AS AN ADDITIONAL INSURED AFTER THE OPTION LAPSE DATE) AND
TENANT AS ITS INTEREST MAY APPEAR.
(C)
EACH INSURANCE POLICY REFERRED TO IN CLAUSES (I), (IV),
(V) AND (VI) OF PARAGRAPH 16(A) SHALL CONTAIN STANDARD NON-CONTRIBUTORY
MORTGAGEE CLAUSES IN FAVOR OF AND ACCEPTABLE TO LENDER.
EACH POLICY REQUIRED BY
ANY PROVISION OF PARAGRAPH 16(A), EXCEPT CLAUSE (III) THEREOF, THE INSURER SHALL
ENDEAVOR TO PROVIDE NOT LESS THAN THIRTY (30) DAYS' PRIOR WRITTEN NOTICE TO
LANDLORD AND LENDER BEFORE IT MAY BE CANCELLED, SUBSTANTIALLY MODIFIED OR
ALLOWED TO LAPSE ON ANY RENEWAL DATE, BUT SHALL PROVIDE EACH ADDITIONAL INSURED
WITH AT LEAST TEN (10) DAY PRIOR WRITTEN NOTICE OF ANY CANCELLATION FOR
NON-PAYMENT.
(D)
TENANT SHALL PAY AS THEY BECOME DUE ALL PREMIUMS FOR THE INSURANCE
REQUIRED BY PARAGRAPH 16(A), SHALL RENEW OR REPLACE EACH POLICY AND DELIVER TO
30
LANDLORD EVIDENCE OF THE PAYMENT OF THE FULL PREMIUM THEREFOR OR INSTALLMENT NOT
LATER THAN TEN (10) DAYS AFTER TO THE EXPIRATION DATE OF SUCH POLICY, AND SHALL
PROMPTLY DELIVER TO LANDLORD ALL ORIGINAL CERTIFICATES OF INSURANCE EVIDENCING
SUCH COVERAGES OR, IF REQUIRED BY LENDER, ORIGINAL OR CERTIFIED POLICIES.
ALL
CERTIFICATES OF INSURANCE (INCLUDING LIABILITY COVERAGE) PROVIDED TO LANDLORD
AND LENDER SHALL BE ON ACORD FORM 28 (OR ITS EQUIVALENT, E.G. ACCORD FORM 25 FOR
LIABILITY AND ACCORD FORM 27S FOR PROPERTY/CASUALTY).
(E)
ANYTHING IN THIS PARAGRAPH 16 TO THE CONTRARY NOTWITHSTANDING, ANY
INSURANCE WHICH TENANT IS REQUIRED TO OBTAIN PURSUANT TO PARAGRAPH 16(A) MAY BE
CARRIED UNDER A "BLANKET" POLICY OR POLICIES COVERING OTHER PROPERTIES OF TENANT
OR UNDER AN "UMBRELLA" POLICY OR POLICIES COVERING OTHER LIABILITIES OF TENANT,
AS APPLICABLE; PROVIDED THAT, SUCH BLANKET OR UMBRELLA POLICY OR POLICIES
OTHERWISE COMPLY WITH THE PROVISIONS OF THIS PARAGRAPH 16, AND UPON REQUEST,
TENANT SHALL PROVIDE TO LANDLORD A STATEMENT OF VALUES WHICH MAY BE REVIEWED
ANNUALLY AND SHALL BE AMENDED TO THE EXTENT DETERMINED NECESSARY BY LANDLORD
BASED ON REVISED REPLACEMENT COST VALUATIONS.
THE ORIGINAL OR A CERTIFIED COPY
OF EACH SUCH BLANKET OR UMBRELLA POLICY SHALL PROMPTLY BE DELIVERED TO LANDLORD.
(F)
TENANT SHALL NOT CARRY SEPARATE INSURANCE CONCURRENT IN FORM OR
CONTRIBUTING IN THE EVENT OF A CASUALTY WITH THAT REQUIRED IN THIS PARAGRAPH 16
UNLESS (I) LANDLORD AND LENDER ARE INCLUDED THEREIN AS ADDITIONAL INSUREDS, WITH
LOSS PAYABLE AS PROVIDED HEREIN, AND (II) SUCH SEPARATE INSURANCE COMPLIES WITH
THE OTHER PROVISIONS OF THIS PARAGRAPH 16.
TENANT SHALL IMMEDIATELY NOTIFY
LANDLORD OF SUCH SEPARATE INSURANCE AND SHALL DELIVER TO LANDLORD THE ORIGINAL
POLICIES OR CERTIFIED COPIES THEREOF.
(G)
EACH POLICY REQUIRED TO BE MAINTAINED BY TENANT UNDER THIS
PARAGRAPH 16 SHALL CONTAIN A FULL WAIVER OF SUBROGATION IN FAVOR OF THE LANDLORD
AND AN EFFECTIVE WAIVER BY THE CARRIER AGAINST ALL CLAIMS FOR PAYMENT OF
INSURANCE PREMIUMS AGAINST LANDLORD; PROVIDED THAT THE COMMERCIAL GENERAL
LIABILITY INSURANCE WAVIER MUST BE ISSUED ON ISO FORM CG24041093 OR EQUIVALENT;
(H)
THE PROCEEDS OF ANY INSURANCE REQUIRED UNDER PARAGRAPH 16(A) SHALL
BE PAYABLE AS FOLLOWS:
(I)
PROCEEDS PAYABLE UNDER CLAUSES (II),