SPECIFICALLY ALLOCATE TO THE
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 PROPERTY IN COMPLIANCE WITH THE PROVISIONS OF SECTION 5.1.1(A).
(D)
ALL POLICIES OF INSURANCE PROVIDED FOR OR CONTEMPLATED BY
SECTION 5.1.1(A) SHALL BE PRIMARY COVERAGE AND, EXCEPT FOR THE POLICY REFERENCED
IN SECTIONS 5.1.1(A)(V), (VIII) AND (X), SHALL NAME BORROWER AS THE INSURED AND
LENDER AND ITS SUCCESSORS AND/OR ASSIGNS AS THE ADDITIONAL INSURED, AS ITS
INTERESTS MAY APPEAR, AND IN THE CASE OF PROPERTY DAMAGE, BOILER AND MACHINERY,
FLOOD, EARTHQUAKE AND TERRORISM INSURANCE AND RESULTING LOSS OF BUSINESS INCOME
OR RENTAL INCOME, SHALL CONTAIN A SO-CALLED NEW YORK STANDARD NON-CONTRIBUTING
MORTGAGEE OR LENDER LOSS PAYEE CLAUSE OR ENDORSEMENT IN FAVOR OF LENDER
PROVIDING THAT THE LOSS THEREUNDER SHALL BE PAYABLE TO LENDER SUBJECT TO THE
PROVISIONS OF SECTION 5.2 AND SECTION 5.3 HEREOF. BORROWER SHALL NOT PROCURE OR
PERMIT ANY OF ITS CONSTITUENT ENTITIES TO PROCURE ANY OTHER INSURANCE COVERAGE
WHICH WOULD BE ON THE SAME LEVEL OF PAYMENT AS THE POLICIES OR WOULD ADVERSELY
IMPACT IN ANY WAY THE ABILITY OF LENDER OR BORROWER TO COLLECT ANY PROCEEDS
UNDER ANY OF THE POLICIES.
(E)
ALL POLICIES OF INSURANCE PROVIDED FOR IN SECTION 5.1.1(A), EXCEPT
FOR THE POLICIES REFERENCED IN SECTION 5.1.1(A)(V) AND (A)(VIII) SHALL CONTAIN
CLAUSES OR ENDORSEMENTS TO THE EFFECT THAT:
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(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 POLICY SHALL NOT BE CANCELED WITHOUT AT LEAST THIRTY (30)
DAYS' (OR TEN (10) DAYS' FOR NON-PAYMENT OF ANY PREMIUM) WRITTEN NOTICE TO
LENDER AND ANY OTHER PARTY NAMED THEREIN AS AN ADDITIONAL INSURED AND, IF
OBTAINABLE BY BORROWER USING COMMERCIALLY REASONABLE EFFORTS, SHALL NOT BE
MATERIALLY CHANGED (OTHER THAN TO INCREASE THE COVERAGE PROVIDED THEREBY)
WITHOUT SUCH A THIRTY (30) DAY NOTICE; AND
(III)
LENDER SHALL NOT BE LIABLE FOR ANY INSURANCE PREMIUMS THEREON OR
SUBJECT TO ANY ASSESSMENTS THEREUNDER.
(F)
IF AT ANY TIME LENDER IS NOT IN RECEIPT OF WRITTEN EVIDENCE THAT
ALL INSURANCE REQUIRED HEREUNDER IS IN FULL FORCE AND EFFECT, LENDER SHALL HAVE
THE RIGHT, WITH NOTICE TO BORROWER, TO TAKE SUCH ACTION AS LENDER DEEMS
NECESSARY TO PROTECT ITS INTEREST IN THE PROPERTY, INCLUDING, WITHOUT
LIMITATION, THE OBTAINING OF SUCH INSURANCE COVERAGE AS LENDER IN ITS SOLE
DISCRETION DEEMS APPROPRIATE AND ALL PREMIUMS INCURRED BY LENDER IN CONNECTION
WITH SUCH ACTION OR IN OBTAINING SUCH INSURANCE AND KEEPING IT IN EFFECT SHALL
BE PAID BY BORROWER TO LENDER UPON DEMAND AND UNTIL PAID SHALL BE SECURED BY THE
MORTGAGE AND SHALL BEAR INTEREST AT THE DEFAULT RATE.
(G)
IN THE EVENT OF FORECLOSURE OF THE MORTGAGE