TAXES ASSESSED AGAINST THE PROPERTY OR ANY
PART THEREOF, AND SHALL DELIVER PROMPTLY TO HOLDER SUCH EVIDENCE OF THE PAYMENT
THEREOF AS HOLDER MAY REQUIRE.
(D)
INSURANCE COVERAGE.
GRANTOR SHALL OBTAIN AND MAINTAIN AT
GRANTOR'S SOLE EXPENSE:
(I) PROPERTY INSURANCE WITH RESPECT TO ALL INSURABLE
PROPERTY, AGAINST LOSS OR DAMAGE BY FIRE, LIGHTNING, WINDSTORM, EXPLOSION, HAIL,
TORNADO AND SUCH ADDITIONAL HAZARDS AS ARE PRESENTLY INCLUDED IN SPECIAL
FORM (ALSO KNOWN AS "ALL-RISK") COVERAGE AND AGAINST ANY AND ALL ACTS OF
TERRORISM AND SUCH OTHER INSURABLE HAZARDS AS HOLDER MAY REQUIRE, IN AN AMOUNT
NOT LESS THAN 100% OF THE FULL REPLACEMENT COST, INCLUDING THE COST OF DEBRIS
REMOVAL, WITHOUT DEDUCTION FOR DEPRECIATION AND SUFFICIENT TO PREVENT GRANTOR,
HOLDER AND LENDERS FROM BECOMING A COINSURER, SUCH INSURANCE TO BE IN "BUILDER'S
RISK" COMPLETED VALUE (NON-REPORTING) FORM DURING AND WITH RESPECT TO ANY
CONSTRUCTION ON THE PREMISES; (II) IF AND TO THE EXTENT ANY PORTION OF THE
IMPROVEMENTS IS, UNDER THE FLOOD DISASTER PROTECTION ACT OF 1973 ("FDPA"), AS IT
MAY BE AMENDED FROM TIME TO TIME, IN A SPECIAL FLOOD HAZARD AREA, WITHIN A FLOOD
ZONE DESIGNATED A OR V IN A PARTICIPATING COMMUNITY, A FLOOD INSURANCE POLICY IN
AN AMOUNT REQUIRED BY HOLDER, BUT IN NO EVENT LESS THAN THE AMOUNT SUFFICIENT TO
MEET THE REQUIREMENTS OF APPLICABLE LAW AND THE FDPA, AS SUCH REQUIREMENTS MAY
FROM TIME TO TIME BE IN EFFECT; (III) GENERAL LIABILITY INSURANCE, ON AN
"OCCURRENCE" BASIS AGAINST CLAIMS FOR "PERSONAL INJURY" LIABILITY, INCLUDING
BODILY INJURY, DEATH OR PROPERTY DAMAGE LIABILITY, FOR THE BENEFIT OF GRANTOR AS
NAMED INSURED AND HOLDER AS ADDITIONAL INSURED ON BEHALF OF ITSELF AND LENDERS;
(IV) STATUTORY WORKERS' COMPENSATION INSURANCE WITH RESPECT TO ANY WORK ON OR
ABOUT THE PREMISES (INCLUDING
9
EMPLOYER'S LIABILITY INSURANCE, IF REQUIRED BY HOLDER), COVERING ALL EMPLOYEES
OF GRANTOR AND ANY CONTRACTOR; (V) IF THERE IS A GENERAL CONTRACTOR, COMMERCIAL
GENERAL LIABILITY INSURANCE, INCLUDING PRODUCTS AND COMPLETED OPERATIONS
COVERAGE, AND IN OTHER RESPECTS SIMILAR TO THAT DESCRIBED IN CLAUSE (III) ABOVE,
FOR THE BENEFIT OF THE GENERAL CONTRACTOR AS NAMED INSURED AND GRANTOR AND
HOLDER (ON BEHALF OF ITSELF AND LENDERS) AS ADDITIONAL INSUREDS, IN ADDITION TO
STATUTORY WORKERS' COMPENSATION INSURANCE WITH RESPECT TO ANY WORK ON OR ABOUT
THE PREMISES (INCLUDING EMPLOYER'S LIABILITY INSURANCE, IF REQUIRED BY HOLDER),
COVERING ALL EMPLOYEES OF THE GENERAL CONTRACTOR AND ANY CONTRACTOR; AND
(VI) SUCH OTHER INSURANCE ON THE PROPERTY AND ENDORSEMENTS AS MAY FROM TIME TO
TIME BE REQUIRED BY HOLDER (INCLUDING SOFT COST COVERAGE, AUTOMOBILE LIABILITY
INSURANCE, BUSINESS INTERRUPTION INSURANCE OR DELAYED RENTAL INCOME INSURANCE,
WIND INSURANCE, BOILER AND MACHINERY INSURANCE, SINKHOLE COVERAGE, AND/OR PERMIT
TO OCCUPY ENDORSEMENT) AND AGAINST OTHER INSURABLE HAZARDS OR CASUALTIES WHICH
AT THE TIME ARE COMMONLY INSURED AGAINST IN THE CASE OF PREMISES SIMILARLY
SITUATED, DUE REGARD BEING GIVEN TO THE HEIGHT, TYPE, CONSTRUCTION, LOCATION,
USE AND OCCUPANCY OF BUILDINGS AND IMPROVEMENTS.
(E)
INSURANCE POLICY REQUIREMENTS.
ALL INSURANCE POLICIES SHALL BE
ISSUED AND MAINTAINED BY INSURERS, IN AMOUNTS, WITH DEDUCTIBLES, LIMITS