HEREOF, ADMINISTRATIVE AGENT SHALL HOLD
SUCH RENT LOSS PROCEEDS IN A SEGREGATED INTEREST-BEARING ELIGIBLE ACCOUNT AND
ADMINISTRATIVE AGENT SHALL ESTIMATE THE NUMBER OF MONTHS REQUIRED FOR BORROWER
TO RESTORE THE DAMAGE CAUSED BY THE APPLICABLE CASUALTY, SHALL DIVIDE THE
APPLICABLE AGGREGATE RENT LOSS PROCEEDS BY SUCH NUMBER OF MONTHS AND SHALL
DISBURSE SUCH MONTHLY INSTALLMENT OF RENT LOSS PROCEEDS FROM SUCH ELIGIBLE
ACCOUNT INTO THE RESTRICTED ACCOUNT EACH MONTH DURING THE PERFORMANCE OF SUCH
RESTORATION/TO BORROWER AFTER ADMINISTRATIVE AGENT'S DEDUCTION THEREFROM OF THE
AMOUNT OF DEBT SERVICE AND DEPOSITS TO THE RESERVE ACCOUNTS THEN DUE AND PAYABLE
HEREUNDER;
(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
ABOVE MENTIONED COMMERCIAL GENERAL LIABILITY INSURANCE POLICY; AND (B) THE
INSURANCE PROVIDED FOR IN SUBSECTION 7.1(A)(I) 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 7.1(A)(I), (3) INCLUDING PERMISSION TO
OCCUPY THE PROPERTY, AND (4) WITH AN AGREED AMOUNT ENDORSEMENT WAIVING
CO-INSURANCE PROVISIONS;
(V)
WORKER'S
COMPENSATION, SUBJECT TO THE STATUTORY LIMITS OF THE STATE, AND EMPLOYER'S
LIABILITY INSURANCE WITH A LIMIT OF AT LEAST $1,000,000 PER ACCIDENT AND PER
DISEASE PER EMPLOYEE, AND $1,000,000 FOR DISEASE AGGREGATE IN RESPECT OF ANY
WORK OR OPERATIONS ON OR ABOUT THE PROPERTY, OR IN CONNECTION WITH THE PROPERTY
OR ITS OPERATION (IF APPLICABLE);
(VI)
BOILER AND
MACHINERY INSURANCE COVERING ALL MECHANICAL AND ELECTRICAL EQUIPMENT IN SUCH
AMOUNTS AS SHALL BE REASONABLY BE REQUIRED BY ADMINISTRATIVE AGENT, AND, IF
PRESSURE VESSELS AND BOILERS ARE IN OPERATION, AMOUNTS OF INSURANCE MUST BE ON
TERMS CONSISTENT WITH THE COMMERCIAL PROPERTY INSURANCE POLICY REQUIRED UNDER
SUBSECTION 7.1(A)(I) ABOVE OR IN SUCH OTHER AMOUNT AS SHALL BE REASONABLY
REQUIRED BY ADMINISTRATIVE AGENT;
(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 IN AN AMOUNT EQUAL TO THE PRINCIPAL
BALANCE OF THE NOTE, OR SUCH OTHER AMOUNT AS LENDER MAY PERMIT IN THEIR
REASONABLE DISCRETION; PROVIDED, THAT, THE INSURANCE PROVIDED PURSUANT TO THIS
CLAUSE (VII) SHALL BE ON TERMS CONSISTENT WITH THE "ALL RISK" INSURANCE POLICY
REQUIRED IN SECTION 7.1(A)(I) ABOVE;
(VIII)
EARTHQUAKE,
SINKHOLE AND MINE SUBSIDENCE INSURANCE, IF REQUIRED, IN AMOUNTS EQUAL TO ONE
TIME (1X) THE PROBABLE MAXIMUM LOSS OF THE PROPERTY IN FORM AND
78
SUBSTANCE REASONABLY SATISFACTORY TO ADMINISTRATIVE AGENT, PROVIDED
THAT THE INSURANCE PURSUANT TO THIS SUBSECTION (VIII) SHALL BE ON TERMS
CONSISTENT WITH THE ALL RISK INSURANCE POLICY REQUIRED UNDER SECTION 7.1(A)(I),
INCLUSIVE OF