ON THE IMPROVEMENTS AT THE PROPERTY SHALL MAINTAIN
STATUTORY WORKERS COMPENSATION AND DISABILITY INSURANCE IN FORCE FOR ALL WORKERS
PERFORMING WORK FOR OR RELATED TO THE PROPERTY.
(VI)
THE POLICIES DESCRIBED IN PARAGRAPHS (A)(I), (II)
AND (III)
SHALL COVER, WITHOUT LIMITATION:
ELEVATORS, ESCALATORS, CONTRACTUAL LIABILITY
(COVERING, TO THE MAXIMUM EXTENT PERMITTED BY LAW, BORROWER'S OBLIGATION TO
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
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SHALL PROVIDE COVERAGE FOR ALL PERSONS, CONTRACTORS AND SUBCONTRACTORS OF EVERY
LEVEL ENGAGED IN CONSTRUCTION OPERATIONS AT THE PROPERTY.
(B)
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.
(C)
PROPERTY INSURANCE SHALL BE MAINTAINED AT ALL TIMES DURING
THE TERM OF THE LOAN AS FOLLOWS:
(I)
INSURANCE AGAINST LOSS CUSTOMARILY INCLUDED UNDER STANDARD
"ALL RISK" OR "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) 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 ACCEPTABLE TO LENDER.
IF THE "ALL
RISK" OR "SPECIAL FORM" POLICY EXCLUDES COVERAGE FOR WINDSTORM/NAMED WINDSTORM
PERILS THEN WINDSTORM/NAMED WINDSTORM COVERAGE SHALL BE PROVIDED ON A SEPARATE
POLICY IN AMOUNTS ACCEPTABLE TO LENDER.
WINDSTORM/NAMED WINDSTORM DEDUCTIBLES
IN HIGH HAZARD COUNTIES SHALL NOT BE GREATER THAN FIVE PERCENT (5%) OF THE TOTAL
INSURED VALUE OF THE PROPERTY.
SUCH INSURANCE POLICY SHALL ALSO INCLUDE
COVERAGE FOR:
(A)
LOSS SUFFERED WITH RESPECT TO MATERIALS, EQUIPMENT, HEATING AND
AIR CONDITIONING MACHINERY, MACHINERY, AND SUPPLIES, IN