THE PROPERTY IS LOCATED.
(B)
ALL INSURANCE PROVIDED FOR IN SECTION 5.1.1(A) SHALL BE OBTAINED
UNDER VALID AND ENFORCEABLE POLICIES (COLLECTIVELY, THE "POLICIES" OR, IN THE
SINGULAR, THE "POLICY") AND, TO THE EXTENT NOT SPECIFIED ABOVE, SHALL BE SUBJECT
TO THE APPROVAL OF LENDER AS TO DEDUCTIBLES, LOSS PAYEES AND INSUREDS. NOT LESS
THAN TEN (10) DAYS PRIOR TO THE EXPIRATION DATES OF THE POLICIES THERETOFORE
FURNISHED TO LENDER, OR AS SOON AS AVAILABLE, BUT IN NO EVENT LATER THAN SEVEN
(7) DAYS FOLLOWING SUCH DATE OF EXPIRATION, CERTIFICATES OF INSURANCE EVIDENCING
THE POLICIES ACCOMPANIED BY EVIDENCE SATISFACTORY TO LENDER OF PAYMENT OF THE
PREMIUMS THEN DUE THEREUNDER (THE "INSURANCE PREMIUMS"), SHALL BE DELIVERED BY
BORROWER TO LENDER; PROVIDED, HOWEVER, THAT BORROWER IS NOT REQUIRED TO FURNISH
RECEIPTS FOR PAYMENT OF INSURANCE PREMIUMS IN THE EVENT THAT SUCH INSURANCE
PREMIUMS ARE PAYABLE BY LENDER PURSUANT TO SECTION 6.3 HEREOF AND SUFFICIENT
FUNDS HAVE BEEN DEPOSITED WITH LENDER FOR THE PAYMENT THEREOF IN THE MANNER
REQUIRED BY SECTION 6.3.
(C)
ANY BLANKET INSURANCE POLICY SHALL SPECIFICALLY ALLOCATE TO THE
PROPERTY THE AMOUNT OF COVERAGE FROM TIME TO TIME REQUIRED HEREUNDER AND SHALL
OTHERWISE PROVIDE THE SAME
47
PROTECTION AS WOULD A SEPARATE POLICY INSURING ONLY THE PROPERTY IN COMPLIANCE
WITH THE PROVISIONS OF SECTION 5.1.1(A).
(D)
ALL POLICIES OF INSURANCE PROVIDED FOR OR CONTEMPLATED BY
SECTION 5.1.1(A) SHALL BE PRIMARY COVERAGE AND, EXCEPT FOR THE POLICY REFERENCED
IN SECTIONS 5.1.1(A)(V), (VIII) AND (X), SHALL NAME BORROWER AS THE INSURED AND
LENDER AND ITS SUCCESSORS AND/OR ASSIGNS AS THE ADDITIONAL INSURED, AS ITS
INTERESTS MAY APPEAR, AND IN THE CASE OF PROPERTY DAMAGE, BOILER AND MACHINERY,
FLOOD, EARTHQUAKE AND TERRORISM INSURANCE AND RESULTING LOSS OF BUSINESS INCOME
OR RENTAL INCOME, SHALL CONTAIN A SO-CALLED NEW YORK STANDARD NON-CONTRIBUTING
MORTGAGEE OR LENDER LOSS PAYEE CLAUSE OR ENDORSEMENT IN FAVOR OF LENDER
PROVIDING THAT THE LOSS THEREUNDER SHALL BE PAYABLE TO LENDER SUBJECT TO THE
PROVISIONS OF SECTION 5.2 AND SECTION 5.3 HEREOF. BORROWER SHALL NOT PROCURE OR
PERMIT ANY OF ITS CONSTITUENT ENTITIES TO PROCURE ANY OTHER INSURANCE COVERAGE
WHICH WOULD BE ON THE SAME LEVEL OF PAYMENT AS THE POLICIES OR WOULD ADVERSELY
IMPACT IN ANY WAY THE ABILITY OF LENDER OR BORROWER TO COLLECT ANY PROCEEDS
UNDER ANY OF THE POLICIES.
(E)
ALL POLICIES OF INSURANCE PROVIDED FOR IN SECTION 5.1.1(A), EXCEPT
FOR THE POLICIES REFERENCED IN SECTION 5.1.1(A)(V) AND (A)(VIII) SHALL CONTAIN
CLAUSES OR ENDORSEMENTS TO THE EFFECT THAT:
(I)
NO ACT OR NEGLIGENCE OF BORROWER, OR ANYONE ACTING FOR BORROWER,
OR OF ANY TENANT OR OTHER OCCUPANT, OR FAILURE TO COMPLY WITH THE PROVISIONS OF
ANY POLICY, WHICH MIGHT OTHERWISE RESULT IN A FORFEITURE OF THE INSURANCE OR ANY
PART THEREOF, SHALL IN ANY WAY AFFECT THE VALIDITY OR ENFORCEABILITY OF THE
INSURANCE INSOFAR AS LENDER IS CONCERNED;
(II)
THE POLICY SHALL NOT BE CANCELED WITHOUT AT LEAST THIRTY (30)
DAYS' (OR TEN (10) DAYS' FOR NON-PAYMENT OF ANY PREMIUM) WRITTEN NOTICE TO
LENDER AND ANY OTHER PARTY