Common use of Form and Quality Clause in Contracts

Form and Quality. All insurance policies shall be endorsed in form and substance acceptable to Agent to name Agent as an additional insured, loss payee or mortgagee thereunder, as its interest may appear, with loss payable to Agent, without contribution, under a standard New York (or local equivalent) mortgagee clause. All such insurance policies and endorsements shall be fully paid for and contain such provisions and expiration dates and be in such form and issued by such insurance companies licensed to do business in the State where each Project is located, with a rating of "A-IX" or better as established by Best's Rating Guide (or an equivalent rating approved in writing by Agent); provided that insurance policies for surplus insurance may be issued by unrated insurance companies reasonably approved by Agent. Each policy shall provide that such policy may not be cancelled or materially changed except upon thirty (30) days' prior written notice of intention of non-renewal, cancellation or material change to Agent and that no act or thing done by Borrowers shall invalidate any policy as against Agent. Borrowers shall assign the policies or proofs of insurance to Agent, in such manner and form that Agent and its successors and assigns shall at all times have and hold the same as security for the payment of the Loan. Borrowers shall deliver copies of all original policies certified to Agent by the insurance company or authorized agent as being true copies, together with the endorsements required hereunder. The proceeds of insurance policies coming into the possession of Agent shall not be deemed trust funds, and Agent shall be entitled to apply such proceeds as herein provided. Borrowers shall not maintain any separate or additional property insurance which is contributing in the event of loss unless it is properly endorsed and otherwise satisfactory to Agent in all respects.

Form and Quality. All insurance policies shall be endorsed in form and substance acceptable to Agent to name Agent as an additional insured, loss payee or mortgagee thereunder, as its interest may appear, with loss payable to Agent, without contribution, under a standard New York (or local equivalent) mortgagee clause. All such insurance policies and endorsements shall be fully paid for and contain such provisions and expiration dates and be in such form and issued by such insurance companies licensed to do business in the State where each the Project is located, with a rating of "A-IX" or better as established by Best's Rating Guide (or an equivalent rating approved in writing by Agent); provided that insurance policies for surplus insurance may be issued by unrated insurance companies reasonably approved by Agent. Each policy shall provide that such policy may not be cancelled or materially changed except upon thirty (30) days' prior written notice of intention of non-renewal, cancellation or material change to Agent and that no act or thing done by Borrowers Borrower shall invalidate any policy as against Agent. Borrowers shall assign the policies or proofs of insurance to Agent, in such manner and form that Agent and its successors and assigns shall at all times have and hold the same as security for the payment of the Loan. Borrowers Borrower shall deliver copies of all original policies certified to Agent by the insurance company or authorized agent as being true copies, together with the endorsements required hereunder. The proceeds of insurance policies coming into the possession of Agent shall not be deemed trust funds, and Agent shall be entitled to apply such proceeds as herein provided. Borrowers Borrower shall not maintain any separate or additional property insurance which is contributing in the event of loss unless it is properly endorsed and otherwise satisfactory to Agent in all respects.

Form and Quality. All insurance policies shall be endorsed in form and substance acceptable to Agent to name Agent as an additional insured, loss payee or mortgagee thereunder, as its interest may appear, with loss payable to Agent, without contribution, under a standard New York (or local equivalent) mortgagee clause. All such insurance policies and endorsements shall be fully paid for and contain such provisions and expiration dates and be in such form and issued by such insurance companies licensed to do business in the State where each the Project is located, with a rating of "A-IX" or better as established by Best's Rating Guide (or an equivalent rating approved in writing by Agent); provided that insurance policies for surplus insurance may be issued by unrated insurance companies reasonably approved by Agent. Each policy shall provide that such policy may not be cancelled or materially changed except upon thirty (30) days' prior written notice of intention of non-renewal, cancellation or material change to Agent and that no act or thing done by Borrowers Borrower shall invalidate any policy as against Agent. Borrowers Borrower shall assign the policies or proofs of insurance to Agent, in such manner and form that Agent and its successors and assigns shall at all times have and hold the same as security for the payment of the Loan. Borrowers Borrower shall deliver copies certificates of all original policies certified insurance to Agent by evidencing the insurance company or authorized agent as being true copies, together with the endorsements coverages required hereunder. The proceeds of insurance policies coming into the possession of Agent shall not be deemed trust funds, and Agent shall be entitled to apply such proceeds as herein provided. Borrowers Borrower shall not maintain any separate or additional property insurance which is contributing in the event of loss unless it is properly endorsed and otherwise satisfactory to Agent in all respects.

Form and Quality. All insurance policies shall be endorsed in form and substance acceptable to Agent Lender to name Agent Lender as an additional insured, loss payee or mortgagee thereunder, as its interest may appear, with loss payable to AgentLender, without contribution, under a standard New York (or local equivalent) mortgagee clause. All such insurance policies and endorsements shall be fully paid for and contain such provisions and expiration dates and be in such form and issued by such insurance companies licensed to do business in the State where each Project is locatedState, with a rating of "A-IX" or better as established by Best's Rating Guide (or an equivalent rating approved in writing by AgentLender); provided that insurance policies for surplus insurance may be issued by unrated insurance companies reasonably approved by Agent. Each policy shall provide that such policy may not be cancelled or materially changed except upon thirty (30) days' prior written notice of intention of non-renewal, cancellation or material change to Agent Lender and that fiat no act or thing done by Borrowers any Borrower shall invalidate any policy as against AgentLender. If Borrowers fail to maintain insurance in compliance with this Section 3.1, Lender may obtain such insurance and pay the premium therefor and Borrowers shall, on demand, reimburse Lender for all expenses incurred in connection therewith. Borrowers shall assign the policies or proofs of insurance to AgentLender, in such manner and form that Agent Lender and its successors and assigns shall at all times have and hold the same as security for the payment of the Loan. Borrowers shall deliver copies of all original policies certified to Agent Lender by the insurance company or authorized agent as being true copies, together with the endorsements required hereunder. The proceeds of insurance policies coming into the possession of Agent Lender shall not be deemed trust funds, and Agent Lender shall be entitled to apply such proceeds as herein provided. Borrowers shall not maintain any separate or additional property insurance which is contributing in the event of loss unless it is properly endorsed and otherwise satisfactory to Agent in all respects.

Form and Quality. All insurance policies shall be endorsed in form and substance acceptable to Agent Lender to name Agent Lender as an additional insured, loss payee or mortgagee thereunder, as its interest may appear, with loss payable to AgentLender, without contribution, under a standard New York (or local equivalent) mortgagee clause. All such insurance policies and endorsements shall be fully paid for and contain such provisions and expiration dates and be in such form and issued by such insurance companies licensed to do business in the State where each Project is locatedState, with a rating of "A-IX" or better as established by Best's Rating Guide (or an equivalent rating approved in writing by AgentLender); provided that insurance policies for surplus insurance may be issued by unrated insurance companies reasonably approved by Agent. Each policy shall provide that such policy may not be cancelled or materially changed except upon thirty (30) days' prior written notice of intention of non-renewal, cancellation or material change to Agent Lender and that no act or thing done by Borrowers Borrower shall invalidate any policy as against AgentLender. Borrowers If Borrower fails to maintain insurance in compliance with this Section 3.1, Lender may obtain such insurance and pay the premium therefor and Borrower shall, on demand, reimburse Lender for all expenses incurred in connection therewith. Borrower shall assign the policies or proofs of insurance to AgentLender, in such manner and form that Agent Lender and its successors and assigns shall at all times have and hold the same as security for the payment of the Loan. Borrowers Borrower shall deliver copies of all original policies certified to Agent Lender by the insurance company or authorized agent as being true copies, together with the endorsements required hereunder. The proceeds of insurance policies coming into the possession of Agent Lender shall not be deemed trust funds, and Agent Lender shall be entitled to apply such proceeds as herein provided. Borrowers shall not maintain any separate or additional property insurance which is contributing in the event of loss unless it is properly endorsed and otherwise satisfactory to Agent in all respects.

Form and Quality. All insurance policies shall be endorsed in form and substance acceptable to Agent to name Agent as an additional insured, loss payee or mortgagee thereunder, as its interest may appear, with loss payable to Agent, without contribution, under a standard New York (or local equivalent) mortgagee clause. All such insurance policies and endorsements shall be fully paid for and contain such provisions and expiration dates and be in such form and issued by such insurance companies licensed to do business in the State where each Project is the Projects are located, with a rating of "A-IX" or better as established by Best's Rating Guide (or an equivalent rating approved in writing by Agent); provided that insurance policies for surplus insurance may be issued by unrated insurance companies reasonably approved by Agent. Each policy shall provide that such policy may not be cancelled or materially changed except upon thirty (30) days' prior written notice of intention of non-renewal, cancellation or material change to Agent and that no act or thing done by Borrowers Borrower shall invalidate any policy as against Agent. Borrowers Borrower shall assign the policies or proofs of insurance to Agent, in such manner and form that Agent and its successors and assigns shall at all times have and hold the same as security for the payment of the Loan. Borrowers Borrower shall deliver copies certificates of all original policies certified insurance to Agent by evidencing the insurance company or authorized agent as being true copies, together with the endorsements coverages required hereunder. The proceeds of insurance policies coming into the possession of Agent shall not be deemed trust funds, and Agent shall be entitled to apply such proceeds as herein provided. Borrowers Borrower shall not maintain any separate or additional property insurance which is contributing in the event of loss unless it is properly endorsed and otherwise satisfactory to Agent in all respects.

Form and Quality. All insurance policies shall be endorsed in form and substance acceptable to Agent to name Agent as an additional insured, loss payee or mortgagee thereunder, as its interest may appear, with loss payable to Agent, without contribution, under a standard New York (or local equivalent) mortgagee clauseclause [and shall not contain a Protective Safeguard Endorsement]. Agent shall act on behalf of the Lenders in respect of insurance matters. All such insurance policies and endorsements shall be fully paid for and contain such provisions and expiration dates and be in such form and issued by such insurance companies licensed to do business in the State where each state in which the applicable Project is located, with a rating of "A[“AX”][A-IX" VII] or better as established by Best's ’s Rating Guide (with respect to property and casualty insurance and a rating of [“AX”][A-VII] or an equivalent rating approved in writing better as established by Agent); provided that insurance policies for surplus insurance may be issued Best’s Rating Guide or “A” or better by unrated insurance companies reasonably approved by AgentStandard & Poor’s Ratings Group with respect to liability insurance. Each policy shall provide that such policy may not be cancelled canceled or materially changed except upon thirty (30) days' ’ (or ten (10) days’ in the event of non-payment of premium) prior written notice of intention of non-renewal, cancellation or material change to Agent and that no act or thing done by Borrowers shall invalidate any policy as against Agent. Borrowers shall assign the Any insurance provided by this policy may be provided by so-called blanket policies or proofs of insurance provided, however, that the coverages afforded Agent thereby may not be less than or materially different from that which would be provided by separate policies meeting the requirements of this Agreement. Borrowers authorize Agent to Agent, in pay the premiums for such manner and form that Agent and its successors and assigns shall at all times have and hold policies (the “Insurance Premiums”) from the Insurance Impound as the same as security for the payment of the Loanbecome due and payable annually in advance. If Borrowers shall deliver copies of all original policies certified fail (or fail to Agent by the insurance company or authorized agent as being true copies, together with the endorsements required hereunder. The proceeds of insurance policies coming cause Operating Tenants) to deposit funds into the possession of Insurance Impound sufficient to permit Agent shall not be deemed trust fundsto pay the Insurance Premiums when due, Agent may obtain such insurance and pay the premium therefor and Borrowers shall, on demand, reimburse Agent shall be entitled to apply such proceeds as herein provided. Borrowers shall not maintain any separate or additional property insurance which is contributing for all expenses incurred in the event of loss unless it is properly endorsed and otherwise satisfactory to Agent in all respectsconnection therewith.