COMPENSATION AND DISABILITY INSURANCE IN FORCE FOR ALL WORKERS
PERFORMING WORK FOR OR RELATED TO THE PROPERTY.
(VI)
THE POLICIES DESCRIBED IN PARAGRAPHS (D)(I), (II)
AND (III)
SHALL
COVER, WITHOUT LIMITATION:
ELEVATORS, ESCALATORS, CONTRACTUAL LIABILITY
(COVERING, TO THE MAXIMUM EXTENT PERMITTED BY LAW, BORROWER'S OBLIGATION TO
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INDEMNIFY LENDER AS REQUIRED UNDER THIS AGREEMENT), PRODUCTS AND COMPLETED
OPERATIONS LIABILITY COVERAGE.
(VII)
AT ANY TIME DURING WHICH ANY CONSTRUCTION WORK, STRUCTURAL
ALTERNATIONS OR REPAIRS ARE BEING PERFORMED AT THE PROPERTY:
IN LIEU OF
PROVIDING THE COMMERCIAL GENERAL AND UMBRELLA LIABILITY AND WORKERS COMPENSATION
INSURANCE REQUIRED IN PARAGRAPHS (A)(II), (III), (IV)
AND (V)
ABOVE, BORROWER
MAY PROVIDE SUCH INSURANCE THROUGH THE PURCHASE OF A WRAP UP OR OWNER CONTROLLED
INSURANCE PROGRAM OR CONTRACTOR CONTROLLED INSURANCE PROGRAM.
THIS PROGRAM
SHALL PROVIDE COVERAGE FOR ALL PERSONS, CONTRACTORS AND SUBCONTRACTORS OF EVERY
LEVEL ENGAGED IN CONSTRUCTION OPERATIONS AT THE PROPERTY.
(VIII)
SUCH OTHER TYPES AND AMOUNTS OF INSURANCE WITH RESPECT TO THE PROPERTY
AND THE OPERATION THEREOF WHICH ARE CUSTOMARILY MAINTAINED IN THE CASE OF OTHER
PROPERTY AND BUILDINGS SIMILAR TO THE PROPERTY IN NATURE, USE, LOCATION, HEIGHT
AND TYPE OF CONSTRUCTION AS MAY FROM TIME TO TIME BE REASONABLY REQUIRED BY
LENDER.
(E)
BORROWER, AT ITS SOLE COST AND EXPENSE, IF REASONABLY REQUIRED BY
LENDER AND IF SUCH INSURANCE IS NOT PROVIDED BY THE CONDOMINIUM POLICIES AND
ENDORSED TO INCLUDE THE INTERESTS OF BORROWER (AS A NAMED INSURED) AND ITS
LENDER (AS MORTGAGEE AND LENDER LOSS PAYEE), SHALL OBTAIN AND MAINTAIN DURING
THE ENTIRE TERM, OR CAUSE TO BE OBTAINED AND MAINTAINED, INSURANCE POLICIES FOR
THE PROPERTY PROVIDING AT LEAST THE FOLLOWING PROPERTY INSURANCE COVERAGES:
(I)
INSURANCE AGAINST LOSS CUSTOMARILY INCLUDED UNDER STANDARD "ALL
RISK" OR "CAUSES OF LOSS SPECIAL FORM" POLICIES INCLUDING BUT NOT LIMITED TO:
FIRE, HAIL, WINDSTORM/NAMED WINDSTORM, VANDALISM, AND MALICIOUS MISCHIEF, AND
SUCH OTHER INSURABLE HAZARDS WHICH ARE CUSTOMARILY MAINTAINED AND ARE GENERALLY
REQUIRED BY INSTITUTIONAL LENDERS ON LOANS OF SIMILAR AMOUNTS AND SECURED BY
PROPERTIES COMPARABLE TO, AND IN THE GENERAL VICINITY OF, THE PROPERTY.
THE
AMOUNT OF SUCH INSURANCE SHALL BE NOT LESS THAN ONE HUNDRED PERCENT (100%) OF
THE INSURABLE REPLACEMENT COST VALUE OF THE PROPERTY, INCLUDING IMPROVEMENTS.
EACH SUCH INSURANCE POLICY SHALL EITHER CONTAIN AN AGREED AMOUNT ENDORSEMENT OR
CONFIRMATION THAT COINSURANCE DOES NOT APPLY AND SHALL COVER, WITHOUT
LIMITATION, ALL TENANT IMPROVEMENTS AND BETTERMENTS (EXCEPT TO THE EXTENT THAT
THE TENANT IS REQUIRED TO INSURE THE SAME PURSUANT TO THE APPLICABLE LEASE OR A
UNIT PURCHASE AGREEMENT) ON A REPLACEMENT COST BASIS.
LENDER SHALL BE NAMED
MORTGAGEE ON A STANDARD MORTGAGEE ENDORSEMENT AND LENDER LOSS PAYEE.
IF THE
PROPERTY IS NOW OR AT ANY TIME DURING THE LOAN DEEMED TO BE LOCATED IN A SPECIAL
HAZARD FLOOD AREA, AND/OR AREA OF HIGH SEISMIC/EARTHQUAKE ACTIVITY THEN FLOOD
AND/OR EARTHQUAKE INSURANCE WILL BE REQUIRED IN AMOUNTS AND WITH DEDUCTIBLES
REASONABLY ACCEPTABLE TO LENDER.
IF THE "ALL RISK" OR "CAUSES OF LOSS SPECIAL
FORM" POLICY EXCLUDES COVERAGE FOR WINDSTORM/NAMED WINDSTORM PERILS THEN
WINDSTORM/NAMED WINDSTORM COVERAGE SHALL BE