(60%) OF THE INSURANCE COVERAGE
REPRESENTED BY THE POLICIES MUST BE PROVIDED BY INSURANCE COMPANIES WITH A
CLAIMS PAYING ABILITY RATING OF "A" OR BETTER BY S&P (AND THE EQUIVALENT BY ANY
OTHER RATING AGENCY), WITH NO CARRIER BELOW "BBB" (AND THE EQUIVALENT BY ANY
OTHER RATING AGENCY);
(II)
NAME MORTGAGEE AND ITS SUCCESSORS AND/OR ASSIGNS AS THEIR
INTEREST MAY APPEAR AS THE MORTGAGEE (IN THE CASE OF PROPERTY INSURANCE), LOSS
PAYEE (IN THE CASE OF LOSS OF RENTS COVERAGE) AND AN ADDITIONAL INSURED (IN THE
CASE OF LIABILITY INSURANCE);
(III)
NAME LESSOR AND ITS SUCCESSORS AND/OR ASSIGNS LOSS PAYEE (IN THE
CASE OF PROPERTY INSURANCE AND LOSS OF RENTS COVERAGE) AND AN ADDITIONAL INSURED
(IN THE CASE OF LIABILITY INSURANCE);
(IV)
CONTAIN (IN THE CASE OF PROPERTY INSURANCE) A NON-CONTRIBUTORY
STANDARD MORTGAGEE CLAUSE AND A MORTGAGEE'S LOSS PAYABLE ENDORSEMENT, OR THEIR
EQUIVALENTS, NAMING MORTGAGEE AS THE PERSON TO WHICH ALL PAYMENTS MADE BY SUCH
INSURANCE COMPANY SHALL BE PAID:
(V)
CONTAIN A WAIVER OF SUBROGATION AGAINST LESSOR AND MORTGAGEE;
(VI)
CONTAIN SUCH PROVISIONS AS LESSOR DEEMS REASONABLY NECESSARY OR
DESIRABLE TO PROTECT ITS INTEREST, INCLUDING (A) ENDORSEMENTS PROVIDING THAT
NEITHER LESSEE, MORTGAGEE NOR ANY OTHER PARTY SHALL BE A CO-INSURER UNDER THE
POLICIES, (B) THAT LESSOR AND MORTGAGEE SHALL RECEIVE AT LEAST THIRTY (30) DAYS'
PRIOR WRITTEN NOTICE OF ANY MODIFICATION, REDUCTION OR CANCELLATION OF ANY OF
THE POLICIES (OR, IN THE CASE OF CANCELLATION FOR NONPAYMENT, UNTIL AT LEAST TEN
(10) DAYS AFTER RECEIPT OF WRITTEN NOTICE THEREOF BY LESSOR AND MORTGAGEE); AND
(C) PROVIDING THAT LESSOR AND MORTGAGEE ARE PERMITTED TO MAKE PAYMENTS TO EFFECT
THE CONTINUATION OF SUCH POLICY UPON NOTICE OF CANCELLATION DUE TO NON-PAYMENT
OF PREMIUMS; AND
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(VII)
BE REASONABLY SATISFACTORY IN FORM AND SUBSTANCE TO LESSOR AND
MORTGAGEE AS TO AMOUNTS, FORM, RISK COVERAGE, DEDUCTIBLES, LOSS PAYEES AND
INSUREDS (EXCEPT THAT WHERE ANY OF THE FOREGOING IS SPECIFIED HEREIN, SUCH
SPECIFIC TERM SHALL GOVERN OVER THIS CLAUSE (VII)).
(B)
LESSEE SHALL PAY THE PREMIUMS FOR SUCH POLICIES (THE "INSURANCE
PREMIUMS") AS THE SAME BECOME DUE AND PAYABLE AND SHALL FURNISH TO LESSOR
EVIDENCE OF THE RENEWAL OF EACH OF THE POLICIES TOGETHER WITH RECEIPTS FOR OR
OTHER EVIDENCE OF THE PAYMENT OF THE INSURANCE PREMIUMS REASONABLY SATISFACTORY
TO MORTGAGEE. LESSEE SHALL DELIVER TO LESSOR CERTIFICATES OF EACH POLICY WITHIN
FIVE (5) BUSINESS DAYS AFTER THE RENEWAL OF SUCH POLICY AND, UPON LESSOR'S
REQUEST, LESSEE SHALL DELIVER CERTIFIED COPIES OR DUPLICATE ORIGINALS OF SUCH
POLICIES WITHIN TEN (10) BUSINESS DAYS AFTER LESSEE'S RECEIPT OF SUCH POLICIES.
(C)
LESSEE SHALL HAVE THE RIGHT TO UTILIZE RETENTIONS, DEDUCTIBLES AND
SELF-INSURANCE TO AN EXTENT GENERALLY CONSISTENT WITH LESSEE'S PAST AND CURRENT
PRACTICES AND WITH APPROPRIATE INCREASES THERETO BASED ON INFLATION AND ON
INSURANCE-MARKET CONDITIONS FROM TIME TO TIME.
(D)
LESSEE SHALL THE RIGHT TO OBTAIN SUCH COVERAGES THROUGH ONE OR
MORE BLANKET POLICIES.
(E)
NOTHING HEREIN SHALL BE CONSTRUED IN ANY MANNER AS OBLIGATING
LESSEE IN RESPECT OF
INSURANCE WITH RESPECT TO ANY LOCATION OTHER