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2� 15�8�57 <br /> EXHIBIT B <br /> Insurance Re uirements <br /> ��apitalized terms used but not otherwise def ned herein shall ha�e the meanings ascril�ed to them in <br /> the Loan Agre�ment} <br /> I. PR�PERTY INSURANCE <br /> A. Durin �anstruct�an <br /> An �RI�INAL �or certifed copy� Bu�tder's All-Risk, �ornp�eted Value, Non-Reporting <br /> Farm P�LICY naming Borrower as an insur�d, reflecting coverage of I��% of th� <br /> rep�acem�nt c�st of the Irnprovements and the Equipment, and written by a carrier approved <br /> by the Lender �vith a current Best's �nsurance Guide rating �f at leas� A-IX �whi�h is <br /> authorized to da business in the state where the Project is lacated}that includes: <br /> 1. Mortgag�e Claus��ar equi�alent}naming Lender. <br /> 2. 3�-day notice ta Lender in the event of cancellation,non-renewal ar material change. <br /> 3. Re�lacement�ast Endarsement. <br /> 4. Stipu�ated Va�uelAgreed Amount Endorsernen�. <br /> 5. Flood Insurance�if applicable}. <br /> 6. Collapse and Earthquake�overage. <br /> 7. Vandalism and Malicious Mischief�o�erage. <br /> B. LT an Com letion <br /> An �RIGINAL �or certified copy� All-Risk Hazard Insurance P�LICY naming Borr�wer as <br /> an insured,reflec��ng coverage of 1��% of the replacement c�st af the Impr�vements and the <br /> Equipment, and written by a carrier appro�ed by Lender with a current Best's Insurance�uide <br /> Rating af at least A-i� and a current Standard and Ponr claims paying ability rating of AAA <br /> �Which is autharized to do business in the state where the Pra�ec��s located}that includes: <br /> 1. Lender's Loss Payable Endorsement with a Se�erability of Interest Clause. <br /> 2. 34-day notice ta Lender in the event of canc�llation,non-renewal or mater�al change. <br /> 3. Replacement�ost Endorsement. <br /> 4. Stipulated ValuelAgreed Amoun�Endorsement. <br /> 5. Boi�er Explasion Co�erage�if app�icable}. <br /> G. Sprinkler Leakage�overage. <br /> 7. Vandalism and Malicious Mischief Caverage. <br /> 8. Flood Insurance�if applicable�. <br /> 9. Rental Value Tnsurance in an amount of not less than 14�% of 6-month's Rental Va1ue <br /> of the Project. "�tental Value"shall inc�ude: <br /> a. the total proj ected gross rental income fram tenant occupancy of the Proj ect <br /> as set forth in the Budge�; <br /> b. �he amaunt of a�l charges which are the legal obligatian of tenants and which <br /> would otherwise be the obligatian of Barrower; and <br /> c. the fair rental value of any portian of the Project which is occupied by <br /> B orrower. <br /> 31 <br />