BY THE INSURANCE PROVIDED FOR IN SECTION 6.1(A)(I) ABOVE; (C) IN AN
AMOUNT EQUAL TO THE GREATER OF (1) THE ESTIMATED GROSS INCOME FROM THE OPERATION
OF EACH INDIVIDUAL PROPERTY, OR (2) THE PROJECTED OPERATING EXPENSES (INCLUDING
DEBT SERVICE, MEZZANINE B DEBT SERVICE AND MORTGAGE LOAN DEBT SERVICE) FOR THE
MAINTENANCE AND OPERATION OF EACH INDIVIDUAL PROPERTY, IN EACH CASE FOR THE
PERIOD OF RESTORATION ON AN ACTUAL LOSS SUSTAINED BASIS FOR LIMIT PURCHASED NOT
LESS THAN THE SUCCEEDING 18 MONTH PERIOD;
116
THE AMOUNT OF SUCH INSURANCE SHALL BE INCREASED FROM TIME TO TIME, AT LENDER'S
REQUEST BUT IN NO EVENT MORE FREQUENTLY THAN ONCE EVERY CALENDAR YEAR, AS AND
WHEN THE RENTS INCREASE OR THE ESTIMATE OF (OR THE ACTUAL) GROSS INCOME
INCREASES; AND (D) CONTAINING AN EXTENDED PERIOD OF INDEMNITY ENDORSEMENT WHICH
PROVIDES THAT AFTER THE PHYSICAL LOSS TO THE IMPROVEMENTS AND THE PERSONAL
PROPERTY HAS BEEN REPAIRED, THE CONTINUED LOSS OF INCOME WILL BE INSURED UNTIL
EITHER SUCH INCOME RETURNS TO THE SAME LEVEL IT WAS AT PRIOR TO THE LOSS, OR THE
DATE WHICH IS 365 DAYS AFTER THE DATE THAT THE APPLICABLE INDIVIDUAL PROPERTY IS
REPAIRED OR REPLACED AND OPERATIONS ARE RESUMED, WHICHEVER FIRST OCCURS, IN EACH
CASE NOTWITHSTANDING THAT THE POLICY MAY EXPIRE PRIOR TO THE END OF SUCH PERIOD.
ALL INSURANCE PROCEEDS PAYABLE TO LENDER, MEZZANINE B LENDER AND/OR MORTGAGE
LENDER, AS THEIR INTERESTS MAY APPEAR, PURSUANT TO THE INSURANCE COVERAGE
REQUIRED UNDER THIS SECTION 6.1(A)(II) WHICH (X) ARE FOR LOSSES IN THE MONTH IN
WHICH SUCH PROCEEDS ARE RECEIVED OR FOR LOSSES PRIOR TO THE DATE OF RECEIPT, AND
(Y) ARE FOR PROJECTED OR FUTURE LOSSES SHALL BE APPLIED TO THE OBLIGATIONS OF
BORROWER, MORTGAGE BORROWER AND MEZZANINE B BORROWER, AS THE CASE MAY BE, FROM
TIME TO TIME DUE AND PAYABLE UNDER THE LOAN, THE MORTGAGE LOAN AND THE MEZZANINE
B LOAN, AS THE CASE MAY BE, FOR EACH PERIOD AS AND WHEN INCURRED; PROVIDED,
HOWEVER, THAT NOTHING HEREIN CONTAINED SHALL BE DEEMED TO RELIEVE BORROWER,
MORTGAGE BORROWER OR MEZZANINE B BORROWER OF ITS RESPECTIVE OBLIGATIONS TO PAY
THE AMOUNTS DUE UNDER THE LOAN, THE MORTGAGE LOAN AND THE MEZZANINE B LOAN, AS
THE CASE MAY BE, ON THE RESPECTIVE DATES OF PAYMENT PROVIDED FOR UNDER THE LOAN,
THE MORTGAGE LOAN AND THE MEZZANINE B LOAN, AS THE CASE MAY BE, EXCEPT TO THE
EXTENT SUCH AMOUNTS ARE ACTUALLY PAID OUT OF THE PROCEEDS OF SUCH BUSINESS
INTERRUPTION/LOSS OF RENTS INSURANCE.
(III)
COMMERCIAL GENERAL LIABILITY INSURANCE
AGAINST CLAIMS FOR PERSONAL INJURY, BODILY INJURY, DEATH OR PROPERTY DAMAGE
OCCURRING UPON, IN OR ABOUT THE PROPERTIES, SUCH INSURANCE (A) TO BE ON THE SO
CALLED "OCCURRENCE" FORM AND CONTAINING MINIMUM LIMITS PER OCCURRENCE OF
$1,000,000 WITH A $2,000,000 GENERAL AGGREGATE FOR ANY POLICY YEAR; (B) TO
CONTINUE AT NOT LESS THAN THE AFORESAID LIMIT UNTIL REASONABLY REQUIRED TO BE
CHANGED BY LENDER IN WRITING BY REASON OF CHANGED ECONOMIC CONDITIONS MAKING
SUCH PROTECTION INADEQUATE; AND (C) TO COVER AT LEAST THE