AND KEEPING IT IN EFFECT SHALL BE PAID BY BORROWER TO ADMINISTRATIVE
AGENT UPON DEMAND AND UNTIL PAID SHALL BE SECURED BY THE SECURITY INSTRUMENT AND
SHALL BEAR INTEREST AT THE DEFAULT RATE.
81
(I)
IN THE EVENT OF A FORECLOSURE OF THE SECURITY INSTRUMENT 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 THEN
IN FORCE CONCERNING THE PROPERTY AND ALL PROCEEDS (EXCEPT FOR PROCEEDS FROM
LIABILITY AND WORKER'S COMPENSATION POLICIES) PAYABLE THEREUNDER SHALL THEREUPON
VEST EXCLUSIVELY IN ADMINISTRATIVE AGENT, FOR THE BENEFIT OF LENDERS, OR THE
PURCHASER AT SUCH FORECLOSURE OR OTHER TRANSFEREE IN THE EVENT OF SUCH OTHER
TRANSFER OF TITLE.
(J)
AS AN ALTERNATIVE TO THE POLICIES REQUIRED TO BE MAINTAINED
PURSUANT TO THE PRECEDING PROVISIONS OF THIS SECTION 7.1, BORROWER WILL NOT BE
IN DEFAULT UNDER THIS SECTION 7.1 IF BORROWER MAINTAINS (OR CAUSES TO BE
MAINTAINED) POLICIES WHICH (I) HAVE COVERAGES, DEDUCTIBLES AND/OR OTHER RELATED
PROVISIONS OTHER THAN THOSE SPECIFIED ABOVE AND/OR (II) ARE PROVIDED BY
INSURANCE COMPANIES NOT MEETING THE CREDIT RATINGS REQUIREMENTS SET FORTH ABOVE
(ANY SUCH POLICY, A "NON-CONFORMING POLICY"), PROVIDED, THAT, PRIOR TO OBTAINING
SUCH NON-CONFORMING POLICIES (OR PERMITTING SUCH NON-CONFORMING POLICIES TO BE
OBTAINED), BORROWER SHALL HAVE
RECEIVED ADMINISTRATIVE AGENT'S PRIOR WRITTEN
CONSENT THERETO.
(K)
BORROWER HEREBY REPRESENTS THAT, AS OF THE DATE HEREOF, NONE
OF THE INSURANCE POLICIES REQUIRED IN THIS SECTION 7.1 WHICH REQUIRE COVERAGE
FOR TERRORISM (SUCH INSURANCE POLICIES, THE "APPLICABLE POLICIES") EXCLUDE
COVERAGE FOR ACTS OF TERRORISM (DEFINED BELOW).
NOTWITHSTANDING ANYTHING TO THE
CONTRARY CONTAINED HEREIN, IN THE EVENT THAT, AFTER THE DATE HEREOF, ANY
APPLICABLE POLICY EXCLUDES COVERAGE FOR ACTS OF TERRORISM, BORROWER SHALL OBTAIN
AND MAINTAIN (OR CAUSE TO BE OBTAINED AND MAINTAINED) COVERAGE FOR SUCH EXCLUDED
ACTS OF TERRORISM (THE "TERRORISM COVERAGE"), WHICH SUCH TERRORISM COVERAGE
SHALL COMPLY WITH EACH OF THE APPLICABLE REQUIREMENTS FOR POLICIES SET FORTH
ABOVE (INCLUDING, WITHOUT LIMITATION, THOSE RELATING TO DEDUCTIBLES).
NOTWITHSTANDING THE FOREGOING, IN NO EVENT SHALL BORROWER BE REQUIRED TO PAY
ANNUAL PREMIUMS IN EXCESS OF THE TC CAP (DEFINED BELOW) IN ORDER TO OBTAIN THE
TERRORISM COVERAGE (BUT BORROWER SHALL BE OBLIGATED TO PURCHASE SUCH PORTION OF
THE TERRORISM COVERAGE AS IS OBTAINABLE BY PAYMENT OF ANNUAL PREMIUMS EQUAL TO
THE TC CAP).
AS USED ABOVE, "ACTS OF TERRORISM" SHALL MEAN ACTS OF TERRORISM
PROVIDED, THAT, FOR SO LONG AS THE TERRORISM RISK INSURANCE ACT OF 2002, AS
EXTENDED AND MODIFIED BY THE TERRORISM RISK INSURANCE PROGRAM REAUTHORIZATION
ACT OF 2007 (AS THE SAME MAY BE FURTHER MODIFIED, AMENDED, OR EXTENDED, "TRIA")
(I) REMAINS IN FULL FORCE AND EFFECT AND (II) CONTINUES TO COVER BOTH FOREIGN
AND DOMESTIC ACTS OF TERRORISM, THE PROVISIONS OF TRIA SHALL DETERMINE WHAT IS
DEEMED TO BE INCLUDED WITHIN THIS DEFINITION OF "ACTS OF TERRORISM".
AS USED
ABOVE, "TC CAP" SHALL MEAN FOR EACH CALENDAR YEAR, AN ANNUAL INSURANCE PREMIUM
THAT IS EQUAL TO $0.125 PER $100