Property; Business Interruption. Borrowers shall (i) keep the Projects insured against damage by fire, acts of domestic and foreign terrorism, any type of wind (including named storms) and such other hazards covered by a special form or all-risk insurance policy (A) for the full insurable value thereof on a replacement cost basis without any coinsurance, (B) with a deductible not to exceed $75,000, except for wind/named storms and earthquake, which shall provide for a deductible of no more than five percent (5%) of the total insurable value of the Projects, (C) containing Law & Ordinance coverage with respect to any Individual Project if any of the Improvements on or the use of any such Individual Project shall at any time constitute legal non-conforming structures or uses, including coverage for loss to the undamaged portion of the building (with a limit equal to replacement cost), the cost of demolition and the increased costs of construction (each in amounts as reasonably required by Administrative Agent, but not to exceed one hundred percent (100%) of the replacement cost value for Coverage A and twenty percent (20%) of the replacement cost value for each of Coverages B and C), and (D) shall maintain boiler and machinery insurance and such other property insurance as reasonably required by Administrative Agent. Notwithstanding the foregoing, a Tenant may provide all or portion of the property damage coverages required herein or such coverages acceptable to Administrative Agent, as agreed to by Administrative Agent in its sole and absolute discretion. Administrative Agent reserves the right to reasonably require such other insurance from time to time, including but not limited to earthquake, flood (in addition to Federal Flood Insurance) and sinkhole, if exposures are reasonably deemed to be at an elevated risk to such loss (i.e., Earthquake Zones 3 and 4 with Probably Maximum Loss of twenty percent (20%) or greater, FEMA Designated Special Flood Hazard Area (SFHA)), each in amounts acceptable to Administrative Agent. The full insurable value shall be re-determined from time to time (but not more frequently than once in any twelve (12) calendar months) at the request of Administrative Agent by an appraiser or contractor designated and paid by Borrowers and reasonably approved by Administrative Agent, or by an engineer or appraiser in the regular employ of the insurer. No omission on the part of Administrative Agent to request any such ascertainment shall relieve Borrowers of any of their obligations under this Subsection. Further, if any portion of the Project or personal property at any Project is located currently or at any time in the future in Special Flood Hazard Area, Borrowers shall deliver to Administrative Agent the following: (1) evidence as to whether the community in which such Project is located is participating in the National Flood Insurance Program, (2) the applicable Borrowers’ written acknowledgment of receipt of written notification from Administrative Agent as to the fact that such Project is located in a Special Flood Hazard Area and as to whether the community in which such real estate is located is participating in the National Flood Insurance Program, and (3) copies of the application for a Federal Flood Insurance policy, plus proof of premium payment, a declaration page confirming that Federal Flood Insurance has been issued, or such other evidence of Federal Flood Insurance satisfactory to Administrative Agent, in all cases naming Administrative Agent as Mortgagee on behalf of Lenders; and (ii) maintain business interruption insurance, including rental income loss and extra expense, (A) with loss payable to Administrative Agent, (B) covering all perils required herein to be insured against, (C) covering a period of restoration of twelve (12) months and containing an extended period of indemnity endorsement which provides that after the physical loss to the Improvements 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 applicable Individual Project 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 (D) in an amount equal to one hundred percent (100%) of the projected gross revenue (less non-continuing expenses) from the Projects as determined by Administrative Agent for a period of twelve (12) months, or such lesser amount written on a blanket basis, as determined by Administrative Agent. The amount of such business interruption insurance shall be determined prior to the date hereof and at least once each year thereafter based on Borrowers’ reasonable estimate of the gross revenue (less non-continuing expenses) from the Projects for the succeeding twelve (12) month period. During the existence of an Event of Default, all business interruption proceeds from the Projects shall be held by Administrative Agent and shall be applied to the Obligations secured by the Loan Documents from time to time due and payable hereunder and under the Note; provided, however, that nothing herein contained shall be deemed to relieve Borrowers of their Obligations to pay all amounts due hereunder on the Payment Dates set forth herein, except to the extent such amounts are actually paid out of the proceeds of such business interruption insurance.
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Samples: Loan Agreement (Healthcare Trust, Inc.), Loan Agreement (Healthcare Trust, Inc.)
Property; Business Interruption. Borrowers shall (i) keep the Projects insured against damage by fire, acts of domestic and foreign terrorism, any type of wind (including named storms) and such other hazards covered by a special form or all-risk insurance policy (A) for the full insurable value thereof on a replacement cost basis without any coinsurance, coinsurance (B) with a deductible not to exceed $75,00025,000, except for wind/named storms and earthquake, which shall provide for a deductible of no more than five percent (5%) of the total insurable value of the applicable Projects, (C) containing Law & Ordinance coverage with respect to any Individual Project if any of the Improvements on or the use of any such Individual Project the Projects shall at any time constitute legal non-conforming structures or uses, including coverage for loss to the undamaged portion of the building (with a limit equal to replacement cost), the cost of demolition and the increased costs of construction (each in amounts as reasonably required by Administrative Agent, but not a minimum amount equal to exceed one hundred ten percent (10010%) of the replacement cost value for Coverage A and twenty percent (20%) of the replacement cost value for each of Coverages B and C), Improvements) and (D) shall maintain boiler and machinery insurance and such other property insurance as reasonably required by Administrative Agent. Notwithstanding the foregoing, a Tenant may provide all or portion of the property damage coverages required herein or such coverages acceptable to Administrative Agent, as agreed to by Administrative Agent in its sole and absolute discretion. Administrative Agent reserves the right to reasonably require such other insurance from time to time, including but not limited to earthquake, earthquake and flood (in addition to Federal Flood Insurance) and sinkhole, if exposures are reasonably deemed to be at an elevated risk to such loss (i.e., Earthquake Zones 3 and 4 with Probably Maximum Loss of twenty percent (20%) or greater, FEMA Designated Special Flood Hazard Area (SFHA)), each in amounts reasonably acceptable to Administrative Agent. The full insurable value shall be re-determined from time to time (but not more frequently than once in any twelve (12) calendar months) at the request of Administrative Agent by an appraiser or contractor designated and paid by Borrowers and reasonably approved by Administrative Agent, or by an engineer or appraiser in the regular employ of the insurer. No omission on the part of Administrative Agent to request any such ascertainment shall relieve Borrowers of any of their obligations under this Subsection. Further, if any portion of the Project Improvements or personal property at any the Project is located currently or at any time in the future in Special Flood Hazard Area, Borrowers shall deliver to Administrative Agent the following: (1) evidence as to whether the community in which such Project is located is participating in the National Flood Insurance Program, (2) the applicable Borrowers’ written acknowledgment of receipt of written notification from Administrative Agent as to the fact that such Project is located in a Special Flood Hazard Area and as to whether the community in which such real estate Real Estate is located is participating in the National Flood Insurance Program, Program and (3) copies of the application for a Federal Flood Insurance policy, plus proof of premium payment, a declaration page confirming that Federal Flood Insurance has been issued, or such other evidence of Federal Flood Insurance satisfactory to Administrative Agent, in all cases naming Administrative Agent as Mortgagee on behalf of the Lenders; and (ii) maintain business interruption insurance, including rental income loss and extra expense, (A) with loss payable to Administrative Agent, (B) covering all perils required herein to be insured against, (C) covering a period of restoration of at least twelve (12) months and containing an extended period of indemnity endorsement which provides that after the physical loss to the Improvements 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 twelve (612) months from the date that the applicable Individual Project 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 (D) in an amount equal to one hundred percent (100%) of the projected gross revenue (less non-continuing expenses) from the Projects Project as determined by Administrative Agent for a period of twelve (12) months, or such lesser amount written on a blanket basis, as determined by Administrative Agent. The amount of such business interruption insurance shall be determined prior to the date hereof and at least once each year thereafter based on Borrowers’ reasonable estimate of the gross revenue (less non-continuing expenses) from the Projects Project for the succeeding twelve (12) month period. During the existence of an Event of Default, all All business interruption proceeds from the Projects shall be held by Administrative Agent and shall be applied to the Obligations secured by the Loan Documents from time to time due and payable hereunder and under the Note; provided, however, that nothing herein contained shall be deemed to relieve Borrowers of their Obligations to pay all amounts due hereunder Debt Service on the Payment Dates set forth herein, except to the extent such amounts are actually paid out of the proceeds of such business interruption insurance.
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Property; Business Interruption. Borrowers shall (i) keep the Projects insured against damage by fire, acts of domestic and foreign terrorism, any type of wind (including named storms) and such other hazards covered by a special form or all-risk insurance policy (A) in an amount equal to one hundred percent (100%) of the “Full Replacement Cost” (which for the full insurable purposes of this Agreement shall mean actual replacement value thereof exclusive of costs of excavation, foundations, underground utilities and footings) with a waiver of depreciation and written on a replacement cost basis without any coinsurance, coinsurance or containing an agreed amount endorsement with respect to Projects waiving all co-insurance provisions (B) with a deductible not to exceed $75,00050,000, except for wind/named storms storms, tornado, hail and earthquake, which shall provide for a deductible of no more than five percent (5%) of the total insurable value of the Projectsapplicable Project, (C) containing Law & Ordinance coverage with respect to any Individual Project if any of the Improvements on or the use of any such Individual Project the Projects shall at any time constitute legal non-conforming structures or uses, including coverage for loss to the undamaged portion of the building (with a limit equal to replacement costthe Full Replacement Cost), the cost of demolition and the increased costs of construction (each in amounts as reasonably required by Administrative Agent, Agent but not to exceed one hundred percent (100%) exceeding 10% of the replacement cost total insurable value for Coverage A and twenty percent (20%) of the replacement cost value for each of Coverages B and C), applicable Project) and (D) shall maintain comprehensive boiler and machinery insurance machinery/equipment breakdown insurance, if steam boilers or other pressure-fixed vessels are in operation, in amounts as shall be reasonably required by Administrative Agent and such other property insurance as reasonably required by Administrative Agent. Notwithstanding the foregoing, a Tenant may provide all or portion of the property damage coverages required herein or such coverages acceptable to Administrative Agent, as agreed to by Administrative Agent in its sole and absolute discretion. Administrative Agent reserves the right to reasonably require upon sixty (60) days written notice to Borrowers such other types of insurance from time to time, including but not limited to earthquake, flood (in addition to Federal Flood Insurance) and sinkhole, if exposures are reasonably deemed to be at an elevated risk to such loss (i.e., Earthquake Zones 3 and 4 with Probably Maximum Loss of twenty percent (20%) sinkhole or greater, FEMA Designated Special Flood Hazard Area (SFHA))land subsidence insurance, each in amounts reasonably acceptable to Administrative Agent. The full insurable value shall be re-determined from time to time (but not more frequently than once in any twelve (12) calendar months) at the request of Administrative Agent by an appraiser or contractor designated and paid by Borrowers and reasonably approved by Administrative Agent, or by an engineer or appraiser in the regular employ of the insurer. No omission on the part of Administrative Agent to request any such ascertainment shall relieve Borrowers of any of their obligations under this Subsection. Further, Borrowers shall obtain: (y) if any portion of the Project or personal property at any Project Improvements is located currently or at any time in the future identified by (A) the Federal Emergency Management Agency in Special Flood Hazard Area, Borrowers shall deliver the Federal Register as an area having special flood hazards and/or (B) the Secretary of Housing and Urban Development or any successor thereto as an area having special flood hazards pursuant to Administrative Agent the following: (1) evidence as to whether the community in which such Project is located is participating in the National Flood Insurance ProgramAct of 1968, the Flood Disaster Protection Act of 1973 or the National Flood Insurance Reform Act of 1994, as each may be amended, or any successor law (the “Flood Insurance Acts”), flood hazard insurance (1) in an amount equal to the maximum limit of coverage available under the Flood Insurance Acts plus (2) such greater amounts or other related and/or excess coverage as Lenders shall require in their sole discretion with deductibles no greater than the applicable Borrowers’ written acknowledgment maximum limit of receipt of written notification from Administrative Agent as coverage available under the Flood Insurance Acts, and (z) earthquake insurance in amounts and in form and substance satisfactory to Lenders in the fact that such event the Project is located in an area with a Special Flood Hazard Area high degree of seismic activity and as the PML/SEL of the Project exceeds twenty percent (20%); provided that the insurance pursuant to whether the community in which such real estate is located is participating in the National Flood Insurance Program, clauses (y) and (3z) copies of hereof shall be on terms consistent with the application for a Federal Flood Insurance policy, plus proof of premium payment, a declaration page confirming that Federal Flood Insurance has been issued, or such other evidence of Federal Flood Insurance satisfactory to Administrative Agent, in comprehensive all cases naming Administrative Agent as Mortgagee on behalf of Lenders; and risk insurance policy required under this subsection (ii) a). Borrowers shall maintain business interruption income insurance, including rental income loss and extra expense, (A) with loss payable to Administrative Agent, (B) covering all perils required herein to be insured against, (C) in an amount equal to one hundred percent (100%) of the projected gross revenues from the operation of the Projects (as reduced to reflect expenses not incurred during a period of restoration) covering a period of restoration of twelve at least eighteen (1218) months after the date of the Casualty, and (D) containing an extended period of indemnity endorsement which provides that after the physical loss to the Improvements 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 twelve (612) months from the date that the applicable Individual damaged Project 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 (D) in an amount equal to one hundred percent (100%) of the projected gross revenue (less non-continuing expenses) from the Projects as determined by Administrative Agent for a period of twelve (12) months, or such lesser amount written on a blanket basis, as determined by Administrative Agentperiod. The amount of such business interruption insurance shall CONA – Healthcare Trust, Inc. 92119388.8 be determined prior to the date hereof and at least once each year thereafter based on Borrowers’ Administrative Agent’s reasonable estimate of the gross revenue revenues (less non-continuing expensesexpenses not incurred during a period of restoration) from the Projects for the succeeding twelve eighteen (1218) month period. During the existence of an Event of Default, all All business interruption proceeds from the Projects shall be held by Administrative Agent and shall be applied to the Obligations secured by the Loan Documents from time to time due and payable hereunder and under the Note; provided, however, that nothing herein contained shall be deemed to relieve Borrowers of their Obligations to pay all amounts due hereunder debt service on the Payment Dates set forth herein, except to the extent such amounts are actually paid out of the proceeds of such business interruption insurance.
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Property; Business Interruption. Borrowers shall (i) keep the Projects insured against damage by fire, acts of domestic and foreign terrorism, any type of wind (including named storms) and such other hazards covered by a special form or all-risk insurance policy (A) for the full insurable value thereof on a replacement cost basis without any coinsurance, (B) with a deductible not to exceed $75,000, except for wind/named storms and earthquake, which shall provide for a deductible of no more than five percent (5%) of the total insurable value of the Projects, (C) containing Law & Ordinance coverage with respect to any Individual Project if any of the Improvements on or the use of any such Individual Project shall at any time constitute legal non-conforming structures or uses, including coverage for loss to the undamaged portion of the building (with a limit equal to replacement cost), the cost of demolition and the increased costs of construction (each in amounts as reasonably required by Administrative Agent, but not to exceed one hundred percent (100%) of the replacement cost value for Coverage A and twenty percent (20%) of the replacement cost value for each of Coverages B and C), and (D) shall maintain boiler and machinery insurance and such other property insurance as reasonably required by Administrative Agent. Notwithstanding the foregoing, a Tenant may provide all or portion of the property damage coverages required herein or such coverages acceptable to Administrative Agent, as agreed to by Administrative Agent in its sole and absolute discretion. Administrative Agent reserves the right to reasonably require such other insurance from time to time, including but not limited to earthquake, flood (in addition to Federal Flood Insurance) and sinkhole, if exposures are reasonably deemed to be at an elevated risk to such loss (i.e., Earthquake Zones 3 and 4 with Probably Maximum Loss of twenty percent (20%) or greater, FEMA Designated Special Flood Hazard Area (SFHA)), each in amounts acceptable to Administrative Agent. The full insurable value shall be re-determined from time to time (but not more frequently than once in any twelve (12) calendar months) at the request of Administrative Agent by an appraiser or contractor designated and paid by Borrowers and reasonably approved by Administrative Agent, or by an engineer or appraiser in the regular employ of the insurer. No omission on the part of Administrative Agent to request any such ascertainment shall relieve Borrowers of any of their obligations under this Subsection. Further, if any portion of the any improvements that are part of any Project or personal property at any Project is located currently or at any time in the future in Special Flood Hazard Area, Borrowers shall deliver to Administrative Agent the following: (1) evidence as to whether the community in which such Project is located is participating in the National Flood Insurance Program, (2) the applicable Borrowers’ written acknowledgment of receipt of written notification from Administrative Agent as to the fact that such Project is located in a Special Flood Hazard Area and as to whether the community in which such real estate is located is participating in the National Flood Insurance Program, and (3) copies of the application for a Federal Flood Insurance policy, plus proof of premium payment, a declaration page confirming that Federal Flood Insurance has been issued, or such other evidence of Federal Flood Insurance satisfactory to Administrative Agent, in all cases naming Administrative Agent as Mortgagee on behalf of Lenders; and (ii) maintain business interruption insurance, including rental income loss and extra expense, (A) with loss payable to Administrative Agent, (B) covering all perils required herein to be insured against, (C) covering a period of restoration of twelve (12) months and containing an extended period of indemnity endorsement which provides that after the physical loss to the Improvements 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 applicable Individual Project 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 (D) in an amount equal to one hundred percent (100%) of the projected gross revenue (less non-continuing expenses) from the Projects as determined by Administrative Agent for a period of twelve (12) months, or such lesser amount written on a blanket basis, as determined by Administrative Agent. The amount of such business interruption insurance shall be determined prior to the date hereof and at least once each year thereafter based on Borrowers’ reasonable estimate of the gross revenue (less non-continuing expenses) from the Projects for the succeeding twelve (12) month period. During the existence of an Event of Default, all business interruption proceeds from the Projects shall be held by Administrative Agent and shall be applied to the Obligations secured by the Loan Documents from time to time due and payable hereunder and under the Note; provided, however, that nothing herein contained shall be deemed to relieve Borrowers of their Obligations to pay all amounts due hereunder on the Payment Dates set forth herein, except to the extent such amounts are actually paid out of the proceeds of such business interruption insurance.
Appears in 1 contract
