INVESTMENT, THE PROPERTY MANAGER MAY TAKE SUCH ACTION AS MAY BE APPROPRIATE TO
ENFORCE SUCH PAYMENT OR PERFORMANCE, INCLUDING THE INSTITUTION AND PROSECUTION
OF APPROPRIATE PROCEEDINGS.
Section 3.07.
Maintenance of Insurance Policies; Errors and Omissions
and Fidelity Coverage.
(A)
THE PROPERTY MANAGER (OTHER THAN WITH RESPECT TO SPECIALLY SERVICED
ASSETS) AND THE SPECIAL SERVICER (WITH RESPECT TO SPECIALLY SERVICED ASSETS)
SHALL USE REASONABLE EFFORTS IN ACCORDANCE WITH THE SERVICING STANDARD TO CAUSE
THE RELATED OBLIGOR TO MAINTAIN FOR EACH RELATED MORTGAGED PROPERTY ALL
INSURANCE COVERAGE AS IS REQUIRED UNDER THE TERMS OF SUCH LEASE OR MORTGAGE
LOAN, AS APPLICABLE (INCLUDING FOR THE AVOIDANCE OF DOUBT, ANY ENVIRONMENTAL
POLICY); PROVIDED, THAT IF AND TO THE EXTENT THAT ANY SUCH LEASE PERMITS THE
LESSOR THEREUNDER ANY DISCRETION (BY WAY OF CONSENT, APPROVAL OR OTHERWISE) AS
TO THE INSURANCE COVERAGE THAT THE RELATED OBLIGOR IS REQUIRED TO MAINTAIN, THE
PROPERTY MANAGER OR THE SPECIAL SERVICER, AS THE CASE MAY BE, SHALL EXERCISE
SUCH DISCRETION IN A MANNER CONSISTENT WITH THE SERVICING STANDARD, WITH A VIEW
TOWARDS REQUIRING INSURANCE COMPARABLE TO THAT REQUIRED UNDER OTHER SIMILAR
LEASES OR MORTGAGE LOANS WITH EXPRESS PROVISIONS GOVERNING SUCH MATTERS; AND
PROVIDED, FURTHER, THAT, IF AND TO THE EXTENT THAT A LEASE OR MORTGAGE LOAN SO
PERMITS, THE RELATED OBLIGOR SHALL BE REQUIRED TO OBTAIN THE REQUIRED INSURANCE
COVERAGE FROM QUALIFIED INSURERS THAT HAVE A CLAIMS-PAYING ABILITY RATED AT
LEAST "A:VIII" BY A.M. BEST'S KEY RATING GUIDE.
IF SUCH OBLIGOR DOES NOT
MAINTAIN THE REQUIRED INSURANCE OR, WITH RESPECT TO ANY ENVIRONMENTAL POLICY IN
PLACE AS OF THE RELATED SERIES CLOSING DATE OR TRANSFER DATE, THE PROPERTY
MANAGER WILL ITSELF CAUSE SUCH INSURANCE TO BE MAINTAINED WITH QUALIFIED
INSURERS; PROVIDED, THAT THE PROPERTY MANAGER SHALL NOT BE REQUIRED TO MAINTAIN
SUCH INSURANCE IF THE INDENTURE TRUSTEE (AS MORTGAGEE OF RECORD ON BEHALF OF THE
NOTEHOLDERS) DOES NOT HAVE AN INSURABLE INTEREST OR THE PROPERTY MANAGER HAS
DETERMINED (IN ITS REASONABLE JUDGMENT IN ACCORDANCE WITH THE SERVICING
STANDARD) THAT EITHER (I) SUCH INSURANCE IS NOT AVAILABLE AT A COMMERCIALLY
REASONABLE RATE AND THE SUBJECT HAZARDS ARE AT THE TIME NOT COMMONLY INSURED
AGAINST BY PRUDENT OWNERS OF PROPERTIES SIMILAR TO THE MORTGAGED PROPERTY
LOCATED IN OR AROUND THE REGION IN WHICH SUCH MORTGAGED PROPERTY IS LOCATED OR
(II) SUCH INSURANCE IS NOT AVAILABLE AT ANY RATE.
SUBJECT TO SECTION 3.17(B),
THE SPECIAL SERVICER SHALL ALSO USE REASONABLE EFFORTS TO CAUSE TO BE MAINTAINED
FOR EACH REO PROPERTY, NO LESS INSURANCE COVERAGE THAN WAS PREVIOUSLY REQUIRED
OF THE OBLIGOR UNDER THE RELATED MORTGAGE OR LEASE AND AT A MINIMUM, (I) HAZARD
INSURANCE WITH A REPLACEMENT COST RIDER AND (II) COMPREHENSIVE GENERAL LIABILITY
INSURANCE, IN EACH CASE, IN AN AMOUNT CUSTOMARY FOR THE TYPE AND GEOGRAPHIC
LOCATION OF SUCH REO PROPERTY AND CONSISTENT WITH THE SERVICING STANDARD;
PROVIDED, THAT ALL SUCH INSURANCE SHALL BE OBTAINED FROM QUALIFIED INSURERS
THAT, IF THEY ARE PROVIDING CASUALTY INSURANCE, SHALL HAVE A CLAIMS-PAYING
ABILITY RATED AT LEAST "" BY A.M. BEST'S KEY RATING GUIDE.
THE