OF THE MORTGAGES.
6.6.2
COMMERCIAL GENERAL LIABILITY INSURANCE AGAINST
DEATH, BODILY INJURY AND PROPERTY DAMAGE ARISING ON, ABOUT OR IN CONNECTION WITH
EACH PROJECT, WITH LIMITS NOT LESS THAN THOSE HERETOFORE MAINTAINED BY
SUBSIDIARIES OF GUARANTOR AND WRITTEN ON THE MOST RECENT STANDARD "ISO"
OCCURRENCE BASIS FORM OR EQUIVALENT FORM, EXCESS UMBRELLA LIABILITY COVERAGE
WITH LIMITS NOT LESS THAN THOSE HERETOFORE MAINTAINED BY SUBSIDIARIES OF
GUARANTOR AND COMPLETED OPERATIONS COVERAGE FOR A PERIOD OF ONE YEAR AFTER
CONSTRUCTION OF UNITS, ISSUED BY INSURERS LICENSED IN THE JURISDICTION IN WHICH
EACH PROJECT IS LOCATED AND THAT SATISFY AGENT'S THEN-CURRENT STANDARDS FOR
LIABILITY INSURERS.
6.6.3
WORKER'S COMPENSATION INSURANCE IN AN AMOUNT NOT
LESS THAN THOSE THAT ARE STATUTORILY REQUIRED IN EACH JURISDICTION IN WHICH
BORROWERS OPERATE.
6.6.4
DURING THE MAKING OF ANY ALTERATIONS OR
IMPROVEMENTS TO ANY PROJECT, INSURANCE COVERING CLAIMS BASED ON THE OWNER'S OR
EMPLOYER'S CONTINGENT LIABILITY NOT COVERED BY THE INSURANCE PROVIDED IN
SECTION 6.6.2 ABOVE.
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6.6.5
INSURANCE AGAINST LOSS OR DAMAGE BY FLOOD OR MUD SLIDE IN
COMPLIANCE WITH THE FLOOD DISASTER PROTECTION ACT OF 1973, AS AMENDED FROM TIME
TO TIME, COVERING EACH PROJECT THAT IS NOW, OR AT ANY TIME WHILE THE
INDEBTEDNESS REMAINS OUTSTANDING SHALL BE, SITUATED IN ANY AREA WHICH AN
APPROPRIATE GOVERNMENTAL AUTHORITY DESIGNATES AS A SPECIAL FLOOD HAZARD AREA, IN
AMOUNTS EQUAL TO THE FULL REPLACEMENT VALUE OF ALL ABOVE GRADE STRUCTURES
LOCATED OR TO BE CONSTRUCTED IN SUCH SPECIAL FLOOD HAZARD AREA.
6.6.6
SUCH OTHER INSURANCE RELATING TO THE PROJECTS AND THE USES AND
OPERATION THEREOF AS AGENT MAY, FROM TIME TO TIME, REASONABLY REQUIRE,
INCLUDING, BUT NOT LIMITED TO PRODUCTS LIABILITY AND WORKERS' COMPENSATION
INSURANCE.
6.6.7
DIRECTORS' AND OFFICERS' LIABILITY INSURANCE IN THE FORMS, AND IN
AMOUNTS NOT LESS THAN THAT WHICH IS NOW CARRIED BY BORROWERS AND GUARANTOR.
6.6.8
ALL INSURANCE SHALL:
(I) BE CARRIED IN COMPANIES WITH A RATING OF
A- OR BETTER AND A FINANCIAL SIZE CATEGORY OF CLASS IX OR HIGHER, AS SET FORTH
IN THE MOST RECENTLY PUBLISHED BEST'S KEY RATING GUIDE, OR OTHERWISE ACCEPTABLE
TO AGENT; (II) IN FORM AND CONTENT ACCEPTABLE TO AGENT; AND (III) PROVIDE THIRTY
(30) DAYS' (TEN (10) DAYS' FOR NON-PAYMENT OF ANY PREMIUM) ADVANCE WRITTEN
NOTICE TO AGENT BEFORE ANY CANCELLATION, MATERIAL MODIFICATION OR NOTICE OF
NON-RENEWAL.
ALL PHYSICAL DAMAGE POLICIES AND RENEWALS SHALL CONTAIN A MORTGAGE
CLAUSE ACCEPTABLE TO AGENT, NAMING AGENT AS MORTGAGEE, WHICH CLAUSE SHALL
EXPRESSLY STATE THAT ANY BREACH OF ANY CONDITION OR WARRANTY BY ANY BORROWER
SHALL NOT PREJUDICE THE RIGHTS OF AGENT UNDER SUCH INSURANCE, AND A LOSS PAYABLE
CLAUSE IN FAVOR OF AGENT FOR PERSONAL PROPERTY, CONTENTS, INVENTORY, EQUIPMENT,
LOSS OF RENTS AND BUSINESS INTERRUPTION.
ALL LIABILITY POLICIES AND RENEWALS
SHALL NAME AGENT AND EACH LENDER AS AN ADDITIONAL INSURED.
NO ADDITIONAL
PARTIES SHALL APPEAR IN THE MORTGAGE OR LOSS PAYABLE CLAUSE WITHOUT AGENT'S
PRIOR WRITTEN CONSENT.
ALL DEDUCTIBLES SHALL BE IN AMOUNTS ACCEPTABLE TO
AGENT.
IN THE EVENT OF THE FORECLOSURE OF ANY MORTGAGE OR ANY OTHER TRANSFER OF