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Improvements thereon: (i) commercial property insurance against loss or damage by fire, lighting and other risks customarily covered by an all -risks policy of property insurance for the full replacement cost of the Building(s) and Improvements located thereon and (ii) commercial general liability insurance (including contractual liability coverage) against claims for bodily injury, death or property damage occurring on, in or about such Party's Parcel combined single limit coverage of not less than TWO MILLION DOLLARS ($2,000,000.00) per occurrence. To the extent not covered by the insurance policies described above, each owner of an Outparcel (the "Indemnitor ") will pay, and indemnify and save harmless the Declarants (the "Indenmitee ") from and against, all liabilities, losses, damages, costs, expenses (including attorneys' fees and expenses), causes of action, suits, claims, demands or judgments of any nature arising from: (i) any injury to or death of a person or loss of or damage to property occurring on the Indemnitor's Parcel; (ii) any use or condition of the Indemnitor's Parcel; and (iii) any negligence or tortious acts of the Indemnitor or any of his tenants, licensees, invitees, customers, agents or employees. ARTICLE VII DEFAULT; REMEDIES Section 7.1 Default. The occurrence of any one or more of the following events shall constitute a material default and breach of this Declaration by the non - performing Party (the "Defaulting Party "): (a) The failure to perform any obligation of Article VI hereof within the time requirements cited therein; (b) The failure to make any payment required to be made hereunder within ten (10) business days of the due date, or (c) The failure to observe or perform any other of the covenants, conditions or obligations of this Declaration or to abide by the restrictions and requirements herein provided, other than as described in (a) and (b) above, within thirty (30) days after the issuance of a notice by the other Party (the "non- defaulting Party ") specifying the nature of the default claimed. Section 7.2 Right to Cure. With respect to any default under Section 7.1 above, any Non - defaulting Party shall have the right, but not the obligation, to cure such default by the 22 201706687