REQUIRED INSURANCE AND TERMS OF INSURANCE POLICIES. (a) During the term of this Deed of Trust, Grantor at its sole cost and expense must provide insurance policies and certificates of insurance satisfactory to Beneficiary as to amounts, types of coverage and the companies underwriting these coverages. In no event will such policies be terminated or otherwise allowed to lapse. Grantor shall be responsible for its own deductibles. Grantor shall also pay for any insurance, or any increase of policy limits, not described in the Deed of Trust which Grantor requires for its own protection or for compliance with government statutes. Grantor's insurance shall be primary and without contribution from any insurance procured by Beneficiary. Policies and to the extent permitted by Section 3.01(b) or (e) hereof certificates of insurance shall be delivered to Beneficiary in accordance with the following requirements: (1) All Risk Property insurance on the Improvements and the Personal Property, including contingent liability from Operation of Building Laws, Demolition Costs and Increased Cost of Construction endorsements, in each case (i) in an amount equal to 100% of the "Full Replacement Cost" of the Improvements and Personal Property, which for purposes of this Article III shall mean actual replacement value (exclusive of costs of excavations, foundations, underground utilities and footings) with a waiver of depreciation and with a Replacement Cost Endorsement; (ii) containing an agreed amount endorsement with respect to the Improvements and Personal Property waiving all co-insurance provisions; (iii) providing for no deductible in excess of $10,000; and (iv) containing an "Ordinance or Law Coverage" or "Enforcement" endorsement if any of the Improvements or the use of the Property shall constitute non-conforming structures or uses. The Full Replacement Cost shall be determined from time to time by an appraiser or contractor designated and paid by Grantor and approved by Beneficiary or by an engineer or appraiser in the regular employ of the insurer.
Appears in 1 contract
Samples: Deed of Trust, Security Agreement and Fixture Filing (Boston Properties Inc)
REQUIRED INSURANCE AND TERMS OF INSURANCE POLICIES. (a) During the term of this Deed of TrustMortgagor shall obtain and maintain, Grantor at its sole cost and expense must provide or cause to be maintained, insurance policies and certificates of insurance satisfactory to Beneficiary as to amounts, types of coverage for Mortgagor and the companies underwriting these coverages. In no event will such policies be terminated or otherwise allowed to lapse. Grantor shall be responsible for its own deductibles. Grantor shall also pay for any insurance, or any increase of policy limits, not described in the Deed of Trust which Grantor requires for its own protection or for compliance with government statutes. Grantor's insurance shall be primary and without contribution from any insurance procured by Beneficiary. Policies and to the extent permitted by Section 3.01(b) or (e) hereof certificates of insurance shall be delivered to Beneficiary in accordance with Property providing at least the following requirementscoverages:
(1i) All Risk Property comprehensive all risk insurance on the Improvements (excluding the Improvements leased pursuant to the Major Leases if the tenants thereunder are required to maintain, and have not failed to maintain, all risk insurance with respect to such Improvements) and the Personal Property, including contingent liability from Operation of Building Laws, Demolition Costs and Increased Cost of Construction endorsementsEndorsements, in each case (iA) in an amount equal to one hundred percent (100% %) of the "“Full Replacement Cost" of the Improvements and Personal Property, ,” which for purposes of this Article III shall mean actual replacement value (exclusive of costs of excavations, foundations, underground utilities and footings) with a waiver of depreciation and with a Replacement Cost Endorsementdepreciation; (iiB) containing an agreed amount endorsement with respect to the Improvements and Personal Property waiving all co-insurance provisions; (iiiC) providing for no deductible in excess of Two Hundred Fifty Thousand and No/100 Dollars ($10,000250,000.00) for all such insurance coverage, (each, as applicable, the “Required Deductible”) or such higher deductibles if Mortgagor provides Mortgagee a Letter of Credit in an amount equal to the difference between the actual deductible and the Required Deductible, which Letter of Credit may be drawn upon by Mortgagee upon the occurrence of a Casualty to pay such amounts that would have been paid by the issuer of the Policies (hereinafter defined) if the Required Deductible had been maintained; and (ivD) containing an "“Ordinance or Law Coverage" ” or "“Enforcement" ” endorsement if any of the Improvements or the use of the Property shall at any time constitute legal non-conforming structures or uses. In addition, Mortgagor shall obtain: (y) if any portion of the Improvements is currently or at any time in the future located in a federally designated “special flood hazard area,” flood hazard insurance in an amount equal to the lesser of (1) the outstanding principal balance of the Note or (2) the maximum amount of such insurance available under the National Flood Insurance Act of 1968, the Flood Disaster Protection Act of 1973 or the National Flood Insurance Reform Act of 1994, as each may be amended or such greater amount as Mortgagee shall require; provided that the insurance pursuant to clause (y) hereof shall be on terms consistent with the comprehensive all risk insurance policy required under this subsection (i);
(ii) commercial general liability insurance against claims for personal injury, bodily injury, death or property damage occurring upon, in or about the Property, such insurance (A) to contain minimum limits per occurrence of One Million and No/100 Dollars ($1,000,000.00) and Two Million and No/100 Dollars ($2,000,000.00) in the aggregate for any policy year, plus umbrella liability coverage in an amount not less than One Hundred Million and No/100 Dollars ($100,000,000.00) per occurrence as set forth in clause (vii) below; (B) to continue at not less than this limit until required to be changed by Mortgagee in writing by reason of changed economic conditions making such protection inadequate; and (C) to cover at least the following hazards: (1) premises and operations; (2) products and completed operations on an “if any” basis; (3) independent contractors; (4) blanket contractual liability for all legal contracts; and (5) contractual liability covering the indemnities contained in this Mortgage to the extent the same is available;
(iii) business income insurance (A) with loss payable to Mortgagee; (B) covering all risks required to be covered by the insurance provided for in subsection (i) above; (C) in an amount equal to one hundred percent (100%) of the projected gross income from the Property on an actual loss sustained basis, from the date of such Casualty (assuming such Casualty had not occurred) through the date of restoration (regardless of the length of such period). The Full Replacement Cost per annum amount of such business income insurance shall be determined prior to the Execution Date and at least once each year thereafter based on Mortgagor’s reasonable estimate of the gross income from the Property. Mortgagor shall also provide an extended period of indemnity endorsement for the succeeding twelve (12) month period following Restoration. Notwithstanding anything to the contrary in the Cash Management Agreement, but subject to Section 7.04 hereof, all proceeds payable to Mortgagee pursuant to this subsection shall be held by Mortgagee and shall be applied at Mortgagee’s sole discretion to (I) the obligations secured by the Loan Documents as and when such obligations become due and payable hereunder and under the Note or (II) operating expenses of the Property approved by Mortgagee in its sole discretion, and any remaining proceeds shall thereafter be paid to Mortgagor; provided, however, that nothing herein contained shall be deemed to relieve Mortgagor of its obligations to pay the obligations secured by the Loan Documents on the respective dates of payment provided for in the Note and the other Loan Documents except to the extent such amounts are actually paid out of the proceeds of such business income insurance;
(iv) at all times during which structural construction, repairs or alterations are being made with respect to the Improvements, and only if the Property coverage form does not otherwise apply, (A) owner’s contingent or protective liability insurance covering claims not covered by or under the terms or provisions of the above mentioned commercial general liability insurance policy; and (B) the insurance provided for in subsection (i) above written in a so-called builder’s risk completed value form (1) on a non-reporting basis, (2) against all risks insured against pursuant to subsection (i) above, (3) including permission to occupy the Property, and (4) with an agreed amount endorsement (in an amount reasonably required by Mortgagee) waiving co-insurance provisions;
(v) workers’ compensation insurance, subject to the statutory limits of the State, and employer’s liability insurance with a limit of at least One Million and No/100 Dollars ($1,000,000.00) per accident and per disease per employee, and One Million and No/100 Dollars ($1,000,000.00) for disease in the aggregate in respect of any work or operations on or about the Property, or in connection with the Property or its operations (if applicable);
(vi) comprehensive boiler and machinery insurance, if applicable, in amounts as shall be reasonably required by Mortgagee on terms consistent with the commercial property insurance policy required under subsection (i) above;
(vii) umbrella liability insurance in an amount not less than One Hundred Million and No/100 Dollars ($100,000,000.00) per occurrence on terms consistent with the commercial general liability insurance policy required under subsection (iii) above;
(viii) motor vehicle liability coverage for all owned and non-owned vehicles, including rented and leased vehicles containing minimum limits per occurrence, including umbrella coverage, of One Million and No/100 Dollars ($1,000,000.00);
(ix) if the Property is or becomes a legal “non-conforming” use, ordinance or law coverage and insurance coverage to compensate for the cost of demolition or rebuilding of the undamaged portion of the Property along with any reduced value and the increased cost of construction in amounts as requested by Mortgagee;
(x) the commercial property and business income insurance required under Sections 3.01(a)(i) and (iii) above shall cover perils of terrorism and acts of terrorism and Mortgagor shall maintain commercial property and business income insurance for loss resulting from perils and acts of terrorism as required under the Terrorism Insurance Agreement, which is incorporated herein by reference as if fully set forth herein.
(xi) upon sixty (60) days’ written notice, such other reasonable insurance and in such reasonable amounts as Mortgagee from time to time may reasonably request against such other insurable hazards which at the time are commonly insured against for property similar to the Property located in or around the region in which the Property is located.
(b) All insurance provided for in Section 3.01(a) shall be obtained under valid and enforceable policies (collectively, the “Policies” or, in the singular, the “Policy”), and shall be subject to the confirmation by Mortgagee that the insurance companies, amounts, deductibles, loss payees and insureds satisfy the requirements expressly set forth herein. The Policies shall be issued by financially sound and responsible insurance companies authorized to do business in the state in which the Property is located and having a claims paying ability rating of “A” or better by S&P and Fitch and an appraiser insurance financial strength rating of “A2” by Xxxxx’x. If a Securitization occurs, (i) the foregoing required insurance company rating by a Rating Agency not rating any Securities shall be disregarded and (ii) if the insurance company complies with the aforesaid S&P required rating (and S&P is rating the Securities) and the other Rating Agencies rating the Securities do not rate the insurance company, such insurance company shall be deemed acceptable with respect to such Rating Agency not rating such insurance company. If a Securitization occurs and S&P is not a Rating Agency, each of the insurance companies shall have a claims paying ability rating of at least “A-“ by Fitch and an insurance financial strength rating of “A3” by Xxxxx’x and at least sixty-seven percent (67%) of the coverage shall be provided by insurance companies having claims paying ability ratings of “A” by Fitch and an insurance financial strength rating of “A2” by Xxxxx’x; provided, however, if Fitch or contractor designated Xxxxx’x shall not provide a rating for an insurance company, then an A.M. Best rating of “A:X” shall be substituted for each of the foregoing rating requirements of Fitch or Xxxxx’x, as applicable. The Policies described in this Section 3.01 (other than those strictly limited to liability protection) shall designate Mortgagee as loss payee. Not less than ten (10) days prior to the expiration dates of the Policies theretofore furnished to Mortgagee, certificates of insurance evidencing the Policies, accompanied by evidence satisfactory to Mortgagee of payment of the premiums due thereunder (the “Insurance Premiums”), shall be delivered by Mortgagor to Mortgagee.
(c) Any blanket insurance Policy shall specifically allocate to the Property the amount of coverage from time to time required hereunder and shall otherwise provide the same protection as would a separate Policy insuring only the Property in compliance with the provisions of Section 3.01 (a).
(d) All Policies of insurance provided for or contemplated by Section 3.01(a), except for the Policy referenced in Section 3.01(a)(v), shall name Mortgagor or the tenant as the insured, as applicable, and Mortgagee as the additional insured and, if not named as insured, Mortgagor shall also be named as an additional insured, as their respective interests may appear, and, in the case of property damage, boiler and machinery, flood and earthquake insurance, shall contain a so-called New York standard non-contributing mortgagee clause in favor of Mortgagee providing that the loss thereunder shall be payable to Mortgagee.
(e) All Policies of insurance provided for in this Section 3.01 shall contain clauses or endorsements to the effect that:
(i) no act or negligence by Mortgagor, or anyone acting for Mortgagor, or any tenant or other occupant, or failure to comply with the provisions of any Policy, which might otherwise result in a forfeiture of the insurance or any part thereof, shall in any way affect the validity or enforceability of the insurance insofar as Mortgagee is concerned;
(ii) the Policy shall not be materially changed (other than to increase the coverage provided thereby) or canceled without at least thirty (30) days’ written notice to Mortgagee and any other party named therein as an additional insured; provided, however, in the event that Mortgagor is informed that the insurance coverage required to be maintained pursuant to Section 3.01(a)(x) hereof is cancelled, or will be cancelled, Mortgagor shall immediately notify Mortgagee of such cancellation after Mortgagor receives such notice;
(iii) the issuers thereof shall give written notice to Mortgagee if the Policy has not been renewed fifteen (15) days prior to its expiration; and
(iv) Mortgagee shall not be liable for any Insurance Premiums thereon or subject to any assessments thereunder.
(f) If at any time Mortgagee is not in receipt of written evidence that all insurance required hereunder is in full force and effect, Mortgagee shall have the right, upon prior notice to Mortgagor, to take such action as Mortgagee deems necessary to protect its interest in the Property, including, without limitation, the obtaining of such insurance coverage as Mortgagee in its sole discretion deems appropriate. All premiums incurred by Mortgagee in connection with such action or in obtaining such insurance and keeping it in effect shall be paid by Grantor Mortgagor to Mortgagee upon demand and, until paid, shall be secured by the Mortgage and approved by Beneficiary or by an engineer or appraiser shall bear interest at the Default Rate (as defined in the regular employ of the insurerNote).
Appears in 1 contract
Samples: Mortgage, Security Agreement, and Fixture Filing (Taubman Centers Inc)
REQUIRED INSURANCE AND TERMS OF INSURANCE POLICIES. (a) During the term of this Deed of TrustMortgage, Grantor Borrower at its sole cost and expense must provide insurance policies and certificates of insurance satisfactory to Beneficiary Lender as to amounts, types of coverage and the companies underwriting these coverages. In no event will shall such policies be terminated or otherwise allowed to lapse. Grantor Borrower shall be responsible for its own deductibles. Grantor Borrower shall also pay for any insurance, or any increase of policy limits, not described in the Deed of Trust this Mortgage which Grantor Borrower requires for its own protection or for compliance with government statutes. GrantorBorrower's insurance shall be primary and without contribution from any insurance procured by BeneficiaryLender. Policies and to the extent permitted by Section 3.01(b) or (e) hereof certificates of insurance shall be delivered to Beneficiary Lender in accordance with the following requirements:
(1) All Risk Property insurance on the Improvements and the Personal Property, including contingent liability from Operation of Building Laws, Demolition Costs and Increased Cost of Construction endorsements, in each case (i) in an amount equal to 100% of the "Full Replacement Cost" of the Improvements and Personal Property, which for purposes of this Article III shall mean actual replacement value (exclusive of costs of excavations, foundations, underground utilities and footings) with a waiver of depreciation and with a Replacement Cost Endorsement; (ii) containing an agreed amount endorsement with respect to the Improvements and Personal Property waiving all co-insurance provisions; (iii) providing for no deductible in excess of $10,000; and (iv) containing an "Ordinance or Law Coverage" or "Enforcement" endorsement if any of the Improvements or the use of the Property shall constitute non-conforming structures or uses. The Full Replacement Cost shall be determined from time to time by an appraiser or contractor designated and paid by Grantor Borrower and approved by Beneficiary Lender or by an engineer or appraiser in the regular employ of the insurer.
Appears in 1 contract
Samples: Mortgage, Security Agreement and Fixture Filing (Acadia Realty Trust)
REQUIRED INSURANCE AND TERMS OF INSURANCE POLICIES. (a) During the term of this Deed of Trust, Grantor Affiliated Guarantor and Operating Lessee at its sole cost and expense must shall provide or shall cause the Manager under the Management Agreement to provide insurance policies and certificates of insurance satisfactory to Beneficiary as to and in such amounts, and with the types of coverage coverage, exclusions and the companies underwriting these coveragescoverages as hereinafter described. In no event will shall such policies be terminated or otherwise allowed to lapselapse unless replaced with a policy complying with the requirements set forth in this Article III. Grantor Affiliated Guarantor shall be responsible for its own deductibles. Grantor Affiliated Guarantor shall also pay for any insurance, or any increase of policy limits, not described in the this Deed of Trust which Grantor Affiliated Guarantor requires for its own protection or for compliance with government statutes. Grantor's statutes Affiliated Guarantor’s insurance shall be primary and without contribution from any insurance procured by Beneficiary. Policies and to the extent permitted by Section 3.01(b) or (e) hereof certificates of insurance shall be delivered to Beneficiary in accordance comply with the following requirements:
(1) All Risk Property insurance on the Improvements and the Personal Property, including contingent liability from Operation of Building Laws, Demolition Costs and Increased Cost of Construction endorsements, Property insuring against any peril now or hereafter included within the classification “All Risk” or “Special Perils,” in each case (i) in an amount equal to 100% of the "“Full Replacement Cost" ” (as hereinafter defined) of the Improvements and Personal Property, which for purposes of this Article III shall mean actual replacement value (exclusive of costs of excavations, foundations, underground utilities and footings) Property with a waiver of depreciation and with a Replacement Cost Endorsement; (ii) containing an agreed amount endorsement with respect to the Improvements and Personal Property waiving all co-insurance provisions; (iii) providing for no deductible in excess of $10,000250,000; provided, however, the deductibles for perils of earthquake and windstorm shall not be in excess of 5% of the total insured value; and (iv) containing an "Ordinance or Law Coverage" , Operation of Building Laws, Demolition Costs and Increased Cost of Construction in an amount reasonably required by Beneficiary or "Enforcement" endorsement if any of the Improvements or the use of the Property shall constitute non-conforming structures or usesthen in the amount of 100% of the Full Replacement Cost. The Full Replacement Cost shall be determined from time to time by an appraiser or contractor designated and paid by Grantor Affiliated Guarantor and approved by Beneficiary or by an engineer or appraiser in the regular employ of the insurer. The “Full Replacement Cost” for purposes of this Article III shall mean the estimated total cost of construction required to replace the Improvements with a substitute of like utility, and using modern materials and current standards, design and layout. For purposes of calculating Full Replacement Cost direct (hard) costs shall include, without limitation, labor, materials, supervision and contractor’s profit and overhead and indirect (soft) costs shall include, without limitation, fees for architect’s plans and specifications, construction financing costs, permits, sales taxes, insurance and other costs included in the Xxxxxxxx Valuation Service published by Xxxxxxxx & Swifts.
(2) Commercial General Liability insurance against claims for personal injury, bodily injury, death or property damage occurring upon, in or about the Property, such insurance (i) to be on the so-called “occurrence” form with a combined single limit of not less than the amount set forth in the Defined Terms; (ii) to continue at not less than this limit until required to be changed by Beneficiary in writing by reason of changed economic conditions making such protection inadequate; and (iii) to cover at least the following hazards: (a) premises and operations; (b) products and completed operations on an “if any” basis; (c) independent contractors; (d) blanket contractual liability for all written and oral contracts; and (e) contractual liability covering the indemnities contained in this Deed of Trust to the extent available.
(3) Business Income insurance in an amount sufficient to prevent Affiliated Guarantor from becoming a co-insurer within the terms of the applicable policies, and sufficient to recover 24 months “Business Income” (as hereinafter defined) and with an Extended Period of Indemnity of 12 months. The amount of such insurance shall be increased from time to time during the term of this Deed of Trust as and when new leases and renewal leases are entered into and rents payable increase or the annual estimate of gross income from occupancy of the Property increases to reflect such rental increases. “Business Income” shall mean the sum of (i) the total annual estimate of gross income in connection with the operation, use and from use and occupancy of the Property as a hotel which is received by Manager, Operating Lessee and/or Affiliated Guarantor, including without limitation, all hotel room revenues, restaurant food and beverage revenues and other revenues, less any non- continuing expenses for such period, (ii) the amount of all rent and other charges (such as, but not limited to, operating expenses, insurance premiums and taxes) which are the obligation of tenants or occupants to Manager, Operating Lessee and/or Affiliated Guarantor, and (iii) any other amounts payable to Affiliated Guarantor or to any affiliate of Affiliated Guarantor pursuant to leases or occupancy or license agreements of any type or nature.
Appears in 1 contract
Samples: Subordinate Deed of Trust, Security Agreement and Fixture Filing (Strategic Hotels & Resorts, Inc)
REQUIRED INSURANCE AND TERMS OF INSURANCE POLICIES. (a) During the term of this Deed of TrustTo Secure Debt, Grantor at its sole cost and expense must provide the below referenced insurance policies and certificates of insurance satisfactory to Beneficiary Grantee as to amounts, types of coverage and the companies underwriting these coverages. In no event will shall such policies be terminated or otherwise allowed to lapselapse unless replaced by the same or better coverage. Grantor shall be responsible for its own deductibles. Grantor shall also pay for any insurance, or any increase of policy limits, not described in the this Deed of Trust To Secure Debt which Grantor requires for its own protection or for compliance with government statutes. Grantor's insurance shall be primary and without contribution from any insurance procured by BeneficiaryGrantee. Policies and to the extent permitted by Section 3.01(b) or (e) hereof certificates of insurance shall be delivered to Beneficiary Grantee in accordance with the following requirements:
(1) All Risk Property insurance on the Improvements and the Personal Property, including contingent liability from Operation of Building Laws, Demolition Costs and Increased Cost of Construction endorsements, in each case Property (i) in an amount equal to 100% of the "Full Replacement Cost" of the Improvements and Personal Property, which for purposes of this Article III shall mean actual replacement value (exclusive of costs of excavations, foundations, underground utilities and footings) with a waiver of depreciation and with a Replacement Cost Endorsement; (ii) containing an agreed amount endorsement with respect to the Improvements and Personal Property waiving all co-insurance provisions; (iii) providing for no deductible in excess of $10,00025,000; and (iv) containing an "Ordinance or Law Coverage" or "Enforcement" endorsement if any of the Improvements or the use of the Property shall constitute non-conforming structures or uses. The Full Replacement Cost shall be determined from time to time by an appraiser or contractor designated and paid by Grantor and approved by Beneficiary Grantee or by an engineer or appraiser in the regular employ of the insurer.
Appears in 1 contract
Samples: Deed to Secure Debt and Security Agreement (Koger Equity Inc)
REQUIRED INSURANCE AND TERMS OF INSURANCE POLICIES. (a) During the term of this Deed of Trust, Grantor Trustor at its sole cost and expense must provide insurance policies and certificates of insurance satisfactory to Beneficiary as to amounts, types of coverage and the companies underwriting these coverages. In no event will shall such policies be terminated or otherwise allowed to lapse. Grantor Trustor shall be responsible for its own deductibles. Grantor Trustor shall also pay for any insurance, or any increase of policy limits, not described in the this Deed of Trust which Grantor Trustor requires for its own protection or for compliance with government statutes. Grantor's Trustor’s insurance shall be primary and without contribution from any insurance procured by Beneficiary. Policies and to the extent permitted by Section 3.01(b) or (e) hereof certificates of insurance shall be delivered to Beneficiary in accordance with the following requirements:
(1i) All Risk Property insurance on the Improvements and the Personal Property, including contingent liability from Operation of Building Laws, Demolition Costs and Increased Cost of Construction endorsements, in each case (iA) in an amount equal to 100% of the "Full Replacement Cost" of the Improvements and Personal Property, which for purposes of this Article III 3 shall mean actual replacement value (exclusive of costs of excavations, foundations, underground utilities and footings) with a waiver of depreciation and with a Replacement Cost Endorsement; (iiB) containing an agreed amount endorsement with respect to the Improvements and Personal Property waiving all co-insurance provisions; (iiiC) providing for no deductible in excess of $10,00050,000; and (ivD) containing an "Ordinance or Law Coverage" or "Enforcement" endorsement if any of the Improvements or the use of the Property shall constitute non-conforming structures or uses. The Full Replacement Cost shall be determined from time to time by an appraiser or contractor designated and paid by Grantor Trustor and approved in writing by Beneficiary or by an engineer or appraiser in the regular employ of the insurer.
(ii) Commercial General Liability insurance against claims for personal injury, bodily injury, death or property damage occurring upon, in or about the Property, such insurance (A) to be on the so-called "occurrence" form with a combined single limit of not less than the amount set forth in the Defined Terms; (B) to continue at not less than this limit until required to be changed by Beneficiary in writing by reason of changed economic conditions making this protection inadequate; and (C) to cover at least the following hazards: (a) premises and operations; (b) products and completed operations on an "if any" basis; (c) independent contractors; (d) blanket contractual liability for all written and oral contracts; and (e) contractual liability covering the indemnities contained in this Deed of Trust to the extent available.
(iii) Business Income insurance in an amount sufficient to prevent Trustor from becoming a co-insurer within the terms of the applicable policies, and sufficient to recover eighteen (18) months of "Business Income" (as hereinafter defined). "Business Income" shall mean the sum of (A) the total anticipated gross income from occupancy of the Property, (B) the amount of all charges (such as, but not limited to, operating expenses, insurance premiums and taxes) which are the obligation of tenants or occupants to Trustor, (C) the fair market rental value of any portion of the Property which is occupied by Trustor, and (D) any other amounts payable to Trustor or to any affiliate of Trustor pursuant to Leases.
Appears in 1 contract
Samples: Deed of Trust, Security Agreement and Fixture Filing (Maguire Properties Inc)
REQUIRED INSURANCE AND TERMS OF INSURANCE POLICIES. (a) During the term of this Deed of TrustMortgage, Grantor Mortgagor at its sole cost and expense must provide insurance policies and certificates of insurance satisfactory to Beneficiary Mortgagee as to amounts, types of coverage and the companies underwriting these coverages. In no event will such policies be terminated or otherwise allowed to lapse. Grantor Mortgagor shall be responsible for its own deductibles. Grantor Mortgagor shall also pay for any insurance, or any increase of policy limits, not described in the Deed of Trust Mortgage which Grantor Mortgagor requires for its own protection or for compliance with government statutes. GrantorMortgagor's insurance shall be primary and without contribution from any insurance procured by BeneficiaryMortgagee. Policies and to the extent permitted by Section 3.01(b) or (e) hereof certificates of insurance shall be delivered to Beneficiary Mortgagee in accordance with the following requirements:
(1) All Risk Property insurance on the Improvements and the Personal Property, including contingent liability from Operation of Building Laws, Demolition Costs and Increased Cost of Construction endorsements, in each case (i) in an amount equal to 100% of the "Full Replacement Cost" of the Improvements and Personal Property, which for purposes of this Article III shall mean actual replacement value (exclusive of costs of excavations, foundations, underground utilities and footings) with a waiver of depreciation and with a Replacement Cost Endorsement; (ii) containing an agreed amount endorsement with respect to the Improvements and Personal Property waiving all co-insurance provisions; (iii) providing for no deductible in excess of $10,00025,000; and (iv) containing an "Ordinance or Law Coverage" or "Enforcement" endorsement if any of the Improvements or the use of the Property shall constitute non-conforming structures or uses. The Full Replacement Cost shall be determined from time to time by an appraiser or contractor designated and paid by Grantor Mortgagor and approved by Beneficiary Mortgagee or by an engineer or appraiser in the regular employ of the insurer.
Appears in 1 contract
Samples: Mortgage, Security Agreement and Fixture Filing (Taubman Centers Inc)
REQUIRED INSURANCE AND TERMS OF INSURANCE POLICIES. (a) During the term of this Deed of TrustMortgage, Grantor Affiliated Guarantor and Operating Lessee at its sole cost and expense must shall provide or shall cause the Manager under the Management Agreement to provide insurance policies and certificates of insurance satisfactory to Beneficiary as to Lender and in such amounts, and with the types of coverage coverage, exclusions and the companies underwriting these coveragescoverages as hereinafter described. In no event will shall such policies be terminated or otherwise allowed to lapselapse unless replaced with a policy complying with the requirements set forth in this Article III. Grantor Affiliated Guarantor shall be responsible for its own deductibles. Grantor Affiliated Guarantor shall also pay for any insurance, or any increase of policy limits, not described in the Deed of Trust this Mortgage which Grantor Affiliated Guarantor requires for its own protection or for compliance with government statutes. Grantor's Affiliated Guarantor’s insurance shall be primary and without contribution from any insurance procured by BeneficiaryLender. Policies and to the extent permitted by Section 3.01(b) or (e) hereof certificates of insurance shall be delivered to Beneficiary in accordance comply with the following requirements:
(1) All Risk Property insurance on the Improvements and the Personal Property, including contingent liability from Operation of Building Laws, Demolition Costs and Increased Cost of Construction endorsements, Property insuring against any peril now or hereafter included within the classification “All Risk” or “Special Perils,” in each case (i) in an amount equal to 100% of the "“Full Replacement Cost" ” (as hereinafter defined) of the Improvements and Personal Property, which for purposes of this Article III shall mean actual replacement value (exclusive of costs of excavations, foundations, underground utilities and footings) Property with a waiver of depreciation and with a Replacement Cost Endorsement; (ii) containing an agreed amount endorsement with respect to the Improvements and Personal Property waiving all co-insurance provisions; (iii) providing for no deductible in excess of $10,000250,000; provided, however, the deductibles for perils of earthquake and windstorm shall not be in excess of 5% of the total insured value; and (iv) containing an "Ordinance or Law Coverage" , Operation of Building Laws, Demolition Costs and Increased Cost of Construction in an amount reasonably required by Lender or "Enforcement" endorsement if any of the Improvements or the use of the Property shall constitute non-conforming structures or usesthen in the amount of 100% of the Full Replacement Cost. The Full Replacement Cost shall be determined from time to time by an appraiser or contractor designated and paid by Grantor Affiliated Guarantor and approved by Beneficiary Lender or by an engineer or appraiser in the regular employ of the insurer. The “Full Replacement Cost” for purposes of this Article III shall mean the estimated total cost of construction required to replace the Improvements with a substitute of like utility, and using modern materials and current standards, design and layout. For purposes of calculating Full Replacement Cost direct (hard) costs shall include, without limitation, labor, materials, supervision and contractor’s profit and overhead and indirect (soft) costs shall include, without limitation, fees for architect’s plans and specifications, construction financing costs, permits, sales taxes, insurance and other costs included in the Xxxxxxxx Valuation Service published by Xxxxxxxx & Swifts.
(2) Commercial General Liability insurance against claims for personal injury, bodily injury, death or property damage occurring upon, in or about the Property, such insurance (i) to be on the so-called “occurrence” form with a combined single limit of not less than the amount set forth in the Defined Terms; (ii) to continue at not less than this limit until required to be changed by Lender in writing by reason of changed economic conditions making such protection inadequate; and (iii) to cover at least the following hazards: (a) premises and operations; (b) products and completed operations on an “if any” basis; (c) independent contractors; (d) blanket contractual liability for all written and oral contracts; and (e) contractual liability covering the indemnities contained in this Mortgage to the extent available.
(3) Business Income insurance in an amount sufficient to prevent Affiliated Guarantor from becoming a co-insurer within the terms of the applicable policies, and sufficient to recover 24 months “Business Income” (as hereinafter defined) and with an Extended Period of Indemnity of 12 months. The amount of such insurance shall be increased from time to time during the term of this Mortgage as and when new leases and renewal leases are entered into and rents payable increase or the annual estimate of gross income from occupancy of the Property increases to reflect such rental increases. “Business Income” shall mean the sum of (i) the total annual estimate of gross income in connection with the operation, use and from use and occupancy of the Property as a hotel which is received by Manager, Operating Lessee and/or Affiliated Guarantor, including without limitation, all hotel room revenues, restaurant food and beverage revenues and other revenues, less any non-continuing expenses for such period, (ii) the amount of all rent and other charges (such as, but not limited to, operating expenses, insurance premiums and taxes) which are the obligation of tenants or occupants to Manager, Operating Lessee and/or Affiliated Guarantor, and (iii) any other amounts payable to Affiliated Guarantor or to any affiliate of Affiliated Guarantor pursuant to leases or occupancy or license agreements of any type or nature.
Appears in 1 contract
Samples: Subordinate Mortgage, Security Agreement and Fixture Filing (Strategic Hotels & Resorts, Inc)
REQUIRED INSURANCE AND TERMS OF INSURANCE POLICIES. (a) During the term of this Deed of TrustMortgage, Grantor Borrower at its sole cost and expense must provide insurance policies and certificates of insurance satisfactory to Beneficiary as to Lender and in such amounts, and with types of coverage coverage, exclusions and the companies underwriting these coveragescoverages as hereinafter described. In no event will shall such policies be terminated or otherwise allowed to lapselapse unless replaced with a policy complying with the requirements set forth in this Article III. Grantor Borrower shall be responsible for its own deductibles. Grantor Borrower shall also pay for any insurance, or any increase of policy limits, not described in the Deed of Trust this Mortgage which Grantor Borrower requires for its own protection or for compliance with government statutes. Grantor's Borrower’s insurance shall be primary and without contribution from any insurance procured by BeneficiaryLender. Policies and to the extent permitted by Section 3.01(b) or (e) hereof certificates of insurance shall be delivered to Beneficiary in accordance comply with the following requirements:
(1) All Risk Property insurance on the Improvements and the Personal Property, including contingent liability from Operation of Building Laws, Demolition Costs and Increased Cost of Construction endorsements, Property insuring against any peril now or hereafter included within the classification “All Risk” or “Special Perils,” in each case (i) in an amount equal to 100% of the "“Full Replacement Cost" ” (as hereinafter defined) of the Improvements and Personal Property, which for purposes of this Article III shall mean actual replacement value (exclusive of costs of excavations, foundations, underground utilities and footings) Property with a waiver of depreciation and with a Replacement Cost Endorsement; (ii) containing an agreed amount endorsement with respect to the Improvements and Personal Property waiving all co-insurance provisions; (iii) providing for no deductible in excess of $10,000250,000.00; and (iv) containing an "Ordinance or Law Coverage" , Operation of Building Laws, Demolition Costs and Increased Cost of Construction in an amount reasonably required by Lender or "Enforcement" endorsement if any of the Improvements or the use of the Property shall constitute non-conforming structures or usesthen in the amount of $50,000,000.00. The Full Replacement Cost shall be determined from time to time by an appraiser or contractor designated and paid by Grantor Borrower and approved by Beneficiary Lender or by an engineer or appraiser in the regular employ of the insurer. The “Full Replacement Cost” for purposes of this Article III shall mean the estimated total cost of construction required to replace the Improvements with a substitute of like utility, and using modern materials and current standards, design and layout. For purposes of calculating Full Replacement Cost direct (hard) costs shall include, without limitation, labor, materials, supervision and contractor’s profit and overhead and indirect (soft) costs shall include, without limitation, fees for architect’s plans and specifications, construction financing costs, permits, sales taxes, insurance and other costs included in the Xxxxxxxx Valuation Service published by Xxxxxxxx & Swifts.
(2) Commercial General Liability insurance against claims for personal injury, bodily injury, death or property damage occurring upon, in or about the Property, such insurance (i) to be on the so-called “occurrence” form with a combined single limit of not less than the amount set forth in the Defined Terms; (ii) to continue at not less than this limit until required to be changed by Lender in writing by reason of changed economic conditions making such protection inadequate; and (iii) to cover at least the following hazards: (a) premises and operations; (b) products and completed operations on an “if any” basis; (c) independent contractors; (d) blanket contractual liability for all written and oral contracts; and (e) contractual liability covering the indemnities contained in this Mortgage to the extent available.
(3) Business Income insurance in an amount sufficient to prevent Borrower from becoming a co-insurer within the terms of the applicable policies, and sufficient to recover eighteen (18) months “Business Income” (as hereinafter defined) and with an Extended Period of Indemnity of 12 months. Notwithstanding the terms of Section 3.1(h) below, the amount of such insurance shall be increased from time to time during the terms of this Mortgage as and when new leases and renewal leases are entered into and rents payable increase or the annual estimate of gross income form occupancy the Property increases to reflect such rental increases. “Business Income” shall mean the sum of (i) the total anticipated gross income from occupancy of the Property, (ii) the amount of all charges (such as, but not limited to, operating expenses, insurance premiums and taxes) which are the obligation of tenants or occupants to Borrower, and (iii) any other amounts payable to Borrower or to any affiliate of Borrower pursuant to leases.
Appears in 1 contract
Samples: Mortgage, Security Agreement and Fixture Filing (Strategic Hotels & Resorts, Inc)
REQUIRED INSURANCE AND TERMS OF INSURANCE POLICIES. (a) During the term of this Deed of TrustMortgage, Grantor Mortgagor at its sole cost and expense must provide insurance policies policies, subject to the terms of Section 3.01(a)(xiv) below, and certificates of insurance for types of insurance described below all of which must be satisfactory to Beneficiary Mortgagee as to form of policy, amounts, deductibles, sublimits, types of coverage coverage, exclusions and the companies underwriting these coverages. In no event will shall such policies be terminated or otherwise allowed to lapse. Grantor Mortgagor shall be responsible for its own deductibles. Grantor Mortgagor shall also pay for any insurance, or any increase of policy limits, not described in the Deed of Trust this Mortgage which Grantor Mortgagor requires for its own protection or for compliance with government statutes. Grantor's Mortgagor’s insurance shall be primary and without contribution from any insurance procured by BeneficiaryMortgagee, including, without limitation, any insurance obtained by Mortgagee pursuant to Section 3.01(d)(v) hereof. Policies and to the extent permitted by Section 3.01(b) or (e) hereof certificates Evidence of insurance shall be delivered to Beneficiary Mortgagee in accordance with the following requirements:
(1i) All Risk Property insurance on the Improvements (excluding the Improvements leased pursuant to the Major Leases, if the tenants thereunder are required to maintain, and have not failed to maintain, all risk insurance with respect to such Improvements as stated in this Section 3.01) and the Personal Property, Property insuring against any peril now or hereafter included within the classification “All Risk” or “Special Perils,” including contingent liability from Operation of Building Laws, Demolition Costs and Increased Cost of Construction endorsementsEndorsements, in each case (iA) in an amount equal to one hundred percent (100% %) of the "“Full Replacement Cost" ” (as hereinafter defined) of the Improvements and Personal Property, which for purposes of this Article III shall mean actual replacement value Property (exclusive of costs of excavations, foundations, underground utilities and footings) with a waiver of depreciation and with a Replacement Cost Endorsementdepreciation; (iiB) containing an agreed amount endorsement with respect to the Improvements and Personal Property Property, containing no margin clause unless approved by Mortgagee and waiving all co-insurance provisions; (iiiC) except as set forth in subsections (viii) and (xi) below providing for no deductible in excess of Two Hundred Fifty Thousand and No/100 Dollars ($10,000250,000.00) for all such insurance coverage (each, as applicable, the “Required Deductible”) or such higher deductibles if Mortgagor provides Mortgagee a Letter of Credit in an amount equal to the difference between the actual deductible and the Required Deductible, which Letter of Credit may be drawn upon by Mortgagee upon the occurrence of a Casualty to pay such amounts that would have been paid by the issuer of the Policies (hereinafter defined) if the Required Deductible had been maintained; and (ivD) containing an "“Ordinance or Law Coverage" ,” “Operation of Building Laws, Demolition Costs and Increased Cost of Construction” or "“Enforcement" ” endorsement if any of the Improvements or the use of the Property shall at any time constitute legal non-conforming structures or uses, then in the amount of 100% of the Full Replacement Cost. The Full Replacement Cost shall be determined from time to time by an appraiser or contractor designated and paid by Grantor Mortgagor and approved by Beneficiary or Mortgagee or, at Mortgagor’s election, by an engineer or appraiser in the regular employ of the insurer. The “Full Replacement Cost” for purposes of this Article III shall mean the estimated total cost of construction required to replace the Improvements with a substitute of like utility, and using modern materials and current standards, design and layout. For purposes of calculating Full Replacement Cost direct (hard) costs shall include, without limitation, labor, materials, supervision and contractor’s profit and overhead and indirect (soft) costs shall include, without limitation, fees for architect’s plans and specifications, construction financing costs, permits, sales taxes, insurance and other costs included in the Xxxxxxxx Valuation Service published by Xxxxxxxx & Swifts;
(ii) Commercial General Liability insurance against claims for personal injury, bodily injury, death or property damage occurring upon, in or about the Property, such insurance (A) to be on the form with a combined single limit of not less than the amount set forth in the Defined Terms of One Million per occurrence and No/100 Dollars ($1,000,000.00) and Two Million and No/100 Dollars ($2,000,000.00) in the aggregate for any policy year, plus umbrella liability coverage in an amount not less than Fifty Million and No/100 Dollars ($50,000,000.00) per occurrence; (B) to continue at not less than this limit until required to be changed by Mortgagee in writing by reason of changed economic conditions making such protection inadequate; and (C) to cover at least the following hazards: (1) premises and operations; (2) products and completed operations on an “if any” basis; (3) independent contractors; (4) blanket contractual liability for all contracts; and (5) contractual liability covering the indemnities contained in this Mortgage to the extent the same is available;
(iii) Business Income insurance in an amount sufficient to prevent Mortgagor from becoming a co-insurer within the terms of the applicable policies, and sufficient to recover twenty-four (24) months “Business Income” (as hereinafter defined) or actual loss sustained with no time limitation and with an Extended Period of Indemnity of 12 months following Restoration. The amount of such insurance shall be increased from time to time during the term of this Mortgage as and when new leases and renewal leases are entered into and rents payable increase or the annual estimate of gross income from occupancy the Property increases to reflect such rental increases. “Business Income” shall mean the sum of (i) the total anticipated gross income from occupancy of the Property, (ii) the amount of all charges (such as, but not limited to, operating expenses, insurance premiums and taxes) which are the obligation of tenants or occupants to Mortgagor, (iii) the fair market rental value of any portion of the Property which is occupied by Mortgagor, and (iv) any other amounts payable to Mortgagor or to any affiliate of Mortgagor pursuant to leases.
Appears in 1 contract
Samples: Mortgage, Security Agreement and Fixture Filing (Taubman Centers Inc)
REQUIRED INSURANCE AND TERMS OF INSURANCE POLICIES. (a) During the term of this Deed of TrustSecurity Instrument, Grantor Borrower at its sole cost and expense must provide insurance policies policies, subject to the terms of Section 3.01(a)(xiv) below, and certificates of insurance for types of insurance described below all of which must be satisfactory to Beneficiary Lender as to form of policy, amounts, deductibles, sublimits, types of coverage coverage, exclusions and the companies underwriting these coverages. In no event will shall such policies be terminated or otherwise allowed to lapse. Grantor Borrower shall be responsible for its own deductibles. Grantor Borrower shall also pay for any insurance, or any increase of policy limits, not described in the Deed of Trust this Security Instrument which Grantor Borrower requires for its own protection or for compliance with government statutes. Grantor's Borrower’s insurance shall be primary and without contribution from any insurance procured by BeneficiaryLender, including, without limitation, any insurance obtained by Lender pursuant to Section 3.01(d)(v) hereof. Policies and to the extent permitted by Section 3.01(b) or (e) hereof certificates Evidence of insurance shall be delivered to Beneficiary Lender in accordance with the following requirements:
(1i) All Risk Property insurance on the Improvements (excluding the Improvements leased pursuant to the Anchor Leases, if the tenants thereunder are required to maintain, and have not failed to maintain, all risk insurance with respect to such Improvements as stated in this Section 3.01) and the Personal Property, Property insuring against any peril now or hereafter included within the classification “All Risk” or “Special Perils,” including contingent liability from Operation of Building Laws, Demolition Costs and Increased Cost of Construction endorsementsEndorsements, in each case (iA) in an amount equal to one hundred percent (100% %) of the "“Full Replacement Cost" ” (as hereinafter defined) of the Improvements and Personal Property, which for purposes of this Article III shall mean actual replacement value Property (exclusive of costs of excavations, foundations, underground utilities and footings) with a waiver of depreciation and with a Replacement Cost Endorsementdepreciation; (iiB) containing an agreed amount endorsement with respect to the Improvements and Personal Property Property, containing no margin clause unless approved by Lender and waiving all co-insurance provisions; (iiiC) except as set forth in subsections (viii) and (xi) below providing for no deductible in excess of Two Hundred Fifty Thousand and No/100 Dollars ($10,000250,000.00) for all such insurance coverage (each, as applicable, the “Required Deductible”) or such higher deductibles if Borrower provides Lender a Letter of Credit in an amount equal to the difference between the actual deductible and the Required Deductible, which Letter of Credit may be drawn upon by Lender upon the occurrence of a Casualty to pay such amounts that would have been paid by the issuer of the Policies (hereinafter defined) if the Required Deductible had been maintained; and (ivD) containing an "“Ordinance or Law Coverage" ,” “Operation of Building Laws, Demolition Costs and Increased Cost of Construction in an amount reasonably required by Lender” or "“Enforcement" ” endorsement if any of the Improvements or the use of the Property shall at any time constitute legal non-conforming structures or uses, then in the amount of 100% of the Full Replacement Cost. The Full Replacement Cost shall be determined from time to time by an appraiser or contractor designated and paid by Grantor Borrower and approved by Beneficiary or Lender or, at Borrower’s election, by an engineer or appraiser in the regular employ of the insurer. The “Full Replacement Cost” for purposes of this Article III shall mean the estimated total cost of construction required to replace the Improvements with a substitute of like utility, and using modern materials and current standards, design and layout. For purposes of calculating Full Replacement Cost direct (hard) costs shall include, without limitation, labor, materials, supervision and contractor’s profit and overhead and indirect (soft) costs shall include, without limitation, fees for architect’s plans and specifications, construction financing costs, permits, sales taxes, insurance and other costs included in the Xxxxxxxx Valuation Service published by Xxxxxxxx & Swifts;
(ii) Commercial General Liability insurance against claims for personal injury, bodily injury, death or property damage occurring upon, in or about the Property, such insurance (A) to be on the form with a combined single limit of not less than the amount set forth in the Defined Terms of One Million per occurrence and No/100 Dollars ($1,000,000.00) and Two Million and No/100 Dollars ($2,000,000.00) in the aggregate for any policy year, plus umbrella liability coverage in an amount not less than Fifty Million and No/100 Dollars ($50,000,000.00) per occurrence; (B) to continue at not less than this limit until required to be changed by Lender in writing by reason of changed economic conditions making such protection inadequate; and (C) to cover at least the following hazards: (1) premises and operations; (2) products and completed operations on an “if any” basis; (3) independent contractors; (4) blanket contractual liability for all contracts; and (5) contractual liability covering the indemnities contained in this Security Instrument to the extent the same is available;
(iii) Business Income insurance in an amount sufficient to prevent Borrower from becoming a co-insurer within the terms of the applicable policies, and sufficient to recover twenty-four (24) months “Business Income” (as hereinafter defined) or actual loss sustained with no time limitation and with an Extended Period of Indemnity (“EPI”) of 12 months following Restoration. The amount of such insurance shall be increased from time to time during the term of this Security Instrument as and when new leases and renewal leases are entered into and rents payable increase or the annual estimate of gross income from occupancy of the Property increases to reflect such rental increases. “Business Income” shall mean the sum of (i) the total anticipated gross income from occupancy of the Property, (ii) the amount of all charges (such as, but not limited to, operating expenses, insurance premiums and taxes) which are the obligation of tenants or occupants to Borrower, (iii) the fair market rental value of any portion of the Property which is occupied by Borrower, and (iv) any other amounts payable to Borrower or to any affiliate of Borrower pursuant to leases.
Appears in 1 contract
Samples: Leasehold Deed of Trust, Security Agreement and Fixture Filing (Taubman Centers Inc)
REQUIRED INSURANCE AND TERMS OF INSURANCE POLICIES. (a) During the term of this Deed of TrustMortgagor shall obtain and maintain, Grantor at its sole cost and expense must provide or cause to be maintained, insurance policies and certificates of insurance satisfactory to Beneficiary as to amounts, types of coverage for Mortgagor and the companies underwriting these coverages. In no event will such policies be terminated or otherwise allowed to lapse. Grantor shall be responsible for its own deductibles. Grantor shall also pay for any insurance, or any increase of policy limits, not described in the Deed of Trust which Grantor requires for its own protection or for compliance with government statutes. Grantor's insurance shall be primary and without contribution from any insurance procured by Beneficiary. Policies and to the extent permitted by Section 3.01(b) or (e) hereof certificates of insurance shall be delivered to Beneficiary in accordance with Property providing at least the following requirementscoverages:
(1i) All Risk Property comprehensive all risk insurance on the Improvements (excluding the Improvements leased pursuant to the Major Leases if the tenants thereunder are required to maintain, and have not failed to maintain, all risk insurance with respect to such Improvements) and the Personal Property, including contingent liability from Operation of Building Laws, Demolition Costs and Increased Cost of Construction endorsementsEndorsements, in each case (iA) in an amount equal to one hundred percent (100% %) of the "“Full Replacement Cost" of the Improvements and Personal Property, ,” which for purposes of this Article III shall mean actual replacement value (exclusive of costs of excavations, foundations, underground utilities and footings) with a waiver of depreciation and with a Replacement Cost Endorsementdepreciation; (iiB) containing an agreed amount endorsement with respect to the Improvements and Personal Property waiving all co-insurance provisions; (iiiC) except as set forth in subsections (x) and (xi) below providing for no deductible in excess of Two Hundred Fifty Thousand and No/100 Dollars ($10,000250,000.00) for all such insurance coverage, (each, as applicable, the “Required Deductible”) which Letter of Credit may be drawn upon by Mortgagee upon the occurrence of a Casualty to pay such amounts that would have been paid by the issuer of the Policies (hereinafter defined) if the Required Deductible had been maintained; and (ivD) containing an "“Ordinance or Law Coverage" ” or "“Enforcement" ” endorsement if any of the Improvements or the use of the Property shall at any time constitute legal non-conforming structures or uses. The Full Replacement Cost In addition, Mortgagor shall obtain: (y) if any portion of the Improvements is currently or at any time in the future located in a federally designated “special flood hazard area,” flood hazard insurance in an amount equal to the lesser of (1) the outstanding principal balance of the Note or (2) the maximum amount of such insurance available under the National Flood Insurance Act of 1968, the Flood Disaster Protection Act of 1973 or the National Flood Insurance Reform Act of 1994, as each may be amended or such greater amount as Mortgagee shall require; provided that the insurance pursuant to clause (y) hereof shall be determined from time to time by an appraiser or contractor designated and paid by Grantor and approved by Beneficiary or by an engineer or appraiser in on terms consistent with the regular employ of the insurer.comprehensive all risk insurance policy required under this subsection (i);
Appears in 1 contract
Samples: Mortgage, Security Agreement and Fixture Filing (Taubman Centers Inc)
REQUIRED INSURANCE AND TERMS OF INSURANCE POLICIES. (a) During the term of this Deed of Trust, Grantor Trustor at its sole cost and expense must provide insurance policies and certificates of insurance satisfactory to Beneficiary as to amounts, types of coverage and the companies underwriting these coverages. In no event will shall such policies be terminated or otherwise allowed to lapse. Grantor Trustor shall be responsible for its own deductibles. Grantor Trustor shall also pay for any insurance, or any increase of policy limits, not described in the this Deed of Trust which Grantor Trustor requires for its own protection or for compliance with government statutes. GrantorTrustor's insurance shall be primary and without contribution from any insurance procured by Beneficiary. Policies and to the extent permitted by Section 3.01(b) or (e) hereof certificates of insurance shall be delivered to Beneficiary in accordance with the following requirements:
(1i) All Risk Property insurance on the Improvements and the Personal Property, including contingent liability from Operation of Building Laws, Demolition Costs and Increased Cost of Construction endorsements, in each case (iA) in an amount equal to 100% of the "Full Replacement Cost" of the Improvements and Personal Property, which for purposes of this Article III 3 shall mean actual replacement value (exclusive of costs of excavations, foundations, underground utilities and footings) with a waiver of depreciation and with a Replacement Cost Endorsement; (iiB) containing an agreed amount endorsement with respect to the Improvements and Personal Property waiving all co-insurance provisions; (iiiC) providing for no deductible in excess of $10,00050,000; and (ivD) containing an "Ordinance or Law Coverage" or "Enforcement" endorsement if any of the Improvements or the use of the Property shall constitute non-conforming structures or uses. The Full Replacement Cost shall be determined from time to time by an appraiser or contractor designated and paid by Grantor Trustor and approved in writing by Beneficiary or by an engineer or appraiser in the regular employ of the insurer.
(ii) Commercial General Liability insurance against claims for personal injury, bodily injury, death or property damage occurring upon, in or about the Property, such insurance (A) to be on the so-called "occurrence" form with a combined single limit of not less than the amount set forth in the Defined Terms; (B) to continue at not less than this limit until required to be changed by Beneficiary in writing by reason of changed economic conditions making this protection inadequate; and (C) to cover at least the following hazards: (a) premises and operations; (b) products and completed operations on an "if any" basis; (c) independent contractors; (d) blanket contractual liability for all written and oral contracts; and (e) contractual liability covering the indemnities contained in this Deed of Trust to the extent available.
(iii) Business Income insurance in an amount sufficient to prevent Trustor from becoming a co-insurer within the terms of the applicable policies, and sufficient to recover eighteen (18) months of "Business Income" (as hereinafter defined). "Business Income" shall mean the sum of (A) the total anticipated gross income from occupancy of the Property, (B) the amount of all charges (such as, but not limited to, operating expenses, insurance premiums and taxes) which are the obligation of tenants or occupants to Trustor, (C) the fair market rental value of any portion of the Property which is occupied by Trustor, and (D) any other amounts payable to Trustor or to any affiliate of Trustor pursuant to Leases.
Appears in 1 contract
Samples: Deed of Trust, Security Agreement and Fixture Filing (Maguire Properties Inc)
REQUIRED INSURANCE AND TERMS OF INSURANCE POLICIES. (a) During the term of this Deed of TrustMortgage, Grantor Borrower and Operating Lessee at its sole cost and expense must shall provide or shall cause the Manager under the Management Agreement to provide insurance policies and certificates of insurance satisfactory to Beneficiary as to Lender and in such amounts, and with the types of coverage coverage, exclusions and the companies underwriting these coveragescoverages as hereinafter described. In no event will shall such policies be terminated or otherwise allowed to lapselapse unless replaced with a policy complying with the requirements set forth in this Article III. Grantor Borrower shall be responsible for its own deductibles. Grantor Borrower shall also pay for any insurance, or any increase of policy limits, not described in the Deed of Trust this Mortgage which Grantor Borrower requires for its own protection or for compliance with government statutes. Grantor's Borrower’s insurance shall be primary and without contribution from any insurance procured by BeneficiaryLender. Policies and to the extent permitted by Section 3.01(b) or (e) hereof certificates of insurance shall be delivered to Beneficiary in accordance comply with the following requirements:
(1) All Risk Property insurance on the Improvements and the Personal Property, including contingent liability from Operation of Building Laws, Demolition Costs and Increased Cost of Construction endorsements, Property insuring against any peril now or hereafter included within the classification “All Risk” or “Special Perils,” in each case (i) in an amount equal to 100% of the "“Full Replacement Cost" ” (as hereinafter defined) of the Improvements and Personal Property, which for purposes of this Article III shall mean actual replacement value (exclusive of costs of excavations, foundations, underground utilities and footings) Property with a waiver of depreciation Table of Contents and with a Replacement Cost Endorsement; (ii) containing an agreed amount endorsement with respect to the Improvements and Personal Property waiving all co-insurance provisions; (iii) providing for no deductible in excess of $10,000250,000; provided, however, the deductibles for perils of earthquake and windstorm shall not be in excess of 5% of the total insured value; and (iv) containing an "Ordinance or Law Coverage" , Operation of Building Laws, Demolition Costs and Increased Cost of Construction in an amount reasonably required by Lender or "Enforcement" endorsement if any of the Improvements or the use of the Property shall constitute non-conforming structures or usesthen in the amount of 100% of the Full Replacement Cost. The Full Replacement Cost shall be determined from time to time by an appraiser or contractor designated and paid by Grantor Borrower and approved by Beneficiary Lender or by an engineer or appraiser in the regular employ of the insurer. The “Full Replacement Cost” for purposes of this Article III shall mean the estimated total cost of construction required to replace the Improvements with a substitute of like utility, and using modern materials and current standards, design and layout. For purposes of calculating Full Replacement Cost direct (hard) costs shall include, without limitation, labor, materials, supervision and contractor’s profit and overhead and indirect (soft) costs shall include, without limitation, fees for architect’s plans and specifications, construction financing costs, permits, sales taxes, insurance and other costs included in the Xxxxxxxx Valuation Service published by Xxxxxxxx & Swifts.
(2) Commercial General Liability insurance against claims for personal injury, bodily injury, death or property damage occurring upon, in or about the Property, such insurance (i) to be on the so-called “occurrence” form with a combined single limit of not less than the amount set forth in the Defined Terms; (ii) to continue at not less than this limit until required to be changed by Lender in writing by reason of changed economic conditions making such protection inadequate; and (iii) to cover at least the following hazards: (a) premises and operations; (b) products and completed operations on an “if any” basis; (c) independent contractors; (d) blanket contractual liability for all written and oral contracts; and (e) contractual liability covering the indemnities contained in this Mortgage to the extent available.
(3) Business Income insurance in an amount sufficient to prevent Borrower from becoming a co-insurer within the terms of the applicable policies, and sufficient to recover 24 months “Business Income” (as hereinafter defined) and with an Extended Period of Indemnity of 12 months. The amount of such insurance shall be increased from time to time during the term of this Mortgage as and when new leases and renewal leases are entered into and rents payable increase or the annual estimate of gross income from occupancy of the Property increases to reflect such rental increases. “Business Income” shall mean the sum of (i) the total annual estimate of gross income in connection with the operation, use and from use and occupancy of the Property as a hotel which is received by Manager, Operating Lessee and/or Borrower, including without limitation, all hotel room revenues, restaurant food and beverage revenues and other revenues, less any non-continuing expenses for such period, (ii) the amount of all rent and other charges (such as, but not limited to, operating expenses, insurance premiums and taxes) which are the obligation of tenants or occupants to Manager, Operating Lessee and/or Borrower, and (iii) any other amounts payable to Borrower or to any affiliate of Borrower pursuant to leases or occupancy or license agreements of any type or nature.
Appears in 1 contract
Samples: Mortgage, Security Agreement and Fixture Filing (Strategic Hotels & Resorts, Inc)
REQUIRED INSURANCE AND TERMS OF INSURANCE POLICIES. (a) During the term of this Deed of TrustMortgage, Grantor Borrower at its sole cost and expense must provide insurance policies and certificates of insurance satisfactory to Beneficiary Lender as to amounts, types of coverage and the companies underwriting these coverages. In no event will such policies be terminated terminated, unless simultaneously replaced with other acceptable insurance, or otherwise allowed to lapse. Grantor Borrower shall be responsible for its own deductibles. Grantor Borrower shall also pay for any insurance, or any increase of policy limits, not described in the Deed of Trust Mortgage which Grantor Borrower requires for its own protection or for compliance with government statutes. Grantor's Borrower’s insurance shall be primary and without contribution from any insurance procured by BeneficiaryLender. Policies and to the extent permitted by Section 3.01(b) or (e) hereof certificates of insurance shall be delivered to Beneficiary Lender in accordance with the following requirements:
(1) : All Risk Property insurance on the Improvements and the Personal Property, including contingent liability from Operation of Building Laws, Demolition Costs and Increased Cost of Construction endorsements, in each case (i) in an amount equal to 100% of the "“Full Replacement Cost" ” of the Improvements and Personal Property, which for purposes of this Article III shall mean actual replacement value (exclusive of costs of excavations, foundations, underground utilities and footings) with a waiver of depreciation and with a Replacement Cost Endorsement; (ii) containing an agreed amount endorsement with respect to the Improvements and Personal Property waiving all co-insurance provisions; (iii) providing for no deductible in excess of $10,000250,000; and (iv) containing an "“Ordinance or Law Coverage" ” or "“Enforcement" ” endorsement if any of the Improvements or the use of the Property shall constitute non-conforming structures or uses. The Full Replacement Cost shall be determined from time to time by an appraiser or contractor designated and paid by Grantor Borrower and approved by Beneficiary Lender or by an engineer or appraiser in the regular employ of the insurer.
Appears in 1 contract
Samples: Mortgage, Security Agreement and Fixture Filing (Wells Real Estate Investment Trust Inc)
REQUIRED INSURANCE AND TERMS OF INSURANCE POLICIES. (a) During the term of this Deed of Trust, Grantor at its sole cost and expense must provide insurance policies and certificates of insurance satisfactory to Beneficiary as to amounts, types of coverage and the companies underwriting these coverages. In no event will shall such policies be terminated or otherwise allowed to lapse. Grantor shall be responsible for its own deductibles. Grantor shall also pay for any insurance, or any increase of policy limits, not described in the this Deed of Trust which Grantor requires for its own protection or for compliance with government statutes. Grantor's ’s insurance shall be primary and without contribution from any insurance procured by Beneficiary. Policies and to the extent permitted by Section 3.01(b) or (e) hereof certificates of insurance shall be delivered to Beneficiary in accordance with the following requirements:
(1i) All Risk Property insurance on the Improvements and the Personal Property, including contingent liability from Operation of Building Laws, Demolition Costs and Increased Cost of Construction endorsements, in each case (iA) in an amount equal to one hundred percent (100% %) of the "“Full Replacement Cost" ” of the Improvements and Personal Property, which for purposes of this Article III 3 shall mean actual replacement value (exclusive of costs of excavations, foundations, underground utilities and footings) with a waiver of depreciation and with a Replacement Cost Endorsement; (iiB) containing an agreed amount endorsement with respect to the Improvements and Personal Property waiving all co-insurance provisions; (iiiC) providing for no deductible in excess of $10,00025,000; and (ivD) containing an "“Ordinance or Law Coverage" ” or "“Enforcement" ” endorsement if any of the Improvements or the use of the Property shall constitute non-conforming structures or uses. The Full Replacement Cost shall be determined from time to time by an appraiser or contractor designated and paid by Grantor and approved by Beneficiary Beneficiary, in the good faith exercise of its discretion or by an engineer or appraiser in the regular employ of the insurer.
Appears in 1 contract
Samples: Deed of Trust (Wells Real Estate Investment Trust Inc)
REQUIRED INSURANCE AND TERMS OF INSURANCE POLICIES. (a) During the term of this Deed of TrustMortgage, Grantor Borrower at its sole cost and expense must provide insurance policies and certificates of insurance satisfactory to Beneficiary Lender as to amounts, types of coverage and the companies underwriting these coverages. In no event will shall such policies be terminated or otherwise allowed to lapse. Grantor Borrower shall be responsible for its own deductibles. Grantor Borrower shall also pay for any insurance, or any increase of policy limits, not described in the Deed of Trust this Mortgage which Grantor Borrower requires for its own protection or for compliance with government statutes. Grantor's Borrower’s insurance shall be primary and without contribution from any insurance procured by BeneficiaryLender. Insurance coverage may be provided pursuant to a blanket policy or policies maintained by Florida East Coast Industries, Inc. (“FECI”), covering FECI and all of its subsidiaries, including Gran Central-Deerwood North, LLC, as Borrower. Policies and to the extent permitted by Section 3.01(b) or (e) hereof certificates of insurance shall be delivered to Beneficiary Lender in accordance with the following requirementsrequirements unless otherwise Approved in writing by the Lender:
(1i) All Risk Property insurance on the all Improvements and the Personal Property, including contingent liability from Operation of Building Laws, Demolition Costs and Increased Cost of Construction endorsements, in each case (i1) in an amount equal to 100% of aggregate amount, for the "Full Replacement Cost" of Property and all Other Properties (as defined in ARTICLE XV hereof) not less than that required in the Improvements and Personal PropertyDefined Terms, which for purposes of this Article III shall mean actual replacement value (exclusive of costs of excavations, foundations, underground utilities and footings) with a waiver of depreciation and with a Replacement Cost Endorsement; (ii2) containing an agreed amount endorsement with respect to the Improvements and Personal Property waiving all co-insurance provisions; (iii3) providing for no deductible in excess of $10,000100,000; and (iv4) containing an "“Ordinance or Law Coverage" ” or "“Enforcement" ” endorsement if any of the Improvements or the use of the Property shall constitute non-conforming structures or uses. The Full Replacement Cost shall .
(ii) Commercial General Liability insurance against claims for personal injury, bodily injury, death or property damage occurring upon, in or about the Property, such insurance (1) to be determined from time on the so-called “occurrence” form as to time by an appraiser or contractor designated the primary limits and paid by Grantor and approved by Beneficiary or by an engineer or appraiser on the “claims made with tail coverage” form as to excess liability limits, with a combined single limit of not less than the amount set forth in the regular employ Defined Terms; (2) to continue at not less than this limit until required to be changed by Lender in writing by reason of changed economic conditions making such protection inadequate; and (3) to cover at least the following hazards: (A) premises and operations; (B) products and completed operations on an “if any” basis; (C) independent contractors; (D) blanket contractual liability for all written and oral contracts; and (E) contractual liability covering the indemnities contained in this Mortgage to the extent available.
(iii) Business Income insurance in an amount not less the amount set forth in the Defined Terms. “Business Income” shall mean the sum of (1) the total anticipated gross income from occupancy of the insurerProperty, (2) the amount of all charges (such as, but not limited to, operating expenses, insurance premiums and taxes) which are the obligation of tenants or occupants to Borrower, (3) the fair market rental value of any portion of the Property which is occupied by Borrower, and (4) any other amounts payable to Borrower or to any affiliate of Borrower pursuant to leases.
Appears in 1 contract
Samples: Mortgage, Security Agreement and Fixture Filing (Florida East Coast Industries Inc)
REQUIRED INSURANCE AND TERMS OF INSURANCE POLICIES. (a) During the term of this Deed of Trust, Grantor at its sole cost and expense must provide insurance policies and certificates of insurance satisfactory to Beneficiary as to amounts, types of coverage and the companies underwriting these coverages. In no event will such policies be terminated or otherwise allowed to lapse. Grantor shall be responsible for its own deductibles. Grantor shall also pay for any insurance, or any increase of policy limits, not described in the this Deed of Trust which Grantor requires for its own protection or for compliance with government statutes. Grantor's insurance shall be primary and without contribution from any insurance procured by Beneficiary. Policies and to the extent permitted by Section 3.01(b) or (e) hereof certificates of insurance shall be delivered to Beneficiary in accordance with the following requirements:
(1) All Risk Property insurance on the Improvements and the Personal Property, including contingent liability from Operation of Building Laws, Demolition Costs and Increased Cost of Construction endorsements, in each case (i) in an amount equal to 100% of the "Full Replacement Cost" of the Improvements and Personal Property, which for purposes of this Article ARTICLE III shall mean actual replacement value (exclusive of costs of excavations, foundations, underground utilities and footings) with a waiver of depreciation and with a Replacement Cost Endorsement; (ii) containing an agreed amount endorsement with respect to the Improvements and Personal Property waiving all co-insurance provisions; (iii) providing for no deductible in excess of $10,000; and (iv) containing an "Ordinance or Law Coverage" or "Enforcement" endorsement if any of the Improvements or the use of the Property shall constitute non-conforming structures or uses. The Full Replacement Cost shall be determined from time to time by an appraiser or contractor designated and paid by Grantor and approved by Beneficiary or by an engineer or appraiser in the regular employ of the insurer.
Appears in 1 contract
Samples: Deed of Trust, Security Agreement and Fixture Filing (Washington Corp)
REQUIRED INSURANCE AND TERMS OF INSURANCE POLICIES. At the earlier of (ai) During the term of this Deed of Trusttime that Tenant commences tenant improvements, Grantor or (ii) the Commencement Date, and throughout the Lease Term, Tenant, at its sole cost and expense expense, must provide insurance policies and certificates of insurance reasonably satisfactory to Beneficiary Landlord as to amounts, types of coverage and the companies underwriting these coverages. In no event will such policies be terminated or otherwise allowed to lapse. Grantor Tenant shall be responsible for its own deductibles. Grantor Tenant shall also pay for any insurance, or any increase of policy limits, not described in the Deed of Trust this Lease which Grantor Tenant requires for its own protection or for compliance with government statutes. GrantorTenant's insurance shall be primary and without contribution from any insurance procured by BeneficiaryLandlord may, at Landlord's option, procure. Policies Any and all insurance proceeds shall either be used to restore the Leased Premises damaged, or provided to the extent permitted Landlord per Section 12.1 below. Landlord's interest must be clearly stated by Section 3.01(b) or (e) hereof certificates of endorsement in the insurance shall be delivered to Beneficiary policies described in accordance with the following requirementsthis Article 10, as follows:
(1a) Landlord shall, at its sole expense, obtain and keep in force throughout the term of this Lease, full replacement value fire and extended coverage or "all-risk" coverage insurance in the customary form utilized in the northern Virginia area for buildings and improvements of similar character, on all improvements now or after this date located on the Premises.
(b) Tenant shall, at its sole expense, obtain and keep in force during the term of this Lease commercial general liability insurance with limits of not less than One Million Dollars ($1,000,000.00) per occurrence and Three Million Dollars ($3,000,000.00) in the aggregate as to liability for personal injury to or death of any person, and for damage to property, insuring against any and all liability of Landlord and Tenant, including, without limitation, coverage for contractual liability and broad form property damage with respect to the Premises, or arising out of the maintenance, use, or occupancy of the Premises.
(c) Tenant shall, at its sole expense, obtain and keep in force during the Lease Term policies of insurance covering Tenant's fixtures and equipment installed and located in the Leased Premises, and in addition thereto, covering all of the furnishings, merchandise and other contents in the Leased Premises, for the full replacement value of said items. Coverage should at least insure against any and all perils included within the classification "Fire and Extended Coverage" under insurance industry practice in the Commonwealth of Virginia, together with insurance against vandalism, malicious mischief and sprinkler leakage or other sprinkler damage.
(d) All Risk Property insurance on the Improvements and the Personal Property, including contingent liability policies required from Operation of Building Laws, Demolition Costs and Increased Cost of Construction endorsements, in each case Tenant hereunder shall (i) in an amount equal be subject to 100% of the "Full Replacement Cost" of the Improvements approval by Landlord and Personal Property, which for purposes of this Article III shall mean actual replacement value (exclusive of costs of excavations, foundations, underground utilities any mortgagee as to form and footings) with a waiver of depreciation and with a Replacement Cost Endorsementamount; (ii) containing an agreed amount endorsement with respect expressly provide that such policies shall not be canceled or altered without thirty (30) days' prior written notice to the Improvements Landlord and Personal Property waiving all co-insurance provisionsany mortgagee; (iii) providing for provide that no deductible act or omission of Tenant that would otherwise result in excess forfeiture or reduction of $10,000the insurance shall affect or limit the obligation of the insurance company to pay the amount of any loss sustained; and (iv) containing an "Ordinance to the extent obtainable, contain a waiver by the insurer of its rights of subrogation against Landlord and Tenant. All such policies shall name the Tenant as the insured and the Landlord as the additional insured. Upon issuance, each such insurance policy or Law Coverage" or "Enforcement" endorsement if any a certified copy of the Improvements or the use of the Property shall constitute non-conforming structures or uses. The Full Replacement Cost such policy shall be determined from time delivered to time by an appraiser or contractor designated the Landlord and paid by Grantor and approved by Beneficiary or by an engineer or appraiser in the regular employ of the insurerany lender whom Landlord designates.
Appears in 1 contract
Samples: Lease Agreement (Eplus Inc)
REQUIRED INSURANCE AND TERMS OF INSURANCE POLICIES. (a) During the term of this Deed of Trust, Grantor Trustor and Operating Lessee at its sole cost and expense must shall provide or shall cause the Manager under the Management Agreement to provide insurance policies and certificates of insurance satisfactory to Beneficiary as to and in such amounts, and with the types of coverage coverage, exclusions and the companies underwriting these coveragescoverages as hereinafter described. In no event will shall such policies be terminated or otherwise allowed to lapselapse unless replaced with a policy complying with the requirements set forth in this Article III. Grantor Trustor shall be responsible for its own deductibles. Grantor Trustor shall also pay for any insurance, or any increase of policy limits, not described in the this Deed of Trust which Grantor Trustor requires for its own protection or for compliance with government statutes. Grantor's statutes Trustor’s insurance shall be primary and without contribution from any insurance procured by Beneficiary. Policies and to the extent permitted by Section 3.01(b) or (e) hereof certificates of insurance shall be delivered to Beneficiary in accordance comply with the following requirements:
(1) All Risk Property insurance on the Improvements and the Personal Property, including contingent liability from Operation of Building Laws, Demolition Costs and Increased Cost of Construction endorsements, Property insuring against any peril now or hereafter included within the classification “All Risk” or “Special Perils,” in each case (i) in an amount equal to 100% of the "“Full Replacement Cost" ” (as hereinafter defined) of the Improvements and Personal Property, which for purposes of this Article III shall mean actual replacement value (exclusive of costs of excavations, foundations, underground utilities and footings) Property with a waiver of depreciation and with a Replacement Cost Endorsement; (ii) containing an agreed amount endorsement with respect to the Improvements and Personal Property waiving all co-insurance provisions; (iii) providing for no deductible in excess of $10,000250,000; provided, however, the deductibles for perils of earthquake and windstorm shall not be in excess of 5% of the total insured value; and (iv) containing an "Ordinance or Law Coverage" , Operation of Building Laws, Demolition Costs and Increased Cost of Construction in an amount reasonably required by Beneficiary or "Enforcement" endorsement if any of the Improvements or the use of the Property shall constitute non-conforming structures or usesthen in the amount of 100% of the Full Replacement Cost. The Full Replacement Cost shall be determined from time to time by an appraiser or contractor designated and paid by Grantor Trustor and approved by Beneficiary or by an engineer or appraiser in the regular employ of the insurer. The “Full Replacement Cost” for purposes of this Article III shall mean the estimated total cost of construction required to replace the Improvements with a substitute of like utility, and using modern materials and current standards, design and layout. For purposes of calculating Full Replacement Cost direct (hard) costs shall include, without limitation, labor, materials, supervision and contractor’s profit and overhead and indirect (soft) costs shall include, without limitation, fees for architect’s plans and specifications, construction financing costs, permits, sales taxes, insurance and other costs included in the Xxxxxxxx Valuation Service published by Xxxxxxxx & Swifts.
(2) Commercial General Liability insurance against claims for personal injury, bodily injury, death or property damage occurring upon, in or about the Property, such insurance (i) to be on the so-called “occurrence” form with a combined single limit of not less than the amount set forth in the Defined Terms; (ii) to continue at not less than this limit until required to be changed by Beneficiary in writing by reason of changed economic
Appears in 1 contract
Samples: Deed of Trust, Security Agreement and Fixture Filing (Strategic Hotels & Resorts, Inc)
REQUIRED INSURANCE AND TERMS OF INSURANCE POLICIES. (a) During the term of this Deed of Trust, Grantor Trustor at its sole cost and expense must provide insurance policies and certificates of insurance for types of insurance described below all of which must be satisfactory to Beneficiary as to form of policy, amounts, deductibles, sublimits, types of coverage coverage, exclusions and the companies underwriting these coverages. In no event will shall such policies be terminated or otherwise allowed to lapselapse unless replaced with a policy complying with the requirements set forth in this Article III. Grantor Trustor shall be responsible for its own deductibles. Grantor Trustor shall also pay for any insurance, or any increase of policy limits, not described in the this Deed of Trust which Grantor Trustor requires for its own protection or for compliance with government statutes. GrantorTrustor's insurance shall be primary and without contribution from any insurance procured by Beneficiary. Policies and Beneficiary including, without limitation, any insurance obtained by Beneficiary pursuant to the extent permitted by Section 3.01(b) or 3.1 (e) hereof certificates hereof. Policies of insurance shall be delivered to Beneficiary in accordance comply with the following requirements:
(1) All Risk Property insurance on the Improvements and the Personal Property, including contingent liability from Operation of Building Laws, Demolition Costs and Increased Cost of Construction endorsements, Property insuring against any peril now or hereafter included within the classification “All Risk” or “Special Perils,” in each case (i) in an amount equal to 100% of the "Full Replacement Cost" (as hereinafter defined) of the Improvements and Personal Property, which for purposes of this Article III shall mean actual replacement value (exclusive of costs of excavations, foundations, underground utilities and footings) Property with a waiver of depreciation and with on a Replacement Cost Endorsementbasis; (ii) containing an agreed amount endorsement language with respect to the Improvements and Personal Property waiving all co-insurance provisions; (iii) providing for no deductible in excess of $10,000250,000.00; and (iv) containing an "Ordinance or Law Coverage" , Operation of Building Laws, Demolition Costs and Increased Cost of Construction in an amount reasonably required by Beneficiary or "Enforcement" endorsement if any of the Improvements or the use of the Property shall constitute non-conforming structures or usesthen in the amount of $50,000,000.00. The Full Replacement Cost shall be determined from time to time by an appraiser or contractor designated and paid by Grantor Trustor and approved by Beneficiary or by an engineer or appraiser in the regular employ of the insurer. The “Full Replacement Cost” for purposes of this Article III shall mean the estimated total cost of construction required to replace the Improvements with a substitute of like utility, and using modern materials and current standards, design and layout. For purposes of calculating Full Replacement Cost direct (hard) costs shall include, without limitation, labor, materials, supervision and contractor’s profit and overhead and indirect (soft) costs shall include, without limitation, fees for architect’s plans and specifications, construction financing costs, permits, sales taxes, insurance and other costs included in the Mxxxxxxx Valuation Service published by Mxxxxxxx & Swifts.
Appears in 1 contract
Samples: Deed of Trust, Security Agreement and Fixture Filing (Strategic Hotels & Resorts, Inc)
REQUIRED INSURANCE AND TERMS OF INSURANCE POLICIES. (a) During the term of this Deed of TrustMortgage, Grantor Borrower at its sole cost and expense must provide insurance policies and certificates of insurance satisfactory to Beneficiary Lender as to amounts, types of coverage and the companies underwriting these coverages. In no event will shall such policies be terminated or otherwise allowed to lapse. Grantor Borrower shall be responsible for its own deductibles. Grantor Borrower shall also pay for any insurance, or any increase of policy limits, not described in the Deed of Trust this Mortgage which Grantor Borrower requires for its own protection or for compliance with government statutes. Grantor's Borrower’s insurance shall be primary and without contribution from any insurance procured by BeneficiaryLender. Insurance coverage may be provided pursuant to a blanket policy or policies maintained by Florida East Coast Industries, Inc. (“FECI”), covering FECI and all of its subsidiaries, including Beacon Station 22, 23 and 24 Limited Partnership, as Borrower. Policies and to the extent permitted by Section 3.01(b) or (e) hereof certificates of insurance shall be delivered to Beneficiary Lender in accordance with the following requirementsrequirements unless otherwise Approved in writing by the Lender:
(1i) All Risk Property insurance on the all Improvements and the Personal Property, including contingent liability from Operation of Building Laws, Demolition Costs and Increased Cost of Construction endorsements, in each case (i1) in an amount equal to 100% of aggregate amount, for the "Full Replacement Cost" of Property and all Other Properties (as defined in ARTICLE XV hereof) not less than that required in the Improvements and Personal PropertyDefined Terms, which for purposes of this Article III shall mean actual replacement value (exclusive of costs of excavations, foundations, underground utilities and footings) with a waiver of depreciation and with a Replacement Cost Endorsement; (ii2) containing an agreed amount endorsement with respect to the Improvements and Personal Property waiving all co-insurance provisions; (iii3) providing for no deductible in excess of $10,000100,000; and (iv4) containing an "“Ordinance or Law Coverage" ” or "“Enforcement" ” endorsement if any of the Improvements or the use of the Property shall constitute non-conforming structures or uses. The Full Replacement Cost shall .
(ii) Commercial General Liability insurance against claims for personal injury, bodily injury, death or property damage occurring upon, in or about the Property, such insurance (1) to be determined from time on the so-called “occurrence” form as to time by an appraiser or contractor designated the primary limits and paid by Grantor and approved by Beneficiary or by an engineer or appraiser on the “claims made with tail coverage” form as to excess liability limits, with a combined single limit of not less than the amount set forth in the regular employ Defined Terms; (2) to continue at not less than this limit until required to be changed by Lender in writing by reason of changed economic conditions making such protection inadequate; and (3) to cover at least the following hazards: (A) premises and operations; (B) products and completed operations on an “if any” basis; (C) independent contractors; (D) blanket contractual liability for all written and oral contracts; and (E) contractual liability covering the indemnities contained in this Mortgage to the extent available.
(iii) Business Income insurance in an amount not less the amount set forth in the Defined Terms. “Business Income” shall mean the sum of (1) the total anticipated gross income from occupancy of the insurerProperty, (2) the amount of all charges (such as, but not limited to, operating expenses, insurance premiums and taxes) which are the obligation of tenants or occupants to Borrower, (3) the fair market rental value of any portion of the Property which is occupied by Borrower, and (4) any other amounts payable to Borrower or to any affiliate of Borrower pursuant to leases.
Appears in 1 contract
Samples: Mortgage, Security Agreement and Fixture Filing (Florida East Coast Industries Inc)
REQUIRED INSURANCE AND TERMS OF INSURANCE POLICIES. (a) During the term of this Deed of Trust, Grantor at its sole cost and expense must provide insurance policies and certificates of insurance satisfactory to Beneficiary as to amounts, types of coverage and the companies underwriting these coverages. In no event will shall such policies be terminated or otherwise allowed to lapse. Grantor shall be responsible for its own deductibles. Grantor shall also pay for any insurance, or any increase of policy limits, not described in the this Deed of Trust which Grantor requires for its own protection or for compliance with government statutes. Grantor's ’s insurance shall be primary and without contribution from any insurance procured by Beneficiary. Policies and to the extent permitted by Section 3.01(b) or (e) hereof certificates of insurance shall be delivered to Beneficiary in accordance with the following requirements:
(1i) All Risk Property insurance on the Improvements and the Personal Property, including contingent liability from Operation of Building Laws, Demolition Costs and Increased Cost of Construction endorsements, in each case (iA) in an amount equal to one hundred percent (100% %) of the "“Full Replacement Cost" ” of the Improvements and Personal Property, which for purposes of this Article III 3 shall mean actual replacement value (exclusive of costs of excavations, foundations, underground utilities and footings) with a waiver of depreciation and with a Replacement Cost Endorsement; (iiB) containing an agreed amount endorsement with respect to the Improvements and Personal Property waiving all co-insurance provisions; (iiiC) providing for no deductible in excess of $10,00025,000; and (ivD) containing an "“Ordinance or Law Coverage" ” or "“Enforcement" ” endorsement if any of the Improvements or the use of the Property shall constitute non-conforming structures or uses. The Full Replacement Cost shall be determined from time to time by an appraiser or contractor designated and paid by Grantor and approved by Beneficiary Beneficiary, in the good faith exercise of its discretion or by an engineer or appraiser in the regular employ of the insurer.
(ii) Commercial General Liability insurance against claims for personal injury, bodily injury, death or property damage occurring upon, in or about the Property, such insurance (A) to be on the so-called “occurrence” form with a combined single limit of not less than the amount set forth in the Defined Terms; (B) to continue at not less than this limit until required to be changed by Beneficiary in writing by reason of changed economic conditions making such protection inadequate; and (C) to cover at least the following hazards: (a) premises and operations; (b) products and completed operations on an “if any” basis; (c) independent contractors; (d) blanket contractual liability for all written and oral contracts; and (e) contractual liability covering the indemnities contained in this Deed of Trust to the extent available.
(iii) Business Income insurance in an amount sufficient to prevent Grantor from becoming a co-insurer within the terms of the applicable policies, and sufficient to recover one (1) year’s “Business Income” (as hereinafter defined). The amount of such insurance shall be increased from time to time during the term of this Deed of Trust as and when new Leases and renewal Leases are entered into and rents payable increase or the annual estimate of gross income from occupancy increases to reflect such rental increases. “Business Income” shall mean the sum of (A) the total anticipated gross income from occupancy of the Property, (B) the amount of all charges (such as, but not limited to, operating expenses, insurance premiums and taxes) which are the obligation of tenants or occupants to Grantor, (C) the fair market rental value of any portion of the Property which is occupied by Grantor, and (D) any other amounts payable to Grantor or to any affiliate of Grantor pursuant to Leases.
Appears in 1 contract
Samples: Deed of Trust, Security Agreement and Fixture Filing (Wells Real Estate Investment Trust Inc)
REQUIRED INSURANCE AND TERMS OF INSURANCE POLICIES. (a) During the term of this Deed of TrustAgreement, Grantor Borrowers at its their sole cost and expense must provide insurance policies Xxxxx 27 and Xxxxx 25 certificates of insurance and, upon the written request of Lender copies of policies of insurance, reasonably satisfactory to Beneficiary Lender as to amounts, types of coverage and the companies underwriting these coverages. In no event will such policies be terminated or otherwise allowed to lapse. Grantor , Borrowers shall be responsible for its their own deductibles. Grantor Borrowers shall also pay for any insurance, or any increase of policy limits, not described in the Deed of Trust this Agreement which Grantor requires Borrowers require for its their own protection or for compliance with government statutes. Grantor's Borrowers' insurance shall be primary and without contribution from any insurance procured by BeneficiaryLender. Policies and to the extent permitted by Section 3.01(b) or (e) hereof certificates of insurance shall be delivered to Beneficiary in accordance comply with the following requirements:
(1) All Risk Property insurance on the Improvements and the Personal Property located at each Property, including contingent liability from Operation of Building Laws, Demolition Costs and Increased Cost of Construction endorsements, in each case (i) in an amount equal to 100% of the "Full Replacement Cost" of the such Improvements and Personal Property, which for purposes of this Article III 4 shall mean actual replacement value (exclusive of costs of excavations, foundations, underground utilities and footings) with a waiver of depreciation and with a Replacement Cost Endorsement; (ii) containing an agreed amount endorsement with respect to the such Improvements and Personal Property waiving all co-insurance provisions; (iii) providing for no deductible in excess of $10,00025,000; and (iv) containing an "Ordinance or Law Coverage" or "Enforcement" endorsement if any of the Improvements or the use of the Property shall constitute non-conforming structures or uses. The Full Replacement Cost shall be determined from time to time time, but not more than once per year with respect to each Property, by an appraiser or contractor designated and paid by Grantor Borrowers and approved in writing by Beneficiary Lender or by an engineer or appraiser in the regular employ of the insurerinsurer issuing such policy.
Appears in 1 contract
