LOSS PAYEE.
NOT LESS THAN THIRTY (30) DAYS PRIOR TO THE EXPIRATION
DATES OF THE POLICIES THERETOFORE FURNISHED TO LENDER, CERTIFICATES OF INSURANCE
EVIDENCING THE POLICIES ACCOMPANIED BY EVIDENCE SATISFACTORY TO LENDER OF
PAYMENT OF THE PREMIUMS DUE THEREUNDER (THE "INSURANCE PREMIUMS"), SHALL BE
DELIVERED BY BORROWER TO LENDER.
(C)
ANY BLANKET INSURANCE POLICY SHALL
SPECIFICALLY ALLOCATE TO THE PROPERTY THE AMOUNT OF COVERAGE FROM TIME TO TIME
REQUIRED HEREUNDER AND SHALL OTHERWISE PROVIDE THE SAME PROTECTION AS WOULD A
SEPARATE POLICY INSURING ONLY THE PROPERTY IN COMPLIANCE WITH THE PROVISIONS OF
SECTION 6.1(A).
(D)
ALL POLICIES OF INSURANCE PROVIDED FOR OR
CONTEMPLATED BY SECTION 6.1(A), EXCEPT FOR THE POLICY REFERENCED IN
SECTION 6.1(A)(V), SHALL NAME BORROWER, OR THE TENANT, AS THE INSURED AND LENDER
AS THE ADDITIONAL INSURED, AS ITS INTERESTS MAY APPEAR, AND IN THE CASE OF
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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 PROVIDING THAT THE LOSS THEREUNDER SHALL BE PAYABLE TO LENDER.
(E)
ALL POLICIES OF INSURANCE PROVIDED FOR IN
SECTION 6.1(A) SHALL CONTAIN CLAUSES OR ENDORSEMENTS TO THE EFFECT THAT:
(I)
NO ACT OR NEGLIGENCE OF BORROWER, OR
ANYONE ACTING FOR BORROWER, OR OF 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, SHALL IN ANY WAY AFFECT THE
VALIDITY OR ENFORCEABILITY OF THE INSURANCE INSOFAR AS LENDER IS CONCERNED;
(II)
THE POLICY SHALL NOT BE MATERIALLY CHANGED
(OTHER THAN TO INCREASE THE COVERAGE PROVIDED THEREBY) OR CANCELED WITHOUT AT
LEAST THIRTY (30) DAYS' WRITTEN NOTICE TO LENDER AND ANY OTHER PARTY NAMED
THEREIN AS AN ADDITIONAL INSURED;
(III)
THE ISSUERS THEREOF SHALL GIVE WRITTEN
NOTICE TO LENDER IF THE POLICY HAS NOT BEEN RENEWED FIFTEEN (15) DAYS PRIOR TO
ITS EXPIRATION; AND
(IV)
LENDER SHALL NOT BE LIABLE FOR ANY INSURANCE
PREMIUMS THEREON OR SUBJECT TO ANY ASSESSMENTS THEREUNDER.
(F)
IF AT ANY TIME LENDER IS NOT IN RECEIPT
OF WRITTEN EVIDENCE THAT ALL INSURANCE REQUIRED HEREUNDER IS IN FULL FORCE AND
EFFECT, LENDER SHALL HAVE THE RIGHT, AFTER TEN (10) BUSINESS DAYS WRITTEN NOTICE
TO BORROWER, TO TAKE SUCH ACTION AS LENDER DEEMS NECESSARY TO PROTECT ITS
INTEREST IN THE PROPERTY, INCLUDING, WITHOUT LIMITATION, THE OBTAINING OF SUCH
INSURANCE COVERAGE AS LENDER IN ITS SOLE DISCRETION DEEMS APPROPRIATE.
ALL
PREMIUMS INCURRED BY LENDER IN CONNECTION WITH SUCH ACTION OR IN OBTAINING SUCH
INSURANCE AND KEEPING IT IN EFFECT SHALL BE PAID BY BORROWER TO LENDER UPON
DEMAND AND, UNTIL PAID, SHALL BE SECURED BY THE MORTGAGE AND SHALL BEAR INTEREST
AT THE DEFAULT RATE.
IF BORROWER FAILS IN SO INSURING THE PROPERTY OR IN SO
ASSIGNING AND DELIVERING THE POLICIES, LENDER MAY, AT ITS OPTION, OBTAIN SUCH
INSURANCE USING SUCH CARRIERS AND AGENCIES AS LENDER SHALL ELECT FROM YEAR TO
YEAR AND PAY THE PREMIUMS THEREFOR, AND BORROWER WILL REIMBURSE LENDER FOR ANY
PREMIUM SO