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2oloooi4~ or policies, if so required, shall contain a replacement cost endorsement and either an agreed amount endorsement (to avoid the operation. of any co-insurance provisions) or a waiver of any co-insurance provisions, all subject to Lender's reasonable approval. The premiums (the "Insurance Premiums") for the policies of insurance carried in accordance with this paragraph (the "Policies") shall be paid annually in advance if paid by Borrower or, if paid by Lessee pursuant to the Lease, at such other times required of Lessee under the Lease. (b) Unless such insurance is being provided by Lessee under the Lease, Borrower, at its sole cost and expense, for the mutual benefit of Borrower and Lender, shall also obtain and maintain during the entire term of this Security Instrument the following Policies: (i) Flood insurance if any part of the Improvements included within the Mortgaged Property are located in an area identified by the Federal Emergency Management Agency as an area having special flood hazards and in which flood insurance has been made available under the National Flood Insurance Act of 1968 (and any successor act thereto) in an amount equal to at least the then full replacement value of such Improvements or the amount of flood insurance available under said Act, whichever is less. (ii) Comprehensive general liability insurance, including broad form property damage, blanket contractual and personal injuries (including death resulting therefrom) coverages on an "occurrence basis" with minimum combined single limit coverage of not less than $2,000,000. (iii) Such other insurance as may from time to time be reasonably and customarily required by Lender in order to protect its interests in the Mortgaged Property. (c) All Policies (i) shall be issued by an insurer having a claims paying ability rating of "A-" or better by Standard & Poor's and "A3" or better by Moody's Investors Service, (ii) shall contain the standard New York mortgagee or equivalent non- contribution clause naming Lender as the person to which all payments made by such insurance company shall be paid and assuring continuance of coverage notwithstanding foreclosure and change of title to the Martgaged Property or use of the Mortgaged Property for a more hazazdous purpose, (iii) shall be maintained throughout the term of this Security Instrument without cost to Lender, (iv) shall be evidenced by a certificates of insurance or other reasonable evidence of coverage provided by the Lessee, (v) shall contain such provisions as Lender deems reasonably necessary or desirable to protect its interest including, without limitation, endorsements providing that neither Borrower, .Lender nor any other party shall be a co-insurer under said Policies and that the insurer shall endeavor to provide to Lender at least thirty (30) days prior written notice of any modification or cancellation, and (vi) shall be reasonably satisfactory in form and substance to Lender and shall be reasonably approved by Lender as to amounts, form, risk coverage, deductibles, loss payees and insureds. Not later than ten (10) -10-