PROPERTY IS LOCATED.
With respect to the Policies required to be maintained pursuant to clauses (i),
(iii) and (vi) above, Borrower shall maintain insurance coverage against Losses
resulting from acts of terrorism.
(B)
ALL INSURANCE PROVIDED FOR IN SECTION 8.1(A)
SHALL BE OBTAINED UNDER VALID AND ENFORCEABLE POLICIES (COLLECTIVELY, THE
"POLICIES" OR IN THE SINGULAR, THE "POLICY"), AND SHALL BE SUBJECT TO THE
APPROVAL OF LENDER AS TO INSURANCE COMPANIES, AMOUNTS, DEDUCTIBLES, LOSS PAYEES
AND INSUREDS.
THE POLICIES SHALL BE ISSUED BY FINANCIALLY SOUND AND RESPONSIBLE
INSURANCE COMPANIES AUTHORIZED TO DO BUSINESS IN THE STATE AND HAVING A CLAIMS
PAYING ABILITY RATING OF "A" OR BETTER BY S&P (OR SUCH OTHER RATINGS APPROVED BY
LENDER) AND A GENERAL POLICY RATING OF "A" OR BETTER AND A FINANCIAL CLASS OF
VIII OR BETTER BY A.M. BEST COMPANY, INC.
THE POLICIES DESCRIBED IN
SECTION 8.1(A) SHALL DESIGNATE LENDER AND ITS SUCCESSORS AND ASSIGNS AS
ADDITIONAL INSUREDS, MORTGAGEES AND/OR LOSS PAYEE AS DEEMED APPROPRIATE BY
LENDER.
TO THE EXTENT SUCH POLICIES ARE NOT AVAILABLE AS OF THE CLOSING DATE,
BORROWER SHALL DELIVER TO LENDER CERTIFIED COPIES OF ALL POLICIES OR OTHER
EVIDENCE OF INSURANCE REASONABLY ACCEPTABLE TO LENDER NOT LATER THAN THIRTY (30)
DAYS AFTER THE CLOSING DATE.
NOT LESS THAN TEN (10) DAYS PRIOR TO THE
EXPIRATION
85
DATES OF THE POLICIES THERETOFORE FURNISHED TO LENDER, RENEWAL POLICIES OR OTHER
EVIDENCE OF INSURANCE REASONABLY ACCEPTABLE TO LENDER ACCOMPANIED BY EVIDENCE
SATISFACTORY TO LENDER OF PAYMENT OF THE PREMIUMS DUE THEREUNDER (THE "INSURANCE
PREMIUMS") SHALL BE DELIVERED BY BORROWER TO LENDER.
(C)
ANY BLANKET INSURANCE POLICY SHALL
SPECIFICALLY ALLOCATE TO EACH PROPERTY THE AMOUNT OF COVERAGE FROM TIME TO TIME
REQUIRED HEREUNDER AND SHALL OTHERWISE PROVIDE THE SAME PROTECTION AS WOULD A
SEPARATE POLICY INSURING ONLY THE APPLICABLE PROPERTY IN COMPLIANCE WITH THE
PROVISIONS OF SECTION 8.1(A).
(D)
ALL POLICIES PROVIDED FOR OR CONTEMPLATED BY
SECTION 8.1(A), EXCEPT FOR THE POLICY REFERENCED IN SECTION 8.1(A)(V), SHALL
NAME BORROWER AS THE INSURED AND LENDER AS THE ADDITIONAL INSURED, AS ITS
INTERESTS MAY APPEAR, AND IN THE CASE OF PROPERTY DAMAGE, BOILER AND MACHINERY,
FLOOD AND EARTHQUAKE INSURANCE, SHALL CONTAIN A SO-CALLED NEW YORK STANDARD
NON-CONTRIBUTING MORTGAGEE CLAUSE IN FAVOR OF LENDER PROVIDING THAT THE LOSS
THEREUNDER SHALL BE PAYABLE TO LENDER.
(E)
ALL POLICIES PROVIDED FOR IN SECTION 8.1(A)
SHALL CONTAIN CLAUSES OR ENDORSEMENTS TO THE EFFECT THAT:
(I)
NO ACT OR NEGLIGENCE OF BORROWER, OR
ANYONE ACTING FOR BORROWER, OR OF ANY TENANT OR OTHER OCCUPANT, OR FAILURE TO
COMPLY WITH THE PROVISIONS OF ANY POLICY, WHICH MIGHT OTHERWISE RESULT IN A
FORFEITURE OF THE INSURANCE OR ANY PART THEREOF, SHALL IN ANY WAY AFFECT THE
VALIDITY OR ENFORCEABILITY OF THE INSURANCE INSOFAR AS LENDER IS CONCERNED;
(II)
THE POLICIES SHALL NOT BE MATERIALLY
CHANGED (OTHER THAN TO INCREASE THE COVERAGE PROVIDED THEREBY) OR CANCELED
WITHOUT AT LEAST THIRTY (30) DAYS' PRIOR WRITTEN NOTICE TO LENDER AND ANY OTHER
PARTY NAMED THEREIN AS AN ADDITIONAL INSURED;
(III)
THE ISSUERS THEREOF SHALL GIVE