A CERTIFICATE OF INSURANCE, EVIDENCING RENEWAL OF COVERAGE AS REQUIRED
HEREIN OF ALL SUCH RENEWAL INSURANCE POLICIES AND IF BORROWER FAILS TO PROVIDE
SUCH DOCUMENTATION TO LENDER AT LEAST THREE (3) BUSINESS DAYS PRIOR TO THE
EXPIRATION DATE OF SUCH INSURANCE POLICIES, LENDER HAS THE RIGHT, IN ITS SOLE
DISCRETION, TO FORCE PLACE SUCH INSURANCE POLICIES PROVIDED THAT LENDER SHALL
USE COMMERCIALLY REASONABLE EFFORTS TO PROVIDE IN SUCH FORCED PLACED INSURANCE
THAT THE APPLICABLE INSURANCE POLICIES WILL BE TERMINABLE AND THE PREMIUMS
THEREUNDER REFUNDABLE FOR ANY PERIOD OF TIME IN WHICH SUCH POLICIES ARE NOT IN
EFFECT.
IF LENDER RECEIVES SUCH CERTIFICATES OF INSURANCE AND INSURANCE COMPANY
ISSUED BINDERS SUBSEQUENT TO SUCH THREE (3) BUSINESS DAY PERIOD BUT PRIOR TO THE
EXPIRATION OF THE APPLICABLE INSURANCE POLICIES, THEN LENDER SHALL NOT FORCE
PLACE SUCH INSURANCE POLICIES IF IT HAS NOT ALREADY DONE SO.
BORROWER HEREBY
AGREES THAT BORROWER SHALL BE RESPONSIBLE FOR ALL COSTS AND EXPENSES INCURRED BY
LENDER IN CONNECTION WITH FORCE PLACING INSURANCE IN ACCORDANCE WITH THIS
SECTION 6.1.4 HEREOF AND THE SUBSEQUENT TERMINATION OR CANCELLATION OF ANY SUCH
FORCED PLACED INSURANCE
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POLICIES.
PRIOR TO THIRTY (30) DAYS AFTER RENEWAL, BORROWER SHALL PROVIDE
EVIDENCE SATISFACTORY TO LENDER THAT THE INSURANCE POLICIES FOR SUCH RENEWAL
SHALL HAVE BEEN PAID.
6.1.5
LOSS VALUATION; DEDUCTIBLES; CO-INSURANCE; INSURABLE INTERESTS OTHER THAN
LENDER'S; SEPARATE INSURANCE.
BORROWER SHALL NOT TAKE OUT SEPARATE INSURANCE
CONTRIBUTING IN THE EVENT OF LOSS WITH THAT REQUIRED TO BE MAINTAINED PURSUANT
TO THIS SECTION 6.1.
IN ADDITION, ALL POLICIES SHALL CONTAIN COVERAGE FOR
TENANT IMPROVEMENTS AND BETTERMENTS THAT BORROWER IS REQUIRED TO INSURE PURSUANT
TO THE APPLICABLE LEASES.
ALL PROPERTY INSURANCE ALSO SHALL INCLUDE COVERAGE ON
A REPLACEMENT COST BASIS WITH A CO-INSURANCE WAIVER OR AGREED AMOUNT
ENDORSEMENT.
THE AMOUNT OF ANY DEDUCTIBLE UNDER ANY POLICY MUST BE REASONABLY
ACCEPTABLE TO LENDER.
WITHOUT LENDER'S PRIOR WRITTEN CONSENT, BORROWER SHALL
NOT NAME ANY PERSON OTHER THAN LENDER, AS MORTGAGEE, LENDER LOSS PAYEE OR LOSS
PAYEE, AS IT PERTAINS TO THE PROPERTY-RELATED FIRST PARTY INSURANCE COVERAGES;
PROVIDED, THAT, IF BLANKET POLICIES ARE OBTAINED, THIS SENTENCE SHALL NOT APPLY
TO PROPERTY COVERED BY SUCH BLANKET POLICIES OTHER THAN THE IMPROVEMENTS AND
SUCH TENANT IMPROVEMENTS AND BETTERMENTS THAT BORROWER IS REQUIRED TO INSURE
PURSUANT TO APPLICABLE LEASES.
6.1.6
BLANKET POLICIES.
ANY BLANKET INSURANCE POLICY SHALL PROVIDE THE SAME
PROTECTION AS WOULD A SEPARATE INSURANCE POLICY INSURING ONLY THE PROPERTY IN
COMPLIANCE WITH THE PROVISIONS OF THIS SECTION 6.1.
LENDER, IN ITS REASONABLE
DISCRETION, SHALL DETERMINE WHETHER SUCH BLANKET POLICIES PROVIDE SUFFICIENT
LIMITS OF INSURANCE
6.1.7
LIMITATION ON TERRORISM COVERAGES.
THE TERRORISM POLICY SHALL BE ON
TERMS CONSISTENT WITH THOSE REQUIRED UNDER SECTION 6.1.1(C)
ABOVE AT ALL TIMES
DURING THE TERM OF THE LOAN, SUBJECT TO THE ANNUAL LIMIT ON INSURANCE PREMIUMS
THEREFORE EQUAL TO THE TERRORISM PREMIUM LIMIT.
6.1.8
FORECLOSURE.
UPON WRITTEN NOTICE TO AND WRITTEN APPROVAL FROM INSURANCE
CARRIERS, IN THE EVENT OF FORECLOSURE OF THE MORTGAGE OR OTHER TRANSFER OF TITLE
TO THE PROPERTY IN EXTINGUISHMENT IN WHOLE OR