Common use of Form of Policy Clause in Contracts

Form of Policy. All insurance required under this Section 1.2 shall be fully paid for (unless the applicable insurance carrier agrees to installment payments) and be nonassessable, and the policies therefor shall contain such other provisions, endorsements and expiration dates, as Lender shall from time to time reasonably request, and shall be in such form, content and amounts as are reasonably satisfactory to Lender, or as otherwise provided and required by law, and be issued by such insurance companies acceptable to Lender having an A.M. Best rating of “A-VIII” or better and doing business in the District of Columbia, and shall name Lender as lender loss payee (except the policies required in Sections 1.2(a)(vii) and 1.2(b), which shall name Lender as an additional insured, and Section 1.2(a)(viii)). Without limiting the foregoing, each such policy shall contain a waiver of subrogation to all claims against Grantor or Lender, and shall provide that the policy shall not be canceled, amended or materially altered (including, without limitation, by reduction in the scope or limits of coverage) without at least thirty (30) days’ prior written notice to Lender. All policies of insurance required by this Deed of Trust shall include a stipulated value or agreed amount endorsement or similar provision deleting or suspending all coinsurance provisions, a joint loss adjustment provision in those instances where two separate insurers provide coverage and ordinance and law coverage, and shall contain an endorsement or agreement of the insurer that any loss payable to Lender in accordance with the terms thereof shall not be adversely affected by any act or negligence of Grantor which might otherwise result in the forfeiture of such insurance. Further, no such policy shall contain an exclusion for suits or other proceedings as between or among insureds covered thereunder. All insurance required pursuant to Section 1.2(a) shall contain a noncontributory standard mortgagee clause in favor of Xxxxxx.

Form of Policy. All Each insurance policy required under this by Section 1.2 4.1 hereof (i) shall be fully paid for issued by a financially responsible insurer (unless or insurers) of recognized standing, legally authorized to write the applicable insurance carrier agrees to installment paymentsrespective insurance, (ii) and be nonassessable, and the policies therefor shall contain such other provisions, endorsements and expiration dates, as Lender shall from time to time reasonably request, and shall be in such form, content form and amounts as are reasonably satisfactory to Lender, or as otherwise provided and required by law, and be issued by with such insurance companies acceptable to Lender having an A.M. Best rating of “A-VIII” or better and doing business in the District of Columbia, and shall name Lender as lender loss payee (except the policies required in Sections 1.2(a)(vii) and 1.2(b), which shall name Lender as an additional insured, and Section 1.2(a)(viii)). Without limiting the foregoing, each such policy shall contain a waiver of subrogation to all claims against Grantor or Lender, and shall provide that the policy shall not be canceled, amended or materially altered provisions (including, without limitation, the loss payable clause, the waiver of subrogation clause and the designation of the named insured parties) as are generally considered standard provisions for the type of insurance involved, and (iii) shall prohibit cancellation or modification by reduction in the scope or limits of coverage) insurer without at least thirty (30) days’ day's prior written notice to Lenderthe Landlord and the Trustee. All policies Prior to the expiration of any such policy, the Tenant shall furnish the Landlord and Trustee satisfactory evidence that the policy has been renewed or replaced, unless Trustee shall have informed Tenant in writing that such insurance required by this Deed of Trust shall include a stipulated value or agreed amount endorsement or similar provision deleting or suspending all coinsurance provisions, a joint loss adjustment provision in those instances where two separate insurers provide coverage and ordinance and law coverage, and shall contain an endorsement or agreement is no longer required. Without limiting the generality of the insurer that any loss payable foregoing, all insurance policies maintained pursuant to Lender in accordance with Section 4.1(a) hereof shall name the terms thereof Landlord, Tenant, Issuer and Trustee as the parties insured thereunder as their respective interests may appear; all insurance policies maintained pursuant to Section 4.1(b) hereof shall not be adversely affected by any act or negligence of Grantor which might otherwise result in name the forfeiture of such insurance. Further, no Tenant as the insured and the Landlord and Trustee as additional insureds; and each such policy shall contain provide that losses thereunder shall be adjusted with the insurer by the Tenant or Landlord, on behalf of the insured parties, in the case of the policy described in Section 4.1(a) hereof, with the approval of the Trustee as to settlement of any claims in excess of $500,000, but all such adjustments shall be subject to the provisions hereof. If there is any claim in excess of $500,000.00 for loss or damage covered under the policy described in Section 4.1(a) hereof, all 35 42 proceeds of insurance resulting therefrom shall be paid directly and solely to the Trustee for application as provided in Section 7.1 of the Loan Agreement. (c) Certificates and opinions of the insurers or an exclusion for suits agent or agents of the insurers acceptable to the Trustee, shall be deposited with the Trustee on or before the Occupancy Commencement Date, upon renewals of policies and at any other proceedings as between or among insureds covered thereunder. All insurance required pursuant to Section 1.2(a) shall contain a noncontributory standard mortgagee clause in favor time, at the request of Xxxxxxthe Trustee.

Form of Policy. All (a) Each insurance policy required under this by Section 1.2 4.1 hereof (i) shall be fully paid for issued by a financially responsible insurer (unless or insurers) of recognized standing, legally authorized to write the applicable insurance carrier agrees to installment paymentsrespective 33 insurance, (ii) and be nonassessable, and the policies therefor shall contain such other provisions, endorsements and expiration dates, as Lender shall from time to time reasonably request, and shall be in such form, content form and amounts as are reasonably satisfactory to Lender, or as otherwise provided and required by law, and be issued by with such insurance companies acceptable to Lender having an A.M. Best rating of “A-VIII” or better and doing business in the District of Columbia, and shall name Lender as lender loss payee (except the policies required in Sections 1.2(a)(vii) and 1.2(b), which shall name Lender as an additional insured, and Section 1.2(a)(viii)). Without limiting the foregoing, each such policy shall contain a waiver of subrogation to all claims against Grantor or Lender, and shall provide that the policy shall not be canceled, amended or materially altered provisions (including, without limitation, the loss payable clause, the waiver of subrogation clause and the designation of the named insured parties) as are generally considered standard provisions for the type of insurance involved, and (iii) shall prohibit cancellation or modification by reduction in the scope or limits of coverage) insurer without at least thirty (30) days’ day's prior written notice to Lenderthe Landlord and the Trustee. All policies Prior to the expiration of any such policy, the Tenant shall furnish the Landlord and Trustee satisfactory evidence that the policy has been renewed or replaced, unless Trustee shall have informed Tenant in writing that such insurance required by this Deed of Trust shall include a stipulated value or agreed amount endorsement or similar provision deleting or suspending all coinsurance provisions, a joint loss adjustment provision in those instances where two separate insurers provide coverage and ordinance and law coverage, and shall contain an endorsement or agreement is no longer required. Without limiting the generality of the insurer that any loss payable foregoing, all insurance policies maintained pursuant to Lender in accordance with Section 4.1(a) hereof shall name the terms thereof Landlord, Tenant, Issuer and Trustee as the parties insured thereunder as their respective interests may appear; all insurance policies maintained pursuant to Section 4.1(b) hereof shall not be adversely affected by any act or negligence of Grantor which might otherwise result in name the forfeiture of such insurance. Further, no Tenant as the insured and the Landlord and Trustee as additional insureds; and each such policy shall contain provide that losses thereunder shall be adjusted with the insurer by the Tenant or Landlord, on behalf of the insured parties, in the case of the policy described in Section 4.1(a) hereof, with the approval of the Trustee as to settlement of any claims in excess of $500,000, but all such adjustments shall be subject to the provisions hereof. If there is any claim in excess of $500,000.00 for loss or damage covered under the policy described in Section 4.1(a) hereof, all proceeds of insurance resulting therefrom shall be paid directly and solely to the Trustee for application as provided in Section 7.1 of the Loan Agreement. (b) Certificates and opinions of the insurers or an exclusion for suits agent or agents of the insurers acceptable to the Trustee, shall be deposited with the Trustee on or before the Occupancy Commencement Date, upon renewals of policies and at any other proceedings as between or among insureds covered thereunder. All insurance required pursuant to Section 1.2(a) shall contain a noncontributory standard mortgagee clause in favor time, at the request of Xxxxxxthe Trustee.