Common use of Hazard and Other Insurance Clause in Contracts

Hazard and Other Insurance. (a) During the Term, Lessee shall keep each Property insured against loss or damage by fire and other risks on terms and in amounts that are no less favorable than insurance maintained by owners of similar properties, that are in accordance with normal industry practice, are in amounts equal to the actual replacement cost of the Improvements. So long as no Lease Event of Default exists, any loss payable under the insurance policy required by this Section will be paid to and adjusted solely by Lessee, subject to Section 15. So long as no Lease Event of Default exists, any loss payable under any title insurance policy covering any Property will be paid to and adjusted solely by Lessee, subject to Section 15. (b) If at any time during the Term the area in which any Property is located is designated a "flood-prone" area pursuant to the Flood Disaster Protection Act of 1973 or any amendments or supplements thereto, then Lessee shall comply with the National Flood Insurance Program as set forth in the Flood Disaster Protection Act of 1973, as may be amended. In addition, Lessee will fully comply with the requirements of the National Flood Insurance Act of 1968 and the Flood Disaster Protection Act of 1973, as each may be amended from time to time, and with any other Legal Requirement, concerning flood insurance to the extent that it apply to any Property.

Hazard and Other Insurance. (a) During the Term, Lessee shall keep each Property keep, or cause to be kept, the Improvements insured against loss or damage by fire and other risks for the full replacement cost thereof (excluding foundations and excavations) with an agreed amount endorsement on terms and in amounts that are no less favorable than all risk insurance maintained covering other similar properties owned or leased by owners of similar properties, Lessee and that are in accordance with normal industry practice, are in amounts equal to the actual replacement cost of the Improvements. So long as no Lease Event of Default exists, any loss payable under the insurance policy required by this Section will be paid to and adjusted solely by Lessee; provided, subject to Section 15. So long as no however (i) if a Lease Event of Default exists, or (ii) if the estimated cost of restoration of the Improvements with respect to any such loss payable under any title is in excess of $100,000, the proceeds of insurance policy covering any Property will on account of such loss shall be paid delivered to and adjusted solely by Lessee, subject the Bank (or to Section 15Lessor if the Interim Project Loan has been fully paid) for application in accordance with Article XVI. (b) If If, at any time during the Term Basic Term, the area in which any the Property is located is designated a "flood-prone" area pursuant to the Flood Disaster Protection Act of 1973 1973, or any amendments or supplements thereto, then Lessee shall comply with the National Flood Insurance Program as set forth in the Flood Disaster Protection Act of 1973, as may be amended. In addition, Lessee will fully comply with the requirements of the National Flood Insurance Act of 1968 and the Flood Disaster Protection Act of 1973, as each may be amended from time to time, and with any other Legal Requirement, concerning flood insurance to the extent that it apply applies to any the Property.

Hazard and Other Insurance. (a) During the Term, Lessee shall -------------------------- keep each the Property insured against loss or damage by fire and other risks on terms and in amounts that are no less favorable than insurance maintained by owners of similar properties, that are in accordance with normal industry practice, are in amounts equal to the actual replacement cost of the Improvements. Lessee shall keep the Property insured against loss or damage by earthquake on terms and in amounts that are either (i) no less favorable than insurance maintained by owners of similar properties, that are in accordance with normal industry practice or (ii) on terms acceptable to Agent. In no event, after the release or rerelease of the Cash Collateral pursuant to Section 8(b) of the Cash Collateral Agreement, shall insurance terms acceptable to Agent be less favorable than insurance maintained by owners of similar properties, that are in accordance with normal industry practice. So long as no Lease Event of Default exists, any loss payable under the insurance policy required by this Section will be paid to and adjusted solely by Lessee, subject to Section 15. So long as no Lease Event of Default exists, any loss payable under any title insurance policy covering any Property will be paid to and adjusted solely by Lessee, subject to Section 15. (b) If at any time during the Term the area in which any the Property is located is designated a "flood-prone" area pursuant to the Flood Disaster Protection Act of 1973 or any amendments or supplements thereto, then Lessee shall comply with the National Flood Insurance Program as set forth in the Flood Disaster Protection Act of 1973, as may be amended. In addition, Lessee will fully comply with the requirements of the National Flood Insurance Act of 1968 and the Flood Disaster Protection Act of 1973, as each may be amended from time to time, and with any other Legal Requirement, concerning flood insurance to the extent that it apply applies to any the Property.

Hazard and Other Insurance. (a) During the TermTerm following the Construction Period, Lessee shall keep each Property insured against loss or damage by fire and other risks (which may include earthquake, flood or wind) in amounts that are equal to the actual replacement cost of the Improvements and on terms and in amounts that are no less favorable than (i) insurance maintained by owners of similar properties, that are in accordance with normal industry practice, are practice and (ii) insurance maintained by Lessee and its Affiliates on properties owned or leased by them comparable in amounts equal type to the actual replacement cost of the ImprovementsProperties. So long as no Lease Event of Default exists, any loss payable under the insurance policy required by this Section will be paid to and adjusted solely by Lessee, subject to Section 15ARTICLE XV. So long as no Lease Event of Default exists, any loss payable under any title insurance policy covering any Property will be paid to and adjusted solely by Lessee, subject to Section 15ARTICLE XV. (b) If at any time during the any Term the any area in which any Property is Improvements are located is designated a "flood-prone" area pursuant to the Flood Disaster Protection Act of 1973 or any amendments or supplements thereto, then Lessee shall comply with the National Flood Insurance Program as set forth in the Flood Disaster Protection Act of 1973, as may be amended. In addition, Lessee will fully comply with the requirements of the National Flood Insurance Act of 1968 and the Flood Disaster Protection Act of 1973, as each may be amended from time to time, and with any other Legal Requirement, Requirement concerning flood insurance to the extent that it apply applies to any Property.