Common use of Form and Quality Clause in Contracts

Form and Quality. All insurance policies shall be endorsed in form and substance reasonably acceptable to Lender to name Lender as an additional insured, loss payee or mortgagee thereunder, as its interest may appear, with loss payable to Lender, without contribution, under a standard New York (or local equivalent) mortgagee clause. All such insurance policies and endorsements shall be fully paid for, shall be issued by appropriately licensed insurance companies reasonably acceptable to Lender with a rating of "A-IX" or better as established by A.M. Best's Rating Guide or "AA" as established by Standard & Poor's, and shall be in such form, and shall contain such provisions, deductibles (with no increased deductible for acts of terrorism or other specified action/inaction) and expiration dates, as are reasonably acceptable to Lender. Each policy shall provide that such policy may not be canceled or materially changed except upon thirty (30) days' prior written notice of intention of non-renewal, cancellation or material change to Lender and that no act or thing done by Borrower shall invalidate any policy as against Lender. Blanket policies shall be permitted only if Lender receives appropriate endorsements and/or duplicate policies containing Lender's right to continue coverage on a pro rata pass-through basis and that coverage will not be affected by any loss on other properties covered by the policies. 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.

Form and Quality. All insurance policies shall be endorsed in form and substance reasonably acceptable to Lender to name Lender as an additional insured, loss payee or mortgagee thereunder, as its interest may appear, with loss payable to Lender, without contribution, under a standard New York (or local equivalent) mortgagee clause. All such insurance policies and endorsements shall be fully paid for, shall be issued by appropriately licensed insurance companies reasonably acceptable to Lender with a rating of "A-IX" “A‑:IX” or better as established by A.M. Best's ’s Rating Guide or "AA" as established by Standard & Poor'sGuide, and shall be in such form, and shall contain such provisions, deductibles (with no increased deductible for acts of domestic and foreign terrorism or other specified action/action/ inaction) and expiration dates, as are reasonably acceptable to Lender. Each policy shall provide that such policy may not be canceled or materially changed except upon thirty (30) days' ’ prior written notice of intention of non-renewalnon‑renewal, cancellation or material change to Lender and that no act or thing done by Borrower shall invalidate any policy as against Lender. Blanket policies shall be permitted only if Lender receives appropriate endorsements and/or duplicate policies containing Lender's ’s right to continue coverage on a pro rata pass-through pass‑through basis and that coverage will not be affected by any loss on other properties covered by the policies. 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.

Form and Quality. All insurance policies shall be endorsed in form and substance reasonably acceptable to Lender Agent to name Lender Agent as an additional insured, loss payee or mortgagee thereunder, as its interest may appear, with loss payable to LenderAgent, without contribution, under a standard New York (or local equivalent) mortgagee clause. All such insurance policies and endorsements shall be fully paid for, shall for and contain such provisions and expiration dates and be in such form and issued by appropriately licensed such insurance companies reasonably acceptable licensed to Lender do business in the state in which the Property is located, with a rating of "“A-IX" :X” or better as established by A.M. Best's ’s Rating Guide or "AA" as established by Standard & Poor's, and shall be in such form, and shall contain such provisions, deductibles (with no increased deductible for acts of terrorism or other specified action/inaction) and expiration dates, as are reasonably acceptable to LenderGuide. Each policy shall provide that such policy may not be canceled or materially changed except upon thirty (30) 15 days' ’ prior written notice of intention of non-renewal, cancellation or material change to Lender Agent and that no act or thing done by Borrower shall invalidate any policy as against LenderAgent. Blanket policies shall be permitted only if Lender (i) Agent receives appropriate endorsements and/or duplicate policies containing Lender's Agent’s right to continue coverage on a pro rata pass-through basis and that coverage will not be affected by any loss on other properties covered by the policiespolicies and (ii) the policy contains a sublimit equal to the replacement cost of the Property in an amount approved by Agent which is expressly allocated for the Property, and any such policy shall in all other respects comply with the requirements of this Section. Borrower authorizes Agent to pay the premiums for such policies from any insurance impound as the same become due and payable annually in advance. If Borrower fails to maintain insurance in compliance with this Section 3.1deposit funds into the Insurance Impound sufficient to permit Agent to pay the Insurance Premiums when due, Lender Agent may obtain such insurance and pay the premium therefor and Borrower shall, on demand, reimburse Lender Agent for all expenses incurred in connection therewith.