HAVING A CLAIMS PAYING ABILITY RATING OF "A-" OR BETTER BY S&P, AND
(B) THE REMAINING 40% OF THE COVERAGE SHALL BE PROVIDED BY INSURANCE
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COMPANIES HAVING A CLAIMS PAYING ABILITY RATING OF "BBB" OR BETTER BY S&P. NOT
LESS THAN TEN DAYS PRIOR TO THE EXPIRATION DATES OF THE POLICIES THERETOFORE
FURNISHED TO LENDER, BINDERS OR CERTIFICATES OF INSURANCE EVIDENCING THE
POLICIES ACCOMPANIED BY EVIDENCE REASONABLY SATISFACTORY TO LENDER OF PAYMENT OF
THE INSURANCE PREMIUMS SHALL BE DELIVERED BY BORROWER TO LENDER. NOTWITHSTANDING
THE FOREGOING, LENDER WILL ALLOW 10% OF THE PROPERTY PROGRAM TO BE UNDERWRITTEN
BY A CARRIER WITH AN A.M. BEST RATING OF A-X OR BETTER, ASSUMING THESE CARRIERS
ARE NOT PART OF THE PRIMARY LAYER.
(C)
THE INSURANCE COVERAGE REQUIRED UNDER
SECTION 6.1(A) HEREOF MAY BE EFFECTED UNDER A BLANKET POLICY OR POLICIES
COVERING ONE OR MORE INDIVIDUAL PROPERTIES AND OTHER PROPERTY AND ASSETS NOT
CONSTITUTING A PART OF THE PROPERTIES; PROVIDED, HOWEVER, THAT THE CERTIFICATES
OF INSURANCE EVIDENCING THE COVERAGE REQUIRED HEREIN SHALL SPECIFY ANY SUBLIMITS
IN SUCH BLANKET POLICY APPLICABLE TO EACH INDIVIDUAL PROPERTY INSURED BY SUCH
POLICY, WHICH AMOUNTS SHALL NOT BE LESS THAN THE AMOUNTS REQUIRED PURSUANT TO
SECTION 6.1(A), AND WHICH SHALL IN ANY CASE COMPLY IN ALL OTHER APPLICABLE
RESPECTS WITH THE REQUIREMENTS OF THIS SECTION 6.1.
(D)
ALL POLICIES PROVIDED FOR OR CONTEMPLATED BY
SECTION 6.1(A) HEREOF, EXCEPT FOR THE POLICY REFERENCED IN
SECTION 6.1(A)(V) HEREOF, SHALL NAME BORROWER, MORTGAGE BORROWER AND MEZZANINE A
BORROWER, AS THE CASE MAY BE, AS THE INSURED AND LENDER, MORTGAGE LENDER AND
MEZZANINE A LENDER, AS THE ADDITIONAL INSURED, AS THEIR INTERESTS MAY APPEAR,
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, MORTGAGE LENDER AND MEZZANINE A LENDER,
PROVIDING THAT THE LOSS THEREUNDER SHALL BE PAYABLE DIRECTLY TO LENDER, MORTGAGE
LENDER AND MEZZANINE A LENDER, OR LENDER, MORTGAGE LENDER AND MEZZANINE A
LENDER, AND BORROWER, MORTGAGE BORROWER AND MEZZANINE A BORROWER, AS THE CASE
MAY BE, BY JOINT CHECK; PROVIDED, HOWEVER, THAT BORROWER HEREBY GRANTS TO LENDER
AN IRREVOCABLE POWER OF ATTORNEY TO ENDORSE THE JOINT CHECK ON BORROWER'S
BEHALF.
(E)
ALL POLICIES SHALL CONTAIN CLAUSES OR
ENDORSEMENTS TO THE EFFECT THAT:
(I)
NO ACT OR NEGLIGENCE OF BORROWER,
MORTGAGE BORROWER OR MEZZANINE A BORROWER, OR ANYONE ACTING FOR BORROWER,
MORTGAGE BORROWER OR MEZZANINE A BORROWER, OR 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, EXCEPT FOR THE
WILLFUL MISCONDUCT OF LENDER, MORTGAGE LENDER OR MEZZANINE A LENDER, IN
VIOLATION OF THE CONDITIONS OF SUCH POLICY, SHALL IN ANY WAY AFFECT THE VALIDITY
OR ENFORCEABILITY OF THE INSURANCE INSOFAR AS LENDER, MORTGAGE LENDER OR
MEZZANINE A LENDER IS CONCERNED;
(II)
THE POLICY SHALL NOT BE CANCELLED WITHOUT
AT LEAST 15 DAYS' WRITTEN NOTICE (OR TEN DAYS' WRITTEN NOTICE, IN