depreciation; and
(B)
DURING ANY PERIOD OF THE TERM OF THE LOAN THAT TRIA IS NOT IN
EFFECT, IF "ACTS OF TERRORISM" OR OTHER SIMILAR ACTS OR EVENTS OR "FIRE
FOLLOWING" ARE HEREAFTER EXCLUDED FROM BORROWER'S COMPREHENSIVE ALL RISK
INSURANCE POLICY OR BUSINESS INTERRUPTION INSURANCE COVERAGE, BORROWER SHALL
OBTAIN AN ENDORSEMENT TO SUCH POLICY, OR A SEPARATE POLICY, INSURING AGAINST ALL
SUCH EXCLUDED ACTS OR EVENTS, TO THE EXTENT SUCH POLICY OR ENDORSEMENT IS
AVAILABLE, IN AN AMOUNT DETERMINED BY LENDER IN ITS REASONABLE DISCRETION (BUT
IN NO EVENT GREATER THAN THE
49
TOTAL INSURABLE VALUE PLUS REQUIRED BUSINESS INTERRUPTION COVERAGE, AND IN NO
EVENT SHALL BORROWER BE REQUIRED TO FURNISH INSURANCE FOR LOSSES RESULTING FROM
"ACTS OF TERRORISM" AND "FIRE FOLLOWING" FOR A COST IN EXCESS OF 125% OF THE
PRIOR YEAR'S PREMIUM FOR THE INSURANCE REQUIRED PURSUANT TO SECTION 3.01(A)(I)
AND SECTION 3.01(A)(III) LESS THE COMPONENT COST THEREOF WHICH RELATED TO "ACTS
OF TERRORISM"); PROVIDED, HOWEVER, BORROWER SHALL NOT BE REQUIRED TO CARRY
INSURANCE OF THE TYPE SET FORTH IN THIS CLAUSE (X)(B) IF INSTITUTIONAL LENDERS
ARE NOT THEN CUSTOMARILY REQUIRING SUCH INSURANCE FOR LOANS SIMILAR IN SIZE TO
THE LOAN WITH RESPECT TO SIMILAR PROPERTIES SIMILARLY SITUATED WHICH ARE
COLLATERAL FOR LOANS WHICH ARE INCLUDED IN COMMERCIAL MORTGAGE SECURITIZATIONS,
AS DETERMINED BY LENDER IN ITS REASONABLE DISCRETION.
(xi)
Such other insurance as may from time to time be required by
Lender and which is then customarily required by Institutional Lenders for
similar properties similarly situated, against other insurable hazards,
including, but not limited to, malicious mischief, vandalism, sinkhole and mine
subsidence, windstorm and/or earthquake, due regard to be given to the size and
type of the Premises, Improvements, Fixtures and Equipment and their location,
construction and use.
(xii)
If Borrower, any of its Affiliates or Manager holds a liquor
license for the Premises, liquor liability insurance in the amount of no less
than $10,000,000.
(xiii)
Automobile liability insurance covering owned, hired and not
owned vehicles in an amount of not less than $1,000,000 per accident.
(b)
Borrower shall cause any Manager of the Property to maintain
fidelity insurance in an amount equal to or greater than $1,000,000 or such
lesser amount as Lender shall approve.
SECTION 3.02. POLICY TERMS. (A) ALL INSURANCE REQUIRED BY THIS ARTICLE III SHALL
BE IN THE FORM (OTHER THAN WITH RESPECT TO SECTIONS 3.01(A)(VI) AND (VII) ABOVE
WHEN INSURANCE IN THOSE TWO SUB-SECTIONS IS PLACED WITH A GOVERNMENTAL AGENCY OR
INSTRUMENTALITY ON SUCH AGENCY'S FORMS) AND AMOUNT AND WITH DEDUCTIBLES AS, FROM
TIME TO TIME, SHALL BE REASONABLY ACCEPTABLE TO LENDER, UNDER VALID AND
ENFORCEABLE POLICIES ISSUED BY FINANCIALLY RESPONSIBLE INSURERS AUTHORIZED TO DO
BUSINESS IN THE STATE WHERE THE PROPERTY IS LOCATED, WITH A GENERAL
POLICYHOLDER'S SERVICE RATING OF NOT LESS THAN A- AND A FINANCIAL RATING OF NOT
LESS THAN VIII AS RATED IN THE MOST CURRENTLY AVAILABLE BEST'S INSURANCE REPORTS
(OR THE EQUIVALENT, IF SUCH RATING SYSTEM SHALL HEREAFTER BE ALTERED OR
REPLACED) AND SHALL HAVE A CLAIMS