This office lease provision states that the parties desire to allocate certain risks of personal injury, bodily injury or property damage, and risks of loss of real or personal property by reason of fire, explosion or other casualty, and to provide for the responsibility for insuring those risks permitted by law.
New Hampshire Provision Allocation Risks and Setting Forth Insurance Obligations of Both the Landlord and the Tenant In New Hampshire, there are specific provisions that landlords and tenants must adhere to regarding the allocation of risks and insurance obligations. These provisions ensure that both parties are protected in the event of unforeseen circumstances or damages. 1. New Hampshire Provision Allocation Risks: — Fire or Smoke Damage: Landlords are responsible for maintaining fire-safe conditions in rental properties. Tenants are expected to report any fire hazards promptly and follow safety instructions. — Structural Damage: Landlords bear the responsibility of maintaining the structural integrity of the building. However, tenants must notify landlords of any damages promptly to prevent further deterioration. — Natural Disasters: In cases of natural disasters like hurricanes or earthquakes, landlords are usually responsible for damages caused to the property. However, tenants may still be accountable for damage to their personal belongings. — Environmental Hazards: Landlords are responsible for ensuring that the premises are free from hazardous materials, such as lead-based paint or asbestos-containing materials. Tenants must notify landlords if they discover any potential hazards. 2. Insurance Obligations: — Property Insurance: It is typically the landlord's responsibility to maintain property insurance. This insurance covers damages to the building's structure, fixtures, and systems. However, tenants must obtain their renter's insurance to protect their personal belongings in case of theft, fire, or other covered events. — Liability Insurance: Landlords usually carry liability insurance to protect against claims filed by third parties who sustain injuries on the property. Tenants are encouraged to carry renter's insurance with liability coverage to protect themselves against potential liabilities caused by their actions or negligence. — Additional Insured: The landlord may require the tenant to name them as an additional insured on the tenant's renter's insurance policy. This ensures that both parties are indemnified in case of covered losses. Adhering to these provisions and insurance obligations is crucial for both landlords and tenants as it sets clear expectations, minimizes disputes, and ensures adequate protection for all parties involved. Different types of New Hampshire Provision Allocation Risks and Setting Forth Insurance Obligations may include specific clauses for commercial leases, residential leases, and condominium or cooperative ownership arrangements. Each type may have unique provisions tailored to the corresponding property type and its associated risks. It is essential for landlords and tenants to be aware of the specific provisions and obtain legal advice when necessary to understand their rights and responsibilities fully.
New Hampshire Provision Allocation Risks and Setting Forth Insurance Obligations of Both the Landlord and the Tenant In New Hampshire, there are specific provisions that landlords and tenants must adhere to regarding the allocation of risks and insurance obligations. These provisions ensure that both parties are protected in the event of unforeseen circumstances or damages. 1. New Hampshire Provision Allocation Risks: — Fire or Smoke Damage: Landlords are responsible for maintaining fire-safe conditions in rental properties. Tenants are expected to report any fire hazards promptly and follow safety instructions. — Structural Damage: Landlords bear the responsibility of maintaining the structural integrity of the building. However, tenants must notify landlords of any damages promptly to prevent further deterioration. — Natural Disasters: In cases of natural disasters like hurricanes or earthquakes, landlords are usually responsible for damages caused to the property. However, tenants may still be accountable for damage to their personal belongings. — Environmental Hazards: Landlords are responsible for ensuring that the premises are free from hazardous materials, such as lead-based paint or asbestos-containing materials. Tenants must notify landlords if they discover any potential hazards. 2. Insurance Obligations: — Property Insurance: It is typically the landlord's responsibility to maintain property insurance. This insurance covers damages to the building's structure, fixtures, and systems. However, tenants must obtain their renter's insurance to protect their personal belongings in case of theft, fire, or other covered events. — Liability Insurance: Landlords usually carry liability insurance to protect against claims filed by third parties who sustain injuries on the property. Tenants are encouraged to carry renter's insurance with liability coverage to protect themselves against potential liabilities caused by their actions or negligence. — Additional Insured: The landlord may require the tenant to name them as an additional insured on the tenant's renter's insurance policy. This ensures that both parties are indemnified in case of covered losses. Adhering to these provisions and insurance obligations is crucial for both landlords and tenants as it sets clear expectations, minimizes disputes, and ensures adequate protection for all parties involved. Different types of New Hampshire Provision Allocation Risks and Setting Forth Insurance Obligations may include specific clauses for commercial leases, residential leases, and condominium or cooperative ownership arrangements. Each type may have unique provisions tailored to the corresponding property type and its associated risks. It is essential for landlords and tenants to be aware of the specific provisions and obtain legal advice when necessary to understand their rights and responsibilities fully.
