Common use of Casualty; Business Interruption Clause in Contracts

Casualty; Business Interruption. Borrower shall keep the Projects insured against damage by fire and the other hazards covered by a standard extended coverage and all-risk insurance policy for the full insurable value thereof on a replacement cost claim recovery basis (without reduction for depreciation or co-insurance), and shall maintain such other casualty insurance as reasonably required by Lender. Such insurance shall include coverage against acts of terrorism. Lender reserves the right to require from time to time the following additional insurance: boiler and machinery; flood; earthquake/sinkhole; windstorm; worker’s compensation; and/or building law or ordinance. Borrower shall keep each Project insured against loss by flood if such Project is located currently or at any time in the future in an area identified by the Federal Emergency Management Agency as an area having special flood hazards and in which flood insurance has been made available under the National Flood Insurance Act of 1968, the Flood Disaster Protection Act of 1973 or the National Flood Insurance Reform Act of 1994 (as such acts may from time to time be amended) in an amount at least equal to the lesser of the maximum amount of the Loan or the maximum limit of coverage available under said acts. Any such flood insurance policy shall be issued in accordance with the requirements and current guidelines of the Federal Insurance Administration. Borrower shall maintain use and occupancy insurance for each Project covering, as applicable, rental income or business interruption, with coverage in an amount not less than twelve (12) months anticipated gross rental income or gross business earnings, as applicable in each case, attributable to such Project. Borrower shall not maintain any separate or additional insurance which is contributing in the event of loss unless it is properly endorsed and otherwise reasonably satisfactory to Lender in all respects. The proceeds of insurance paid on account of any damage or destruction to any Project shall be paid to Lender to be applied as provided in Section 3.2.

Casualty; Business Interruption. Borrower shall keep the Projects Property insured against damage by fire and the other hazards covered by a standard extended coverage and all-risk insurance policy for the full insurable value thereof on a replacement cost claim recovery basis (without reduction for irrecoverable depreciation or co-insuranceinsurance and without any exclusions or reduction of policy limits for acts of domestic and foreign terrorism and other specified action/inaction), and shall maintain boiler and machinery insurance, acts of domestic and foreign terrorism endorsement coverage and such other casualty insurance as reasonably required by LenderAdministrative Agent. Such insurance shall include coverage against acts of terrorism. Lender Administrative Agent reserves the right to require from time to time the following additional insurance: boiler and machinery; flood; earthquake/sinkhole; windstorm; worker’s compensation; and/or building law or ordinanceordinance coverage. Borrower shall keep each Project the Property insured against loss by flood if such Project any structure on the Property is located currently or at any time in the future in an area identified by the Federal Emergency Management Agency as an area having special flood hazards (Flood Zone) and in which flood insurance has been made available under the National Flood Insurance Act of 1968, the Flood Disaster Protection Act of 1973 or the National Flood Insurance Reform Act of 1994 (as such acts may from time to time be amended) in an amount at least equal to the lesser cumulative insured value of such structures located in the maximum amount of the Loan or the maximum limit of coverage available under said actsFlood Zone. Any such flood insurance policy shall be issued in accordance with the requirements and current guidelines of the Federal Insurance Administration. Borrower shall maintain business interruption insurance, including use and occupancy insurance for each Project covering, as applicableoccupancy, rental income or business interruptionloss and extra expense, with coverage in an amount not less than for all periods covered by Borrower’s property insurance for a limit equal to twelve (12) months anticipated gross rental income calendar months’ exposure, all without any exclusions or gross business earnings, as applicable in each case, attributable to such Projectreduction of policy limits for acts of domestic and foreign terrorism or other specified action/inaction. Borrower shall not maintain any separate or additional insurance which is contributing in the event of loss unless it is properly endorsed and otherwise reasonably satisfactory to Lender in all respects. The proceeds of insurance paid on account of any damage or destruction to any Project shall be paid to Lender to be applied as provided in Section 3.2Administrative Agent.

Casualty; Business Interruption. Borrower shall, and shall cause the Subsidiaries, to keep the Projects insured against damage by fire and the other hazards covered by a standard extended coverage and all-risk insurance policy for the full insurable value thereof on a replacement cost claim recovery basis (without reduction for depreciation or co-insuranceinsurance and without any exclusions or reduction of policy limits for acts of domestic and foreign terrorism or any similar acts no matter how labeled), and shall maintain boiler and machinery insurance, acts of domestic and foreign terrorism endorsement coverage and such other casualty insurance as reasonably required by Lender. Such insurance shall include coverage against acts of terrorism. Lender reserves the right to require from time to time the following additional insurance: boiler and machinery; flood; , earthquake/sinkhole; windstorm; worker’s compensation; , windstorm and/or building law or ordinance. Borrower shall, and shall cause each Subsidiary, to keep each Project of its Projects insured against loss by flood if such Project is located currently or at any time in the future in an area identified by the Federal Emergency Management Agency as an area having special flood hazards and in which flood insurance has been made available under the National Flood Insurance Act of 1968, the Flood Disaster Protection Act of 1973 or the National Flood Insurance Reform Act of 1994 (as such acts may from time to time be amended) in an amount at least equal to the lesser of (a) the maximum amount value of the Loan Project (as determined by Lender) or (b) the maximum limit of coverage available under said acts. Any such flood insurance policy shall be issued in accordance with the requirements and current guidelines of the Federal Insurance Administration. Borrower shall, and shall cause each Subsidiary, to maintain use business interruption insurance, including rental income loss and occupancy extra expense, against all periods covered by Borrower and such Subsidiary’s property insurance for each Project coveringa limit equal to twelve(12) calendar months’ exposure, as applicable, rental income all without any exclusions or business interruption, with coverage in an amount not less than twelve (12) months anticipated gross rental income reduction of policy limits for acts of domestic and foreign terrorism or gross business earnings, as applicable in each case, attributable to such Projectany similar acts no matter how labeled. Borrower shall not, and shall not permit the Subsidiaries, to maintain any separate or additional insurance which is contributing in the event of loss unless it is properly endorsed and otherwise reasonably satisfactory to Lender in all respects. The proceeds of insurance paid on account of any damage or destruction to any Project shall be paid to Lender to be applied as provided in Section 3.2.

Casualty; Business Interruption. Borrower shall keep (or cause to be kept) the Projects Project insured against damage by fire and the other hazards covered by a standard extended coverage and all-risk insurance policy for the full insurable value thereof on a replacement cost claim recovery basis (without reduction for depreciation or co-insuranceinsurance and without any exclusions or reduction of policy limits for acts of domestic and foreign terrorism and other specified action/inaction), and shall maintain boiler and machinery insurance, acts of domestic and foreign terrorism endorsement coverage and such other casualty insurance as reasonably required by LenderAdministrative Agent. Such insurance shall include coverage against acts of terrorism. Lender Administrative Agent reserves the right to require from time to time the following additional insurance: boiler and machinery; flood; earthquake/sinkhole; windstorm; worker’s compensation; and/or building law or ordinance. Borrower shall keep each a Project insured against loss by flood if such Project is located currently or at any time in the future in an area identified by the Federal Emergency Management Agency as an area having special flood hazards and in which flood insurance has been made available under the National Flood Insurance Act of 1968, the Flood Disaster Protection Act of 1973 or the National Flood Insurance Reform Act of 1994 (as such acts may from time to time be amended) in an amount at least equal to the lesser of (i) the maximum amount of the Loan (or, if there is more than one Project, the portion of the Loan allocated to such Project by Administrative Agent, acting in its reasonable discretion) or (ii) the maximum limit of coverage available under said acts. Any such flood insurance policy shall be issued in accordance with the requirements and current guidelines of the Federal Insurance Administration. Borrower shall maintain business interruption insurance, including use and occupancy insurance for each Project covering, as applicableoccupancy, rental income or business interruptionloss and extra expense, with coverage in an amount not less than for all periods covered by Borrower’s property insurance for a limit equal to twelve (12) months anticipated gross rental income calendar months’ exposure, all without any exclusions or gross business earnings, as applicable in each case, attributable to such Projectreduction of policy limits for acts of domestic and foreign terrorism or other specified action/inaction. Borrower shall not maintain any separate or additional insurance which is contributing in the event of loss unless it is properly endorsed and otherwise reasonably satisfactory to Lender Administrative Agent in all respects. The proceeds of insurance paid on account of any damage or destruction to any a Project shall be paid to Lender Administrative Agent, on behalf of the Lenders, to be applied as provided in Section 3.2.. LOAN AGREEMENT – Page 36[Heritage Wxxxx]

Casualty; Business Interruption. Borrower shall keep the Projects Project insured against damage by fire and the other hazards covered by a standard extended coverage and all-risk insurance policy for the full insurable value thereof on a replacement cost claim recovery basis (without reduction for depreciation or co-insurance), and shall maintain such other casualty insurance as reasonably required by Lender. Such insurance shall include coverage against acts of terrorism. Lender reserves the right to require from time to time the following additional insurance: boiler and machinery; flood; earthquake/sinkhole; windstorm; worker’s 's compensation; and/or building law or ordinance. Borrower shall keep each the Project insured against loss by flood if such the Project is located currently or at any time in the future in an area identified by the Federal Emergency Management Agency as an area having special flood hazards and in which flood insurance has been made available under the National Flood Insurance Act of 1968, the Flood Disaster Protection Act of 1973 or the National Flood Insurance Reform Act of 1994 (as such acts may from time to time be amended) in an amount at least equal to the lesser of (i) the maximum amount of the Loan or (ii) the maximum limit of coverage available under said acts. Any such flood insurance policy shall be issued in accordance with the requirements and current guidelines of the Federal Insurance Administration. Borrower shall maintain use and occupancy insurance for each Project covering, as applicable, rental income or business interruption, with coverage in an amount not less than twelve (12) months anticipated gross rental income or gross business earnings, as applicable in each case, attributable to such the Project. Borrower shall not maintain any separate or additional insurance which is contributing in the event of loss unless it is properly endorsed and otherwise reasonably satisfactory to Lender in all respects. The proceeds of insurance paid on account of any damage or destruction to any the Project shall be paid to Lender to be applied as provided in Section 3.2. Borrower's insurance coverage shall be permitted to have a deductible of up to $______________.

Casualty; Business Interruption. Borrower Borrowers shall keep the Projects insured (or cause Operating Tenants to insure the Projects) against damage by fire and the other hazards covered by a standard extended coverage and all-risk insurance policy for the full insurable value thereof on a replacement cost claim recovery basis (without reduction for depreciation or co-insurance), and shall maintain boiler and machinery insurance and such other casualty insurance as reasonably required by LenderAgent. Such insurance shall include coverage against acts of terrorism. Lender Agent reserves the right to require from time to time the following additional insurance: boiler and machineryflood (if in a FEMA flood zone where maintenance of insurance is required by FEMA); flood; earthquake/sinkholeearthquake (if the Project is located in an appropriate US Seismic zone); windstorm; worker’s compensation; and/or building law or ordinance. Borrower Borrowers shall keep each Project the Projects insured (or cause Operating Tenant to insure the Projects) against loss by flood if such any Project is located currently or at any time in the future in an area identified by the Federal Emergency Management Agency as an area having special flood hazards and in which flood insurance has been made available under the National Flood Insurance Act of 1968, the Flood Disaster Protection Act of 1973 or the National Flood Insurance Reform Act of 1994 (as such acts may from time to time be amended) in an amount at least equal to the lesser of (i) the maximum amount of the Loan or Loans and (ii) the maximum limit of coverage available under said acts. Any such flood insurance policy shall be issued in accordance with the requirements and current guidelines of the Federal Insurance Administration. Borrower Borrowers shall maintain (or cause Operating Tenant to maintain) business interruption insurance, including use and occupancy insurance for each Project covering, as applicableoccupancy, rental income or business interruptionloss and extra expense, with coverage in an amount not less than for all periods covered by Borrowers’ property insurance for a limit equal to twelve (12) months anticipated gross rental income calendar months’ exposure, all without any exclusions or gross business earnings, as applicable in each case, attributable to such Projectreduction of policy limits for acts of domestic and foreign terrorism or other specified action/inaction. Borrower Borrowers shall not maintain any separate or additional insurance which is contributing in the event of loss unless it is properly endorsed and otherwise reasonably satisfactory to Lender Agent in all respects. The proceeds of insurance paid on account of any damage or destruction to any Project shall be paid to Lender Agent, on behalf of the Lenders, to be applied as provided in Section 3.2.

Casualty; Business Interruption. Borrower shall keep the Projects Project insured against damage by fire and the other hazards covered by a standard extended coverage and all-risk all‑risk insurance policy for the full insurable value thereof on a replacement cost claim recovery basis (without reduction for depreciation or co-insuranceco‑insurance and without any exclusions or reduction of policy limits for acts of domestic and foreign terrorism or other specified action/inaction), and shall maintain boiler and machinery insurance, acts of domestic and foreign terrorism endorsement coverage and such other casualty insurance as reasonably required by Lender. Such insurance shall include coverage against acts of terrorism. Lender reserves the right to require from time to time the following additional insurance: boiler and machinery; flood; , earthquake/sinkhole; windstorm; worker’s compensation; , windstorm and/or building law or ordinance. Borrower shall keep each the Project insured against loss by flood if such the Project is located currently or at any time in the future in an area identified by the Federal Emergency Management Agency as an area having special flood hazards and in which flood insurance has been made available under the National Flood Insurance Act of 1968, the Flood Disaster Protection Act of 1973 or the National Flood Insurance Reform Act of 1994 (as such acts may from time to time be amended) in an amount at least equal to the lesser of (a) the maximum amount of the Loan Loans or (b) the maximum limit of coverage available under said acts. Any such flood insurance policy shall be issued in accordance with the requirements and current guidelines of the Federal Insurance Administration. Borrower shall maintain business interruption insurance, including use and occupancy insurance for each Project covering, as applicableoccupancy, rental income or business interruptionloss and extra expense, with coverage in an amount not less than against all periods covered by Borrower’s property insurance for a limit equal to twelve (12) months anticipated gross rental income calendar months’ exposure, all without any exclusions or gross business earnings, as applicable in each case, attributable to such Projectreduction of policy limits for acts of domestic and foreign terrorism or other specified action/inaction. Borrower shall not maintain any separate or additional insurance which is contributing in the event of loss unless it is properly endorsed and otherwise reasonably satisfactory to Lender in all respects. The proceeds of insurance paid on account of any damage or destruction to any the Project shall be paid to Lender to be applied as provided in Section 3.2.

Casualty; Business Interruption. Borrower shall keep the Projects Project insured against damage by fire and the other hazards covered by a standard extended coverage and all-risk insurance policy for the full insurable value thereof on a replacement cost claim recovery basis (without reduction for depreciation or co-insuranceinsurance and without any exclusions or reduction of policy limits for acts of domestic and foreign terrorism and other specified action/inaction), and shall maintain boiler and machinery insurance, acts of domestic and foreign terrorism endorsement coverage and such other casualty insurance as reasonably required by LenderAdministrative Agent. Such insurance shall include coverage against acts of terrorism. Lender Administrative Agent reserves the right right, to be exercised in its reasonable discretion, to require from time to time the following additional insurance: boiler and machinery; flood; earthquake/sinkhole; windstorm; worker’s compensation; and/or building law or ordinance. Borrower shall keep each the Project insured against loss by flood if such the Project is located currently or at any time in the future in an area identified by the Federal Emergency Management Agency as an area having special flood hazards and in which flood insurance has been made available under the National Flood Insurance Act of 1968, the Flood Disaster Protection Act of 1973 or the National Flood Insurance Reform Act of 1994 (as such acts may from time to time be amended) in an amount at least equal to the lesser of (i) the maximum amount of the Loan or (ii) the maximum limit of coverage available under said acts. Any such flood insurance policy shall be issued in accordance with the requirements and current guidelines of the Federal Insurance Administration. Borrower shall maintain business interruption insurance, including use and occupancy insurance for each Project covering, as applicableoccupancy, rental income or business interruptionloss and extra expense, with coverage in an amount not less than for all periods covered by Borrower’s property insurance for a limit equal to twelve (12) months anticipated gross rental income calendar months’ exposure, all without any exclusions or gross business earnings, as applicable in each case, attributable to such Projectreduction of policy limits for acts of domestic and foreign terrorism or other specified action/inaction. Borrower shall not maintain any separate or additional insurance which is contributing in the event of loss unless it is properly endorsed and otherwise reasonably satisfactory to Lender Administrative Agent in all respects. The proceeds of insurance paid on account of any damage or destruction to any the Project shall be paid to Lender Administrative Agent, on behalf of the Lenders, to be applied as provided in Section 3.2. Administrative Agent acknowledges that the casualty and business interruption insurance maintained by Borrower on the Closing Date satisfies the requirements set forth in this subsection (a), it being understood that the foregoing does not restrict Administrative Agent from modifying the coverage required hereunder from time to time in accordance with this Section.

Casualty; Business Interruption. Borrower shall keep the Projects insured against damage by fire and the other hazards covered by a standard extended coverage and all-risk insurance policy for the full insurable value thereof on a replacement cost claim recovery basis (without reduction for depreciation or co-insuranceinsurance and without any exclusions or reduction of policy limits for acts of domestic and foreign terrorism or other specified action/inaction), and shall maintain boiler and machinery, earthquake, acts of domestic and foreign terrorism endorsement coverage and such other casualty insurance as reasonably required by Lenderthe Administrative Agent. Such insurance shall include coverage against acts of terrorism. Lender The Administrative Agent reserves the right to require from time to time the following additional insurance: boiler and machinery; flood; earthquake/sinkhole; windstorm; worker’s compensation; , windstorm and/or building law or ordinance. Borrower shall keep each Project the Projects insured against loss by flood if such Project is located currently or at any time in the future in an area identified by the Federal Emergency Management Agency as an area having special flood hazards and in which flood insurance has been made available under the National Flood Insurance Act of 1968, the Flood Disaster Protection Act of 1973 or the National Flood Insurance Reform Act of 1994 (as such acts may from time to time be amended) in an amount at least equal to the lesser of (a) the maximum amount of the Allocated Loan Amount for such Projects or (b) the maximum limit of coverage available under said acts. Any such flood insurance policy shall be issued in accordance with the requirements and current guidelines of the Federal Insurance Administration. Borrower shall maintain business interruption insurance, including use and occupancy insurance for each Project covering, as applicableoccupancy, rental income or business interruptionloss and extra expense, with coverage in an amount not less than against all periods covered by Borrower’s property insurance for a limit equal to twelve (12) months anticipated gross rental income calendar months’ exposure, all without any exclusions or gross business earnings, reduction of policy limits for acts of domestic and foreign terrorism or other specified action/inaction. Borrower shall maintain earthquake insurance and terrorism coverage in such amounts and with such coverages and deductibles as applicable are then being maintained with respect to institutionally-owned “Class A” office buildings in each case, attributable to such Projectthe market where the properties are located. Borrower shall not maintain any separate or additional insurance which is contributing in the event of loss unless it is properly endorsed and otherwise reasonably satisfactory to Lender the Administrative Agent in all respects. The proceeds of insurance paid on account of any damage or destruction to any Project the Projects in excess of the Restoration Threshold shall be paid to Lender the Administrative Agent to be applied as provided in Section 3.2.

Casualty; Business Interruption. Borrower Borrowers shall keep the Projects insured against damage by fire and the other hazards covered by a standard extended coverage and all-risk insurance policy for the full insurable value thereof on a replacement cost claim recovery basis (without reduction for depreciation or co-insurance), and shall maintain such other casualty insurance as reasonably required by LenderAdministrative Agent. Such insurance shall include coverage against acts of terrorism. Lender Administrative Agent reserves the right to require from time to time the following additional insuranceinsurance to the extent such insurance types are applicable to properties such as the Projects, are customarily required by prudent lenders in the areas where the Projects are located, and such insurance is available at commercially reasonable rates: boiler and machinery; flood; earthquake/sinkhole; windstorm; worker’s compensation; coverage against acts of terrorism; and/or building law or ordinance. Borrower Without limiting the generality of the foregoing, unless Administrative Agent otherwise consents in writing (which consent may be withheld in Administrative Agent’s sole and absolute discretion), Borrowers shall at all times maintain law and ordinance coverage with respect to the Project known as “River City Landing” upon such terms and conditions and in such amount (and with such deductibles) as are included in the coverage with respect to such Project maintained by Borrowers as of the date hereof (provided, further, that Borrowers may increase, but not decrease (including by means of increased deductibles), the amount of such coverage from time to time without Administrative Agent’s consent). Borrowers shall keep each Project insured against loss by flood if such Project is located currently or at any time in the future in an area identified by the Federal Emergency Management Agency as an area having special flood hazards and in which flood insurance has been made available under the National Flood Insurance Act of 1968, the Flood Disaster Protection Act of 1973 or the National Flood Insurance Reform Act of 1994 (as such acts may from time to time be amended) in an amount at least equal to the lesser of (i) the maximum amount of the Loan Loans or (ii) the maximum limit of coverage available under said acts. Any such flood insurance policy shall be issued in accordance with the requirements and current guidelines of the Federal Insurance Administration. Borrower Borrowers shall maintain use and occupancy insurance for each Project covering, as applicable, rental income or business interruption, with coverage in an amount not less than twelve (12) months anticipated gross rental income or gross business earnings, as applicable in each case, attributable to such each Project. Borrower Borrowers shall not maintain any separate or additional insurance which is contributing in the event of loss unless it is properly endorsed and otherwise reasonably satisfactory to Lender Administrative Agent in all respects. The proceeds of insurance paid on account of any damage or destruction to any a Project shall be paid to Lender Administrative Agent to be applied as provided in Section 3.24.2.

Casualty; Business Interruption. Borrower Borrowers shall keep the Projects insured against damage by fire and the other hazards covered by a standard extended coverage and all-risk insurance policy for the full insurable value thereof on a replacement cost claim recovery basis (without reduction for depreciation or co-insuranceinsurance and without any exclusions or reduction of policy limits for acts of domestic and foreign terrorism and other specified action/inaction), and shall maintain boiler and machinery insurance, acts of domestic and foreign terrorism endorsement coverage and such other casualty insurance as reasonably required by LenderAgent. Such insurance shall include coverage against acts of terrorism. Lender Agent reserves the right to require from time to time the following additional insurance: boiler and machinery; flood; earthquake/sinkhole; windstorm; worker’s compensation; and/or building law or ordinance. Borrower Borrowers shall keep each Project the Projects insured against loss by flood if such any Project is located currently or at any time in the future in an area identified by the Federal Emergency Management Agency as an area having special flood hazards and in which flood insurance has been made available under the National Flood Insurance Act of 1968, the Flood Disaster Protection Act of 1973 or the National Flood Insurance Reform Act of 1994 (as such acts may from time to time be amended) in an amount at least equal to the lesser of (i) the maximum amount of the Loan Loans or (ii) the maximum limit of coverage available under said acts. Any such flood insurance policy shall be issued in accordance with the requirements and current guidelines of the Federal Insurance Administration. Borrower Borrowers shall maintain business interruption insurance, including use and occupancy insurance for each Project covering, as applicableoccupancy, rental income or business interruptionloss and extra expense, with coverage in an amount not less than for all periods covered by Borrowers’ property insurance for a limit equal to twelve (12) months anticipated gross rental income calendar months’ exposure, all without any exclusions or gross business earnings, as applicable in each case, attributable to such Projectreduction of policy limits for acts of domestic and foreign terrorism or other specified action/inaction. Borrower Borrowers shall not maintain any separate or additional insurance which is contributing in the event of loss unless it is properly endorsed and otherwise reasonably satisfactory to Lender Agent in all respects. The proceeds of insurance paid on account of any damage or destruction to any Project shall be paid to Lender Agent to be applied as provided in Section 3.2.

Casualty; Business Interruption. Borrower shall keep (or cause to be kept) the Projects insured against damage by fire and the other hazards covered by a standard extended coverage and all-risk insurance policy for the full insurable value thereof on a replacement cost claim recovery basis (without reduction for depreciation or co-insuranceinsurance and without any exclusions or reduction of policy limits for acts of domestic and foreign terrorism and other specified action/inaction), and shall maintain boiler and machinery insurance, acts of domestic and foreign terrorism endorsement coverage and such other casualty insurance as reasonably required by LenderAdministrative Agent. Such insurance shall include coverage against acts of terrorism. Lender Administrative Agent reserves the right to require from time to time the following additional insurance: boiler and machinery; flood; earthquake/sinkhole; windstorm; worker’s compensation; and/or building law or ordinance. Borrower shall keep each a Project insured against loss by flood if such Project is located currently or at any time in the future in an area identified by the Federal Emergency Management Agency as an area having special flood hazards and in which flood insurance has been made available under the National Flood Insurance Act of 1968, the Flood Disaster Protection Act of 1973 or the National Flood Insurance Reform Act of 1994 (as such acts may from time to time be amended) in an amount at least equal to the lesser of (i) the maximum amount portion of the Loan allocated to such Project by Administrative Agent, acting in its reasonable discretion or (ii) the maximum limit of coverage available under said acts. Any such flood insurance policy shall be issued in accordance with the requirements and current guidelines of the Federal Insurance Administration. Borrower shall maintain business interruption insurance, including use and occupancy insurance for each Project covering, as applicableoccupancy, rental income or business interruptionloss and extra expense, with coverage in an amount not less than for all periods covered by Borrower’s property insurance for a limit equal to twelve (12) months anticipated gross rental income calendar months’ exposure, all without any exclusions or gross business earnings, as applicable in each case, attributable to such Projectreduction of policy limits for acts of domestic and foreign terrorism or other specified action/inaction. Borrower shall not maintain any separate or additional insurance which is contributing in the event of loss unless it is properly endorsed and otherwise reasonably satisfactory to Lender Administrative Agent in all respects. The proceeds of insurance paid on account of any damage or destruction to any Project shall be paid to Lender Administrative Agent, on behalf of the Lenders, to be applied as provided in Section 3.2.

Casualty; Business Interruption. Borrower shall keep (or cause to be kept) the Projects insured against damage by fire and the other hazards covered by a standard extended coverage and all-risk insurance policy for the full insurable value thereof on a replacement cost claim recovery made basis with a deductible not to exceed $25,000, except for wind/named storms and earthquake, which shall not provide for a deductible in excess of five percent (5%) of the total insurable value of the Project, without reduction reduction, in any case, for depreciation or co-insurance)insurance and without any exclusions or reduction of policy limits for acts of domestic and foreign terrorism and other specified action/inaction, and shall maintain boiler and machinery insurance, acts of domestic and foreign terrorism endorsement coverage and such other casualty insurance as reasonably required by LenderAdministrative Agent, and, if Borrower changes insurance carriers while the Loan is outstanding, Borrower shall provide coverage for an extended reporting period in form and substance acceptable to Administrative Agent. Such insurance shall include coverage against acts of terrorism. Lender Administrative Agent reserves the right to require from time to time the following additional insurance: boiler and machinery; flood; earthquake/sinkhole; windstorm; worker’s compensation; and/or building law or ordinance. Borrower shall keep each a Project insured against loss by flood if such Project is located currently or at any time in the future in an area identified by the Federal Emergency Management Agency as an area having special flood hazards and in which flood insurance has been made available under the National Flood Insurance Act of 1968, the Flood Disaster Protection Act of 1973 or the National Flood Insurance Reform Act of 1994 (as such acts may from time to time be amended) in an amount at least equal to the lesser of (i) the maximum amount portion of the Loan allocated to such Project by Administrative Agent, acting in its reasonable discretion or (ii) the maximum limit of coverage available under said acts. Any such flood insurance policy shall be issued in accordance with the requirements and current guidelines of the Federal Insurance Administration. Borrower shall maintain business interruption insurance, including use and occupancy insurance for each Project covering, as applicableoccupancy, rental income or business interruptionloss and extra expense, with coverage in an amount not less than for all periods covered by Borrower’s property insurance for a limit equal to twelve (12) months anticipated gross rental income calendar months’ exposure, all without any exclusions or gross business earnings, as applicable in each case, attributable to such Projectreduction of policy limits for acts of domestic and foreign terrorism or other specified action/inaction. Borrower shall not maintain any separate or additional insurance which is contributing in the event of loss unless it is properly endorsed and otherwise reasonably satisfactory to Lender Administrative Agent in all respects. The proceeds of insurance paid on account of any damage or destruction to any Project shall be paid to Lender Administrative Agent, on behalf of the Lenders, to be applied as provided in Section 3.2.

Casualty; Business Interruption. Borrower shall keep the Projects insured against damage by fire and the other hazards covered by a standard extended coverage and all-risk insurance policy for the full insurable value thereof on a replacement cost claim recovery basis (without reduction for depreciation or co-insuranceinsurance and without any exclusions or reduction of policy limits for acts of domestic and foreign terrorism or other specified action/inaction), and shall maintain boiler and machinery insurance, sinkhole, acts of domestic and foreign terrorism endorsement coverage, law and ordinance coverage, and such other casualty insurance as reasonably required by Lender. Such insurance shall include coverage against acts of terrorism. Lender reserves the right to require from time to time the following additional insurance: boiler and machinery; flood; , earthquake/sinkhole; windstorm; worker’s compensation; , windstorm and/or building law or ordinance. Borrower shall keep each the Project insured against loss by flood if such the Project is located currently or at any time in the future in an area identified by the Federal Emergency Management Agency as an area having special flood hazards and in which flood insurance has been made available under the National Flood Insurance Act of 1968, the Flood Disaster Protection Act of 1973 or the National Flood Insurance Reform Act of 1994 (as such acts may from time to time be amended) in an amount at least equal to the lesser of (1) the maximum amount of the Loan or (2) the maximum limit of coverage available under said acts. Any such flood insurance policy shall be issued in accordance with the requirements and current guidelines of the Federal Insurance Administration. Borrower shall maintain business interruption insurance, including use and occupancy insurance for each Project covering, as applicableoccupancy, rental income or business interruptionloss and extra expense, with coverage in an amount not less than against all periods covered by Borrower’s property insurance for a limit equal to twelve (12) months anticipated gross rental income calendar months’ exposure, all without any exclusions or gross business earnings, as applicable in each case, attributable to such Projectreduction of policy limits for acts of domestic and foreign terrorism or other specified action/inaction. Borrower shall not maintain any separate or additional insurance which is contributing in the event of loss unless it is properly endorsed and otherwise reasonably satisfactory to Lender in all respects. The proceeds of insurance paid on account of any damage or destruction to any Project shall be paid to Lender to be applied as provided in Section 3.2.

Casualty; Business Interruption. Borrower Borrowers shall keep the Projects insured against damage by fire and the other hazards covered by a standard extended coverage and all-risk insurance policy for the full insurable value thereof on a replacement cost claim recovery basis (without reduction for depreciation or co-insuranceinsurance and without any exclusions or reduction of policy limits for acts of domestic and foreign terrorism and other specified action/inaction), and shall maintain boiler and machinery insurance, acts of domestic and foreign terrorism endorsement coverage and such other casualty insurance as reasonably required by LenderAdministrative Agent. Such insurance shall include coverage against acts of terrorism. Lender Administrative Agent reserves the right to require from time to time the following additional insurance: boiler and machinery; flood; earthquake/sinkhole; windstorm; worker’s compensation; and/or building law or ordinance. Borrower Borrowers shall keep each Project the Projects insured against loss by flood if such any Project is located currently or at any time in the future in an area identified by the Federal Emergency Management Agency as an area having special flood hazards and in which flood insurance has been made available under the National Flood Insurance Act of 1968, the Flood Disaster Protection Act of 1973 or the National Flood Insurance Reform Act of 1994 (as such acts may from time to time be amended) in an amount at least equal to the lesser of (i) the maximum amount of the Loan or (ii) the maximum limit of coverage available under said acts. Any such flood insurance policy shall be issued in accordance with the requirements and current guidelines of the Federal Insurance Administration. Borrower Borrowers shall maintain business interruption insurance, including use and occupancy insurance for each Project covering, as applicableoccupancy, rental income or business interruptionloss and extra expense, with coverage in an amount not less than for all periods covered by Borrowers’ property insurance for a limit equal to twelve (12) months anticipated gross rental income calendar months’ exposure, all without any exclusions or gross business earnings, as applicable in each case, attributable to such Projectreduction of policy limits for acts of domestic and foreign terrorism or other specified action/inaction. Borrower Borrowers shall not maintain any separate or additional insurance which is contributing in the event of loss unless it is properly endorsed and otherwise reasonably satisfactory to Lender Administrative Agent in all respects. The proceeds of insurance paid on account of any damage or destruction to any Project shall be paid to Lender Administrative Agent, on behalf of the Lenders, to be applied as provided in Section 3.2.

Casualty; Business Interruption. Borrower shall use its best efforts to cause the Association, at the Association's sole cost and expense, to keep the Projects Timeshare Project insured against damage by fire and the other hazards covered by a standard extended coverage and all-risk insurance policy for the full insurable value thereof on a replacement cost claim recovery basis (without reduction for depreciation or co-insuranceinsurance and without any exclusions or reduction of policy limits for acts of terrorism or other specified action/inaction), and shall maintain boiler and machinery insurance, acts of terrorism endorsement coverage and such other casualty insurance as reasonably required by Lender. Such insurance shall include coverage against acts of terrorismLender and agreed upon by Borrower. Lender reserves the right to require from time to time the following additional insuranceinsurance in its reasonable discretion: boiler and machinery; flood; , earthquake/sinkhole; windstorm; worker’s compensation; , windstorm and/or building law or ordinance. Borrower shall keep each cause the Timeshare Project to be insured against loss by flood if such the Timeshare Project is located currently or at any time in the future in an area identified by the Federal Emergency Management Agency as an area having special flood hazards and in which flood insurance has been made available under the National Flood Insurance Act of 1968, the Flood Disaster Protection Act of 1973 or the National Flood Insurance Reform Act of 1994 (as such acts may from time to time be amended) in an amount at least equal to the lesser of (a) the maximum amount of the Loan or (b) the maximum limit of coverage available under said acts. Any such flood insurance policy shall be issued in accordance with the requirements and current guidelines of the Federal Insurance Administration. Borrower shall maintain use and occupancy insurance for each Project covering, as applicable, rental income or business interruption, with coverage in an amount not less than twelve (12) months anticipated gross rental income or gross business earnings, as applicable in each case, attributable to such Project. Borrower shall not maintain any separate or additional insurance, other than insurance required under the RFC Loan Documents, which is contributing in the event of loss unless it is properly endorsed and (except with respect to insurance required under the RFC Loan Documents) otherwise reasonably satisfactory to Lender in all respects. The proceeds of insurance paid on account of any damage or destruction to the Timeshare Project relating to any Project Collateral and received by Borrower pursuant to the terms of the Timeshare Declaration shall be paid to Lender to be applied as provided in Section 3.2.