SHALL BE DELIVERED BY BORROWER TO LENDER. NOTWITHSTANDING
THE FOREGOING, LENDER WILL ALLOW 10% OF THE PROPERTY PROGRAM TO BE UNDERWRITTEN
BY A CARRIER WITH AN A.M. BEST RATING OF A-X OR BETTER, ASSUMING THESE CARRIERS
ARE NOT PART OF THE PRIMARY LAYER.
(C)
THE INSURANCE COVERAGE REQUIRED UNDER SECTION 6.1(A) HEREOF MAY BE
EFFECTED UNDER A BLANKET POLICY OR POLICIES COVERING ONE OR MORE INDIVIDUAL
PROPERTIES AND OTHER PROPERTY AND ASSETS NOT CONSTITUTING A PART OF THE
PROPERTIES; PROVIDED, HOWEVER, THAT THE CERTIFICATES OF INSURANCE EVIDENCING THE
COVERAGE REQUIRED HEREIN SHALL SPECIFY ANY SUBLIMITS IN SUCH BLANKET POLICY
APPLICABLE TO EACH INDIVIDUAL PROPERTY INSURED BY SUCH POLICY, WHICH AMOUNTS
SHALL NOT BE LESS THAN THE AMOUNTS REQUIRED PURSUANT TO SECTION 6.1(A), AND
WHICH SHALL IN ANY CASE COMPLY IN ALL OTHER APPLICABLE RESPECTS WITH THE
REQUIREMENTS OF THIS SECTION 6.1.
(D)
ALL POLICIES PROVIDED FOR OR CONTEMPLATED BY SECTION 6.1(A)
HEREOF, EXCEPT FOR THE POLICY REFERENCED IN SECTION 6.1(A)(V) HEREOF, SHALL NAME
BORROWER, MORTGAGE BORROWER AND MEZZANINE A BORROWER, AS THE CASE MAY BE, AS THE
INSURED AND LENDER, MORTGAGE LENDER AND MEZZANINE A LENDER, AS THE ADDITIONAL
INSURED, AS THEIR INTERESTS MAY APPEAR, AND IN THE CASE OF PROPERTY DAMAGE,
BOILER AND MACHINERY, FLOOD AND
110
EARTHQUAKE INSURANCE, SHALL CONTAIN A SO CALLED NEW YORK STANDARD
NON-CONTRIBUTING MORTGAGEE CLAUSE IN FAVOR OF LENDER, MORTGAGE LENDER AND
MEZZANINE A LENDER, PROVIDING THAT THE LOSS THEREUNDER SHALL BE PAYABLE DIRECTLY
TO LENDER, MORTGAGE LENDER AND MEZZANINE A LENDER, OR LENDER, MORTGAGE LENDER
AND MEZZANINE A LENDER, AND BORROWER, MORTGAGE BORROWER AND MEZZANINE A
BORROWER, AS THE CASE MAY BE, BY JOINT CHECK; PROVIDED, HOWEVER, THAT BORROWER
HEREBY GRANTS TO LENDER AN IRREVOCABLE POWER OF ATTORNEY TO ENDORSE THE JOINT
CHECK ON BORROWER'S BEHALF.
(E)
ALL POLICIES SHALL CONTAIN CLAUSES OR ENDORSEMENTS TO THE EFFECT
THAT:
(I)
NO ACT OR NEGLIGENCE OF BORROWER, MORTGAGE BORROWER OR MEZZANINE
A BORROWER, OR ANYONE ACTING FOR BORROWER, MORTGAGE BORROWER OR MEZZANINE A
BORROWER, OR 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, EXCEPT FOR THE WILLFUL MISCONDUCT OF LENDER,
MORTGAGE LENDER OR MEZZANINE A LENDER, IN VIOLATION OF THE CONDITIONS OF SUCH
POLICY, SHALL IN ANY WAY AFFECT THE VALIDITY OR ENFORCEABILITY OF THE INSURANCE
INSOFAR AS LENDER, MORTGAGE LENDER OR MEZZANINE A LENDER IS CONCERNED;
(II)
THE POLICY SHALL NOT BE CANCELLED WITHOUT AT LEAST 15 DAYS'
WRITTEN NOTICE (OR TEN DAYS' WRITTEN NOTICE, IN THE CASE OF NON-PAYMENT OF
PREMIUM) TO LENDER, MORTGAGE LENDER AND MEZZANINE A LENDER AND ANY OTHER PARTY
NAMED THEREIN AS AN ADDITIONAL INSURED;
(III)
INTENTIONALLY OMITTED; AND
(IV)
NEITHER LENDER, MORTGAGE LENDER OR MEZZANINE A LENDER SHALL BE
LIABLE FOR ANY INSURANCE PREMIUMS THEREON OR SUBJECT TO ANY ASSESSMENTS
THEREUNDER.
(F)
BORROWER SHALL GIVE WRITTEN NOTICE TO LENDER IF THE POLICY HAS
NOT BEEN RENEWED 10 DAYS PRIOR TO THE EXPIRATION. IF AT ANY TIME