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<br />84 - 005448 <br /> <br />then unpaid principal balance of the Bond or the full replacement <br />cost of all buildings and improvements and the contentsthe:tein, <br />without deduction for depreciation, architectural, engineering, <br />legal and administrative fees, but exclusive of the cost. of <br />evacuations, foundations and footings below the lowes;tbaS~E!nt <br />floor, which policies shall be sUbject to no coinsura;nce> cl~tlEle <br />and may include a deductibility provision not exceeding.$l,OQ'Ot <br />provided, however, that prior to the Completion Patesuch];lO'U~Y <br />shall be a "Builder's Risk" policy in the "All Risk, cOmp1:e~e4 <br />Value, Non-Reporting" form, containing a "Permission. to .Ocoupy <br />Upon Completion of Work or Occupancy" endorsement and covering: <br />the total value of work performed and equipment, sUPPlies and <br />materials furnished; <br /> <br /> <br />(ii) General liability insurance against <br />liability for injuries to or death of any person or damage to or <br />loss of property arising out of or in any way relating.to the <br />condition of the Mortgaged Property or any part thereof, in the <br />maximum amounts required by any of the leases of the Mortgaged <br />Property, but in no event less than $1,000,000 singl.e limit <br />coverage, provided that the requirements of this subparagraph <br />(ii) with respect to the amount of insurance amy be satisfied by <br />an excess coverage policy; <br /> <br />(iii) <br /> <br />Business <br /> <br />'L.ilrruptic'J or loss of rental <br />,quate to pay the installments of <br />the Bond for a period of not less <br />of damage to or destruction of the <br /> <br />l.ncome insuran.ce in ar' a1TIo~nt <br />principal and interest due on <br />than six months after the date <br />Mortgaged Property; and <br /> <br />(iv) Insurance against such other casualties and <br />contingen~ies as the Bondholder may from time to time require, if <br />such insurance against such other casualties and contingencies is <br />available, all in such manner and for such amounts as may be <br />reasonably satisfactory to the Bondholder. <br /> <br />(b) All insurance provided for in Subsection (a) shall <br />be effective under a valid and enforceable non-assessable policy <br />or policies issued by an insurer (stock or mutual) rated by <br />"Best's Insurance Key Rating Guide" as published by Alfred M. <br />Best Company with minimum ratings as follows: <br /> <br />(i) Policyholders Rating - A; and <br /> <br />(iil financial Rating - Class XIV. <br /> <br />(c) All policies of insurance required by Subsection <br />(a) (i) and (iii) shall be written in the names of the Issuer, the <br />Company and the Bondholder, as their respective interests may <br />appear, and shall provide that the proceeds of such insurance <br />shall be payable to the Bondholder pursuant to a standard <br />mortgagee clause to be attached to such policy. <br /> <br />-14- <br /> <br />L <br /> <br />L <br /> <br />L <br /> <br />..J <br /> <br />L <br />