DOLLARS ($250,000); AND
(D) CONTAINING AN "ORDINANCE OR LAW COVERAGE" OR "ENFORCEMENT" ENDORSEMENT IF
ANY OF THE IMPROVEMENTS OR THE USE OF ANY OF THE PROPERTIES SHALL AT ANY TIME
CONSTITUTE LEGAL NON-CONFORMING STRUCTURES OR USES.
IN ADDITION, BORROWERS
SHALL OBTAIN: (X) IF ANY PORTION OF THE IMPROVEMENTS IS CURRENTLY OR AT ANY TIME
IN THE FUTURE LOCATED IN A FEDERALLY DESIGNATED "SPECIAL FLOOD HAZARD AREA",
FLOOD HAZARD INSURANCE IN AN AMOUNT EQUAL TO THE LESSER OF (1) THE OUTSTANDING
PRINCIPAL BALANCE OR (2) THE MAXIMUM AMOUNT OF SUCH INSURANCE AVAILABLE UNDER
THE NATIONAL FLOOD INSURANCE ACT OF 1968, THE FLOOD DISASTER PROTECTION ACT OF
1973 OR THE NATIONAL FLOOD INSURANCE REFORM ACT OF 1994, AS EACH MAY BE AMENDED,
OR SUCH GREATER AMOUNT AS LENDER SHALL REASONABLY REQUIRE; (Y) EARTHQUAKE
INSURANCE IN A REASONABLE AMOUNT BASED ON THE MAXIMUM PROBABLE LOSS AND IN FORM
AND SUBSTANCE REASONABLY SATISFACTORY TO LENDER IN THE EVENT ANY PROPERTY IS
LOCATED IN AN AREA WITH A HIGH DEGREE OF SEISMIC ACTIVITY; AND (Z) WINDSTORM
INSURANCE IN AMOUNTS AND IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO LENDER
IN THE EVENT WINDSTORM COVERAGE IS EXCLUDED FROM THE ALL RISK INSURANCE COVERAGE
REQUIRED UNDER THIS SUBSECTION (I), PROVIDED THAT THE INSURANCE PURSUANT TO
CLAUSES (X), (Y) AND (Z) HEREOF SHALL BE ON TERMS CONSISTENT WITH THE
COMPREHENSIVE ALL RISK INSURANCE POLICY REQUIRED UNDER THIS SUBSECTION (I);
(II)
COMMERCIAL GENERAL LIABILITY INSURANCE
AGAINST CLAIMS FOR PERSONAL INJURY, BODILY INJURY, DEATH OR PROPERTY DAMAGE
OCCURRING UPON, IN OR ABOUT ANY PROPERTY, SUCH INSURANCE (A) TO BE ON THE
SO-CALLED "OCCURRENCE" FORM WITH A COMBINED LIMIT OF NOT LESS THAN TWO MILLION
DOLLARS ($2,000,000) IN THE AGGREGATE AND ONE MILLION DOLLARS ($1,000,000) PER
OCCURRENCE, WITH A DEDUCTIBLE NOT TO EXCEED ONE HUNDRED THOUSAND DOLLARS
($100,000) (AND, IF ON A BLANKET POLICY, CONTAINING AN "AGGREGATE PER LOCATION"
ENDORSEMENT); (B) TO CONTINUE AT NOT LESS THAN THE AFORESAID LIMIT UNTIL
REQUIRED TO BE CHANGED BY LENDER IN WRITING BY REASON OF CHANGED ECONOMIC
CONDITIONS MAKING SUCH PROTECTION INADEQUATE; AND
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(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; (5)
CONTRACTUAL LIABILITY COVERING THE INDEMNITIES CONTAINED IN ARTICLE 8 OF THE
MORTGAGE TO THE EXTENT THE SAME IS AVAILABLE; (6) OWNER'S AND CONTRACTOR'S
PROTECTIVE LIABILITY PRIOR TO THE COMMENCEMENT AND DURING THE PERFORMANCE OF ANY
PORTION OF THE INITIAL RENOVATIONS AND/OR THE PROJECT; (7) OWNER'S CONTINGENT
GENERAL LIABILITY PRIOR TO THE COMMENCEMENT AND DURING THE PERFORMANCE OF ANY
PORTION OF THE INITIAL RENOVATIONS AND/OR THE PROJECT; AND (8) DRAM SHOP
COVERAGE;
(III)
RENTAL LOSS AND/OR BUSINESS INCOME
INTERRUPTION INSURANCE (A) WITH LENDER NAMED AS LOSS PAYEE; (B) COVERING ALL
RISKS REQUIRED TO BE COVERED BY THE INSURANCE PROVIDED FOR IN SECTION 6.1(A)(I)
ABOVE; (C) CONTAINING AN EXTENDED PERIOD OF INDEMNITY ENDORSEMENT WHICH PROVIDES
THAT AFTER THE PHYSICAL LOSS TO THE IMPROVEMENTS AND PERSONAL PROPERTY WITH
RESPECT