NAMED THEREIN AS AN ADDITIONAL INSURED AND, IF
OBTAINABLE BY BORROWER USING COMMERCIALLY REASONABLE EFFORTS, SHALL NOT BE
MATERIALLY CHANGED (OTHER THAN TO INCREASE THE COVERAGE PROVIDED THEREBY)
WITHOUT SUCH A THIRTY (30) DAY NOTICE; AND
(III)
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, WITH 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 AND 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.
(G)
IN THE EVENT OF FORECLOSURE OF THE MORTGAGE OR OTHER TRANSFER OF
TITLE TO THE PROPERTY IN EXTINGUISHMENT IN WHOLE OR IN PART OF THE DEBT, ALL
RIGHT, TITLE AND INTEREST OF BORROWER IN AND TO THE POLICIES THAT ARE NOT
BLANKET POLICIES THEN IN FORCE CONCERNING THE PROPERTY
48
AND ALL PROCEEDS PAYABLE THEREUNDER SHALL THEREUPON VEST IN THE PURCHASER AT
SUCH FORECLOSURE OR LENDER OR OTHER TRANSFEREE IN THE EVENT OF SUCH OTHER
TRANSFER OF TITLE.
(H)
NOTWITHSTANDING ANYTHING IN SECTION 5.1.1(A)(I) TO THE CONTRARY,
BORROWER SHALL BE REQUIRED TO OBTAIN AND MAINTAIN POLICIES WHICH DO NOT CONTAIN
EXCLUSIONS FOR "FIRE FOLLOWING" TO THE EXTENT THAT INSURANCE COVERAGE IS
AVAILABLE WITHOUT SUCH EXCLUSIONS.
5.1.2
Insurance Company.
The Policies shall be issued by financially
sound and responsible insurance companies authorized to do business in the state
in which the Property is located and having a claims paying ability rating of
"A" or better by S&P and, to the extent rated by Moody's and or Fitch, the
equivalent rating from each of Moody's and/or Fitch, as applicable (provided,
however, that the Policies for general liability insurance set forth in
subsections (a)(ii), (a)(v), (a)(vii) and (a)(viii) above shall be issued by
insurance companies having a claims paying ability rating of "A-" or better by
S&P and, to the extent rated by Moody's and or Fitch, the equivalent rating from
each of Moody's and/or Fitch, as applicable). If a Securitization occurs, (i)
the foregoing required insurance company rating by a Rating Agency not rating
any Securities shall be disregarded and (ii) if the insurance company complies
with the aforesaid S&P required rating (and S&P is rating the Securities) and
the other Rating Agencies rating the Securities do not rate the insurance
company, such insurance company shall be deemed acceptable with respect to such
Rating Agency not rating such insurance company. Notwithstanding the foregoing,
Borrower shall be permitted to maintain the Policies with insurance companies
which do not meet the foregoing requirements (an "Otherwise Rated Insurer"),