Business Income/Rental Value. Business income/rental value Insurance for the Mortgaged Property in an amount equal to at least the effective gross Rents attributable to the Mortgaged Property for (A) 12 months if the Indebtedness is less than or equal to $50,000,000, and (B) 18 months if the Indebtedness is greater than $50,000,000, based on effective gross Rents for the immediately preceding year and otherwise sufficient to avoid any co-insurance penalty; coverage will include a 90-day extended period of indemnity if the Indebtedness is equal to or greater than $50,000,000. The waiting period for this coverage will not exceed 7 days.
Appears in 10 contracts
Samples: Multifamily Loan and Security Agreement (NorthStar Healthcare Income, Inc.), Multifamily Loan and Security Agreement (Independence Realty Trust, Inc), Multifamily Loan and Security Agreement (Steadfast Income REIT, Inc.)
