THAT THE
APPLICABLE INSURED ASSET 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 RIGHTS OF ANY MORTGAGE LENDER ON A
MEZZANINE ASSET, ALL INSURANCE PROCEEDS PAYABLE TO LENDER PURSUANT TO THIS
‎SECTION 6.1(A)(III) SHALL BE HELD BY LENDER AND SHALL BE APPLIED TO THE
OBLIGATIONS SECURED HEREUNDER FROM TIME TO TIME DUE AND PAYABLE HEREUNDER AND
UNDER THE NOTE AND THIS AGREEMENT.
NOTHING HEREIN CONTAINED, HOWEVER, SHALL BE
DEEMED TO RELIEVE BORROWER OF ITS OBLIGATIONS TO PAY THE OBLIGATIONS SECURED
HEREUNDER ON THE RESPECTIVE DATES OF PAYMENT PROVIDED FOR IN THE NOTE AND THIS
AGREEMENT EXCEPT TO THE EXTENT SUCH AMOUNTS ARE ACTUALLY PAID OUT OF THE
PROCEEDS OF SUCH BUSINESS INTERRUPTION/LOSS OF RENTS INSURANCE.
(IV)
AT ALL TIMES DURING WHICH STRUCTURAL CONSTRUCTION, REPAIRS OR
ALTERATIONS ARE BEING MADE WITH RESPECT TO THE IMPROVEMENTS: (A) OWNER'S
CONTINGENT OR PROTECTIVE LIABILITY INSURANCE COVERING CLAIMS NOT COVERED BY OR
UNDER THE TERMS OR PROVISIONS OF THE INSURANCE PROVIDED FOR IN ‎SECTION
6.1(C)(II); AND (B) THE INSURANCE PROVIDED FOR IN ‎SECTION 6.1(A)(I) SHALL BE
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 ‎SECTION
6.1(A)(I), (3) SHALL INCLUDE PERMISSION TO OCCUPY EACH INSURED ASSET, AND (4)
SHALL CONTAIN AN AGREED AMOUNT ENDORSEMENT WAIVING CO-INSURANCE PROVISIONS;
(V)
WORKERS' COMPENSATION, SUBJECT TO THE STATUTORY LIMITS OF THE
STATE IN WHICH EACH INSURED ASSET IS LOCATED, AND EMPLOYER'S LIABILITY INSURANCE
WITH A LIMIT OF AT LEAST $1,000,000.00 PER ACCIDENT AND PER DISEASE PER
EMPLOYEE, AND $1,000,000.00 FOR DISEASE AGGREGATE IN RESPECT OF ANY WORK OR
OPERATIONS ON OR ABOUT EACH INSURED ASSET, OR IN CONNECTION WITH SUCH INSURED
ASSET OR ITS OPERATION (IF APPLICABLE);
(VI)
COMPREHENSIVE BOILER AND MACHINERY INSURANCE, IF APPLICABLE, IN
AMOUNTS AS SHALL BE REASONABLY REQUIRED BY LENDER ON TERMS CONSISTENT WITH THE
COMMERCIAL PROPERTY INSURANCE POLICY REQUIRED UNDER ‎SECTION 6.1(A)(I);
(VII)
IF ANY PORTION OF THE IMPROVEMENTS IS AT ANY TIME LOCATED IN AN
AREA IDENTIFIED BY THE SECRETARY OF HOUSING AND URBAN DEVELOPMENT OR ANY
SUCCESSOR THERETO AS AN AREA HAVING SPECIAL FLOOD HAZARDS PURSUANT TO THE
NATIONAL FLOOD INSURANCE ACT OF 1968, THE FLOOD DISASTER PROTECTION ACT OF 1973
OR THE NATIONAL FLOOD INSURANCE REFORM ACT OF 1994, AS EACH MAY BE AMENDED, OR
ANY SUCCESSOR LAW (THE "FLOOD INSURANCE ACTS"), FLOOD HAZARD INSURANCE OF THE
FOLLOWING TYPES AND IN THE FOLLOWING AMOUNTS (A) COVERAGE UNDER POLICIES ISSUED
PURSUANT TO THE FLOOD INSURANCE ACTS (THE "FLOOD INSURANCE POLICIES") IN AN
AMOUNT EQUAL TO THE MAXIMUM LIMIT OF COVERAGE AVAILABLE FOR THE APPLICABLE
INSURED ASSET UNDER THE FLOOD INSURANCE ACTS, SUBJECT ONLY TO CUSTOMARY
DEDUCTIBLES UNDER SUCH POLICIES AND (B) COVERAGE UNDER SUPPLEMENTAL PRIVATE
POLICIES IN AN AMOUNT, WHICH WHEN
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ADDED TO THE COVERAGE PROVIDED UNDER THE FLOOD ACT POLICIES WITH RESPECT TO AN
INSURED ASSET, IS NOT LESS THAN THE ALLOCATED VALUE FOR SUCH INSURED