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if 88-1GOO~J() (v) If all or part of the Premises shall be leased to or occupied by a person or persons other than Mortgagor, rental value insurance in an amount necessary to provide full coverage of not less than one hundred ten percent (110%) of one year I s base rental income for all Leases, which amount shall be revised annually to reflect any increase or decrease in such base rental income. (vi) At the option of Beneficiary, business interruption insurance with such policy limits as Beneficiary may require, from time to time, for property similar in use and configuration to the Premises or as Beneficiary may from time to time require. (vii) Federal Flood Insurance in an amount to be determined by Beneficiary if the Mortgaged Property is in a "flood plain area" as defined by the Federal Insurance Administra- tion pursuant to the Federal Flood Disaster Protection Act of 1973, as amended. (viii) Such other insurance, in such amounts and against such risks as is commonly obtained, from time to time, in respect of property similar in use and configuration to the Premises and located in the locality where the Premises are located or as Beneficiary may from time to time require or as is otherwise required in the Loan Agreement. 1.6.2 All insurance policies required by Section 1.6.1 shall be in form and issued by companies satisfactory to Beneficiary and shall comply wi th all provisions of the Loan Agreement. All insurance policies in respect of the coverages required by Section 1.6.1 shall contain an endorsement naming Beneficiary as loss payee and addi tional insured, shall be in amounts at least sufficient to prevent coinsurance and all losses thereunder shall be payable to Beneficiary, as sole loss payee. Each policy of insurance required under Section 1.6.1 shall provide that it may not be cancelled or otherwise terminated without at least thirty (30) days' prior written notice to Benefi- ciary and shall permit Beneficiary to pay any premium therefor within ten (10) days after receipt of any notice stating that such premium has not been paid when due. The policy or policies of such insurance or certificates of insurance evidencing the re- quired coverages shall be delivered to Beneficiary. Settlement of any claim under any of the insurance policies referred to in Section 1.6.1, except claims covered by liability insurance, shall require Beneficiary's prior written approval. 1.6.3 Mortgagor shall not purchase separate insurance policies concurrent in form or contributing in the event of loss with those policies required to be maintained under Section 1.6.1, unless Beneficiary is included thereon as a named insured and, if applicable, with loss payable to Beneficiary, as sole loss payee, under a standard mortgagee endorsement of the character described in Section 1.6.2 hereof and the policy evi- dencing such insurance otherwise complies with the requirements of -10- L L L r-- ~ ..' h,.