Common use of Renewal of Insurance Clause in Contracts

Renewal of Insurance. Borrowers shall timely pay all premiums on all insurance policies to assure that at all times Borrowers have in effect insurance as required pursuant to the Insurance Requirements, and as and when additional insurance is required, from time to time, and as and when any policies of insurance may expire, furnish to Lender, premiums prepaid, additional and renewal insurance policies with companies, coverage and in amounts satisfactory to Lender. "INSURANCE REQUIREMENTS" shall mean the requirements described on Exhibit E attached hereto. No Borrower shall bring or keep any article on any Project or cause or allow any condition to exist on it, if that could invalidate or would be prohibited by any insurance coverage required to be maintained by such Borrower on such Project. If Borrowers have not provided Lender with appropriate evidence of the insurance coverage required by this Agreement, Lender may purchase insurance at Borrowers' expense to protect Lender's interests in the Projects and to maintain the insurance required by this Agreement, provided that if Borrowers have not delivered any renewal insurance policy required by the terms hereof on or before the day which is thirty (30) days prior to the expiration of such policy, Lender shall provide Borrowers with written notice of such failure and if Borrowers have not delivered such evidence of insurance coverage or renewal insurance policy as required by the terms hereof on or before the date which is ten (10) business days prior to the expiration of such insurance policy, Lender may purchase such insurance as aforesaid. Prior to purchasing any such insurance, Lender will use its good faith efforts to provide notice to Borrowers of its intention to do so; provided, however, that Lender's failure to provide such notice shall not affect Borrowers' responsibility for the expense of such insurance purchased by Lender. This insurance may, but need not, protect Borrowers' interests. The coverage purchased by Lender may not pay any claim made by Borrowers or any claim that is made against Borrowers in connection with a Project or any required insurance policy. Borrowers may later cancel any insurance purchased by Lender, but only after providing Lender with appropriate evidence that Borrowers have obtained insurance as required by this Agreement. If Lender purchases insurance for any Project or insurance otherwise required by this Agreement, Borrowers will be responsible for the costs of that insurance and other charges imposed by Lender in connection with the placement of the insurance until the effective date of the cancellation or expiration of the insurance. The costs of the insurance may be added to the Indebtedness effective as of the date Lender purchases such insurance and such costs may be more than the cost of insurance Borrowers are able to obtain on their own. The effective date of coverage may be the date the prior coverage lapsed or the date on which Borrowers failed to provide Lender proof of coverage.

Renewal of Insurance. Borrowers shall timely pay all premiums (i) maintain in full force, until full payment of the Loan, such insurance coverages on all the Projects as are described on the attached Exhibit E, (ii) maintain such coverages through the applicable insurance carriers (or such other reasonably acceptable substitute carriers selected by Borrowers) for the respective coverages (or substantially equivalent replacement coverages) listed on the attached Exhibit E, and (iii) name Lender as an additional insured thereunder and provide at least thirty (30) days prior written notice to Lender of cancellation, non-renewal or material change of the insurance policies to assure that at all times Borrowers have in effect insurance as required maintained by the Borrower pursuant to the Insurance Requirements, and as and when additional insurance is required, from time to time, and as and when any policies of insurance may expire, furnish to Lender, premiums prepaid, additional and renewal insurance policies with companies, coverage and in amounts satisfactory to Lender. "INSURANCE REQUIREMENTS" shall mean the requirements described on Exhibit E attached hereto. No Borrower Borrowers shall not bring or keep any article on any Project or cause or allow any condition to exist on it, if that could would reasonably be expected to invalidate or would be prohibited by any insurance coverage required to be maintained by such Borrower Borrowers on such Projectthe Projects. If Unless Borrowers have not provided provide Lender with appropriate evidence of the insurance coverage required by this Agreement, Lender may may, following ten (10) days written notice to Borrower of Borrowers' failure to provide the same (or upon lesser notice or without notice if any required insurance has lapsed or is at risk of lapsing), purchase insurance at Borrowers' expense to protect Lender's interests in the Projects and to maintain the insurance required by this Agreement, provided that if Borrowers have not delivered any renewal insurance policy required by the terms hereof on or before the day which is thirty (30) days prior to the expiration of such policy, Lender shall provide Borrowers with written notice of such failure and if Borrowers have not delivered such evidence of insurance coverage or renewal insurance policy as required by the terms hereof on or before the date which is ten (10) business days prior to the expiration of such insurance policy, Lender may purchase such insurance as aforesaid. Prior to purchasing any such insurance, Lender will use its good faith efforts to provide notice to Borrowers of its intention to do so; provided, however, that Lender's failure to provide such notice shall not affect Borrowers' responsibility for the expense of such insurance purchased by Lender. This insurance may, but need not, protect Borrowers' interests. The coverage purchased by Lender may not pay any claim made by Borrowers or any claim that is made against Borrowers in connection with a Project or any required insurance policy. Borrowers may later cancel any insurance purchased by Lender, but only after providing Lender with appropriate evidence that Borrowers have obtained insurance as required by this Agreement. If If, in accordance with this Section, Lender purchases insurance for any Project or insurance otherwise required by this Agreement, Borrowers will be responsible for the costs of that insurance and other charges imposed by Lender in connection with the placement of the insurance until the effective date of the cancellation or expiration of the insurance. The costs of the insurance may be added to the Indebtedness effective as of the date Lender purchases such insurance and such costs may be more than the cost of insurance Borrowers are able to obtain on their own. The effective date of coverage may be the date the prior coverage lapsed or the date on which Borrowers failed to provide Lender proof of coverage.the

Renewal of Insurance. Borrowers Borrower shall timely pay all premiums on all insurance policies to assure that at all times Borrowers have Borrower has in effect insurance as required pursuant to the Insurance RequirementsRequirements attached hereto as Exhibit E, and as and when additional insurance is requiredrequired and commercially reasonable for a project of the type as the Project, from time to time, and as and when any policies of insurance may expire, furnish to LenderAdministrative Agent, premiums prepaid, additional and renewal insurance policies with companies, coverage and in amounts set forth in the Insurance Requirements and otherwise reasonably satisfactory to LenderAdministrative Agent. "INSURANCE REQUIREMENTS" shall mean the requirements described on Exhibit E attached hereto. No In addition, Borrower shall cause General Construction Contractor to maintain until Completion the Subguard insurance policies for which Borrower has provided copies to Administrative Agent prior to the Closing Date and provide Administrative Agent with evidence of the renewal thereof at least fifteen (15) days prior to the expiration thereof. Borrower shall not bring or keep any article on any the Project or cause or allow any condition to exist on it, if that could invalidate or would be prohibited by any insurance coverage required to be maintained by such Borrower on such the Project. If Borrowers have not provided Lender Unless Borrower provides Administrative Agent with appropriate evidence of the insurance coverage required by this Agreement, Lender Administrative Agent on behalf of the Lenders may purchase insurance at Borrowers' Borrower’s expense to protect Lender's Administrative Agent’s and the Lenders’ interests in the Projects Project and to maintain the insurance required by this Agreement, provided that if Borrowers have not delivered any renewal insurance policy required by the terms hereof on or before the day which is thirty (30) days prior to the expiration of such policy, Lender shall provide Borrowers with written notice of such failure and if Borrowers have not delivered such evidence of insurance coverage or renewal insurance policy as required by the terms hereof on or before the date which is ten (10) business days prior to the expiration of such insurance policy, Lender may purchase such insurance as aforesaid. Prior to purchasing any such insurance, Lender Administrative Agent will use its good faith efforts to provide notice to Borrowers Borrower of its intention to do so; , provided, however, that Lender's Administrative Agent’s failure to provide such notice shall not affect Borrowers' Borrower’s responsibility for the expense of such insurance purchased by LenderAdministrative Agent. This insurance may, but need not, protect Borrowers' Borrower’s interests. The coverage purchased by Lender Administrative Agent may not pay any claim made by Borrowers Borrower or any claim that is made against Borrowers Borrower in connection with a the Project or any required insurance policy. Borrowers Borrower may later cancel any insurance purchased by LenderAdministrative Agent, but only after providing Lender Administrative Agent with appropriate evidence that Borrowers have Borrower has obtained insurance as required by this Agreement. If Lender Administrative Agent on behalf of the Lenders purchases insurance for any the Project or insurance otherwise required by this Agreement, Borrowers Borrower will be responsible for the costs of that insurance and other charges imposed by Lender Administrative Agent in connection with the placement of the insurance until the effective date of the cancellation or expiration of the insurance. The costs of the insurance may be added to the Indebtedness effective as of the date Lender Administrative Agent purchases such insurance and such costs may be more than the cost of insurance Borrowers are Borrower is able to obtain on their its own. The effective date of coverage may be the date the prior coverage lapsed or the date on which Borrowers Borrower failed to provide Lender Administrative Agent proof of coverage.

Renewal of Insurance. Borrowers Borrower shall timely pay (or cause to be paid) all premiums on all insurance policies to assure that at all times Borrowers Borrower and each Master Tenant and Manager have in effect insurance as required pursuant to the Insurance RequirementsRequirements attached hereto as Exhibit E, and as and when additional insurance is required, from time to time, and as and when any policies of insurance may expire, furnish (or cause to be furnished) to Lender, premiums prepaid, additional and renewal insurance policies with companies, coverage and in amounts reasonably satisfactory to LenderLender based on customary practices of assisted living operators comparable to Alterra. "INSURANCE REQUIREMENTS" shall mean the requirements described on Exhibit E attached hereto. No Borrower shall not bring or keep keep, or permit to be brought or kept, any article on any Project or cause or allow any condition to exist on it, if that could invalidate or would be prohibited by any insurance coverage required to be maintained by such Borrower and each Master Tenant and Manager on such Projectthe Projects. If Borrowers have not provided Unless Borrower provides Lender with appropriate evidence of the insurance coverage required by this Agreement, Lender may purchase insurance at Borrowers' Borrower's expense to protect Lender's interests in the Projects and to maintain the insurance required by this Agreement, provided that if Borrowers have not delivered any renewal insurance policy required by the terms hereof on or before the day which is thirty (30) days prior to the expiration of such policy, Lender shall provide Borrowers with written notice of such failure and if Borrowers have not delivered such evidence of insurance coverage or renewal insurance policy as required by the terms hereof on or before the date which is ten (10) business days prior to the expiration of such insurance policy, Lender may purchase such insurance as aforesaid. Prior to purchasing any such insurance, Lender will use its good faith efforts to provide notice to Borrowers of its intention to do so; provided, however, that Lender's failure to provide such notice shall not affect Borrowers' responsibility for the expense of such insurance purchased by Lender. This insurance may, but need not, protect Borrowers' Borrower's or any Master Tenant's or Manager's interests. The coverage purchased by Lender may not pay any claim made by Borrowers Borrower or any Master Tenant or Manager or any claim that is made against Borrowers Borrower or any Master Tenant or Manager in connection with a Project the Projects or any required insurance policy. Borrowers Borrower may later cancel any insurance purchased by Lender, but only after providing Lender with appropriate evidence that Borrowers Borrower and each Master Tenant and Manager have obtained insurance as required by this Agreement. If Lender purchases insurance for any Project or insurance otherwise required by this Agreement, Borrowers Borrower will be responsible for the costs of that insurance and other charges imposed by Lender in connection with the placement of the insurance until the effective date of the cancellation or expiration of the insurance. The costs of the insurance may be added to the Indebtedness effective as of the date Lender purchases such insurance and such costs may be more than the cost of insurance Borrowers are Borrower or any Master Tenant or Manager is able to obtain on their its own. The effective date of coverage may be the date the prior coverage lapsed or the date on which Borrowers Borrower failed to provide Lender proof of coverage.

Renewal of Insurance. Borrowers Borrower shall cause Owner to timely pay ( or cause to be paid) all premiums on all insurance policies to assure that at all times Borrowers Owner and each Master Tenant and Manager have in effect insurance as required pursuant to the Senior Loan Documents and as otherwise required by the Insurance RequirementsRequirements attached hereto as Exhibit E, and as and when additional insurance is required, from time to time, and as and when any policies of insurance may expire, furnish ( or cause to be furnished) to Lender, premiums prepaid, additional and renewal insurance policies with companies, coverage and in amounts reasonably satisfactory to LenderLender based on customary practices of assisted living operators comparable to Alterra. "INSURANCE REQUIREMENTS" shall mean the requirements described on Exhibit E attached hereto. No Borrower shall not, and shall not permit Owner to, bring or keep keep, or permit to be brought or kept, any article on any Project or cause or allow any condition to exist on it, if that could invalidate or would be prohibited by any insurance coverage required to be maintained by such Borrower or Owner and each Master Tenant and Manager on such Projectthe Projects. If Borrowers have not provided Unless Borrower provides Lender with appropriate evidence of the insurance coverage required by this Agreement, Lender may purchase insurance at Borrowers' Borrower's expense to protect Lender's interests in the Projects and to maintain the insurance required by this Agreement, provided that if Borrowers have not delivered any renewal insurance policy required by the terms hereof on or before the day which is thirty (30) days prior to the expiration of such policy, Lender shall provide Borrowers with written notice of such failure and if Borrowers have not delivered such evidence of insurance coverage or renewal insurance policy as required by the terms hereof on or before the date which is ten (10) business days prior to the expiration of such insurance policy, Lender may purchase such insurance as aforesaid. Prior to purchasing any such insurance, Lender will use its good faith efforts to provide notice to Borrowers of its intention to do so; provided, however, that Lender's failure to provide such notice shall not affect Borrowers' responsibility for the expense of such insurance purchased by Lender. This insurance may, but need not, protect Borrowers' Borrower's, Owner's or any Master Tenant's or Manager's interests. The coverage purchased by Lender may not pay any claim made by Borrowers Borrower, Owner or any Master Tenant or Manager or any claim that is made against Borrowers Borrower, Owner or any Master Tenant or Manager in connection with a Project the Projects or any required insurance policy. Borrowers Borrower may later cancel any insurance purchased by Lender, but only after providing Lender with appropriate evidence that Borrowers Borrower or Owner and each Master Tenant and Manager have obtained insurance as required by this Agreement. If Lender purchases insurance for any Project or insurance otherwise required by this Agreement, Borrowers Borrower will be responsible for the costs of that insurance and other charges imposed by Lender in connection with the placement of the insurance until the effective date of the cancellation or expiration of the insurance. The costs of the insurance may be added to the Indebtedness effective as of the date Lender purchases such insurance and such costs may be more than the cost of insurance Borrowers are Borrower or Owner or any Master Tenant or Manager is able to obtain on their its own. The effective date of coverage may be the date the prior coverage lapsed or the date on which Borrowers Borrower failed to provide Lender proof of coverage.