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. SUBJECT TO THE PROVISIONS OF SECTION 5.2 AND SECTION 5.3 OF THIS
AGREEMENT, ALL PROCEEDS PAYABLE TO LENDER PURSUANT TO THIS SUBSECTION SHALL BE
HELD BY LENDER AND SHALL BE APPLIED TO THE OBLIGATIONS SECURED BY THE LOAN
DOCUMENTS FROM TIME TO TIME DUE AND PAYABLE HEREUNDER AND UNDER THE NOTE;
PROVIDED, HOWEVER, 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 AND LIABILITY COVERAGE
53
FORMS DO 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 SUBSECTION (I) ABOVE 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 SUBSECTION (I) ABOVE, (3) INCLUDING PERMISSION TO
OCCUPY THE PROPERTY, AND (4) WITH AN AGREED AMOUNT ENDORSEMENT WAIVING
CO-INSURANCE PROVISIONS;
(V)
WORKERS' COMPENSATION, SUBJECT TO THE STATUTORY LIMITS OF THE
STATE IN WHICH THE PROPERTY IS LOCATED, AND EMPLOYER'S LIABILITY INSURANCE WITH
A LIMIT OF AT LEAST FIVE HUNDRED THOUSAND AND NO/100 DOLLARS ($500,000.00) PER
ACCIDENT AND PER DISEASE PER EMPLOYEE, AND FIVE HUNDRED THOUSAND AND NO/100
DOLLARS ($500,000.00) FOR DISEASE AGGREGATE IN RESPECT OF ANY WORK OR OPERATIONS
ON OR ABOUT THE PROPERTY, OR IN CONNECTION WITH THE PROPERTY OR ITS OPERATION
(IF APPLICABLE);
(VI)
COMPREHENSIVE BOILER AND MACHINERY INSURANCE, IF APPLICABLE, IN
AMOUNTS AS SHALL BE REASONABLY REQUIRED BY LENDER ON TERMS CONSISTENT WITH THE
COMMERCIAL PROPERTY INSURANCE POLICY REQUIRED UNDER SUBSECTION (I) ABOVE;
(VII)
UMBRELLA LIABILITY INSURANCE IN ADDITION TO PRIMARY COVERAGE IN AN
AMOUNT NOT LESS THAN ONE HUNDRED MILLION AND NO/100 DOLLARS ($100,000,000.00)
PER OCCURRENCE ON TERMS CONSISTENT WITH THE COMMERCIAL GENERAL LIABILITY
INSURANCE POLICY REQUIRED UNDER SUBSECTION (II) ABOVE AND (VIII) BELOW (SUCH
LIMIT MAY BE ACHIEVED BY ANY COMBINATION OF PRIMARY AND EXCESS LIMITS);
(VIII)
MOTOR VEHICLE LIABILITY COVERAGE FOR ALL OWNED AND NON-OWNED
VEHICLES, INCLUDING RENTED AND LEASED VEHICLES CONTAINING MINIMUM LIMITS PER
OCCURRENCE, INCLUDING UMBRELLA COVERAGE, OF ONE MILLION AND NO/100 DOLLARS
($1,000,000.00);
(IX)
SO-CALLED "DRAMSHOP" INSURANCE OR OTHER LIABILITY INSURANCE
REQUIRED IN CONNECTION WITH THE SALE OF ALCOHOLIC BEVERAGES, IF ANY;
(X)