IMPROVEMENTS IS, UNDER
THE FLOOD DISASTER PROTECTION ACT OF 1973 ("FDPA"), AS IT MAY BE AMENDED FROM
TIME TO TIME, IN A SPECIAL FLOOD HAZARD AREA, WITHIN A FLOOD ZONE DESIGNATED A
OR V IN A PARTICIPATING COMMUNITY, A FLOOD INSURANCE POLICY IN AN AMOUNT
REQUIRED BY HOLDER, BUT IN NO EVENT LESS THAN THE AMOUNT SUFFICIENT TO MEET THE
REQUIREMENTS OF APPLICABLE LAW AND THE FDPA, AS SUCH REQUIREMENTS MAY FROM TIME
TO TIME BE IN EFFECT; (III) GENERAL LIABILITY INSURANCE, ON AN "OCCURRENCE"
BASIS AGAINST CLAIMS FOR "PERSONAL INJURY" LIABILITY, INCLUDING BODILY INJURY,
DEATH OR PROPERTY DAMAGE LIABILITY, FOR THE BENEFIT OF GRANTOR AS NAMED INSURED
AND HOLDER AS ADDITIONAL INSURED ON BEHALF OF ITSELF AND LENDERS; (IV) STATUTORY
WORKERS' COMPENSATION INSURANCE WITH RESPECT TO ANY WORK ON OR ABOUT THE
PREMISES (INCLUDING EMPLOYER'S LIABILITY INSURANCE, IF REQUIRED BY HOLDER),
COVERING ALL EMPLOYEES OF GRANTOR AND ANY CONTRACTOR; (V) IF THERE IS A GENERAL
CONTRACTOR, COMMERCIAL GENERAL LIABILITY INSURANCE, INCLUDING PRODUCTS AND
COMPLETED OPERATIONS COVERAGE, AND IN OTHER RESPECTS SIMILAR TO THAT DESCRIBED
IN CLAUSE (III) ABOVE, FOR THE BENEFIT OF THE GENERAL CONTRACTOR AS NAMED
INSURED AND GRANTOR AND HOLDER (ON BEHALF OF ITSELF AND LENDERS) AS ADDITIONAL
INSUREDS, IN ADDITION TO STATUTORY WORKERS' COMPENSATION INSURANCE WITH RESPECT
TO ANY WORK ON OR ABOUT THE PREMISES (INCLUDING EMPLOYER'S LIABILITY INSURANCE,
IF REQUIRED BY HOLDER), COVERING ALL EMPLOYEES OF THE GENERAL CONTRACTOR AND ANY
CONTRACTOR; AND (VI) SUCH OTHER INSURANCE ON THE PROPERTY AND ENDORSEMENTS AS
MAY FROM TIME TO TIME BE REQUIRED BY HOLDER (INCLUDING SOFT COST COVERAGE,
AUTOMOBILE LIABILITY INSURANCE, BUSINESS INTERRUPTION INSURANCE OR DELAYED
RENTAL INCOME INSURANCE, WIND INSURANCE, BOILER AND MACHINERY INSURANCE,
SINKHOLE COVERAGE, AND/OR PERMIT TO OCCUPY ENDORSEMENT) AND AGAINST OTHER
INSURABLE HAZARDS OR CASUALTIES WHICH AT THE TIME ARE COMMONLY INSURED AGAINST
IN THE CASE OF PREMISES SIMILARLY SITUATED, DUE REGARD BEING GIVEN TO THE
HEIGHT, TYPE, CONSTRUCTION, LOCATION, USE AND OCCUPANCY OF BUILDINGS AND
IMPROVEMENTS.
9
(E)
INSURANCE POLICY REQUIREMENTS.
ALL INSURANCE POLICIES SHALL BE
ISSUED AND MAINTAINED BY INSURERS, IN AMOUNTS, WITH DEDUCTIBLES, LIMITS AND
RETENTIONS AND IN FORMS SATISFACTORY TO HOLDER.
ALL INSURANCE POLICIES SHALL
REQUIRE AT LEAST TEN (10) DAYS' PRIOR WRITTEN NOTICE TO HOLDER OF ANY
CANCELLATION FOR NONPAYMENT OF PREMIUMS AND AT LEAST THIRTY (30) DAYS' PRIOR
WRITTEN NOTICE TO HOLDER OF ANY OTHER CANCELLATION OR ANY CHANGE OF COVERAGE.
ALL INSURANCE COMPANIES MUST BE LICENSED TO DO BUSINESS IN THE STATE IN WHICH
THE PROPERTY IS LOCATED AND MUST HAVE A. M. BEST COMPANY FINANCIAL AND
PERFORMANCE RATINGS OF A-:IX OR BETTER.
ALL INSURANCE POLICIES MAINTAINED, OR
CAUSED TO BE MAINTAINED, BY GRANTOR WITH RESPECT TO THE PROPERTY, EXCEPT FOR
GENERAL LIABILITY INSURANCE, SHALL PROVIDE THAT EACH SUCH POLICY SHALL BE
PRIMARY WITHOUT RIGHT OF CONTRIBUTION FROM ANY OTHER INSURANCE THAT MAY BE
CARRIED BY GRANTOR, HOLDER OR ANY LENDER AND THAT ALL OF THE PROVISIONS THEREOF,
EXCEPT THE LIMITS OF LIABILITY, SHALL OPERATE IN THE SAME MANNER AS IF THERE
WERE A SEPARATE