1994, AS EACH MAY BE AMENDED OR SUCH GREATER AMOUNT AS THE
REQUIRED LENDERS SHALL REQUIRE; AND (Z) EARTHQUAKE INSURANCE IN AMOUNTS AND IN
FORM AND SUBSTANCE SATISFACTORY TO THE REQUIRED LENDERS IN THE EVENT THE PROJECT
IS LOCATED IN AN AREA WITH A HIGH DEGREE OF SEISMIC ACTIVITY;
(II)
COMMERCIAL GENERAL LIABILITY INSURANCE AGAINST CLAIMS FOR PERSONAL
INJURY, BODILY INJURY, DEATH OR PROPERTY DAMAGE OCCURRING UPON, IN OR ABOUT THE
PROJECT, SUCH INSURANCE (A) TO BE ON THE SO-CALLED "OCCURRENCE" FORM WITH A
COMBINED LIMIT, OF NOT LESS THAN $2,000,000, (B) TO CONTINUE AT NOT LESS THAN
THE AFORESAID LIMIT UNTIL REQUIRED TO BE CHANGED BY THE REQUIRED LENDERS IN
WRITING BY REASON OF CHANGED ECONOMIC CONDITIONS MAKING SUCH PROTECTION
INADEQUATE; AND (C) TO COVER AT LEAST THE FOLLOWING HAZARDS: (1) PREMISES AND
OPERATIONS; (2) PRODUCTS AND COMPLETED OPERATIONS ON AN "IF ANY" BASIS;
(3) INDEPENDENT CONTRACTORS; (4) BLANKET CONTRACTUAL LIABILITY FOR ALL LEGAL
CONTRACTS; AND (5) CONTRACTUAL LIABILITY COVERING THE INDEMNITIES CONTAINED IN
LOAN AGREEMENT;
(III)
THE INSURANCE PROVIDED FOR IN SUBSECTION (I) ABOVE WRITTEN IN A SO
CALLED BUILDER'S RISK COMPLETED VALUE FORM (1) ON A NON-REPORTING BASIS,
(2) AGAINST ALL RISKS INSURED AGAINST PURSUANT TO SUBSECTION (I) ABOVE,
(3) INCLUDING ALL BUILDING MATERIAL STORED AT THE DESIGNATED SITE (INCLUDING
ON-SITE AND OFF-SITE STORAGE AT SPECIFIC LOCATIONS), (4) INCLUDING ALL SOFT
COSTS, (5) INCLUDING PERMISSION TO OCCUPY THE IMPROVEMENTS AND (5) WITH AN
AGREED AMOUNT ENDORSEMENT WAIVING COINSURANCE PROVISIONS.
81
(IV)
WORKERS' COMPENSATION, SUBJECT TO THE STATUTORY LIMITS OF THE STATE,
AND EMPLOYER'S LIABILITY INSURANCE WITH A LIMIT OF AT LEAST $1,000,000 PER
ACCIDENT AND PER DISEASE PER EMPLOYEE, AND $1,000,000 PER ACCIDENT AND PER
DISEASE IN THE AGGREGATE IN RESPECT OF ANY WORK OR OPERATIONS ON OR ABOUT THE
PROJECT, OR IN CONNECTION WITH THE PROJECT OR ITS OPERATION (IF APPLICABLE);
(V)
COMPREHENSIVE BOILER AND MACHINERY INSURANCE, IF APPLICABLE, IN
AMOUNTS AS SHALL BE REASONABLY REQUIRED BY THE AGENT ON TERMS CONSISTENT WITH
THE COMMERCIAL PROPERTY INSURANCE POLICY REQUIRED UNDER SUBSECTION (I) ABOVE;
(VI)
UMBRELLA LIABILITY INSURANCE IN AN AMOUNT NOT LESS THAN $100,000,000,
WITH THE PRIMARY $1,000,000 ON AN OCCURRENCE BASIS AND THE EXCESS $100,000,000
ON AN AGGREGATE BASIS, ON TERMS CONSISTENT WITH THE COMMERCIAL GENERAL LIABILITY
INSURANCE POLICY REQUIRED UNDER SUBSECTION (II) ABOVE;
(VII)
MOTOR VEHICLE LIABILITY COVERAGE FOR ALL OWNED AND NON-OWNED VEHICLES,
INCLUDING RENTED AND LEASED VEHICLES CONTAINING MINIMUM LIMITS PER OCCURRENCE,
INCLUDING UMBRELLA COVERAGE, OF $101,000,000;
(VIII)
INSURANCE FOR LOSS RESULTING FROM PERILS AND ACTS OF TERRORISM ON
TERMS (INCLUDING AMOUNTS) CONSISTENT WITH THE INSURANCE REQUIRED UNDER
SUBSECTIONS (I), (II), (III), (V) AND (VI) ABOVE (SUBJECT TO A DEDUCTIBLE THAT
IS SATISFACTORY TO THE REQUIRED LENDERS) AT ALL TIMES DURING THE TERM OF THE
LOANS; AND
(IX)
MARINA OPERATIONS INSURANCE, AT SUCH TIME AS OPERATIONS AT ANY MARINA
SHALL COMMENCE, INCLUDING; (A) LIABILITY INSURANCE ARISING FROM LOSS OR DAMAGE
TO PRIVATE PLEASURE CRAFT AND SMALL COMMERCIAL WATERCRAFT; AND (B) BODILY INJURY
AND PROPERTY DAMAGE LIABILITY;
(X)
ALL-RISK MARINE CARGO INSURANCE