasonable taking into <br />account the standard practices at comparable properties in the area and if economically feasible <br />for other Owner as reasonably determined by the other Owner, the other Owner shall increase the <br />limits of insurance carried by it hereunder, and shall carry types of insurance in addition to those <br />required hereunder, to the extent such additional types of coverage first become standard at <br />comparable properties after the date hereof. No Owner shall carry any insurance concurrent in <br />coverage and contributing in the event of loss with any insurance required to be furnished by the <br />other Owner if the effect of such separate insurance would be to reduce the coverage of, or <br />recovery available under, the other Owner’s insurance. <br /> 9.3 Property Insurance. <br /> (i) At all times during its ownership of a Parcel, each Owner shall maintain or <br />cause their respective Lessees to maintain “all risks” property insurance (or its equivalent) <br />covering all improvements located on such Owner’s Parcel in a minimum amount equal to 100% <br />of the reasonable replacement cost thereof. <br /> (ii) Property Insurance Requirements. All property insurance policies shall <br />contain a severability of interests clause. All insurance coverage required to be carried under this <br />Section 9.3 shall be carried with insurance companies that are (i) licensed to do business in <br />California and (ii) rated in the then-most current Best’s Insurance Guide (or any successor <br />thereto) as having a general policyholder rating of A or better and a financial rating of “VIII” or <br />better. All insurance policies required to be carried by either Owner shall be effected under <br />standard form policies. Such insurance shall provide that the same may not be canceled without <br />thirty (30) days prior written notice to the Owner. The Owners shall each provide to the other <br />certificates evidencing the fact that such insurance has been obtained. Additionally, upon the <br />request of either Owner, and provided that such request shall be commercially reasonable taking <br />into account the standard practices at comparable properties in the area and if economically <br />feasible for other Owner as reasonably determined by the other Owner, the other Owner shall <br />increase the limits of insurance carried by it hereunder, and shall carry types of insurance in <br />addition to those required hereunder, to the extent such additional types of coverage first become <br />standard at comparable properties after the date hereof. <br /> (iii) Waiver. Each Owner hereby waives, and releases the other Owner from, <br />any and all claims, liabilities, and rights of action with respect to any property loss caused by the <br />other Owner which is covered by the property insurance required to be maintained by the first <br />Owner. Each Owner hereby agrees that any property insurance maintained by it shall contain a <br />waiver by the insurer of any and all rights of subrogation against the other Owner. <br /> <br />