ITS
SELLER, PURSUANT TO THE APPLICABLE PURCHASE AND SALE AGREEMENT, OR BY A TENANT
PURSUANT TO ITS LEASE) OR (B) OTHERWISE OBTAIN SUCH INFORMATION.
LENDER SHALL
NOTIFY BORROWER IN THE EVENT THE LOAN IS INTENDED TO BE INCLUDED IN A
SECURITIZATION IN WHICH BORROWER ALONE OR BORROWER AND ONE OR MORE OF ITS
AFFILIATES COLLECTIVELY, OR THE COLLATERAL ALONE OR THE COLLATERAL AND OTHER
ASSETS COLLECTIVELY, WILL BE A "SIGNIFICANT OBLIGOR" (AS DEFINED IN REGULATION
AB) AND, IN SUCH EVENT, LENDER SHALL CREDIT BORROWER $20,000 FOR EXPENSES (OTHER
THAN LEGAL FEES AND DISBURSEMENTS OF BORROWER'S COUNSEL) INCURRED BY BORROWER IN
CONNECTION WITH ITS COMPLIANCE WITH REGULATION AB PRIOR TO THE CUT-OFF DATE FOR
SUCH SECURITIZATION.
7.
INSURANCE; CASUALTY; AND CONDEMNATION
7.1
INSURANCE.
(A)
BORROWER SHALL CAUSE MORTGAGE BORROWER TO MAINTAIN AT ALL TIMES
DURING THE TERM OF THE LOAN THE INSURANCE REQUIRED UNDER SECTION 7.1 OF THE
MORTGAGE LOAN AGREEMENT, INCLUDING, WITHOUT LIMITATION, MEETING ALL INSURER
REQUIREMENTS THEREUNDER.
IN ADDITION, BORROWER SHALL CAUSE LENDER TO BE NAMED
AS A NAMED INSURED TOGETHER WITH MORTGAGE LENDER OR AS AN ADDITIONAL NAMED
INSURED UNDER EACH OF THE INSURANCE POLICIES DESCRIBED IN SECTION 7.1 OF THE
MORTGAGE LOAN AGREEMENT AS REQUESTED BY LENDER.
BORROWER SHALL ALSO CAUSE ALL
INSURANCE POLICIES REQUIRED UNDER SUCH SECTION 7.1 TO PROVIDE FOR AT LEAST
THIRTY (30)
66
DAYS PRIOR NOTICE TO LENDER IN THE EVENT OF MODIFICATION, REDUCTION OR
CANCELLATION OF ANY OF THE POLICIES.
BORROWER SHALL DELIVER, OR CAUSE TO BE
DELIVERED TO LENDER, SIMULTANEOUSLY WITH DELIVERY BY MORTGAGE BORROWER TO
MORTGAGE LENDER OF THE SAME, CERTIFIED COPIES OF THE POLICIES MARKED "PREMIUM
PAID" OR ACCOMPANIED BY EVIDENCE SATISFACTORY TO LENDER OF PAYMENT OF THE
PREMIUMS DUE THEREUNDER SHALL BE DELIVERED BY BORROWER TO LENDER.
(B)
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, WITHOUT NOTICE TO BORROWER, TO TAKE SUCH ACTION AS LENDER DEEMS NECESSARY
TO PROTECT ITS INTEREST IN THE COLLATERAL, INCLUDING, WITHOUT LIMITATION, THE
OBTAINING OF SUCH INSURANCE COVERAGE AS LENDER IN ITS SOLE DISCRETION DEEMS
APPROPRIATE AND ALL EXPENSES 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 PLEDGE
AGREEMENT AND SHALL BEAR INTEREST AT THE DEFAULT RATE.
(C)
FOR PURPOSES OF THIS AGREEMENT, LENDER SHALL HAVE THE SAME APPROVAL
RIGHTS OVER THE INSURANCE REFERRED TO IN THE MORTGAGE LOAN AGREEMENT (INCLUDING,
WITHOUT LIMITATION, THE INSURERS, DEDUCTIBLES AND COVERAGES THEREUNDER, AS WELL
AS THE RIGHT TO REQUIRE OTHER REASONABLE INSURANCE PURSUANT TO THE TERMS OF THE
MORTGAGE LOAN AGREEMENT) AS ARE PROVIDED IN FAVOR OF MORTGAGE LENDER IN THE
MORTGAGE LOAN AGREEMENT.
ALL LIABILITY INSURANCE PROVIDED FOR IN THE MORTGAGE
LOAN AGREEMENT SHALL PROVIDE INSURANCE WITH RESPECT TO THE LIABILITIES OF BOTH
THE MORTGAGE BORROWER AND BORROWER.
THE POLICIES DELIVERED PURSUANT TO THE
MORTGAGE LOAN