AMOUNT FOR THE COVERAGE REQUIRED UNDER THIS SECTION 6.1.1(A)(IX).
IF FULL
COVERAGE FOR ACTS OF TERRORISM SATISFYING SUCH REQUIREMENTS IS NOT AVAILABLE FOR
AN AMOUNT EQUAL TO OR LESS THAN THE REQUIRED AMOUNT (BUT COVERAGE FOR ACTS OF
TERRORISM NOT FULLY SATISFYING SUCH REQUIREMENTS IS AVAILABLE), BORROWER SHALL
BE REQUIRED TO SPEND AN AMOUNT EQUAL TO THE REQUIRED AMOUNT FOR COVERAGE FOR
ACTS OF TERRORISM, AND THE SCOPE, FORM, DEDUCTIBLE AND CARRIER WITH RESPECT TO
SUCH COVERAGE SHALL BE ACCEPTABLE TO LENDER IN ITS SOLE DISCRETION; AND
(X)
UPON SIXTY (60) DAYS WRITTEN NOTICE, SUCH OTHER
REASONABLE INSURANCE AND IN SUCH REASONABLE AMOUNTS AS LENDER FROM TIME TO TIME
MAY REASONABLY REQUEST AGAINST SUCH OTHER INSURABLE HAZARDS WHICH AT THE TIME
ARE COMMONLY INSURED AGAINST FOR PROPERTY SIMILAR TO THE PROPERTY LOCATED IN OR
AROUND THE REGION IN WHICH THE PROPERTY IS LOCATED.
(B)
ALL INSURANCE PROVIDED FOR IN SECTION 6.1(A)
SHALL BE OBTAINED UNDER VALID AND ENFORCEABLE POLICIES (COLLECTIVELY, THE
"POLICIES" OR IN THE SINGULAR, THE "POLICY"), AND SHALL
59
BE SUBJECT TO THE APPROVAL OF LENDER AS TO INSURANCE COMPANIES, AMOUNTS,
DEDUCTIBLES, LOSS PAYEES AND INSUREDS.
THE POLICIES SHALL BE ISSUED BY
FINANCIALLY SOUND AND RESPONSIBLE INSURANCE COMPANIES AUTHORIZED TO DO BUSINESS
IN THE STATE AND HAVING A CLAIMS PAYING ABILITY RATING OF "A" OR BETTER (AND THE
EQUIVALENT THEREOF) BY AT LEAST TWO (2) OF THE RATING AGENCIES RATING THE
SECURITIES (ONE (1) OF WHICH SHALL BE S&P IF THEY ARE RATING THE SECURITIES AND
ONE (1) OF WHICH WILL BE MOODY'S IF THEY ARE RATING THE SECURITIES), OR IF ONLY
ONE (1) RATING AGENCY IS RATING THE SECURITIES, THEN ONLY BY SUCH RATING
AGENCY.
THE POLICIES DESCRIBED IN SECTION 6.1 (OTHER THAN THOSE STRICTLY
LIMITED TO LIABILITY PROTECTION) SHALL DESIGNATE LENDER AS LOSS PAYEE.
NOT LESS
THAN THIRTY (30) DAYS PRIOR TO THE EXPIRATION DATES OF THE POLICIES THERETOFORE
FURNISHED TO LENDER, CERTIFICATES OF INSURANCE EVIDENCING THE POLICIES
ACCOMPANIED BY EVIDENCE SATISFACTORY TO LENDER OF PAYMENT OF THE PREMIUMS DUE
THEREUNDER (THE "INSURANCE PREMIUMS"), SHALL BE DELIVERED BY BORROWER TO LENDER.
(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 PROTECTION AS WOULD A
SEPARATE POLICY INSURING ONLY THE PROPERTY IN COMPLIANCE WITH THE PROVISIONS OF
SECTION 6.1(A).
(D)
ALL POLICIES OF INSURANCE PROVIDED FOR OR
CONTEMPLATED BY SECTION 6.1(A), EXCEPT FOR THE POLICY REFERENCED IN SECTION
6.1(A)(VII) OF THIS AGREEMENT, SHALL NAME BORROWER, OR THE TENANT, AS THE
INSURED AND LENDER AS THE ADDITIONAL INSURED, AS ITS INTERESTS MAY APPEAR, AND
IN THE CASE OF PROPERTY DAMAGE, BOILER AND MACHINERY, FLOOD AND EARTHQUAKE
INSURANCE, SHALL CONTAIN A SO-CALLED NEW YORK STANDARD NON-CONTRIBUTING
MORTGAGEE CLAUSE IN FAVOR OF LENDER PROVIDING THAT THE LOSS THEREUNDER SHALL BE
PAYABLE TO LENDER.
(E)
ALL POLICIES OF INSURANCE PROVIDED FOR IN
SECTION 6.1(A) SHALL CONTAIN CLAUSES OR ENDORSEMENTS TO THE EFFECT THAT:
(I)
NO ACT OR NEGLIGENCE OF BORROWER, OR ANYONE