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for purposes of this Agreement shall mean actual replacement value(exclusive of costs of <br /> excavations, foundations, underground utilities and footings) with a waiver of <br /> depreciation; (B) containing an agreed amount endorsement with respect to the <br /> Improvements and personal property at the Project waiving all co-insurance provisions; <br /> (C)providing for no deductible in excess of$25,000 for all such insurance coverage; (D) <br /> containing an "Ordinance or Law Coverage" or"Enforcement" endorsement if any of the <br /> Improvements or the use of the Project shall at any time constitute legal non-conforming <br /> structures or uses; and (E) shall also insure costs of demolition and increased cost of <br /> construction. The insurance policy shall be endorsed to also provide guarantied building <br /> replacement cost to the Improvements in an amount to be subject to the consent of MBI, <br /> which consent shall not be unreasonably withheld. All policies shall name MBI as a <br /> "mortgagee" on a non-contributing New York type of standard mortgagee clause or an <br /> equivalent endorsement satisfactory to MBI and as the "Loss Payee" as respects <br /> rental/business income insurance. Such insurance shall include such special coverages as <br /> MBI may require, including without limitation coverage for earthquakes and mudslides if <br /> the Project is located in an area which MBI determines is an area which is at risk for such <br /> events. <br /> (iv) If applicable, comprehensive boiler and machinery insurance covering all <br /> mechanical and electrical equipment against physical damage, rent loss and <br /> improvements loss in an amount equal to 100%of the replacement costs of the equipment <br /> and the area surrounding the equipment and naming MBI as "mortgagee" on a non- <br /> contributing Standard Mortgagee Endorsement providing that any loss payable <br /> thereunder shall be paid solely to MBI. <br /> (v) If any portion of the Improvements is currently or at any time in the <br /> future located in a federally designated "special flood hazard area", flood hazard <br /> insurance in an amount equal to the lesser of(i) the principal balance of the Loan or (ii) <br /> the maximum amount of such insurance available under the National Flood Insurance Act <br /> of 1968, the Flood Disaster Protection Act of 1973 or the National Flood Insurance <br /> Reform Act of 1994,as each may be amended. <br /> (vi) If liquor is sold on the Project, liquor liability coverage in such amounts <br /> and with such special coverages as MBI may require. <br /> (vii) Upon the final completion of the Improvements and continuing <br /> thereafter, rent loss insurance, without a co-insurance provision, in an amount which is <br /> not less than twelve(12) months of scheduled rental income from the Project, with a loss <br /> payable clause in favor of MBI, such insurance to be carried with such company or <br /> companies and upon such terms and conditions as MBI may require. <br /> (viii) Such other types and amounts of insurance with respect to Borrower, the <br /> Project, the Improvements and the operation thereof that are commonly maintained by <br /> prudent owners of other property and buildings similar to the Project in nature, use, <br /> location, height, and type of construction, as may from time to time be reasonably <br /> required by MBI. <br /> Borrower shall cause General Contractor to maintain the following insurance and, upon request by MBI, <br /> furnish to MBI evidence of such insurance coverage and payment of premiums therefore: <br /> Page 46 <br />