Common use of Casualty; Business Interruption Clause in Contracts

Casualty; Business Interruption. Borrower shall keep the 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-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 Administrative Agent. Administrative Agent reserves the right to require from time to time the following additional insurance: flood; earthquake/sinkhole; windstorm; worker’s compensation; and/or building law or ordinance coverage. Borrower shall keep the Property insured against loss by flood if 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 equal to the cumulative insured value of such structures located in the Flood 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, rental income loss and extra expense, for all periods covered by Borrower’s property insurance for a limit equal to twelve (12) calendar months’ exposure, all without any exclusions or reduction 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 to Administrative Agent.

Casualty; Business Interruption. Borrower shall keep the Property 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 irrecoverable depreciation or co-insurance and without any exclusions or reduction of policy limits for acts of domestic and foreign terrorism and or other specified action/inaction), and shall maintain boiler and machinery insurancemachinery, earthquake, acts of domestic and foreign terrorism endorsement coverage and such other casualty insurance as reasonably required by the Administrative Agent. The Administrative Agent reserves the right to require from time to time the following additional insurance: flood; earthquake/sinkhole; windstorm; worker’s compensation; , windstorm and/or building law or ordinance coverageordinance. Borrower shall keep the Property Projects insured against loss by flood if any structure on the Property 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 (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 cumulative insured value lesser of (a) the Allocated Loan Amount for such structures located in Projects or (b) the Flood Zonemaximum 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, rental income loss and extra expense, for against all periods covered by Borrower’s property insurance for a limit equal to twelve (12) calendar months’ exposure, all without any exclusions or 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 are then being maintained with respect to institutionally-owned “Class A” office buildings in the 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 satisfactory to the Administrative AgentAgent in all respects. The proceeds of insurance paid on account of any damage or destruction to the Projects in excess of the Restoration Threshold shall be paid to the Administrative Agent to be applied as provided in Section 3.2.

Casualty; Business Interruption. Borrower Borrowers shall keep the Property 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 irrecoverable depreciation or co-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 Administrative Agent. Administrative Agent reserves the right to require from time to time the following additional insurance: flood; earthquake/sinkhole; windstorm; worker’s compensation; and/or building law or ordinance coverageordinance. Borrower Borrowers shall keep the Property Projects insured against loss by flood if any structure on the Property 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 (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 cumulative insured value lesser of such structures located in (i) the Flood Zonemaximum amount of the 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, rental income loss and extra expense, for all periods covered by Borrower’s Borrowers’ property insurance for a limit equal to twelve (12) calendar months’ exposure, all without any exclusions or reduction 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 Administrative AgentAgent in all respects. The proceeds of insurance paid on account of any damage or destruction to any Project shall be paid to Agent to be applied as provided in Section 3.2.

Casualty; Business Interruption. Borrower Borrowers shall keep the Property 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 irrecoverable depreciation or co-insurance and without any exclusions or reduction of policy limits for acts of domestic and foreign terrorism and other specified action/inactioninsurance), and shall maintain boiler and machinery insurance, acts of domestic and foreign terrorism endorsement coverage insurance and such other casualty insurance as reasonably required by Administrative Agent. Administrative Agent reserves the right to require from time to time the following additional insurance: floodflood (if in a FEMA flood zone where maintenance of insurance is required by FEMA); earthquake/sinkholeearthquake (if the Project is located in an appropriate US Seismic zone); windstorm; worker’s compensation; and/or building law or ordinance coverageordinance. Borrower Borrowers shall keep the Property Projects insured (or cause Operating Tenant to insure the Projects) against loss by flood if any structure on the Property 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 (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 cumulative insured value lesser of such structures located in (i) the Flood Zonemaximum amount of the 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, rental income loss and extra expense, for all periods covered by Borrower’s Borrowers’ property insurance for a limit equal to twelve (12) calendar months’ exposure, all without any exclusions or reduction 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 Administrative Agent in all respects. The proceeds of insurance paid on account of any damage or destruction to any Project shall be paid to Agent, on behalf of the Lenders, to be applied as provided in Section 3.2.

Casualty; Business Interruption. Borrower Borrowers shall keep the Property 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 irrecoverable depreciation or co-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 Administrative Agent. Administrative Agent reserves the right to require from time to time the following additional insurance: flood; earthquake/sinkhole; windstorm; worker’s compensation; and/or building law or ordinance coverageordinance. Borrower Borrowers shall keep the Property Projects insured against loss by flood if any structure on the Property 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 (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 cumulative insured value lesser of such structures located in (i) the Flood Zonemaximum 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, rental income loss and extra expense, for all periods covered by Borrower’s Borrowers’ property insurance for a limit equal to twelve (12) calendar months’ exposure, all without any exclusions or reduction 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 Administrative Agent in all respects. The proceeds of insurance paid on account of any damage or destruction to any Project shall be paid to 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 Property 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 irrecoverable depreciation or co-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 Administrative Agent. Administrative Agent reserves the right to require from time to time the following additional insurance: flood; earthquake/sinkhole; windstorm; worker’s compensation; and/or building law or ordinance coverageordinance. Borrower shall keep the Property a Project insured against loss by flood if any structure on the Property 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 (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 cumulative insured value 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 structures located Project by Administrative Agent, acting in its reasonable discretion) or (ii) the Flood Zonemaximum 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, rental income loss and extra expense, for all periods covered by Borrower’s property insurance for a limit equal to twelve (12) calendar months’ exposure, all without any exclusions or reduction 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 Administrative Agent in all respects. The proceeds of insurance paid on account of any damage or destruction to a Project shall be paid to 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 Property 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 irrecoverable depreciation or co-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 Administrative Agent. Administrative Agent reserves the right right, to be exercised in its reasonable discretion, to require from time to time the following additional insurance: flood; earthquake/sinkhole; windstorm; worker’s compensation; and/or building law or ordinance coverageordinance. Borrower shall keep the Property Project insured against loss by flood if any structure on the Property 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 (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 cumulative insured value lesser of such structures located in (i) the Flood Zonemaximum 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, rental income loss and extra expense, for all periods covered by Borrower’s property insurance for a limit equal to twelve (12) calendar months’ exposure, all without any exclusions or reduction 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 Administrative Agent in all respects. The proceeds of insurance paid on account of any damage or destruction to the Project shall be paid to 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 (or cause to be kept) the Property 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 irrecoverable depreciation or co-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 Administrative Agent. Administrative Agent reserves the right to require from time to time the following additional insurance: flood; earthquake/sinkhole; windstorm; worker’s compensation; and/or building law or ordinance coverageordinance. Borrower shall keep the Property a Project insured against loss by flood if any structure on the Property 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 (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 cumulative insured value lesser of (i) the portion of the Loan allocated to such structures located Project by Administrative Agent, acting in its reasonable discretion or (ii) the Flood Zonemaximum 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, rental income loss and extra expense, for all periods covered by Borrower’s property insurance for a limit equal to twelve (12) calendar months’ exposure, all without any exclusions or reduction 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 Administrative Agent in all respects. The proceeds of insurance paid on account of any damage or destruction to any Project shall be paid to Administrative Agent, on behalf of the Lenders, to be applied as provided in Section 3.2.