THEN REPLACEMENT
COST OF THE IMPROVEMENTS WITHOUT DEDUCTION FOR PHYSICAL DEPRECIATION AND IN ANY
EVENT NOT LESS THAN SUCH
53
AMOUNT AS IS NECESSARY SO THAT THE INSURER WOULD NOT DEEM BORROWER A CO-INSURER
UNDER SUCH POLICIES, (II) HAVE DEDUCTIBLES NO GREATER THAN $200,000 PER
OCCURRENCE, (III) BE PAID ANNUALLY IN ADVANCE AND (IV) BE ON A REPLACEMENT COST
BASIS AND CONTAIN EITHER NO COINSURANCE OR, IF COINSURANCE, AN AGREED AMOUNT
ENDORSEMENT, AND SHALL COVER, WITHOUT LIMITATION, ALL TENANT IMPROVEMENTS AND
BETTERMENTS THAT BORROWER IS REQUIRED TO INSURE ON A REPLACEMENT COST BASIS. IF
THE INSURANCE REQUIRED UNDER THIS SUBPARAGRAPH IS NOT OBTAINED BY BLANKET
INSURANCE POLICIES, THE INSURANCE POLICY SHALL BE ENDORSED TO ALSO PROVIDE
GUARANTEED BUILDING REPLACEMENT COST TO THE IMPROVEMENTS AND SUCH TENANT
IMPROVEMENTS IN AN AMOUNT TO BE SUBJECT TO THE CONSENT OF LENDER, WHICH CONSENT
SHALL NOT BE UNREASONABLY WITHHELD. LENDER SHALL BE NAMED MORTGAGEE AND LOSS
PAYEE ON A STANDARD MORTGAGEE ENDORSEMENT.
(B)
FLOOD INSURANCE IF ANY PART OF THE IMPROVEMENTS ARE LOCATED IN AN
AREA NOW OR HEREAFTER DESIGNATED BY THE FEDERAL EMERGENCY MANAGEMENT AGENCY AS A
ZONE "A" & "V" SPECIAL HAZARD AREA, OR SUCH OTHER SPECIAL HAZARD AREA IF LENDER
SO REQUIRES IN ITS SOLE DISCRETION. SUCH POLICY SHALL (I) BE IN AN AMOUNT EQUAL
TO (A) ONE HUNDRED PERCENT (100%) OF THE FULL REPLACEMENT COST OF THE
IMPROVEMENTS ON THE PROPERTY (WITHOUT ANY DEDUCTION FOR DEPRECIATION) OR
(B) SUCH OTHER AMOUNT AS IS AGREED TO BY LENDER IN WRITING, AND (II) HAVE A
MAXIMUM PERMISSIBLE DEDUCTIBLE OF $3,000.
(C)
PUBLIC LIABILITY INSURANCE, INCLUDING (I) "COMMERCIAL GENERAL
LIABILITY INSURANCE", (II) "OWNED", "HIRED" AND "NON OWNED AUTO LIABILITY"; AND
(III) UMBRELLA LIABILITY COVERAGE FOR PERSONAL INJURY, BODILY INJURY, DEATH,
ACCIDENT AND PROPERTY DAMAGE, SUCH INSURANCE PROVIDING IN COMBINATION NO LESS
THAN CONTAINING MINIMUM LIMITS PER OCCURRENCE OF $1,000,000 AND $2,000,000 IN
THE AGGREGATE FOR ANY POLICY YEAR WITH NO DEDUCTIBLE OR SELF INSURED RETENTION;
TOGETHER WITH AT LEAST $25,000,000 EXCESS AND/OR UMBRELLA LIABILITY INSURANCE
FOR ANY AND ALL CLAIMS WITH NO DEDUCTIBLE. THE POLICIES DESCRIBED IN THIS
SUBSECTION SHALL ALSO INCLUDE COVERAGE FOR ELEVATORS, ESCALATORS, INDEPENDENT
CONTRACTORS, "CONTRACTUAL LIABILITY" (COVERING, TO THE MAXIMUM EXTENT PERMITTED
BY LAW, BORROWER'S OBLIGATION TO INDEMNIFY LENDER AS REQUIRED UNDER THIS
AGREEMENT AND THE OTHER LOAN DOCUMENTS), "PRODUCTS" AND "COMPLETED OPERATIONS
LIABILITY" COVERAGE.
(D)
RENTAL LOSS AND/OR BUSINESS INTERRUPTION INSURANCE (I) WITH LENDER
BEING NAMED AS "LENDER LOSS PAYEE", (II) IN AN AMOUNT EQUAL TO 100% OF THE
PROJECTED RENTS FROM THE PROPERTY DURING THE PERIOD OF RESTORATION; AND
(III) CONTAINING AN EXTENDED PERIOD OF INDEMNITY ENDORSEMENT WHICH PROVIDES THAT
AFTER THE PHYSICAL LOSS TO THE 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 EIGHTEEN (18) 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