TO CONTINUE AT NOT LESS THAN THE
AFORESAID LIMIT UNTIL REQUIRED TO BE CHANGED BY LENDER BY REASON OF CHANGED
ECONOMIC CONDITIONS MAKING SUCH PROTECTION INADEQUATE; AND (C) TO COVER AT LEAST
THE FOLLOWING HAZARDS: (1) PREMISES AND OPERATIONS; (2) PRODUCTS AND COMPLETED
OPERATIONS ON AN "IF ANY" BASIS; (3) INDEPENDENT CONTRACTORS; (4) BLANKET
CONTRACTUAL LIABILITY FOR ALL LEGAL CONTRACTS; AND (5) CONTRACTUAL LIABILITY
COVERING THE INDEMNITIES CONTAINED IN ARTICLE 9 OF THE MORTGAGE TO THE EXTENT
THE SAME IS AVAILABLE;
45
(III)
BUSINESS OR RENTAL INCOME INSURANCE WITH A LIMIT OF INSURANCE
ADEQUATE TO COVER A LOSS OF BUSINESS OR RENTAL INCOME FOR A PERIOD OF EIGHTEEN
(18) MONTHS INCLUSIVE OF THE EXTENDED PERIOD OF INDEMNITY REQUIRED BELOW (A)
WITH LOSS PAYABLE TO LENDER UNDER A LENDER LOSS PAYABLE OR STANDARD MORTGAGEE
ENDORSEMENT SATISFACTORY TO LENDER; (B) COVERING ALL RISKS REQUIRED TO BE
COVERED BY THE INSURANCE PROVIDED FOR IN SUBSECTION (I) ABOVE AND SUBSECTIONS
(VI) AND (XI) BELOW FOR A PERIOD COMMENCING AT THE TIME OF LOSS FOR SUCH LENGTH
OF TIME (NOT EXCEEDING TWELVE (12) MONTHS) AS IT TAKES TO REPAIR OR REPLACE WITH
THE EXERCISE OF DUE DILIGENCE AND DISPATCH; (C) CONTAINING AN EXTENDED PERIOD OF
INDEMNITY ENDORSEMENT WHICH PROVIDES THAT AFTER THE PHYSICAL LOSS TO THE
IMPROVEMENTS AND PERSONAL PROPERTY HAS BEEN REPAIRED, THE CONTINUED LOSS OF
INCOME WILL BE INSURED UNTIL SUCH INCOME EITHER RETURNS TO THE SAME LEVEL IT WAS
AT PRIOR TO THE LOSS, OR THE EXPIRATION OF SIX (6) MONTHS FROM THE DATE THAT THE
PROPERTY IS REPAIRED OR REPLACED AND OPERATIONS ARE RESUMED, WHICHEVER FIRST
OCCURS, AND NOTWITHSTANDING THAT THE POLICY MAY EXPIRE PRIOR TO THE END OF SUCH
PERIOD. SUBJECT TO THE PROVISIONS OF SECTION 5.2 AND SECTION 5.3 OF THIS
AGREEMENT, ALL PROCEEDS PAYABLE TO LENDER PURSUANT TO THIS SUBSECTION SHALL BE
HELD BY LENDER AND SHALL BE APPLIED TO THE OBLIGATIONS SECURED BY THE LOAN
DOCUMENTS FROM TIME TO TIME DUE AND PAYABLE HEREUNDER AND UNDER THE NOTE;
PROVIDED, HOWEVER, THAT NOTHING HEREIN CONTAINED SHALL BE DEEMED TO RELIEVE
BORROWER OF ITS OBLIGATIONS TO PAY THE OBLIGATIONS SECURED BY THE LOAN DOCUMENTS
ON THE RESPECTIVE DATES OF PAYMENT PROVIDED FOR IN THE NOTE AND THE OTHER LOAN
DOCUMENTS EXCEPT TO THE EXTENT SUCH AMOUNTS ARE ACTUALLY PAID OUT OF THE
PROCEEDS OF SUCH BUSINESS INCOME INSURANCE;
(IV)
AT ALL TIMES DURING WHICH STRUCTURAL CONSTRUCTION, REPAIRS OR
ALTERATIONS ARE BEING MADE WITH RESPECT TO THE IMPROVEMENTS, AND ONLY IF THE
PROPERTY AND LIABILITY COVERAGE FORMS DO NOT OTHERWISE APPLY, (A) OWNER'S
CONTINGENT OR PROTECTIVE LIABILITY INSURANCE COVERING CLAIMS NOT COVERED BY OR
UNDER THE TERMS OR PROVISIONS OF THE ABOVE MENTIONED COMMERCIAL GENERAL
LIABILITY INSURANCE POLICY; AND (B) THE INSURANCE PROVIDED FOR IN SUBSECTION (I)
ABOVE WRITTEN IN A SO-CALLED BUILDER'S RISK COMPLETED VALUE FORM (1) ON A
NON-REPORTING BASIS, (2) AGAINST ALL RISKS INSURED AGAINST PURSUANT TO
SUBSECTION (I) ABOVE, (3) INCLUDING PERMISSION TO OCCUPY THE PROPERTY, AND (4)
WITH AN AGREED AMOUNT ENDORSEMENT WAIVING CO-INSURANCE