OF THIS AGREEMENT TO THE
EXTENT THE SAME IS AVAILABLE AND (B) OWNER'S AND CONTRACTOR'S PROTECTIVE
LIABILITY;
(III)
BUSINESS INCOME INSURANCE (A) WITH LOSS PAYABLE TO LENDER;
(B) COVERING ALL RISKS REQUIRED TO BE COVERED BY THE INSURANCE PROVIDED FOR IN
SECTION 6.1(A)(I); (C) CONTAINING AN EXTENDED PERIOD OF INDEMNITY ENDORSEMENT
WHICH PROVIDES THAT AFTER THE PHYSICAL LOSS TO THE IMPROVEMENTS AND PERSONAL
PROPERTY HAS BEEN REPAIRED, 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 SIX (6) MONTHS FROM THE DATE THAT THE PROPERTY IS REPAIRED OR
REPLACED AND OPERATIONS ARE RESUMED, WHICHEVER FIRST OCCURS, AND NOTWITHSTANDING
THAT THE POLICY MAY EXPIRE PRIOR TO THE END OF SUCH PERIOD; AND (D) IN AN AMOUNT
EQUAL TO ONE HUNDRED PERCENT (100%) OF THE PROJECTED GROSS INCOME FROM THE
PROPERTY FOR A PERIOD OF EIGHTEEN (18) MONTHS FROM THE DATE OF SUCH CASUALTY
(ASSUMING SUCH CASUALTY HAD NOT OCCURRED) AND NOTWITHSTANDING THAT THE POLICY
MAY EXPIRE AT THE END OF SUCH PERIOD.
THE AMOUNT OF SUCH BUSINESS INCOME
INSURANCE SHALL BE DETERMINED PRIOR TO THE DATE HEREOF AND AT LEAST ONCE EACH
YEAR THEREAFTER BASED ON BORROWER'S REASONABLE ESTIMATE OF DEBT SERVICE,
CONTINUING EXPENSES, NECESSARY PAYROLL AND A FIFTY PERCENT (50%) CONTINGENCY
FACTOR FOR THE SUCCEEDING EIGHTEEN (18) MONTH PERIOD.
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NOTWITHSTANDING ANYTHING TO THE CONTRARY IN SECTION 2.6, ALL PROCEEDS PAYABLE TO
LENDER PURSUANT TO THIS SECTION 6.1(A)(III) SHALL BE HELD BY LENDER AND SHALL BE
APPLIED AT LENDER'S SOLE DISCRETION TO (I) THE OBLIGATIONS SECURED BY THE LOAN
DOCUMENTS FROM TIME TO TIME DUE AND PAYABLE HEREUNDER AND UNDER THIS AGREEMENT
OR (II) OPERATING EXPENSES APPROVED BY LENDER IN ITS SOLE DISCRETION; PROVIDED,
THAT NOTHING HEREIN CONTAINED SHALL BE DEEMED TO RELIEVE BORROWER OF ITS
OBLIGATIONS TO PAY THE OBLIGATIONS SECURED BY THE LOAN DOCUMENTS ON THE
RESPECTIVE DATES OF PAYMENT PROVIDED FOR IN THE NOTE AND THE OTHER LOAN
DOCUMENTS EXCEPT TO THE EXTENT SUCH AMOUNTS ARE ACTUALLY PAID OUT OF THE
PROCEEDS OF SUCH BUSINESS INCOME INSURANCE;
(IV)
AT ALL TIMES DURING WHICH STRUCTURAL CONSTRUCTION, REPAIRS OR
ALTERATIONS ARE BEING MADE WITH RESPECT TO THE IMPROVEMENTS, AND ONLY IF THE
PROPERTY COVERAGE FORM DOES NOT OTHERWISE APPLY, (A) OWNER'S CONTINGENT OR
PROTECTIVE LIABILITY INSURANCE COVERING CLAIMS NOT COVERED BY OR UNDER THE TERMS
OR PROVISIONS OF THE ABOVE MENTIONED COMMERCIAL GENERAL LIABILITY INSURANCE
POLICY; AND (B) THE INSURANCE PROVIDED FOR IN SECTION 6.1(A)(I) WRITTEN IN A
SO-CALLED BUILDER'S RISK COMPLETED VALUE FORM (1) ON A NON-REPORTING BASIS,
(2) AGAINST ALL RISKS INSURED AGAINST PURSUANT TO SECTION 6.1(A)(I),
(3) INCLUDING PERMISSION TO OCCUPY THE PROPERTY, AND (4) WITH AN AGREED AMOUNT
ENDORSEMENT WAIVING CO-INSURANCE PROVISIONS;
(V)
WORKER'S COMPENSATION INSURANCE WITH RESPECT TO ANY EMPLOYEES OF
BORROWER, AS REQUIRED BY ANY GOVERNMENTAL AUTHORITY OR LEGAL REQUIREMENT,
EMPLOYMENT PRACTICES LIABILITY INSURANCE IN AN AMOUNT NOT LESS THAN $30,000,000
WITH A DEDUCTIBLE NOT TO EXCEED $250,000 PER CLAIM;
(VI)
COMPREHENSIVE BOILER