Common use of REQUIRED INSURANCE AND TERMS OF INSURANCE POLICIES Clause in Contracts

REQUIRED INSURANCE AND TERMS OF INSURANCE POLICIES. (a) During the term of this Mortgage, Borrower at its sole cost and expense must provide insurance policies and certificates of insurance satisfactory to Lender as to amounts, types of coverage and the companies underwriting these coverages. In no event shall such policies be terminated or otherwise allowed to lapse. Borrower shall be responsible for its own deductibles. Borrower shall also pay for any insurance, or any increase of policy limits, not described in this Mortgage which Borrower requires for its own protection or for compliance with government statutes. Borrower's insurance shall be primary and without contribution from any insurance procured by Lender. 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 Flagler Development Company, as Borrower. Policies of insurance shall be delivered to Lender in accordance with the following requirements unless otherwise Approved in writing by the Lender: (i) All Risk Property insurance on 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 (1) in an aggregate amount, for the Property and all Other Properties (as defined in ARTICLE XV hereof) not less than that required in the Defined Terms, with a waiver of depreciation and with a Replacement Cost Endorsement; (2) containing an agreed amount endorsement with respect to the Improvements waiving all co-insurance provisions; (3) providing for no deductible in excess of $100,000; and (4) 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. (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 on the so-called "occurrence" form as to the primary limits and 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 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 Property, (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.

REQUIRED INSURANCE AND TERMS OF INSURANCE POLICIES. (a) During the term of this Mortgage, Borrower at its sole cost and expense must provide insurance policies and certificates of insurance satisfactory to Lender as to amounts, types of coverage and the companies underwriting these coverages. In no event shall such policies be terminated or otherwise allowed to lapse. Borrower shall be responsible for its own deductibles. Borrower shall also pay for any insurance, or any increase of policy limits, not described in this Mortgage which Borrower requires for its own protection or for compliance with government statutes. Borrower's ’s insurance shall be primary and without contribution from any insurance procured by Lender. 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 Flagler Development Company, as Borrower. Policies of insurance shall be delivered to Lender in accordance with the following requirements unless otherwise Approved in writing by the Lender: (i) All Risk Property insurance on 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 (1) in an aggregate amount, for the Property and all Other Properties (as defined in ARTICLE XV hereof) not less than that required in the Defined Terms, with a waiver of depreciation and with a Replacement Cost Endorsement; (2) containing an agreed amount endorsement with respect to the Improvements waiving all co-insurance provisions; (3) providing for no deductible in excess of $100,000; and (4) 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. (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 on the so-called "“occurrence" ” form as to the primary limits and 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 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 Property, (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.

REQUIRED INSURANCE AND TERMS OF INSURANCE POLICIES. (a) During Throughout the term of this MortgageLease Term, Borrower Tenant, at its sole cost and expense expense, must provide insurance policies and certificates of insurance reasonably satisfactory to Lender Landlord as to amounts, types of coverage and the companies underwriting these coverages. In no event shall will such policies be terminated or otherwise allowed to lapse. Borrower Tenant shall be responsible for its own deductibles. Borrower Tenant shall also pay for any insurance, or any increase of policy limits, not described in this Mortgage Lease which Borrower Tenant requires for its own protection or for compliance with government statutes. BorrowerTenant's insurance shall be primary and without contribution from any insurance procured Landlord may, at Landlord's option, procure. Landlord's interest must be clearly stated by Lender. Insurance coverage may be provided pursuant to a blanket policy or endorsement in the insurance policies maintained by Florida East Coast Industries, Inc. ("FECI"), covering FECI and all of its subsidiaries, including Flagler Development Companydescribed in this Article X, as Borrower. Policies follows: (A) Each policy shall contain an endorsement that it shall remain in full force and effect notwithstanding that the insured has waived its right of action against any party prior to the occurrence of a loss, shall contain a standard waiver of subrogation endorsement, and, at the request of Landlord, shall include any mortgagee or ground lessor as additional insureds. (B) Receipts evidencing payment of the premium for such insurance shall be delivered by Tenant upon the execution of this Lease, and each such policy shall contain an endorsement prohibiting cancellation or reduction of coverage without first giving Landlord thirty (30) days' prior written notice of such proposed action. All the insurance companies must be authorized to Lender do business in accordance with the following requirements unless otherwise Approved in writing Commonwealth of Virginia and be approved by Landlord. Certified copies of the Lender: (i) All Risk Property insurance on all Improvements policies, and the Personal Property, including contingent liability from Operation of Building Laws, Demolition Costs and Increased Cost of Construction any endorsements, in each case (1) in an aggregate amountshall be made available for inspection by Landlord upon request. If any policy is canceled before the Lease Term has expired, for and Tenant fails to immediately procure replacement insurance, Landlord reserves the Property and all Other Properties (as defined in ARTICLE XV hereof) right but shall not less than that required in the Defined Terms, with a waiver of depreciation and with a Replacement Cost Endorsement; (2) containing an agreed amount endorsement with respect to the Improvements waiving all co-insurance provisions; (3) providing for no deductible in excess of $100,000; and (4) 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. (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 on the so-called "occurrence" form as to the primary limits and 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 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 Property, (2) the amount of all charges (such as, but not limited to, operating expenses, insurance premiums and taxes) which are have the obligation of tenants or occupants immediately 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 leasesprocure replacement insurance at Tenant's cost.