BE OBTAINED AND SHALL MAINTAIN, OR CAUSED TO
BE MAINTAINED WITH RESPECT TO THE PIDI CONSTRUCTION PROJECT AND EACH FUTURE
PROJECT AT ALL TIMES DURING THE PERIOD IN WHICH THE PIDI CONSTRUCTION PROJECT
AND EACH FUTURE PROJECT IS UNDER CONSTRUCTION UNTIL THE OCCURRENCE OF THE
APPLICABLE COMPLETION DATE, AT ITS OWN COST AND EXPENSE, THE FOLLOWING POLICIES:
(I)
BUILDERS RISK.
ALL RISK BUILDERS RISK
FORM PROVIDING PROPERTY COVERAGE DURING CONSTRUCTION ON A COMPLETED VALUE FORM.
THE POLICY AMOUNT SHALL BE NINETY TWO MILLION FIVE HUNDRED THOUSAND DOLLARS
($92,500,000.00) FOR THE PIDI CONSTRUCTION PROJECT AND ONE HUNDRED PERCENT
(100%) OF THE ANTICIPATED CONSTRUCTION COST (EXCLUDING EARTHMOVING COSTS AND
SOFT COSTS) FOR EACH FUTURE PROJECT.
THE POLICY WILL INCLUDE ENDORSEMENTS
EXTENDING COVERAGE FOR (A) PROPERTY IN TRANSIT IN A MINIMUM AMOUNT OF ONE
HUNDRED THOUSAND DOLLARS ($100,000.00) AND (B) OFFSITE STORAGE IN A MINIMUM
AMOUNT OF ONE HUNDRED THOUSAND DOLLARS ($100,000.00).
THE POLICY FOR EACH
FUTURE PROJECT SHALL ALSO INCLUDE ENDORSEMENTS EXTENDING COVERAGE FOR DELAY OF
OPENING (BUSINESS INTERRUPTION) IN A MINIMUM AMOUNT OF FIFTEEN MILLION DOLLARS
($15,000,000.00).
THE POLICY CAN BE SUBJECT TO A DEDUCTIBLE OF NO GREATER THAN
ONE HUNDRED THOUSAND DOLLARS ($100,000.00) FOR PROPERTY DAMAGE AND TEN (10) DAYS
FOR DELAY OF OPENING.
AGENT BANK MUST BE INCLUDED AS MORTGAGEE AND LOSS PAYEE.
THE POLICY SHOULD INCLUDE AS NAMED INSURED THE OWNER, GENERAL CONTRACTOR,
SUBCONTRACTORS, SUB-SUBCONTRACTORS AND ALL MATERIAL SUPPLIES.
(II)
CONTRACTORS/SUB-CONTRACTORS INSURANCE
REQUIREMENTS.
BORROWERS SHALL REQUIRE THAT EACH GENERAL CONTRACTOR AND EACH
MAJOR SUBCONTRACTOR PARTY TO A MAJOR SUBCONTRACT PERFORMING WORK AT THE
APPLICABLE CONSTRUCTION PROJECT COMPLY WITH THE MINIMUM INSURANCE REQUIREMENTS
PER SCHEDULE 5.09(M) ATTACHED HERETO AND BY THIS REFERENCE INCORPORATED HEREIN
AND MADE A PART HEREOF.
N.
RATINGS.
EXCEPT AS PROVIDED BELOW, ALL POLICIES INDICATED ABOVE
SHALL BE WRITTEN WITH INSURANCE COMPANIES LICENSED AND ADMITTED TO DO BUSINESS
IN ALL STATES WHERE THE BORROWER CONSOLIDATION, OR ANY OF THEM, IS OPERATING AND
SHALL BE RATED
116
NO LOWER THAN "A VIII" IN THE MOST RECENT ADDITION OF A.M. BEST'S OR "AA-" IN
THE MOST RECENT EDITION OF STANDARD & POOR'S, OR SUCH OTHER CARRIER REASONABLY
ACCEPTABLE TO AGENT BANK.
EACH OF THE BANKS AGREE THAT AGENT BANK SHALL HAVE
THE DISCRETION TO ACCEPT LOWER RATINGS OR TO ACCEPT THE USE OF NON-ADMITTED
CARRIERS WHEN DEEMED REASONABLY ACCEPTABLE BY THE AGENT BANK'S OUTSIDE INSURANCE
CONSULTANT WITHOUT THE CONSENT OF REQUISITE LENDERS. ALL POLICIES DISCUSSED
ABOVE SHALL BE ENDORSED TO PROVIDE THAT IN THE EVENT OF A CANCELLATION,
NON-RENEWAL OR MATERIAL MODIFICATION, AGENT BANK SHALL RECEIVE THIRTY (30) DAYS
PRIOR WRITTEN NOTICE THEREOF.
THE BORROWERS SHALL FURNISH AGENT BANK WITH
CERTIFICATES OF INSURANCE EXECUTED BY AN AUTHORIZED AGENT EVIDENCING COMPLIANCE
WITH ALL INSURANCE PROVISIONS DISCUSSED ABOVE ON AN ANNUAL BASIS.
THE BORROWERS
SHALL ALSO FURNISH ACTUAL POLICY ENDORSEMENTS EVIDENCING APPROPRIATE STATUS OF
AGENT BANK (AS MORTGAGEE, LOSS PAYEE AND ADDITIONAL INSURED).
CERTIFICATES OF
INSURANCE EXECUTED BY AN AUTHORIZED AGENT OF EACH CARRIER PROVIDING INSURANCE
EVIDENCING CONTINUATION OF ALL COVERAGES HAVE BEEN PROVIDED ON THE RESTATEMENT
DATE AND