ENGAGED IN THE PERFORMANCE OF THE WORK.
THE POLICY LIMIT UNDER THE
EMPLOYER'S LIABILITY INSURANCE SECTION SHALL NOT BE LESS THAN $1,000,000.00 FOR
ANY ONE ACCIDENT, DISEASE EACH EMPLOYEE AND DISEASE POLICY LIMIT;
(F)
IF THE PROJECT, OR ANY PART THEREOF, LIES WITHIN A "SPECIAL
FLOOD HAZARD AREA" AS DESIGNATED ON MAPS PREPARED BY THE DEPARTMENT OF HOUSING
AND URBAN DEVELOPMENT, A NATIONAL FLOOD INSURANCE ASSOCIATION, STANDARD FLOOD
INSURANCE POLICY, PLUS INSURANCE FROM A PRIVATE INSURANCE CARRIER IF NECESSARY
AND COMMERCIALLY AVAILABLE, FOR THE DURATION OF THE LOANS IN THE AMOUNT OF THE
FULL INSURABLE VALUE OF THE IMPROVEMENTS, OR THE AMOUNT OF THE LOANS, WHICHEVER
IS LESS;
(G)
RENT LOSS OR BUSINESS INTERRUPTION INSURANCE AGAINST LOSS OF
INCOME (INCLUDING, BUT NOT LIMITED TO, RENT, COST REIMBURSEMENTS AND ALL OTHER
AMOUNTS PAYABLE BY TENANTS UNDER LEASES OR OTHERWISE DERIVED BY BORROWER FROM
THE OPERATION OF THE PROJECT) ARISING OUT OF DAMAGE TO OR DESTRUCTION OF THE
IMPROVEMENTS BY FIRE OR OTHER PERIL INSURED AGAINST UNDER EACH POLICY.
THE
AMOUNT OF THE POLICY SHALL BE IN THE AMOUNT EQUAL TO ONE YEAR'S PROJECTED
RENTALS OR GROSS REVENUE; AND
(H)
SUCH OTHER TYPES AND AMOUNTS OF INSURANCE WITH RESPECT TO THE
PROJECT AND THE OPERATION THEREOF WHICH ARE COMMONLY MAINTAINED AND COMMERCIALLY
AVAILABLE IN THE CASE OF OTHER PROPERTY AND BUILDINGS SIMILAR TO THE PROJECT IN
NATURE, USE, LOCATION, HEIGHT, OWNERSHIP, AND TYPE OF CONSTRUCTION, AS MAY FROM
TIME TO TIME BE REASONABLY REQUIRED BY ADMINISTRATIVE AGENT UPON NOT LESS THAN
TEN (10) BUSINESS DAYS'
47
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ADVANCE NOTICE TO BORROWER, WHICH INSURANCE MAY INCLUDE, WITHOUT LIMITATION,
ERRORS AND OMISSIONS INSURANCE WITH RESPECT TO THE CONTRACTORS, ARCHITECTS AND
ENGINEERS.
(2)
EACH INSURANCE POLICY REQUIRED HEREUNDER (EACH A "POLICY" AND
COLLECTIVELY, THE "POLICIES") SHALL BE ISSUED BY AN INSURANCE COMPANY APPROVED
BY ADMINISTRATIVE AGENT, WHICH APPROVAL SHALL NOT BE UNREASONABLY WITHHELD.
ADMINISTRATIVE AGENT ACKNOWLEDGES THAT AN INSURANCE COMPANY ELIGIBLE TO DO
BUSINESS IN THE STATE WHERE THE PROJECT IS LOCATED HAVING A RATING OF "BBB" OR
BETTER BY S&P OR "A-/IX" OR BETTER BY A.M. BEST CO., IN BEST'S RATING GUIDE
SHALL BE ACCEPTABLE TO ADMINISTRATIVE AGENT, PROVIDED, HOWEVER, THAT IF ANY
INSURANCE REQUIRED HEREUNDER IS PROVIDED BY A SYNDICATE, THEN ONLY 60% OF THE
MEMBERS OF THE SYNDICATE (OR 75% IF FIVE (5) OR FEWER INSURANCE COMPANIES
COMPRISE THE SYNDICATE) MUST SATISFY THE FOREGOING RATING REQUIREMENT.
NOTWITHSTANDING THE FOREGOING, BORROWER SHALL BE PERMITTED TO MAINTAIN THE
REQUIRED INSURANCE POLICIES WITH INSURERS THAT DO NOT MEET THE FOREGOING RATING
REQUIREMENT (AN "OTHERWISE RATED INSURER"), PROVIDED THAT BORROWER OBTAINS A
SO-CALLED "CUT-THROUGH" ENDORSEMENT (I.E., AN ENDORSEMENT WHICH PERMITS RECOVERY
AGAINST THE PROVIDER OF SUCH ENDORSEMENT) REASONABLY ACCEPTABLE TO
ADMINISTRATIVE AGENT WITH RESPECT TO AN OTHERWISE RATED INSURER FROM AN
INSURANCE COMPANY WHICH MEETS THE RATINGS REQUIREMENT SET FORTH ABOVE.
(3)
ALL POLICIES SHALL (I) NAME "JPMORGAN CHASE BANK, N.A., AS
ADMINISTRATIVE AGENT, ANY AND ALL SUBSIDIARIES AND THEIR SUCCESSORS AND/OR
ASSIGNS, AS THEIR INTERESTS MAY APPEAR" AS ADDITIONAL INSUREDS ON ALL LIABILITY
INSURANCE