CONSENT,
FAIL TO EXERCISE ANY OPTION OR RIGHT TO RENEW OR EXTEND THE TERM OF THE GROUND
LEASE IN ACCORDANCE WITH THE TERMS OF THE GROUND LEASE.
78
(B)
WESTBURY BORROWER SHALL NOT WAIVE, EXCUSE, CONDONE OR IN ANY WAY
RELEASE OR DISCHARGE THE LESSOR UNDER ANY GROUND LEASE OF OR FROM SUCH LESSOR'S
OBLIGATIONS, COVENANT AND/OR CONDITIONS UNDER THE RELATED GROUND LEASE WITHOUT
THE PRIOR WRITTEN CONSENT OF LENDER.
(C)
WESTBURY BORROWER SHALL NOT, WITHOUT LENDER'S PRIOR WRITTEN
CONSENT, SURRENDER, TERMINATE, FORFEIT, OR SUFFER OR PERMIT THE SURRENDER,
TERMINATION OR FORFEITURE OF, OR CHANGE, MODIFY OR AMEND, THE GROUND LEASE.
CONSENT TO ONE AMENDMENT, CHANGE, AGREEMENT OR MODIFICATION SHALL NOT BE DEEMED
TO BE A WAIVER OF THE RIGHT TO REQUIRE CONSENT TO OTHER, FUTURE OR SUCCESSIVE
AMENDMENTS, CHANGES, AGREEMENTS OR MODIFICATIONS.
ANY ACQUISITION OF LESSOR'S
INTEREST IN ANY GROUND LEASE BY WESTBURY BORROWER OR ANY AFFILIATE OF WESTBURY
BORROWER SHALL BE ACCOMPLISHED BY WESTBURY BORROWER IN SUCH A MANNER SO AS TO
AVOID A MERGER OF THE INTERESTS OF LESSOR AND LESSEE IN SUCH GROUND LEASE,
UNLESS CONSENT TO SUCH MERGER IS GRANTED BY LENDER.
ARTICLE 6
INSURANCE; CASUALTY; CONDEMNATION
Section 6.1
Insurance.
(A)
BORROWER SHALL OBTAIN AND MAINTAIN, OR SHALL CAUSE TO BE
MAINTAINED, INSURANCE FOR BORROWER AND THE PROPERTIES PROVIDING AT LEAST THE
FOLLOWING COVERAGES:
(I)
COMPREHENSIVE ALL RISK INSURANCE (INCLUDING, BUT NOT LIMITED TO,
LOSS CAUSED BY ANY TYPE OF WINDSTORM OR HAIL) ON THE IMPROVEMENTS AND THE
PERSONAL PROPERTY, INCLUDING CONTINGENT LIABILITY FROM OPERATION OF BUILDING
LAWS, DEMOLITION COSTS AND INCREASED COST OF CONSTRUCTION ENDORSEMENTS, IN EACH
CASE (A) IN AN AMOUNT EQUAL TO ONE HUNDRED PERCENT (100%) OF THE "FULL
REPLACEMENT COST," WHICH FOR PURPOSES OF THIS AGREEMENT SHALL MEAN ACTUAL
REPLACEMENT VALUE (EXCLUSIVE OF COSTS OF EXCAVATIONS, FOUNDATIONS, UNDERGROUND
UTILITIES AND FOOTINGS) WITH A WAIVER OF DEPRECIATION; (B) CONTAINING AN AGREED
AMOUNT ENDORSEMENT WITH RESPECT TO THE IMPROVEMENTS AND PERSONAL PROPERTY
WAIVING ALL CO-INSURANCE PROVISIONS; (C) PROVIDING FOR NO DEDUCTIBLE IN EXCESS
OF FIVE HUNDRED THOUSAND AND NO/100 DOLLARS ($500,000) FOR ALL SUCH INSURANCE
COVERAGE; AND (D) CONTAINING AN "ORDINANCE OR LAW COVERAGE" OR "ENFORCEMENT"
ENDORSEMENT IF ANY OF THE IMPROVEMENTS OR THE USE OF THE INDIVIDUAL PROPERTY
SHALL AT ANY TIME CONSTITUTE LEGAL NON-CONFORMING STRUCTURES OR USES.
IN
ADDITION, BORROWER SHALL OBTAIN: (Y) IF ANY PORTION OF THE IMPROVEMENTS IS
CURRENTLY OR AT ANY TIME IN THE FUTURE LOCATED IN A FEDERALLY DESIGNATED
"SPECIAL FLOOD HAZARD AREA", FLOOD HAZARD INSURANCE IN AN AMOUNT EQUAL TO THE
LESSER OF (1) THE OUTSTANDING PRINCIPAL BALANCE OF THE NOTE OR (2) THE MAXIMUM
AMOUNT OF SUCH INSURANCE AVAILABLE UNDER THE NATIONAL FLOOD INSURANCE ACT OF
1968, THE FLOOD DISASTER PROTECTION ACT OF 1973 OR THE NATIONAL FLOOD INSURANCE
REFORM ACT OF 1994, AS EACH MAY BE AMENDED OR SUCH GREATER AMOUNT AS LENDER
SHALL REQUIRE; AND (Z) EARTHQUAKE INSURANCE IN AMOUNTS AND IN FORM AND SUBSTANCE
SATISFACTORY TO LENDER IN THE EVENT THE INDIVIDUAL PROPERTY IS LOCATED IN AN
AREA WITH A HIGH