of the Undamaged Portion means the cost Borrower incurs
to rebuild any undamaged part of the Condominium building core and shell, which
is required by law to be demolished after a covered loss; and
(3)
Increased Cost of Construction includes the increased cost
Borrower incurs for materials and labor required to rebuild the damaged portion
of the Condominium building core and shell and in a manner that satisfies the
minimum requirement of the applicable law or ordinance at the time of the loss.
(C)
AT ANY TIME DURING WHICH ANY CONSTRUCTION WORK, STRUCTURAL
ALTERATIONS OR REPAIRS ARE BEING PERFORMED UPON, IN OR ABOUT THE CONDOMINIUM,
AND IF SUCH WORK IS EXCLUDED FROM THE "ALL RISK" OR "CAUSES OF LOSS SPECIAL
FORM" POLICY, BUILDERS RISK INSURANCE, ON A NON-REPORTING BASIS SHALL BE
PROVIDED NAMING BORROWER AS THE INSURED.
THE POLICY SHALL ALSO NAME LENDER AS
MORTGAGEE UNDER A NON-CONTRIBUTING NEW YORK STANDARD MORTGAGEE CLAUSE OR AN
EQUIVALENT ENDORSEMENT REASONABLY SATISFACTORY TO LENDER FOR REAL PROPERTY AND
IMPROVEMENTS AND AS LENDER LOSS PAYEE FOR BUSINESS INCOME/REVENUE/RENTAL
INCOME.
IF THE INSURANCE
9
REQUIRED UNDER CLAUSE (B)(I)
IS NOT OBTAINED UNDER AN INSURANCE POLICY
CONTAINING BLANKET LIMITS, THEN THE INSURANCE POLICY SHALL BE ENDORSED TO ALSO
PROVIDE GUARANTEED BUILDING REPLACEMENT COST TO THE CONDOMINIUM BUILDING CORE
AND SHELL, THE OTHER PORTIONS OF THE IMPROVEMENTS AND SUCH TENANT IMPROVEMENTS
AND BETTERMENTS IN AN AMOUNT TO BE SUBJECT TO THE CONSENT OF LENDER, WHICH
CONSENT SHALL NOT BE UNREASONABLY WITHHELD.
(II)
INTENTIONALLY OMITTED.
(III)
IF APPLICABLE, THE CONDOMINIUM ASSOCIATION SHALL PROVIDE BOILER
AND MACHINERY COVERAGE WITH LIMITS WITH RESPECT TO ANY ONE ACCIDENT AS MAY BE
REASONABLY REQUESTED BY LENDER, BUT IN NO EVENT LESS THAN THE FULL INSURABLE
VALUE REPLACEMENT COST OF THE CONDOMINIUM BUILDING CORE AND SHELL.
SUCH
COVERAGE SHALL INSURE AGAINST DIRECT AND INDIRECT LOSS OR DAMAGE TO ALL BUILDING
IMPROVEMENTS THAT THE CONDOMINIUM ASSOCIATION IS REQUIRED TO INSURE PURSUANT TO
THE DECLARATION BY EXPLOSION OR BREAKDOWN OF MECHANICAL AND ELECTRICAL
EQUIPMENT, INCLUDING STEAM BOILER, AIR CONDITIONING EQUIPMENT, PRESSURE VESSELS
OR SIMILAR APPARATUS, WITH EXCLUSIONS FOR TESTING REMOVED, NOW OR HEREAFTER
INSTALLED ON THE CONDOMINIUM BUILDING.
IF REASONABLY PRACTICABLE, BORROWER
SHALL BE A NAMED INSURED ON INDIRECT LOSS/RENTAL INTERRUPTION INSURANCE FOR A
PERIOD OF AT LEAST EIGHTEEN (18) MONTHS FROM THE DATE OF LOSS AS IS REASONABLY
REQUIRED BY LENDER.
(IV)
IF THE "ALL RISK" OR "CAUSES OF LOSS SPECIAL FORM" COMMERCIAL
PROPERTY INSURANCE REQUIRED UNDER SUBSECTION (B)(I)
ABOVE AND THE "ALL RISK
BUILDERS RISK" COMMERCIAL PROPERTY INSURANCE AND THE RENT LOSS AND/OR BUSINESS
INTERRUPTION INSURANCE POLICIES REQUIRED UNDER SUBSECTION (B)(II)
ABOVE DO NOT
COVER PERILS OF TERRORISM OR ACTS OF TERRORISM, THE CONDOMINIUM ASSOCIATION
SHALL MAINTAIN COMMERCIAL PROPERTY INSURANCE FOR LOSS RESULTING FROM PERILS AND
ACTS OF TERRORISM ON TERMS (INCLUDING AMOUNTS) CONSISTENT WITH THOSE REQUIRED
UNDER SUBSECTIONS
(B)(I)
AND (B)(II)
ABOVE (A "TERRORISM POLICY") IF SUCH
COVERAGE IS COMMERCIALLY AVAILABLE.
FOR THE PURPOSES OF THIS AGREEMENT,
"TERRORISM" SHALL MEAN THE USE OR THREATENED USE OF FORCE OR VIOLENCE AGAINST
PERSON