INCLUDE
STANDARD ISO CONTRACTUAL LIABILITY COVERING THE INDEMNITY OF THIS LOAN, TO THE
EXTENT IT APPLIES TO THE COVERAGE PROVIDED IN THIS
57
POLICY; (IV) NOT MAINTAIN ANY DEDUCTIBLE, WITHOUT WRITTEN PERMISSION OF THE
LENDER; (V) PROVIDE XCU COVERAGE WITH REGARD TO CONSTRUCTION PROJECTS;
(VI) INCLUDE TWO (2) YEARS EXTENDED COMPLETED OPERATIONS COVERAGE AFTER
COMPLETION OF ANY CONSTRUCTION PROJECT; (VII) INCLUDE KNOWLEDGE OF ACCIDENT
ENDORSEMENT ACKNOWLEDGING THAT NOTICE OF A CLAIM OR AN INCIDENT THAT MAY LEAD TO
A CLAIM IS NOT CONSIDERED NOTICE TO THE INSURED UNLESS AN EXECUTIVE OFFICER OR A
SO CALLED RISK MANAGER HAS NOTICE OF SUCH CLAIM OR INCIDENT; AND (VIII) BE
PRIMARY TO ANY OTHER INSURANCE THAT MAY BE MAINTAINED BY THE LENDER.
(D)
AUTOMOBILE INSURANCE IN THE AMOUNT OF $1,000,000 WHICH SHALL COVER
ALL OWNED, HIRED OR LEASED VEHICLES AND INCLUDE NON-OWNED AND HIRED CAR
COVERAGE.
(E)
UMBRELLA LIABILITY INSURANCE WHICH SHALL (I) INCLUDE ALL THE TERMS
REQUIRED IN SECTION 7.1.2 OF THIS AGREEMENT; (II) INCLUDE LIMITS OF LIABILITY OF
$50,000,000 OR AS OTHERWISE SPECIFIED BY THE LENDER; (III) BE EXCESS OF, AND AT
LEAST FOLLOWING FORM OF THE PRIMARY COMMERCIAL GENERAL LIABILITY, EMPLOYERS
LIABILITY AND AUTOMOBILE LIABILITY POLICIES AND; (IV) FOLLOW FORM OF AGGREGATE
LIMITS OF THE COMMERCIAL GENERAL LIABILITY.
(F)
"ALL RISK" OR SPECIAL FORM" BUSINESS INCOME INSURANCE INCLUDING
RENTAL VALUE AND EXTRA EXPENSE WHICH SHALL (I) NAME LENDER AS "LENDER LOSS
PAYEE"; (II) BE IN AN AMOUNT EQUAL TO ONE HUNDRED PERCENT (100%) OF THE
PROJECTED RENTS FROM SUCH PROPERTY DURING THE PERIOD OF RESTORATION;
(III) CONTAIN AN UNLIMITED INDEMNITY PERIOD DURING THE PERIOD THAT IT TAKES TO
REPAIR, RESTORE AND/OR REBUILD THE DAMAGED PROPERTY; (IV) CONTAIN AN EXTENDED
PERIOD OF INDEMNITY ENDORSEMENT WHICH PROVIDES THAT AFTER THE PHYSICAL LOSS TO
SUCH PROPERTY HAS BEEN REPAIRED AND RESTORED THE CONTINUED LOSS OF INCOME WILL
BE INSURED UNTIL SUCH INCOME EITHER RETURNS TO THE SAME LEVEL IT WAS AT PRIOR TO
THE LOSS, OR THE EXPIRATION OF TWELVE (12) MONTHS FROM THE DATE THAT SUCH
PROPERTY IS REPAIRED AND RESTORED AND OPERATIONS ARE RESUMED, WHICHEVER FIRST
OCCURS, AND NOTWITHSTANDING THAT THE POLICY MAY EXPIRE PRIOR TO THE END OF SUCH
PERIOD; AND (V) INCLUDE AN AMOUNT OF SUCH INSURANCE WHICH IS TO BE NO LESS THAN
TWO (2) TIMES THE CURRENT ANNUAL BUSINESS INCOME (INCLUDING RENTS) OR, AT
LENDER'S REASONABLE DISCRETION, RENT INSURANCE AND SUCH INSURANCE SHALL CONTAIN
ALL OF THE SAME PROVISIONS OF SECTIONS 7.1.1(A), (B) AND (G).
THE AMOUNT OF
SUCH INSURANCE SHALL BE INCREASED FROM TIME TO TIME (BUT NOT LESS THAN ANNUALLY)
DURING THE TERM AS AND WHEN THE ESTIMATED OR ACTUAL RENTS (OR BUSINESS INCOME)
INCREASE(S).
(G)
BOILER AND MACHINERY "ALL RISK" POLICY, UTILIZING THE STANDARD
"COMPREHENSIVE" POLICY FORM, OR ITS EQUIVALENT, COVERING STEAM BOILERS, PIPES,
TURBINES ENGINES MISCELLANEOUS ELECTRICAL APPARATUS, ELEVATORS, ESCALATORS,
MACHINERY, AIR CONDITIONING EQUIPMENT AND ANY OTHER STEAM PRESSURE VESSELS.
SUCH POLICY (OR POLICIES) SHALL (I) INCLUDE ALL THE TERMS REQUIRED IN SECTIONS
7.1.1 (A) AND (G) OF THIS AGREEMENT; (II) INCLUDE