THE MORTGAGE
(III)
ON EQUIPMENT FOR THE SUPPLY OR CONTROL OF HEAT, LIGHT, POWER, HOT
WATER, COLD WATER, GAS, REFRIGERATION, OR AIR-CONDITIONING AGAINST DIRECT OR
CONSEQUENTIAL LOSS OR DAMAGE, AS CUSTOMARILY COVERED UNDER A BOILER AND
MACHINERY POLICY WITH A COMPREHENSIVE DEFINITION OF INSURED EQUIPMENT, IN THE
AMOUNT OF AT LEAST FIVE MILLION DOLLARS ($5,000,000) OR AMOUNTS AS LESSEE MAY
FROM TIME TO TIME REASONABLY REQUIRE;
(IV)
FOR SUCH OTHER RISKS (INCLUDING LOSS TO FINE ARTS, ACCOUNTS
RECEIVABLE, VALUABLE PAPERS AND RECORDS, ELECTRONIC MEDIA AND RECORDS, AND
SHIPMENTS IN TRANSIT) THAT, AT THE TIME, ARE COMMONLY INSURED AGAINST BY LESSEES
OF HOTEL PREMISES IN THE STATE OF COLORADO, WITH DUE REGARD BEING OR TO BE GIVEN
TO THE THEN-EXISTING CIRCUMSTANCES AND TO THE TYPE, CONSTRUCTION, DESIGN, USE
AND OCCUPANCY OF THE HOTEL; AND
(V)
AGAINST "BUSINESS INTERRUPTION AND EXTRA EXPENSE" (AS THAT PHRASE
IS USED WITHIN THE UNITED STATES INSURANCE INDUSTRY FOR APPLICATION TO TRANSIENT
LODGING FACILITIES) IN FORM NO LESS COMPREHENSIVE THAN ISO FORM
CP 00 30 (10/91), AS AMENDED FROM TIME TO TIME, RESULTING FROM LOSS OR DAMAGE
FROM THE HAZARDS SPECIFIED ABOVE, TO OWNED OR NON-OWNED PROPERTY, WHICH PREVENTS
NORMAL OPERATIONS FROM CONTINUING; SUCH
32
COVERAGE SHALL: BE ON AN "ACTUAL LOSS SUSTAINED" BASIS IN AN AMOUNT EQUAL TO AT
LEAST ONE (1) YEAR'S EXPECTED NET INCOME BEFORE INCOME TAX (CALCULATED ACCORDING
TO GENERALLY ACCEPTED ACCOUNTING PRINCIPLES AND THE UNIFORM SYSTEM), PLUS
CONTINUING NORMAL OPERATING EXPENSES, INCLUDING OPERATOR'S MANAGEMENT FEE,
REIMBURSABLE EXPENSES AND OTHER AMOUNTS PAYABLE TO OPERATOR UNDER THIS LEASE,
THAT NECESSARILY CONTINUE, NOTWITHSTANDING THE BUSINESS INTERRUPTION; THE
INSURANCE SHALL ALSO PROVIDE "EXTENDED PERIOD OF INDEMNITY" OR "EXTENDED
BUSINESS INCOME" PROVISIONS FOR PAYMENT OF LOSS UNTIL NORMAL OPERATIONS RESUME,
BUT IN ANY EVENT FOR A PERIOD OF NOT LESS THAN ONE HUNDRED EIGHTY (180) DAYS
AFTER BUSINESS OPERATIONS FOR RESUMED; THE INSURANCE SHALL ALSO INCLUDE AN
"ORDINARY PAYROLL" ENDORSEMENT FOR A MINIMUM OF NINETY (90) DAYS.
(B)
NOTWITHSTANDING ANYTHING TO THE CONTRARY IN THE LESSEE, LESSEE
SHALL NOT PLACE ANY INSURANCE WITH RESPECT TO THE LEASED PROPERTY UNDER THIS
LEASE UNLESS AND UNTIL SUCH INSURANCE HAS BEEN REVIEWED AND APPROVED BY LESSOR.
13.4
PARTIES INSURED AND AMOUNTS OF COVERAGE.
(A)
THE CARRIERS OF ALL INSURANCE POLICIES PROVIDED BY LESSEE OR
LESSOR UNDER THIS LEASE SHALL BE RATED NO LESS THAN A-, IN THE MOST RECENT
"BEST" INSURANCE GUIDE AND SHALL BE LICENSED IN THE STATE OF COLORADO AND SHALL
BE SUBJECT TO THE APPROVAL OF LESSEE AND LESSOR.
ALL INSURANCE POLICIES
PROVIDED FOR IN THIS ARTICLE XIII SHALL INCLUDE:
(I)
LESSEE AND LESSOR AS PARTIES INSURED THEREUNDER, AS THEIR
INTERESTS MAY APPEAR;
(II)
WHERE APPROPRIATE AND/OR AS REQUIRED BY ANY MORTGAGE,
ENDORSEMENT(S) IN FAVOR OF MORTGAGEE(S), AS ITS/THEIR INTEREST MAY APPEAR;
(III)
WHERE APPROPRIATE (INCLUDING THE INSURANCE PROVIDED FOR IN
SECTION 13.1(A)), THE INSURER'S WAIVER OF SUBROGATION RIGHTS AGAINST LESSEE AND
LESSOR; AND
(IV)
A REQUIREMENT THAT THE INSURER PROVIDE AT LEAST THIRTY (30) DAYS'
WRITTEN NOTICE OF CANCELLATION OR MATERIAL CHANGE IN THE TERMS