Business Income/Rental Value. Business income/rental value Insurance for the Mortgaged Property in an amount equal to at least the estimated gross Rents attributable to the Mortgaged Property for 12 months (18 months when (A) the Improvements have 5 or more stories, or (B) at all times during which the Indebtedness is equal to or greater than $50,000,000) based on 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 (X) the Improvements have 5 or more stories, or (Y) the Indebtedness is equal to or greater than $25,000,000. The waiting period for this coverage will not exceed 72 hours.
Appears in 7 contracts
Samples: Multifamily Loan and Security Agreement (Steadfast Income REIT, Inc.), Multifamily Loan and Security Agreement (Bluerock Enhanced Multifamily Trust, Inc.), Multifamily Loan and Security Agreement (Steadfast Income REIT, Inc.)
Business Income/Rental Value. Business income/rental value Insurance for the Mortgaged Property in an amount equal to at least the estimated gross Rents attributable to the Mortgaged Property for 12 months (( 18 months when (A) the Improvements have 5 or more stories, or (B) at all times during which the Indebtedness is equal to or greater than $50,000,000) based on 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 (X) the Improvements have 5 or more stories, or (Y) the Indebtedness is equal to or greater than $25,000,000. The waiting period for this coverage will not exceed 72 hours.
Appears in 1 contract
Samples: Multifamily Loan and Security Agreement (Bluerock Residential Growth REIT, Inc.)
