Coverages. Borrower shall obtain and maintain, or cause to be maintained, insurance for Borrower and the Property providing at least the coverages set forth herein: (i) comprehensive all risk insurance on the Improvements and the Personal Property, including windstorm/named storm coverage, in each case (A) in an amount equal to 100% of the “Full Replacement Cost,” which for purposes of this Agreement shall mean actual replacement value (exclusive of costs of excavations, foundations, underground utilities and footings) with a waiver of depreciation; (B) containing either an agreed amount endorsement or a waiver of all co- insurance provisions; (C) providing for a deductible of not greater than $25,000, except with respect to earthquake and windstorm/named storm which may provide for no deductible in excess of 5% of the total insurable value of the Property; (D) if any of the Improvements or the use of the Property shall at any time constitute a legal non-conforming structure or use, Borrower shall obtain an “Ordinance or Law Coverage” or “Enforcement” endorsement, which shall include sufficient coverage with limits as reasonably acceptable to Lender for (1) costs to comply with building and zoning codes and ordinances, (2) demolition costs, and (3) increased costs of construction; and (E) with respect to the construction of any new Improvements, written on a so-called builder’s risk completed value form on a non-reporting basis; (ii) business income insurance (A) with loss payable to Lender; (B) covering all risks required to be covered by the insurance provided for in Section 6.1(a)(i); (C) on an agreed value actual loss sustained basis in an amount equal to 100% of the projected gross income from the Property for a period of twelve (12) months; (D) containing an extended period of indemnity endorsement which provides that after the physical loss to the Improvements and Personal Property has been repaired, the continued loss of income will be insured until such income either returns to the same level it was at prior to the loss, or the expiration of six (6) months from the date that the Property is repaired or replaced and operations are resumed, whichever first occurs, and notwithstanding that the policy may expire prior to the end of such period; and (E) if the Borrower is required to obtain an “Ordinance or Law Coverage” or “Enforcement” endorsement pursuant to Section 6.1(a)(i)(D), coverage for the increased period of restoration. The amount of such business income insurance shall be determined prior to the date hereof and at least once each year thereafter based on ▇▇▇▇▇▇▇▇’s reasonable estimate of the gross income from the Property for the succeeding twelve (12) month period. All insurance proceeds payable to Lender pursuant to this Section 6.1(a)(ii) shall be held by Lender and shall be applied to the Obligations from time to time due and payable hereunder and under the Note; provided, however, that nothing herein contained shall be deemed to relieve Borrower of its obligations to pay the Obligations on the respective dates of payment provided for in the Note, this Agreement and the other Loan Documents, except to the extent such amounts are actually paid out of the proceeds of such business income insurance; (iii) if any portion of the Improvements is currently or at any time in the future located in a federally designated Special Flood Hazard Area (“SFHA”), flood hazard insurance in an amount equal to (1) the maximum amount of such insurance available under the National Flood Insurance Act of 1968, the Flood 156506983 Disaster Protection Act of 1973 or the National Flood Insurance Reform Act of 1994, as each may be amended plus (2) such greater amount as Lender shall require; (iv) the insurance required under this Section 6.1(a)(i), (ii) and (vi) shall cover perils of terrorism insurance for Certified Acts of Terrorism (as such terms are defined in TRIPRA) in an amount equal to the Full Replacement Cost plus twelve (12) months of business income insurance consistent with the requirements of Section 6.1(a)(ii); (v) steam boiler and machinery breakdown direct damage insurance, in an amount available to Lender, for all boilers and machinery which form a part of the Property; (vi) commercial general liability insurance against claims for personal injury, bodily injury, death or property damage occurring upon, in or about the Property, such insurance (A) to be on the “occurrence” form with a combined single limit (not including “umbrella” coverage in place) of not less than $1,000,000 per occurrence and $2,000,000 in the aggregate with excess “umbrella coverage” in an amount not less than $30,000,000; (B) to continue at not less than the aforesaid limit until required to be changed by ▇▇▇▇▇▇ in writing by reason of changed economic conditions making such protection inadequate; and (C) to cover at least the following hazards: (1) premises and operations; (2) products and completed operations on an “if any” basis; (3) independent contractors; and (4) contractual liability for all insured contracts, to the extent the same is available; (vii) at all times during which structural construction, material repairs or alterations are being made with respect to the Improvements, owner’s contingent or protective liability insurance covering claims not covered by or under the terms or provisions of the above mentioned commercial general liability insurance policy; (viii) if Borrower owns or operates motor vehicles, motor vehicle liability coverage for all owned and non-owned vehicles, including rented and leased vehicles containing minimum limits reasonably acceptable to Lender; (ix) if Borrower has employees, workers’ compensation, subject to the statutory limits of the state in which the Property is located, and employer’s liability insurance with a limit of at least $1,000,000 per accident and per disease per employee, and $1,000,000 aggregate coverage for disease in respect of any work or operations on or about the Property, or in connection with the Property or its operation; (x) a blanket fidelity bond or “Employee Dishonesty” coverage insuring against losses resulting from dishonest or fraudulent acts committed by personnel retained in connection with the operation of the Property (if applicable); and (xi) such other insurance and in such amounts as Lender from time to time may reasonably request against such other insurable hazards which at the time are commonly insured against for property similar to the Property located in or around the region in which the Property is located. 156506983
Appears in 2 contracts
Sources: Loan Agreement (Wheeler Real Estate Investment Trust, Inc.), Loan Agreement (Wheeler Real Estate Investment Trust, Inc.)
Coverages. Borrower shall obtain and maintain, or cause to be maintained, insurance for Borrower and the Property providing at least the coverages set forth herein:
(i) comprehensive all risk Causes of Loss Special Form Property insurance on the Improvements and the Personal Property, including windstorm/named storm windstorm coverage, in each case (A) in an amount equal to 100% of the “Full Replacement Cost,” which for purposes of this Agreement Security Instrument shall mean actual replacement value as reasonably determined by Lender (exclusive of costs of excavations, foundations, underground utilities and footings) with a waiver of depreciation; (B) containing either an agreed amount endorsement or a waiver of all co- co-insurance provisions; (C) providing for a deductible of not greater than $25,000, 25,000 (except with respect to earthquake and windstorm/named storm which may provide for no deductible in excess of deductibles up to 5% of the total insurable value of the Property); (D) if any of the Improvements or the use of the Property shall at any time constitute a legal non-conforming structure or use, Borrower shall obtain an “Ordinance or Law Coverage” or “Enforcement” endorsement, which shall include sufficient coverage with limits as reasonably acceptable to Lender for (1) costs to comply with building and zoning codes and ordinances, (2) demolition costs, and (3) increased costs of construction; and (E) with respect to the construction of any new Improvements, written on a so-called builder’s risk completed value form on a non-reporting nonreporting basis;
(ii) business income insurance (A) with loss payable to Lender; (B) covering all risks required to be covered by the insurance provided for in Section 6.1(a)(i2.3(a)(i); (C) on an agreed value actual loss sustained basis in an amount equal to 100% of the projected gross income from the Property for a period of twelve eighteen (1218) months; (D) containing an extended period of indemnity endorsement which provides that after the physical loss to the Improvements and Personal Property has been repaired, the continued loss of income will be insured until such income either returns to the same level it was at prior to the loss, or the expiration of six (6) months from the date that the Property is repaired or replaced and operations are resumed, whichever first occurs, and notwithstanding that the policy may expire prior to the end of such period; and (E) if the Borrower is required to obtain an “Ordinance or Law Coverage” or “Enforcement” endorsement pursuant to Section 6.1(a)(i)(D2.3(a)(i)(D), coverage for the increased period of restoration. The amount of such business income insurance shall be determined prior to the date hereof and at least once each year thereafter based on ▇B▇▇▇▇▇▇▇’s reasonable estimate of the gross income from the Property for the succeeding twelve (12) month period. All insurance proceeds payable to Lender pursuant to this Section 6.1(a)(ii2.3(a)(ii) shall be held by Lender and shall be applied to the Obligations from time to time due and payable hereunder and under the Note; provided, however, that nothing herein contained shall be deemed to relieve Borrower of its obligations to pay the Obligations on the respective dates of payment provided for in the Note, this Agreement Security Instrument and the other Loan Documents, except to the extent such amounts are actually paid out of the proceeds of such business income insurance;
(iii) if any portion of the Improvements is currently or at any time in the future located in a federally designated Special Flood Hazard Area (“SFHAspecial flood hazard area”), Borrower shall obtain flood hazard insurance in an amount equal to the lesser of (1x) Full Replacement Cost and (y) the maximum amount outstanding principal balance of such the Loan, plus twelve (12) months of business income insurance available under consistent with the National Flood Insurance Act requirements of 1968, the Flood 156506983 Disaster Protection Act of 1973 or the National Flood Insurance Reform Act of 1994, as each may be amended plus (2) such greater amount as Lender shall requireSection 2.3(a)(ii);
(iv) the insurance required under this Section 6.1(a)(i2.3(a)(i), (ii) and (vivii) shall cover perils of terrorism insurance for Certified Acts of Terrorism (as such terms are defined in TRIPRAmeans the Terrorism Risk Insurance Program Reauthorization Act of 2007, as amended and as it may be further amended from time to time (including any extensions thereof)) in an amount equal to the Full Replacement Cost plus twelve (12) months of business income insurance consistent with the requirements of Section 6.1(a)(ii2.3(a)(i), (ii) and (vii);
(v) steam boiler and machinery breakdown direct damage insurance, in an amount available acceptable to Lender, Lender for all boilers and machinery which form a part of the Property, if applicable;
(vi) commercial general liability insurance against claims for personal injury, bodily injury, death or property damage occurring upon, in or about the Property, such insurance (A) to be on the “occurrence” form with a combined single limit (not including “umbrella” coverage in place) of not less than $1,000,000 per occurrence and $2,000,000 in the aggregate with excess “umbrella coverage” in an amount not less than $30,000,00015,000,000; (B) to continue at not less than the aforesaid limit until required to be changed by ▇L▇▇▇▇▇ in writing by reason of changed economic conditions making such protection inadequate; and (C) to cover at least the following hazards: (1) premises and operations; (2) products and completed operations on an “if any” basis; (3) independent contractors; and (4) contractual liability for all insured contracts, to the extent the same is available;
(vii) at all times during which structural construction, material repairs or alterations are being made with respect to the Improvements, owner’s contingent or protective liability insurance covering claims not covered by or under the terms or provisions of the above mentioned commercial general liability insurance policy;
(viii) intentionally omitted;
(ix) if Borrower owns or operates motor vehicles, motor vehicle liability coverage for all owned and non-owned vehicles, including rented and leased vehicles containing minimum limits reasonably acceptable to Lenderper occurrence, including umbrella coverage, of One Million and No/100 Dollars ($1,000,000);
(ixx) if Borrower has employeesapplicable, workers’ compensation, subject to the statutory limits of the state in which the Property is located, and employer’s liability insurance with a limit subject to workers’ compensation laws of at least $1,000,000 per accident and per disease per employee, and $1,000,000 aggregate coverage for disease in respect the State of any work or operations on or about the Property, or in connection with the Property or its operationCalifornia;
(xxi) if applicable, a blanket fidelity bond or “Employee Dishonesty” coverage insuring against losses resulting from dishonest or fraudulent acts committed by personnel retained in connection with the operation of the Property (if applicable)Property; and
(xixii) such other insurance and in such amounts as Lender from time to time may reasonably request against such other insurable hazards which at the time are commonly insured against for property similar to the Property located in or around the region in which the Property is located. 156506983.
Appears in 1 contract
Coverages. Borrower Tenant shall obtain purchase and maintain, or cause to be maintainedthroughout the Term, insurance for Borrower and the Property providing at least the coverages set forth hereina Tenant’s Policy(ies) of:
(i) comprehensive all risk commercial property insurance covering the improvements constructed, installed or located on the Improvements and Premises (but excluding Tenant’s Property). Such property insurance policy (the Personal Property, including windstorm/named storm coverage, in each case “Property Insurance”): (A) in an amount equal to 100% of the “Full Replacement Cost,” which for purposes of this Agreement shall mean actual replacement value name Landlord (exclusive of costs of excavationsand its lender(s), foundationsif applicable) as mortgagee/loss payee, underground utilities and footingsas its (their respective) with a waiver of depreciationinterest(s) may appear; (B) containing either an agreed amount endorsement or shall, at a waiver minimum, cover both (x) the Building and (y) all other improvements, of all co- insurance provisions; (C) providing for a deductible of not greater than $25,000any nature, except with respect to earthquake and windstorm/named storm which may provide for no deductible in excess of 5% of situated on the total insurable value of the Property; (D) if any of the Improvements or the use of the Property shall Premises at any time, or from time constitute to time during the Term, including, but not limited to, parking areas and landscaping (collectively, the “Insured Improvements”), against direct physical loss, as would be insured against under a legal non-conforming structure or use, Borrower shall obtain an standard ISO Special Form (“Ordinance or Law Coverageall risk” or “Enforcement” endorsement, which shall include sufficient coverage with limits as reasonably acceptable to Lender for (1) costs to comply with building and zoning codes and ordinances, (2) demolition costs, and (3) increased costs of construction; and (E) with respect to the construction of any new Improvements, written on a so-called builder’s risk completed value form on a non-reporting basis;
(ii) business income insurance (A) with loss payable to Lender; (B) covering all risks required to be covered by the insurance provided for in Section 6.1(a)(icoverage); (C) on an agreed value actual loss sustained basis in an amount equal to shall be for no less than 100% of the projected gross Full Replacement Cost Value of the Building and the Insured Improvements, with an “agreed amount” endorsement; (D) shall include, at a minimum, the following extensions of coverage; building ordinance, inclusive of demolition and increased cost of construction; terrorism; earthquake/earth movement; flood; and boiler and machinery/equipment breakdown; (E) shall include business income from the Property and extra expense insurance for a period of twelve (12) months; (D) containing an extended period months of indemnity endorsement which provides Rent and operating expense reimbursement for that after the physical loss to the Improvements and Personal Property has been repaired, the continued loss of income will be insured until such income either returns to the same level it was at prior to the loss, or the expiration of six (6) months from the date that the Property is repaired or replaced and operations are resumed, whichever first occurs, and notwithstanding that the policy may expire prior to the end of such period; and (E) if the Borrower is required to obtain an “Ordinance or Law Coverage” or “Enforcement” endorsement pursuant to Section 6.1(a)(i)(D), coverage for the increased period of restoration. The amount of such business income insurance shall be determined prior to the date hereof and at least once each year thereafter based on ▇▇▇▇▇▇▇▇’s reasonable estimate of the gross income from the Property for the succeeding twelve (12) month period. All insurance proceeds payable to Lender pursuant to this Section 6.1(a)(ii; and (F) shall be held by Lender provide for a per occurrence deductible that is no greater than $100,000.00. The policy limits and sublimits under the Property Insurance shall be applied acceptable to the Obligations from time to time due and payable hereunder and under the Note; providedLandlord, howeverin its reasonable discretion. For purposes of this Lease, that nothing herein contained “Full Replacement Cost Value” shall be deemed interpreted to relieve Borrower mean the cost of its obligations replacing the Premises without deduction for depreciation or wear and tear, less the cost of footings, foundations and other structures below grade, which value shall be memorialized in a letter agreement (including an A▇▇▇▇ Certificate evidencing such required insurance), to pay be executed by Landlord and Tenant not later than thirty (30) days after the Obligations Commencement Date, and which value shall be trended-forward on each anniversary of the respective dates of payment provided for Commencement Date using the trending criteria generally applied by FM Global or other recognized insurance consultants;
(ii) commercial general liability insurance, including bodily injury and property damage, in the Noteamount of not less than $2,000,000.00 per occurrence, this Agreement and the other Loan Documents, except to the extent such amounts are actually paid out $5,000,000.00 annual general aggregate (these limits may be achieved by a combination of the proceeds of such business income insuranceprimary policy and an excess or umbrella liability policy);
(iii) if business auto liability insurance covering Tenant’s owned, hired and non-owned autos against any portion personal injuries or deaths of persons and property damage based upon or arising out of the Improvements is currently ownership, use, occupancy or maintenance of a motor vehicle at any time the Premises and all areas appurtenant thereto in the future located in a federally designated Special Flood Hazard Area (“SFHA”), flood hazard insurance in an amount equal to (1) the maximum amount of such insurance available under the National Flood Insurance Act of 1968not less than $1,000,000, the Flood 156506983 Disaster Protection Act of 1973 or the National Flood Insurance Reform Act of 1994, as each may be amended plus (2) such greater amount as Lender shall requirecombined single limit;
(iv) commercial property insurance covering Tenant’s personal property and any other contents on or about the insurance required Premises under this Section 6.1(a)(i)Tenant’s care, custody or control (ii) and (vi) shall cover perils of terrorism insurance for Certified Acts of Terrorism (as such terms are defined in TRIPRA) in an amount equal to the Full Replacement Cost plus twelve (12) months of business income insurance consistent with the requirements of Section 6.1(a)(iiat its full replacement cost);
(v) steam boiler and machinery breakdown direct damage insurance, in an amount available to Lender, for workers’ compensation insurance per the applicable state statutes covering all boilers and machinery which form a part employees of the PropertyTenant;
(vi) commercial general if Tenant handles, stores or utilizes Hazardous Materials in its business operations, pollution legal liability insurance against claims for personal injury, bodily injury, death or property damage occurring upon, in or about the Property, such insurance (A) with limits acceptable to be on the “occurrence” form with a combined single limit (not including “umbrella” coverage in place) of not less than $1,000,000 per occurrence and $2,000,000 in the aggregate with excess “umbrella coverage” in an amount not less than $30,000,000Landlord; (B) to continue at not less than the aforesaid limit until required to be changed by ▇▇▇▇▇▇ in writing by reason of changed economic conditions making such protection inadequate; and (C) to cover at least the following hazards: (1) premises and operations; (2) products and completed operations on an “if any” basis; (3) independent contractors; and (4) contractual liability for all insured contracts, to the extent the same is available;and
(vii) at all times during any period of construction or during which structural construction, material repairs or alterations any Alterations are being made with respect made, builder’s risk or installation floater coverage in an amount equal to or greater than the Improvements, ownercost of such Alterations or other work or improvements performed on the Premises by Tenant or Tenant’s contingent or protective liability insurance covering claims not covered by or under the terms or provisions of the above mentioned commercial general liability insurance policy;contractor.
(viii) if Borrower owns or operates motor vehicles, motor vehicle liability coverage for all owned and non-owned vehicles, including rented and leased vehicles containing minimum limits reasonably acceptable to Lender;
(ix) if Borrower has employees, workers’ compensation, subject Notwithstanding anything to the statutory limits contrary contained in this Section 10, upon the occurrence of a Default, Landlord shall have the state in right to, upon written notice to Tenant, purchase the aforementioned Tenant’s Policies on Tenant’s behalf and charge the cost thereof to Tenant, which the Property is locatedamounts shall be payable by Tenant to Landlord, and employer’s liability insurance with a limit of at least $1,000,000 per accident and per disease per employee, and $1,000,000 aggregate coverage for disease in respect of any work or operations on or about the Property, or in connection with the Property or its operation;
(x) a blanket fidelity bond or “Employee Dishonesty” coverage insuring against losses resulting from dishonest or fraudulent acts committed by personnel retained in connection with the operation of the Property (if applicable); and
(xi) such other insurance and in such amounts upon demand as Lender from time to time may reasonably request against such other insurable hazards which at the time are commonly insured against for property similar to the Property located in or around the region in which the Property is located. 156506983Additional Rent.
Appears in 1 contract
Coverages. Borrower shall obtain and maintain, or cause to be maintained, insurance for Borrower and the Property providing at least the coverages set forth herein:
(i) comprehensive all risk insurance on the Improvements and the Personal Property, including windstorm/named storm coverage, in each case (A) in an amount equal to 100% of the “Full Replacement Cost,” which for purposes of this Agreement shall mean actual replacement value (exclusive of costs of excavations, foundations, underground utilities and footings) with a waiver of depreciation; (B) containing either an agreed amount endorsement or a waiver of all co- insurance provisions; (C) providing for a deductible of not greater than $25,000, except with respect to earthquake and windstorm/named storm which may provide for no deductible in excess of 5% of the total insurable value of the Property; (D) if any of the Improvements or the use of the Property shall at any time constitute a legal non-conforming structure or use, Borrower shall obtain an “Ordinance or Law Coverage” or “Enforcement” endorsement, which shall include sufficient coverage with limits as reasonably acceptable to Lender for (1) costs coverage for loss to comply with building and zoning codes and ordinancesundamaged portion of building, (2) demolition costs, and (3) increased costs of construction; and (E) with respect to the construction of any new Improvements, written on a so-called builder’s risk completed value form on a non-reporting basis;
(ii) business income insurance (A) with loss payable to Lender; (B) covering all risks required to be covered by the insurance provided for in Section 6.1(a)(i); (C) on an agreed value actual loss sustained basis in an amount equal to 100% of the projected gross income from the Property for a period of twelve (12) months; and (D) containing an extended period of indemnity endorsement which provides that after the physical loss to the Improvements and Personal Property has been repaired, the continued loss of income will be insured until such income either returns to the same level it was at prior to the loss, or the expiration of six (6) months from the date that the Property is repaired or replaced and operations are resumed, whichever first occurs, and notwithstanding that the policy may expire prior to the end of such period; and (E) if the Borrower is required to obtain an “Ordinance or Law Coverage” or “Enforcement” endorsement pursuant to Section 6.1(a)(i)(D), coverage for the increased period of restoration. The amount of such business income insurance shall be determined prior to the date hereof and at least once each year thereafter based on ▇▇▇▇▇▇▇▇’s reasonable estimate of the gross income from the Property for the succeeding twelve (12) month period. All insurance proceeds payable to Lender pursuant to this Section 6.1(a)(ii) shall be held by Lender and shall be applied to the Obligations from time to time due and payable hereunder and under the Note; provided, however, that nothing herein contained shall be deemed to relieve Borrower of its obligations to pay the Obligations on the respective dates of payment provided for in the Note, this Agreement and the other Loan Documents, except to the extent such amounts are actually paid out of the proceeds of such business income insurance;
(iii) if any portion of the Improvements is currently or at any time in the future located in a federally designated Special Flood Hazard Area (“SFHA”), flood hazard insurance in an amount equal to (1) the maximum amount of such insurance available under the National Flood Insurance Act of 1968, the Flood 156506983 Disaster Protection Act of 1973 or the National Flood Insurance Reform Act of 1994, as each may be amended plus (2) such greater amount as Lender shall require;
(iv) the insurance required under this Section 6.1(a)(i), (ii) and (vi) shall cover perils of terrorism insurance for Certified Acts of Terrorism (as such terms are defined in TRIPRA) in an amount equal to the Full Replacement Cost plus twelve (12) months of business income insurance consistent with the requirements of Section 6.1(a)(ii);
(v) steam boiler and machinery breakdown direct damage insurance, in an amount available acceptable to Lender, for all boilers and machinery which form a part of the Property;
(vi) commercial general liability insurance against claims for personal injury, bodily injury, death or property damage occurring upon, in or about the Property, such insurance (A) to be on the “occurrence” form with a combined single limit (not including “umbrella” coverage in place) of not less than $1,000,000 per occurrence and $2,000,000 in the aggregate with no deductible or self-insured retention in excess of $1,000, with excess “umbrella coverage” in an amount not less than $30,000,0005,000,000; (B) to continue at not less than the aforesaid limit until required to be changed by ▇▇▇▇▇▇ in writing by reason of changed economic conditions making such protection inadequate; and (C) to cover at least the following hazards: (1) premises and operations; (2) products and completed operations on an “if any” basis; (3) independent contractors; and (4) contractual liability for all insured contracts, to the extent the same is available;
(vii) at all times during which structural construction, material repairs or alterations are being made with respect to the Improvements, owner’s contingent or protective liability insurance covering claims not covered by or under the terms or provisions of the above mentioned commercial general liability insurance policy;
(viii) if Borrower owns or operates motor vehicles, motor vehicle liability coverage for all owned and non-owned vehicles, including rented and leased vehicles containing minimum limits reasonably acceptable to Lender;
(ix) if Borrower has employees, workers’ compensation, subject to the statutory limits of the state in which the Property is located, and employer’s liability insurance with a limit of at least $1,000,000 per accident and per disease per employee, and $1,000,000 aggregate coverage for disease in respect of any work or operations on or about the Property, or in connection with the Property or its operation;
(x) if Borrower has employees, a blanket fidelity bond or “Employee Dishonesty” coverage insuring against losses resulting from dishonest or fraudulent acts committed by personnel retained in connection with the operation of the Property (if applicable)Property; and
(xi) such other insurance and in such amounts as Lender from time to time may reasonably request against such other insurable hazards which at the time are commonly insured against for property similar to the Property located in or around the region in which the Property is located. 156506983.
Appears in 1 contract
Coverages. Borrower shall obtain and maintain, or cause to be maintained, insurance for Borrower and the Property providing at least the coverages set forth herein:
(i) comprehensive all risk risk/special form insurance on the Improvements and the Personal Property, including wildfire, wind/hail/windstorm/named storm coverage, in each case (A) in an amount equal to 100% of the “Full Replacement Cost,” which for purposes of this Agreement shall mean actual replacement value (exclusive of costs of excavations, foundations, underground utilities and footings) with a waiver of depreciationdepreciation which shall include, but not be limited to, any time of windstorm/named storm or hail, fire, lightning, explosion, civil commotion and smoke and such other insurable hazards as, under good insurance practices, from time to time are insured against for other property and buildings similar to the premises in nature, use, location, height, and type of construction; (B) written on a replacement cost basis and containing either an agreed amount endorsement or a waiver of all co- insurance provisions; (C) providing for a deductible of not greater than $25,00050,000, except with respect to earthquake and wind/hail/windstorm/named storm which may provide for no deductible in excess of 5% of the total insurable value of the Property; (D) if any of the Improvements or the use of the Property shall at any time constitute a legal non-conforming structure or use, Borrower shall obtain an “Ordinance or Law Coverage” or with coverage for “Enforcementloss to the undamaged portion of the building” endorsement, which shall include sufficient in an amount equal to Full Replacement Cost and coverage with limits as reasonably acceptable to Lender for (1) costs to comply with building and zoning codes and ordinances, (2) “demolition costs, ” and (3) “increased costs cost of construction; and (E) with respect to the construction ” in amounts each of any new Improvements, written on a so-called builder’s risk completed value form on a non-reporting basisno less than 10%-15% of Full Replacement Cost;
(ii) business business/rental income insurance (A) with loss payable to Lender and including a Lender’s loss payable endorsement; (B) covering all risks required to be covered by the insurance provided for in Section 6.1(a)(i); (C) on an agreed value actual loss sustained basis in an amount equal to 100% of the projected gross income from the Property for a period of twelve eighteen (1218) months; (D) containing an extended period of indemnity endorsement which provides that after the physical loss to the Improvements and Personal Property has been repaired, the continued loss of income will be insured until such income either returns to the same level it was at prior to the loss, or the expiration of six (6) months from the date that the Property is repaired or replaced and operations are resumed, whichever first occurs, and notwithstanding that the policy may expire prior to the end of such period; and (E) if the Borrower is required to obtain an “Ordinance or Law Coverage” or “Enforcement” endorsement pursuant to Section 6.1(a)(i)(D), coverage for the increased period of restoration. The amount of such business income insurance shall be determined prior to the date hereof and at least once each year thereafter based on ▇▇▇▇▇▇▇▇’s reasonable estimate of the gross income from the Property for the succeeding twelve (12) month period. All insurance proceeds payable to Lender pursuant to this Section 6.1(a)(ii) shall be held by Lender and shall be applied to the Obligations from time to time due and payable hereunder and under the Note; provided, however, that nothing herein contained shall be deemed to relieve Borrower of its obligations to pay the Obligations on the respective dates of payment provided for in the Note, this Agreement and the other Loan Documents, except to the extent such amounts are actually paid out of the proceeds of such business income insurance;
(iii) if any portion of the Improvements is currently or at any time in the future located in a federally designated Special Flood Hazard Area (“SFHA”)) or upon Lender’s reasonable request, flood hazard insurance in an amount equal to (1) the maximum amount of such insurance available under the National Flood Insurance Act of 1968, the Flood 156506983 Disaster Protection Act of 1973 or the National Flood Insurance Reform Act of 1994, as each may be amended (collectively, the “Flood Insurance Acts”) plus (2) such greater excess amount as Lender shall require, including business/rental income, and with deductibles no greater than $50,000 per building plus for excess flood, the maximum limit of coverage available under the Flood Insurance Acts;
(iv) the insurance required under this Section 6.1(a)(i), (ii), (vi) and (vivii) shall cover perils of terrorism insurance for Certified Acts of Terrorism (as such terms are defined in TRIPRA) in an amount equal to the Full Replacement Cost plus twelve (12) months of business income insurance consistent with the requirements of Section 6.1(a)(ii);
(v) steam boiler and machinery machinery/equipment breakdown direct damage insurance, covering all centralized equipment, mechanical and electrical equipment or other pressure-fired vessels in an amount available operation at the Property against physical damage, rent loss and improvements loss and covering, without limitation, all tenant improvements and betterments that Borrower is required to Lenderinsure pursuant to any applicable lease on a replacement cost basis or in such other amounts required by Lender and on terms consistent with the insurance required under Section 6.1(a)(i), for all boilers and machinery which form a part of the Propertyif applicable;
(vi) commercial general liability insurance against claims for personal injury, bodily injury, death or property damage occurring upon, in or about the Property, such insurance (A) to be on the “occurrence” form with a combined single limit (not including “umbrella” coverage in place) of not less than $1,000,000 per occurrence and $2,000,000 in the aggregate aggregate, with no deductible or self-insured retention, with limits applying per location when covering more than one location and excess “umbrella coverage” in an amount not less than $30,000,00050,000,000; (B) to continue at not less than the aforesaid limit until required to be changed by ▇▇▇▇▇▇ Lender in writing by reason of changed economic conditions making such protection inadequate; and (C) to cover at least the following hazards: (1) premises and operations; (2) products and completed operations on an “if any” basis; (3) independent contractors; and (4) contractual liability for all insured contracts, to the extent the same is available. If the aggregate limit applying to the Property is reduced by the payment of a claim or establishment of a reserve equal to or greater than fifty percent (50%) of the annual aggregate, Borrower shall immediately arrange to have the aggregate limit restored by endorsement to the existing policy or the purchase of an additional insurance policy unless, in Lender's reasonable judgment, Borrower maintains sufficient concurrent excess liability insurance to satisfy the liability requirements of this Agreement without the reinstatement of the aggregate limit. This insurance shall be primary and non-contributory and the additional insureds required will be added to both the CGL and Excess Liability/Umbrella policies;
(vii) at all times during which structural construction, material repairs or alterations are being made with respect to the Improvements, owner’s contingent or protective and only if the property and liability coverage forms do not otherwise apply, (A) commercial general liability and umbrella liability insurance covering claims related to construction, repair and alteration at the Property not covered by or under the terms or provisions of the above mentioned commercial general liability insurance policyand umbrella liability insurance policies required under this Section 6.1, including X,C,U and products and completed operations through the statute of repose; and (B) the insurance described in Section 6.1 (a)(i) written in a so-called builder’s risk completed value form in amounts and with deductibles, terms, and conditions required by Lender (I) on a non-reporting basis, (II) covering all risks required to be insured against pursuant to Section 6.1 including property in-transit, property stored off-site, collapse, permission to occupy the Property, and (III) with an agreed amount endorsement waiving co-insurance provisions and as Lender may request, in form, substance and with deductibles acceptable to Lender;
(viii) if Borrower owns or operates motor vehicles, motor vehicle liability coverage for all owned and non-owned vehicles, including rented rented, hired, and leased vehicles containing minimum limits reasonably acceptable to Lenderper occurrence of $1,000,000;
(ix) if Borrower has employees, workers’ compensation, subject to the statutory limits of the state in which the Property is located, and employer’s liability insurance with a limit of at least $1,000,000 per accident and per disease per employee, and $1,000,000 aggregate coverage for disease in respect of any work or operations on or about the Property, or in connection with the Property or its operation;
(x) a blanket fidelity bond or “Employee Dishonesty” coverage insuring against losses resulting from dishonest or fraudulent acts committed by personnel retained in connection with the operation of the Property (if applicable); and
(xi) such other insurance and in such amounts as Lender from time to time may reasonably request against such other insurable hazards which at the time are commonly insured against for property similar to the Property located in or around the region in which the Property is located. 156506983, including but not limited to, storm surge, sinkhole, ground collapse, mine subsidence, mudslide and tsunami.
Appears in 1 contract
Sources: Loan Agreement (Joby Aviation, Inc.)
Coverages. Borrower shall obtain and maintain, or cause to be maintained, insurance for Borrower and the Property providing at least the coverages set forth herein:
(i) comprehensive all risk insurance on the Improvements and the Personal Property, including windstorm/named storm windstorm coverage, in each case (A) in an amount equal to 100% of the “Full Replacement Cost,” which for purposes of this Agreement shall mean actual replacement value (exclusive of costs of excavations, foundations, underground utilities and footings) with a waiver of depreciation; (B) containing either an agreed amount endorsement or a waiver of all co- insurance provisions; (C) providing for a deductible of not greater than $25,000, except with respect to earthquake and windstorm/named storm which may provide for no deductible in excess of 5% of the total insurable value of the Property10,000; (D) if any of the Improvements or the use of the Property shall at any time constitute a legal non-conforming structure or use, Borrower shall obtain an “Ordinance or Law Coverage” or “Enforcement” endorsement, which shall include sufficient coverage with limits as reasonably acceptable to Lender for (1) costs to comply with building and zoning codes and ordinances, (2) demolition costs, and (3) increased costs of construction; and (E) with respect to the construction of any new Improvements, written on a so-called builder’s risk completed value form on a non-reporting basis;
(ii) business income insurance (A) with loss payable to Lender; (B) covering all risks required to be covered by the insurance provided for in Section 6.1(a)(i); (C) on an agreed value actual loss sustained basis in an amount equal to 100% of the projected gross income from the Property for a period of twelve eighteen (1218) months; (D) containing an extended period of indemnity endorsement which provides that after the physical loss to the Improvements and Personal Property has been repaired, the continued loss of income will be insured until such income either returns to the same level it was at prior to the loss, or the expiration of six (6twelve(12) months from the date that the Property is repaired or replaced and operations are resumed, whichever first occurs, and notwithstanding that the policy may expire prior to the end of such period; and (E) if the Borrower is required to obtain an “Ordinance or Law Coverage” or “Enforcement” endorsement pursuant to Section 6.1(a)(i)(D), coverage for the increased period of restoration. The amount of such business income insurance shall be determined prior to the date hereof and at least once each year thereafter based on ▇▇▇▇▇▇▇▇Borrower’s reasonable estimate of the gross income from the Property for the succeeding twelve (12) month period. All insurance proceeds payable to Lender pursuant to this Section 6.1(a)(iiSection
6.1 (a)(ii) shall be held by Lender and shall be applied to the Obligations from time to time due and payable hereunder and under the Note; provided, however, that nothing herein contained shall be deemed to relieve Borrower of its obligations to pay the Obligations on the respective dates of payment provided for in the Note, this Agreement and the other Loan Documents, except to the extent such amounts are actually paid out of the proceeds of such business income insurance;
(iii) if any portion of the Improvements is currently or at any time in the future located in a federally designated Special Flood Hazard Area (“SFHA”), flood hazard insurance in an amount equal to (1) the maximum amount of such insurance available under the National Flood Insurance Act of 1968, the Flood 156506983 Disaster Protection Act of 1973 or the National Flood Insurance Reform Act of 1994, as each may be amended plus (2) such greater amount as Lender shall require;
(iv) the insurance required under this Section 6.1(a)(i), (ii) and (vi) shall cover perils of terrorism insurance for Certified Acts of Terrorism (as such terms are defined in TRIPRA) in an amount equal to the Full Replacement Cost plus twelve (12) months of business income insurance consistent with the requirements of Section 6.1(a)(ii);
(v) steam boiler and machinery breakdown direct damage insurance, in an amount available to Lendertogether with full comprehensive coverage on a repair and replacement cost basis, for all boilers and machinery which form a part of the Property, plus twelve (12) months of business income insurance consistent with the requirements of Section 6.1(a)(ii);
(vi) commercial general liability insurance against claims for personal injury, bodily injury, death or property damage occurring upon, in or about the Property, such insurance (A) to be on the “occurrence” form with a combined single limit (not including “umbrella” coverage in place) of not less than $1,000,000 2,000,000 per occurrence and $2,000,000 5,000,000 in the aggregate with excess “umbrella coverage” in an amount not less than $30,000,00020,000,000; (B) to continue at not less than the aforesaid limit until required to be changed by ▇▇▇▇▇▇ Lender in writing by reason of changed economic conditions making such protection inadequate; and (C) to cover at least the following hazards: (1) premises and operations; (2) products and completed operations on an “if any” basis; (3) independent contractors; and (4) blanket contractual liability for all insured written and oral contracts, to the extent the same is available;
(vii) at all times during which structural construction, material repairs or alterations are being made with respect to the Improvements, owner’s contingent or protective liability insurance covering claims not covered by or under the terms or provisions of the above mentioned commercial general liability insurance policy;
(viii) steam boiler and machinery third-party liability coverage (if not covered under the comprehensive general liability policy) consistent with the requirements of Section 6.1(a)(v);
(ix) if Borrower owns or operates motor vehicles, motor vehicle liability coverage for all owned and non-owned vehicles, including rented and leased vehicles containing minimum limits reasonably acceptable to Lender;
(ixx) if Borrower has employees, workers’ compensation, subject to the statutory limits of the state in which the Property is located, and employer’s liability insurance with a limit of at least $1,000,000 per accident and per disease per employee, and $1,000,000 aggregate coverage for disease in respect of any work or operations on or about the Property, or in connection with the Property or its operation;
(xxi) a blanket fidelity bond or “Employee Dishonesty” coverage insuring against losses resulting from dishonest or fraudulent acts committed by personnel retained in connection with the operation of the Property (if applicable)Property; and
(xixii) such other insurance and in such amounts as Lender from time to time may reasonably request against such other insurable hazards which at the time are commonly insured against for property similar to the Property located in or around the region in which the Property is located. 156506983.
Appears in 1 contract
Sources: Loan Agreement (New England Realty Associates Limited Partnership)
Coverages. Borrower shall obtain and maintain, or cause to be maintained, insurance for Borrower and the Property providing at least the coverages set forth herein:
(i) comprehensive all risk insurance on the Improvements and the Personal Property, including windstorm/named storm windstorm coverage, in each case (A) in an amount equal to the lesser of (1) 100% of the “Full Replacement Cost,” which for purposes of this Agreement Security Instrument shall mean actual replacement value (exclusive of costs of excavations, foundations, underground utilities and footings) and (2) $31,100,000 plus the business income/rental loss coverage required in Section 2.3(a)(ii) below, in either case written on a replacement cost basis with a waiver of depreciation; (B) containing either an agreed amount endorsement or a waiver of all co- insurance provisions; (C) providing for a deductible of not greater than $25,000, 25,000 except with respect to earthquake and windstorm/named storm which may provide for no deductible in excess of 5% of the total insurable value of the Property; (D) if any of the Improvements or the use of the Property shall at any time constitute a legal non-conforming structure or use, Borrower shall obtain an “Ordinance or Law Coverage” or “Enforcement” endorsement, which shall include sufficient coverage with limits as reasonably acceptable to Lender for (1) costs to comply with building and zoning codes and ordinances, (2) demolition costs, and (3) increased costs of construction; and (E) with respect to the construction of any new Improvements, written on a so-called builder’s risk completed value form on a non-reporting basis;
(ii) business income insurance (A) with loss payable to Lender; (B) covering all risks required to be covered by the insurance provided for in Section 6.1(a)(i2.3(a)(i); (C) on an agreed value actual loss sustained basis in an amount equal to 100% of the projected effective gross income from the Property for a period of twelve (12) months; and (D) containing an extended period of indemnity endorsement which provides that after the physical loss to the Improvements and Personal Property has been repaired, the continued loss of income will be insured until such income either returns to the same level it was at prior to the loss, or the expiration of six (6) months from the date that the Property is repaired or replaced and operations are resumed, whichever first occurs, and notwithstanding that the policy may expire prior to the end of such period; and (E) if the Borrower is required to obtain an “Ordinance or Law Coverage” Coverage or “Enforcement” Enforcement endorsement pursuant to Section 6.1(a)(i)(D2.3(a)(i)(D), coverage for the increased period of restoration. The amount of such business income insurance shall be determined prior to the date hereof and at least once each year thereafter based on ▇▇▇▇▇▇▇▇Borrower’s reasonable estimate of the gross income from the Property for the succeeding twelve (12) month period. All insurance proceeds payable to Lender pursuant to this Section 6.1(a)(ii2.3(a)(ii) shall be held by Lender and shall be applied to the Obligations from time to time due and payable hereunder and under the Note; provided, however, that nothing herein contained shall be deemed to relieve Borrower of its obligations to pay the Obligations on the respective dates of payment provided for in the Note, this Agreement Security Instrument and the other Loan Documents, except to the extent such amounts are actually paid out of the proceeds of such business income insurance;
(iii) if any portion of the Improvements is currently or at any time in the future located in a federally designated Special Flood Hazard Area (“SFHAspecial flood hazard area”), Borrower shall obtain flood hazard insurance in an amount equal to (1x) the maximum amount of such insurance available under the National Flood Insurance Act of 1968, the Flood 156506983 Disaster Protection Act of 1973 or the National Flood Insurance Reform Act of 1994, as each may be amended plus (2y) such greater amount as Lender shall require;
(iv) the insurance required under this Section 6.1(a)(i), (ii) and (vi) shall cover perils of terrorism insurance for Certified Acts of Terrorism (as such terms are defined in TRIPRA) in an amount equal to the Full Replacement Cost plus twelve (12) months of business income insurance consistent with the requirements of Section 6.1(a)(ii);
(v) steam boiler and machinery breakdown direct damage insurance, in an amount available to Lender, for all boilers and machinery which form a part of the Property;
(vi) commercial general liability insurance against claims for personal injury, bodily injury, death or property damage occurring upon, in or about the Property, such insurance (A) to be on the “occurrence” form with a combined single limit (not including “umbrella” coverage in place) of not less than $1,000,000 per occurrence and $2,000,000 in the aggregate with excess “umbrella coverage” in an amount not less than $30,000,000; (B) to continue at not less than the aforesaid limit until required to be changed by ▇▇▇▇▇▇ in writing by reason of changed economic conditions making such protection inadequate; and (C) to cover at least the following hazards: (1) premises and operations; (2) products and completed operations on an “if any” basis; (3) independent contractors; and (4) contractual liability for all insured contracts, to the extent the same is available;
(vii) at all times during which structural construction, material repairs or alterations are being made with respect to the Improvements, owner’s contingent or protective liability insurance covering claims not covered by or under the terms or provisions of the above mentioned commercial general liability insurance policy;
(viii) if Borrower owns or operates motor vehicles, motor vehicle liability coverage for all owned and non-owned vehicles, including rented and leased vehicles containing minimum limits reasonably acceptable to Lender;
(ix) if Borrower has employees, workers’ compensation, subject to the statutory limits of the state in which the Property is located, and employer’s liability insurance with a limit of at least $1,000,000 per accident and per disease per employee, and $1,000,000 aggregate coverage for disease in respect of any work or operations on or about the Property, or in connection with the Property or its operation;
(x) a blanket fidelity bond or “Employee Dishonesty” coverage insuring against losses resulting from dishonest or fraudulent acts committed by personnel retained in connection with the operation of the Property (if applicable); and
(xi) such other insurance and in such amounts as Lender from time to time may reasonably request against such other insurable hazards which at the time are commonly insured against for property similar to the Property located in or around the region in which the Property is located. 156506983
Appears in 1 contract
Coverages. Borrower shall obtain and maintain, or cause to be maintained, insurance for Borrower and the Property (which Lender acknowledges is in place on the date hereof and is currently adequate for the waiver of insurance premium deposits required under Section 2.8(a) hereof) providing at least the coverages set forth herein:
(i) comprehensive all risk insurance on the Improvements and the Personal Property, including windstorm/named storm with windstorm coverage, in each case (A) in an amount equal to 100% of the “"Full Replacement Cost,” " which for purposes of this Agreement shall mean actual replacement value (exclusive of costs of excavations, foundations, underground utilities and footings) with a waiver of depreciation; (B) containing either an agreed amount endorsement or a waiver of all co- insurance provisions; (C) providing for a deductible of not greater than $25,00010,000, except with respect to earthquake and windstorm/named storm which may provide for no deductible in excess of 5% of the total insurable value of the Property; (D) if any of the Improvements or the use of the Property shall at any time constitute a legal non-non conforming structure or use, Borrower shall obtain an “"Ordinance or Law Coverage” " or “"Enforcement” " endorsement, which shall include sufficient coverage with limits as reasonably acceptable to Lender for (1) costs to comply with building and zoning codes and ordinances, (2) demolition costs, and (3) increased costs of construction; and (E) with respect to the construction of any new Improvements, written on a so-called builder’s 's risk completed value form on a non-reporting basis;
(ii) business income insurance (A) with loss payable to Lender; (B) covering all risks required to be covered by the insurance provided for in Section 6.1(a)(i2.3(a)(i); (C) on an agreed value actual loss sustained basis in an amount equal to 100% of the projected gross income from the Property for a period of twelve (12) months; and (D) containing an extended period of indemnity endorsement which provides that after the physical loss to the Improvements and Personal Property has been repaired, the continued loss of income will be insured until such income either returns to the same level it was at prior to the loss, or the expiration of six (6) months from the date that the Property is repaired or replaced and operations are resumed, whichever first occurs, and notwithstanding that the policy may expire prior to the end of such period; and (E) if the Borrower is required to obtain an “"Ordinance or Law Coverage” " or “"Enforcement” " endorsement pursuant to Section 6.1(a)(i)(D2.3(a)(i)(D), coverage for the increased period of restoration. The amount of such business income insurance shall be determined prior to the date hereof and at least once each year thereafter based on ▇▇▇▇▇▇▇▇’s Borrower's reasonable estimate of the gross income from the Property for the succeeding twelve (12) month period. All insurance proceeds payable to Lender pursuant to this Section 6.1(a)(ii2.3(a)(ii) shall be held by Lender and shall be applied to the Obligations from time to time due and payable hereunder and under the Note; provided, however, that nothing herein contained shall be deemed to relieve Borrower of its obligations to pay the Obligations on the respective dates of payment provided for in the Note, this Agreement and the other Loan Documents, except to the extent such amounts are actually paid out of the proceeds of such business income insurance;
(iii) if any portion of the Improvements is currently or at any time in the future located in a federally designated Special Flood Hazard Area (“SFHA”)"special flood hazard area", Borrower shall obtain flood hazard insurance in an amount equal to the lesser of (1x) Full Replacement Cost and (y) the maximum amount outstanding principal balance of such the Loan, plus twelve (12) months of business income insurance available under consistent with the National Flood Insurance Act requirements of 1968, the Flood 156506983 Disaster Protection Act of 1973 or the National Flood Insurance Reform Act of 1994, as each may be amended plus (2) such greater amount as Lender shall requireSection 2.3(a)(ii);
(iv) the insurance required under this Section 6.1(a)(i2.3(a)(i), (ii) and (vivii) above shall cover perils of terrorism insurance for Certified Acts of Terrorism (as such terms are defined in TRIPRAmeans the Terrorism Risk Insurance Program Reauthorization Act of 2007) in an amount equal to the Full Replacement Cost plus twelve (12) months of business income insurance consistent with the requirements of Section 6.1(a)(ii2.3(a)(i), (ii) and (vii);
(v) steam boiler and machinery breakdown direct damage insurance, in an amount available to Lendertogether with full comprehensive coverage on a repair and replacement cost basis, for all boilers and machinery which form a part of the Property, plus twelve (12) months of business income insurance consistent with the requirements of Section 2.3(a)(ii);
(vi) commercial general liability insurance against claims for personal injury, bodily injury, death or property damage occurring upon, in or about the Property, such insurance (A) to be on the “"occurrence” " form with a combined single limit (not including “with "umbrella” " coverage in place) of not less than $1,000,000 per occurrence and $2,000,000 in the aggregate with excess “"umbrella coverage” " in an amount not less than $30,000,0005,000,000; (B) to continue at not less than the aforesaid limit until required to be changed by ▇▇▇▇▇▇ Lender in writing by reason of changed economic conditions making such protection inadequate; and (C) to cover at least the following hazards: (1) premises and operations; (2) products and completed operations on an “"if any” " basis; (3) independent contractors; and (4) contractual liability for all insured contracts, to the extent the same is available;
(vii) at all times during which structural construction, material repairs or alterations are being made with respect to the Improvements, owner’s 's contingent or protective liability insurance covering claims not covered by or under the terms or provisions of the above mentioned commercial general liability insurance policy;
(viii) if Borrower owns or operates motor vehicles, motor vehicle liability coverage for all owned and non-owned vehicles, including rented and leased vehicles containing minimum limits reasonably acceptable to Lender;
(ix) if Borrower has employees, workers’ ' compensation, subject to the statutory limits of the state in which the Property is located, and employer’s 's liability insurance with a limit of at least $1,000,000 per accident and per disease per employee, and $1,000,000 aggregate coverage for disease in respect of any work or operations on or about the Property, or in connection with the Property or its operation;
(x) a blanket fidelity bond or “"Employee Dishonesty” " coverage insuring against losses resulting from dishonest or fraudulent acts committed by personnel retained in connection with the operation of the Property (Property, if applicable); and
(xi) such other insurance and in such amounts as Lender from time to time may reasonably request against such other insurable hazards which at the time are commonly insured against for property similar to the Property located in or around the region in which the Property is located. 156506983.
Appears in 1 contract