EXTENT
THE SAME IS AVAILABLE;
(III)
BUSINESS INCOME INSURANCE (A) WITH LOSS PAYABLE TO LENDER; (B)
COVERING ALL RISKS REQUIRED TO BE COVERED BY THE INSURANCE PROVIDED FOR IN
SUBSECTION (I) ABOVE; (C) COVERING RENTAL LOSSES OR BUSINESS INTERRUPTION, AS
MAY BE APPLICABLE, FOR A PERIOD OF AT LEAST TWELVE (12) MONTHS AFTER THE DATE OF
THE CASUALTY; AND (D) IN AN ANNUAL AMOUNT EQUAL TO (100%) OF THE RENTS OR
ESTIMATED GROSS REVENUES FROM THE OPERATION OF THE PROPERTY (AS REDUCED TO
REFLECT EXPENSES NOT INCURRED DURING A PERIOD OF RESTORATION). 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
THE GROSS INCOME FROM THE PROPERTY FOR THE SUCCEEDING TWELVE (12) MONTH PERIOD.
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;
47
(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 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;
(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 AN AMOUNT NOT LESS THAN FIVE
MILLION AND NO/100 DOLLARS ($5,000,000.00) PER OCCURRENCE ON TERMS CONSISTENT
WITH THE COMMERCIAL GENERAL LIABILITY INSURANCE POLICY REQUIRED UNDER SUBSECTION
(II) ABOVE;
(VIII)
AUTOMOBILE INSURANCE TO COVER ALL OWNED OR NON-OWNED AUTOMOBILES
IN AN AMOUNT NOT LESS THAN ONE MILLION AND NO/100 DOLLARS ($1,000,000.00) PER
OCCURRENCE;
(IX)
IF ANY OF THE POLICIES OF INSURANCE COVERING THE RISKS REQUIRED
TO BE COVERED UNDER SUBSECTIONS (I) THROUGH (VII) ABOVE CONTAINS AN EXCLUSION
FROM COVERAGE FOR ACTS OF TERRORISM, BORROWER SHALL OBTAIN AND MAINTAIN A
SEPARATE POLICY PROVIDING SUCH COVERAGES IN THE EVENT OF ANY ACT OF TERRORISM,
PROVIDED SUCH COVERAGE IS COMMERCIALLY AVAILABLE FOR PROPERTIES SIMILAR TO THE
PROPERTY