AND/OR FINANCIAL STRENGTH RATING, AS APPLICABLE, OF NOT
LESS THAN "A-" (OR ITS EQUIVALENT), OR SUCH LOWER CLAIMS PAYING ABILITY RATING
AND/OR FINANCIAL STRENGTH RATING, AS APPLICABLE, AS LENDER SHALL, IN ITS
REASONABLE DISCRETION (TAKING INTO ACCOUNT THEN CURRENT RATING AGENCY
GUIDELINES), CONSENT TO, FROM A RATING AGENCY (ONE OF WHICH AFTER A
SECURITIZATION IN WHICH STANDARD & POOR'S RATES ANY SECURITIES ISSUED IN
CONNECTION WITH SUCH SECURITIZATION, SHALL BE STANDARD & POOR'S) AND BORROWER
SHALL CAUSE OWNER TO CARRY ALL SUCH INSURANCE (WHETHER OR NOT THE MORTGAGE LOAN
IS OUTSTANDING) FOR SO LONG AS ANY PORTION OF THE DEBT REMAINS OUTSTANDING.
ALL
SUCH POLICIES (EXCEPT POLICIES FOR WORKER'S COMPENSATION) SHALL NAME LENDER AS
AN ADDITIONAL NAMED INSURED (SUBJECT TO THE RIGHTS OF MORTGAGE LENDER), WITH
RESPECT TO THE INSURANCE REQUIRED PURSUANT TO SECTION 3.01(A)(III) OF THE
MORTGAGE, SHALL PROVIDE, SUBSEQUENT TO THE SATISFACTION OF THE MORTGAGE LOAN,
FOR LOSS PAYABLE TO LENDER AND SHALL CONTAIN (OR HAVE ATTACHED):
(I) STANDARD
"NON-CONTRIBUTORY MORTGAGEE" ENDORSEMENT OR ITS EQUIVALENT RELATING, INTER ALIA,
TO RECOVERY BY LENDER NOTWITHSTANDING THE NEGLIGENT OR WILLFUL ACTS OR OMISSIONS
OF BORROWER; (II) A WAIVER OF SUBROGATION ENDORSEMENT AS TO LENDER; (III) AN
ENDORSEMENT INDICATING THAT NEITHER LENDER NOR BORROWER SHALL BE OR BE DEEMED TO
BE A CO-INSURER WITH RESPECT TO ANY CASUALTY RISK INSURED BY SUCH POLICIES AND
SHALL PROVIDE FOR A DEDUCTIBLE PER LOSS OF AN AMOUNT NOT MORE THAN THAT WHICH IS
CUSTOMARILY MAINTAINED BY OWNERS OF SIMILAR PROPERTIES SIMILARLY SITUATED, AND
(IV) A PROVISION THAT SUCH POLICIES SHALL NOT BE CANCELED, TERMINATED, DENIED
RENEWAL OR AMENDED, INCLUDING, WITHOUT LIMITATION, ANY AMENDMENT REDUCING THE
SCOPE OR LIMITS OF COVERAGE, WITHOUT AT LEAST THIRTY (30) DAYS' PRIOR WRITTEN
NOTICE TO LENDER IN EACH INSTANCE.
NOT LESS THAN THIRTY (30) DAYS PRIOR TO THE
EXPIRATION DATES OF THE INSURANCE POLICIES OBTAINED PURSUANT TO THIS AGREEMENT,
ORIGINALS OR CERTIFIED COPIES OF RENEWALS OF SUCH POLICIES (OR CERTIFICATES
EVIDENCING SUCH RENEWALS) BEARING NOTATIONS EVIDENCING THE PAYMENT OF PREMIUMS
OR ACCOMPANIED BY OTHER REASONABLE EVIDENCE OF SUCH PAYMENT (WHICH PREMIUMS
SHALL NOT BE PAID BY BORROWER OR OWNER THROUGH OR BY ANY FINANCING ARRANGEMENT
WHICH WOULD ENTITLE AN INSURER TO TERMINATE A POLICY) PROVIDED, HOWEVER,
PREMIUMS FOR THE INSURANCE REQUIRED PURSUANT TO THIS SECTION MAY BE PAID
QUARTERLY IN ADVANCE OR AS OTHERWISE REASONABLY ACCEPTABLE TO LENDER, IT BEING
ACKNOWLEDGED THAT PAYING THE PREMIUM FOR SUCH POLICIES BY FINANCING THE SAME,
PAYING TWENTY PERCENT (20%) OF THE TOTAL ANNUAL PREMIUM (INCLUSIVE OF FINANCE
CHARGES) AT THE TIME OF THE APPLICABLE POLICY RENEWAL AND PAYING THE REMAINING
EIGHTY PERCENT (80%) OF THE TOTAL ANNUAL PREMIUM (INCLUSIVE OF FINANCE CHARGES)
IN NINE (9) EQUAL MONTHLY INSTALLMENTS IS ACCEPTABLE TO LENDER) SHALL BE
DELIVERED BY BORROWER TO LENDER.
BORROWER SHALL NOT CARRY SEPARATE INSURANCE,
CONCURRENT IN KIND OR FORM OR CONTRIBUTING IN THE EVENT OF LOSS, WITH ANY
INSURANCE REQUIRED UNDER SECTION 3.01 OF THE MORTGAGE OR SECTION 2.30(C) HEREOF.
(B)
IF BORROWER FAILS TO MAINTAIN AND DELIVER TO LENDER THE ORIGINAL