Laserfiche WebLink
(i) Coverage for claims under worker's compensation, disability benefits and <br /> other similar employee benefit acts which are applicable to the construction or <br /> rehabilitation of the Improvements and the development of the Project in an amount <br /> equal to the statutory limit in the state where the Project are located. All policies shall <br /> name MBI as a certificate holder. <br /> Borrower and MBI shall be named as insured, as their interests may appear, on each policy of insurance <br /> with the originals of such policies to be issued to MBI together with appropriate endorsement thereto, <br /> evidence of payment of premiums thereon and written agreements by the insurer or insurers therein to <br /> give MBI not less than thirty (30) days' prior written notice of any intention to cancel. All insurance <br /> coverages required by this Agreement and the other Loan Documents must be provided by insurance <br /> companies acceptable to MBI that are rated at least an "A- IX" or better by Best's Insurance Guide. All <br /> insurance policies shall contain terms and conditions acceptable to MBI. Borrower may satisfy the <br /> insurance requirements set forth in this Section by causing the general contractor to maintain all, or any <br /> part, of the required insurance coverage provided Borrower is named as an additional insured on all such <br /> insurance policies. <br /> (p) Borrower will not carry any separate insurance on the Project concurrent in kind <br /> or form with any insurance required hereunder or contributing in the event of loss without MBI's <br /> prior written consent(which consent shall not be unreasonably withheld, conditioned, or delayed) <br /> and, in the event MBI grants its consent, any such policy shall nevertheless have attached thereto <br /> a standard non-contributing mortgagee clause, with loss payable to MBI, and shall otherwise <br /> meet all other requirements set forth in this Agreement. <br /> (q) Borrower shall cause each contractor and subcontractor involved in the <br /> construction or rehabilitation of the Improvements to obtain and carry at all times (i) contractor's <br /> comprehensive general liability insurance including premises and operations liability, products <br /> and completed operating liability to be maintained for two years after the date the construction or <br /> rehabilitation of the Improvements is substantially completed, broad form property damage <br /> liability, blanket contingent liability operations, operations of subcontractors, completed <br /> operations, contractual liability insurance and comprehensive automobile liability insurance <br /> (including hired and non-owned liability) with severability of interests and with combined single <br /> limit and general aggregate coverage for personal and bodily injury and property damage of at <br /> least $1,000,000.00 for each occurrence and with $2,000,000 excess liability coverage, and (ii) <br /> coverage for claims under worker's compensation, disability benefits and other similar employee <br /> benefit acts which are applicable to the construction or rehabilitation of the Improvements and the <br /> development of the Project in an amount equal to the statutory limit in the State where the Project <br /> is located. <br /> (r) Borrower shall cause each architect, engineer and other design professionals <br /> involved in the design or construction or rehabilitation of the Improvements to obtain and carry at <br /> all times (i) contractor's comprehensive general liability insurance including premises and <br /> operations liability, products and completed operating liability to be maintained for two years <br /> after the date the construction or rehabilitation of the Improvements is substantially completed, <br /> broad form property damage liability, blanket contingent liability operations, operations of <br /> subcontractors, completed operations, contractual liability insurance and comprehensive <br /> automobile liability insurance (including hired and non-owned liability) with severability of <br /> interests and with combined single limit and general aggregate coverage for personal and bodily <br /> injury and property damage of at least $1,000,000.00 for each occurrence and with $2,000,000 <br /> excess liability coverage, (ii) coverage for claims under worker's compensation, disability <br /> benefits and other similar employee benefit acts which are applicable to the construction or <br /> Page 47 <br />