WHICH THE PROPERTY IS LOCATED.
(B)
ALL INSURANCE PROVIDED FOR IN SECTION 6.1(A)
SHALL BE OBTAINED UNDER VALID AND ENFORCEABLE POLICIES (COLLECTIVELY, THE
"POLICIES" OR IN THE SINGULAR, THE "POLICY"), AND SHALL BE SUBJECT TO THE
APPROVAL OF LENDER AS TO INSURANCE COMPANIES, AMOUNTS, DEDUCTIBLES, LOSS PAYEES
AND INSUREDS.
THE POLICIES SHALL BE ISSUED BY FINANCIALLY SOUND AND RESPONSIBLE
INSURANCE COMPANIES AUTHORIZED TO DO BUSINESS IN THE STATE AND HAVING A CLAIMS
PAYING ABILITY RATING OF "A" OR BETTER (AND THE EQUIVALENT THEREOF) BY AT LEAST
TWO (2) OF THE RATING AGENCIES RATING THE SECURITIES (ONE (1) OF WHICH SHALL BE
S&P IF THEY ARE RATING THE SECURITIES AND ONE (1) OF WHICH WILL BE MOODY'S IF
THEY ARE RATING THE SECURITIES), OR IF ONLY ONE (1) RATING AGENCY IS RATING THE
SECURITIES, THEN ONLY BY SUCH RATING AGENCY.
THE POLICIES DESCRIBED IN
SECTION 6.1 (OTHER THAN THOSE STRICTLY LIMITED TO LIABILITY PROTECTION) SHALL
DESIGNATE LENDER AS LOSS PAYEE.
NOT LESS THAN THIRTY (30) DAYS PRIOR TO THE
EXPIRATION DATES OF THE POLICIES THERETOFORE FURNISHED TO LENDER, CERTIFICATES
OF INSURANCE EVIDENCING THE POLICIES ACCOMPANIED BY EVIDENCE SATISFACTORY TO
LENDER OF PAYMENT OF THE PREMIUMS DUE THEREUNDER (THE "INSURANCE PREMIUMS"),
SHALL BE DELIVERED BY BORROWER TO LENDER.
(C)
ANY BLANKET INSURANCE POLICY SHALL
SPECIFICALLY ALLOCATE TO THE PROPERTY THE AMOUNT OF COVERAGE FROM TIME TO TIME
REQUIRED HEREUNDER AND SHALL OTHERWISE PROVIDE THE SAME PROTECTION AS WOULD A
SEPARATE POLICY INSURING ONLY THE PROPERTY IN COMPLIANCE WITH THE PROVISIONS OF
SECTION 6.1(A).
(D)
ALL POLICIES OF INSURANCE PROVIDED FOR OR
CONTEMPLATED BY SECTION 6.1(A), EXCEPT FOR THE POLICY REFERENCED IN
SECTION 6.1(A)(VII) OF THIS AGREEMENT, SHALL NAME BORROWER, OR THE TENANT, AS
THE INSURED AND LENDER AS THE ADDITIONAL INSURED, AS ITS INTERESTS MAY APPEAR,
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AND IN THE CASE OF PROPERTY DAMAGE, BOILER AND MACHINERY, FLOOD AND EARTHQUAKE
INSURANCE, SHALL CONTAIN A SO-CALLED NEW YORK STANDARD NON-CONTRIBUTING
MORTGAGEE CLAUSE IN FAVOR OF LENDER PROVIDING THAT THE LOSS THEREUNDER SHALL BE
PAYABLE TO LENDER.
(E)
ALL POLICIES OF INSURANCE PROVIDED FOR IN
SECTION 6.1(A) SHALL CONTAIN CLAUSES OR ENDORSEMENTS TO THE EFFECT THAT:
(I)
NO ACT OR NEGLIGENCE OF BORROWER, OR ANYONE
ACTING FOR BORROWER, OR OF ANY TENANT OR OTHER OCCUPANT, OR FAILURE TO COMPLY
WITH THE PROVISIONS OF ANY POLICY, WHICH MIGHT OTHERWISE RESULT IN A FORFEITURE
OF THE INSURANCE OR ANY PART THEREOF, SHALL IN ANY WAY AFFECT THE VALIDITY OR
ENFORCEABILITY OF THE INSURANCE INSOFAR AS LENDER IS CONCERNED;
(II)
THE POLICY SHALL NOT BE MATERIALLY CHANGED (OTHER
THAN TO INCREASE THE COVERAGE PROVIDED THEREBY) OR CANCELED WITHOUT AT LEAST
THIRTY (30) DAYS WRITTEN NOTICE TO LENDER AND ANY OTHER PARTY NAMED THEREIN AS
AN ADDITIONAL INSURED;
(III)
THE ISSUERS THEREOF SHALL GIVE WRITTEN NOTICE TO
LENDER IF THE POLICY HAS NOT BEEN RENEWED FIFTEEN (15) DAYS PRIOR TO ITS
EXPIRATION; AND
(IV)
LENDER SHALL NOT BE LIABLE FOR ANY INSURANCE PREMIUMS
THEREON OR SUBJECT TO ANY ASSESSMENTS THEREUNDER.
(F)
IF AT ANY TIME LENDER IS