MASTER LOAN AGREEMENT AND ALL OTHER RELATED LOAN DOCUMENTS TO WHICH THE
RELATED BORROWER IS A PARTY, AND SUCH DOCUMENTS HAVE BEEN DULY AUTHORIZED,
PROPERLY EXECUTED AND DELIVERED BY THE PARTIES THERETO, AND EACH IS THE LEGAL,
VALID AND BINDING OBLIGATION OF THE PARTIES THERETO, ENFORCEABLE IN ACCORDANCE
WITH ITS TERMS, EXCEPT AS SUCH ENFORCEMENT MAY BE LIMITED BY BANKRUPTCY,
INSOLVENCY, REORGANIZATION, RECEIVERSHIP, MORATORIUM OR OTHER LAWS RELATING TO
OR AFFECTING THE RIGHTS OF CREDITORS GENERALLY AND BY GENERAL PRINCIPLES OF
EQUITY (REGARDLESS OF WHETHER SUCH ENFORCEMENT IS CONSIDERED IN A PROCEEDING IN
EQUITY OR AT LAW).
(M)
ALL IMPROVEMENTS UPON THE RELATED MORTGAGED PROPERTY SECURING SUCH
LOAN WERE, AS OF THE DATE OF DELIVERY OF THE INSURANCE REPORT (THE "INSURANCE
SCHEDULE") MOST RECENTLY DELIVERED TO THE AGENT PURSUANT TO SECTION 14(R) OF
THIS AGREEMENT, INSURED UNDER INSURANCE POLICIES DESCRIBED IN SUCH INSURANCE
SCHEDULE.
THE RELATED LEASE REQUIRES THE RELATED TENANT TO MAINTAIN, (AND, IF
THE RELATED TENANT FAILS TO MAINTAIN, THE SERVICER OR THE BORROWER MAINTAINS)
INSURANCE COVERAGE DESCRIBED ON THE INSURANCE SCHEDULE AND ALL INSURANCE
REQUIRED UNDER APPLICABLE LAW INCLUDING, WITHOUT LIMITATION, INSURANCE AGAINST
LOSS BY HAZARDS WITH EXTENDED COVERAGE IN AN AMOUNT (SUBJECT TO A CUSTOMARY
DEDUCTIBLE) AT LEAST EQUAL TO THE FULL REPLACEMENT COST OF THE IMPROVEMENTS
LOCATED ON SUCH RELATED MORTGAGED PROPERTY, INCLUDING WITHOUT LIMITATION, FLOOD
INSURANCE IF ANY PORTION OF THE IMPROVEMENTS LOCATED UPON THE RELATED MORTGAGED
PROPERTY IS, AT ANY TIME, IN A FLOOD ZONE AREA AS IDENTIFIED IN THE FEDERAL
REGISTER BY THE FEDERAL EMERGENCY MANAGEMENT AGENCY AS A 100 YEAR FLOOD ZONE OR
SPECIAL HAZARD AREA, AND FLOOD INSURANCE WAS AVAILABLE UNDER THE THEN CURRENT
GUIDELINES OF THE FEDERAL INSURANCE ADMINISTRATION IS IN EFFECT WITH A GENERALLY
ACCEPTABLE INSURANCE CARRIER.
THE RELATED LEASE
REQUIRES THE RELATED TENANT TO
MAINTAIN (AND, IF THE RELATED TENANT FAILS TO MAINTAIN, THE SERVICER OR THE
BORROWER MAINTAINS) ON THE RELATED MORTGAGED PROPERTY SECURING SUCH LOAN A FIRE
AND EXTENDED PERILS INSURANCE POLICY, IN AN AMOUNT NOT LESS THAN THE REPLACEMENT
COST AND THE AMOUNT NECESSARY TO AVOID THE OPERATION OF ANY CO-INSURANCE
PROVISIONS WITH RESPECT TO THE RELATED
3
MORTGAGED PROPERTY.
ALL SUCH INSURANCE POLICIES CONTAIN A STANDARD "ADDITIONAL
INSURED" CLAUSE (OR SIMILAR CLAUSE) NAMING THE RELATED BORROWER (AS LANDLORD
UNDER THE RELATED LEASE), AND ITS SUCCESSORS AND ASSIGNS (INCLUDING, WITHOUT
LIMITATION, THE COLLATERAL AGENT), AS ADDITIONAL INSURED, AND MAY NOT BE
REDUCED, TERMINATED OR CANCELED WITHOUT THIRTY (30) DAYS' PRIOR WRITTEN NOTICE
TO THE ADDITIONAL INSURED.
IN ADDITION, THE RELATED MORTGAGE WITH RESPECT TO
SUCH LOAN REQUIRES THE RELATED BORROWER TO (I) EXCEPT IN THE CASE OF A WORKERS'
COMPENSATION INSURANCE POLICY, CAUSE THE HOLDER OF THE RELATED MORTGAGE, AS THE
MORTGAGEE, TO BE NAMED AS AN ADDITIONAL INSURED MORTGAGEE UNDER, AND
(II) MAINTAIN (OR REQUIRE THE RELATED TENANT TO MAINTAIN) IN RESPECT OF THE
RELATED MORTGAGED PROPERTY, WORKERS' COMPENSATION INSURANCE (IF APPLICABLE),
COMMERCIAL GENERAL, LIABILITY INSURANCE IN AMOUNTS GENERALLY REQUIRED BY SELLER,
AND AT LEAST 6 MONTHS RENTAL OR BUSINESS INTERRUPTION INSURANCE.