Common use of Renewal of Insurance Clause in Contracts

Renewal of Insurance. Borrower shall timely pay all premiums on all insurance policies to assure that at all times Borrower has in effect insurance as required pursuant to the Insurance Requirements attached hereto as Exhibit E, and as and when additional insurance is required and commercially reasonable for a project of the type as the Project, from time to time, and as and when any policies of insurance may expire, furnish to Administrative Agent, premiums prepaid, additional and renewal insurance policies with companies, coverage and in amounts set forth in the Insurance Requirements and otherwise reasonably satisfactory to Administrative Agent. In addition, Borrower shall cause General Construction Contractor to maintain until Completion the Subguard insurance policies for which Borrower has provided copies to Administrative Agent prior to the Closing Date and provide Administrative Agent with evidence of the renewal thereof at least fifteen (15) days prior to the expiration thereof. Borrower shall not bring or keep any article on the Project or cause or allow any condition to exist on it, if that could invalidate or would be prohibited by any insurance coverage required to be maintained by Borrower on the Project. Unless Borrower provides Administrative Agent with appropriate evidence of the insurance coverage required by this Agreement, Administrative Agent on behalf of the Lenders may purchase insurance at Borrower’s expense to protect Administrative Agent’s and the Lenders’ interests in the Project and to maintain the insurance required by this Agreement. Prior to purchasing any such insurance, Administrative Agent will use its good faith efforts to provide notice to Borrower of its intention to do so, provided, however, that Administrative Agent’s failure to provide such notice shall not affect Borrower’s responsibility for the expense of such insurance purchased by Administrative Agent. This insurance may, but need not, protect Borrower’s interests. The coverage purchased by Administrative Agent may not pay any claim made by Borrower or any claim that is made against Borrower in connection with the Project or any required insurance policy. Borrower may later cancel any insurance purchased by Administrative Agent, but only after providing Administrative Agent with appropriate evidence that Borrower has obtained insurance as required by this Agreement. If Administrative Agent on behalf of the Lenders purchases insurance for the Project or insurance otherwise required by this Agreement, Borrower will be responsible for the costs of that insurance and other charges imposed by Administrative Agent in connection with the placement of the insurance until the effective date of the cancellation or expiration of the insurance. The costs of the insurance may be added to the Indebtedness effective as of the date Administrative Agent purchases such insurance and such costs may be more than the cost of insurance Borrower is able to obtain on its own. The effective date of coverage may be the date the prior coverage lapsed or the date on which Borrower failed to provide Administrative Agent proof of coverage.

Renewal of Insurance. Borrower Borrowers shall timely pay all premiums on all insurance policies to assure that at all times Borrower has Borrowers have in effect insurance as required pursuant to the Insurance Requirements attached hereto as Exhibit ERequirements, and as and when additional insurance is required and commercially reasonable for a project of the type as the Projectrequired, from time to time, and as and when any policies of insurance may expire, furnish to Administrative AgentLender, premiums prepaid, additional and renewal insurance policies with companies, coverage and in amounts set forth in the Insurance Requirements and otherwise reasonably satisfactory to Administrative AgentLender. In addition, "INSURANCE REQUIREMENTS" shall mean the requirements described on Exhibit E attached hereto. No Borrower shall cause General Construction Contractor to maintain until Completion the Subguard insurance policies for which Borrower has provided copies to Administrative Agent prior to the Closing Date and provide Administrative Agent with evidence of the renewal thereof at least fifteen (15) days prior to the expiration thereof. Borrower shall not bring or keep any article on the any Project or cause or allow any condition to exist on it, if that could invalidate or would be prohibited by any insurance coverage required to be maintained by such Borrower on the such Project. Unless Borrower provides Administrative Agent If Borrowers have not provided Lender with appropriate evidence of the insurance coverage required by this Agreement, Administrative Agent on behalf of the Lenders Lender may purchase insurance at Borrower’s Borrowers' expense to protect Administrative Agent’s and the Lenders’ Lender's interests in the Project Projects and to maintain the insurance required by this Agreement, provided that if Borrowers have not delivered any renewal insurance policy required by the terms hereof on or before the day which is thirty (30) days prior to the expiration of such policy, Lender shall provide Borrowers with written notice of such failure and if Borrowers have not delivered such evidence of insurance coverage or renewal insurance policy as required by the terms hereof on or before the date which is ten (10) business days prior to the expiration of such insurance policy, Lender may purchase such insurance as aforesaid. Prior to purchasing any such insurance, Administrative Agent Lender will use its good faith efforts to provide notice to Borrower Borrowers of its intention to do so, ; provided, however, that Administrative Agent’s Lender's failure to provide such notice shall not affect Borrower’s Borrowers' responsibility for the expense of such insurance purchased by Administrative AgentLender. This insurance may, but need not, protect Borrower’s Borrowers' interests. The coverage purchased by Administrative Agent Lender may not pay any claim made by Borrower Borrowers or any claim that is made against Borrower Borrowers in connection with the a Project or any required insurance policy. Borrower Borrowers may later cancel any insurance purchased by Administrative AgentLender, but only after providing Administrative Agent Lender with appropriate evidence that Borrower has Borrowers have obtained insurance as required by this Agreement. If Administrative Agent on behalf of the Lenders Lender purchases insurance for the any Project or insurance otherwise required by this Agreement, Borrower Borrowers will be responsible for the costs of that insurance and other charges imposed by Administrative Agent Lender in connection with the placement of the insurance until the effective date of the cancellation or expiration of the insurance. The costs of the insurance may be added to the Indebtedness effective as of the date Administrative Agent Lender purchases such insurance and such costs may be more than the cost of insurance Borrower is Borrowers are able to obtain on its their own. The effective date of coverage may be the date the prior coverage lapsed or the date on which Borrower Borrowers failed to provide Administrative Agent Lender proof of coverage.

Renewal of Insurance. Borrower Borrowers shall timely pay all premiums (i) maintain in full force, until full payment of the Loan, such insurance coverages on all the Projects as are described on the attached Exhibit E, (ii) maintain such coverages through the applicable insurance policies to assure that at all times Borrower has in effect insurance as required pursuant to carriers (or such other reasonably acceptable substitute carriers selected by Borrowers) for the Insurance Requirements respective coverages (or substantially equivalent replacement coverages) listed on the attached hereto as Exhibit E, and (iii) name Lender as and when an additional insurance is required and commercially reasonable for a project of the type as the Project, from time to time, and as and when any policies of insurance may expire, furnish to Administrative Agent, premiums prepaid, additional and renewal insurance policies with companies, coverage and in amounts set forth in the Insurance Requirements and otherwise reasonably satisfactory to Administrative Agent. In addition, Borrower shall cause General Construction Contractor to maintain until Completion the Subguard insurance policies for which Borrower has provided copies to Administrative Agent prior to the Closing Date insured thereunder and provide Administrative Agent with evidence of the renewal thereof at least fifteen thirty (1530) days prior written notice to Lender of cancellation, non-renewal or material change of the expiration thereofinsurance policies maintained by the Borrower pursuant hereto. Borrower Borrowers shall not bring or keep any article on the any Project or cause or allow any condition to exist on it, if that could would reasonably be expected to invalidate or would be prohibited by any insurance coverage required to be maintained by Borrower Borrowers on the ProjectProjects. Unless Borrower provides Administrative Agent Borrowers provide Lender with appropriate evidence of the insurance coverage required by this Agreement, Administrative Agent on behalf Lender may, following ten (10) days written notice to Borrower of Borrowers' failure to provide the Lenders may same (or upon lesser notice or without notice if any required insurance has lapsed or is at risk of lapsing), purchase insurance at Borrower’s Borrowers' expense to protect Administrative Agent’s and the Lenders’ Lender's interests in the Project Projects and to maintain the insurance required by this Agreement. Prior to purchasing any such insurance, Administrative Agent will use its good faith efforts to provide notice to Borrower of its intention to do so, provided, however, that Administrative Agent’s failure to provide such notice shall not affect Borrower’s responsibility for the expense of such insurance purchased by Administrative Agent. This insurance may, but need not, protect Borrower’s interests. The coverage purchased by Administrative Agent may not pay any claim made by Borrower or any claim that is made against Borrower in connection with the Project or any required insurance policy. Borrower Borrowers may later cancel any insurance purchased by Administrative AgentLender, but only after providing Administrative Agent Lender with appropriate evidence that Borrower has Borrowers have obtained insurance as required by this Agreement. If Administrative Agent on behalf of the Lenders If, in accordance with this Section, Lender purchases insurance for the any Project or insurance otherwise required by this Agreement, Borrower Borrowers will be responsible for the costs of that insurance and other charges imposed by Administrative Agent Lender in connection with the placement of the insurance until the effective date of the cancellation or expiration of the insurance. The costs of the insurance may be added to the Indebtedness effective as of the date Administrative Agent purchases such insurance and such costs may be more than the cost of insurance Borrower is able to obtain on its own. The effective date of coverage may be the date the prior coverage lapsed or the date on which Borrower failed to provide Administrative Agent proof of coverage.the

Renewal of Insurance. Borrower shall cause Owner to timely pay ( or cause to be paid) all premiums on all insurance policies to assure that at all times Borrower has Owner and each Master Tenant and Manager have in effect insurance as required pursuant to the Senior Loan Documents and as otherwise required by the Insurance Requirements attached hereto as Exhibit E, and as and when additional insurance is required and commercially reasonable for a project of the type as the Projectrequired, from time to time, and as and when any policies of insurance may expire, furnish ( or cause to Administrative Agentbe furnished) to Lender, premiums prepaid, additional and renewal insurance policies with companies, coverage and in amounts set forth in the Insurance Requirements and otherwise reasonably satisfactory to Administrative Agent. In addition, Borrower shall cause General Construction Contractor Lender based on customary practices of assisted living operators comparable to maintain until Completion the Subguard insurance policies for which Borrower has provided copies to Administrative Agent prior to the Closing Date and provide Administrative Agent with evidence of the renewal thereof at least fifteen (15) days prior to the expiration thereofAlterra. Borrower shall not, and shall not permit Owner to, bring or keep keep, or permit to be brought or kept, any article on the any Project or cause or allow any condition to exist on it, if that could invalidate or would be prohibited by any insurance coverage required to be maintained by Borrower or Owner and each Master Tenant and Manager on the ProjectProjects. Unless Borrower provides Administrative Agent Lender with appropriate evidence of the insurance coverage required by this Agreement, Administrative Agent on behalf of the Lenders Lender may purchase insurance at Borrower’s 's expense to protect Administrative Agent’s and the Lenders’ Lender's interests in the Project Projects and to maintain the insurance required by this Agreement. Prior to purchasing any such insurance, Administrative Agent will use its good faith efforts to provide notice to Borrower of its intention to do so, provided, however, that Administrative Agent’s failure to provide such notice shall not affect Borrower’s responsibility for the expense of such insurance purchased by Administrative Agent. This insurance may, but need not, protect Borrower’s 's, Owner's or any Master Tenant's or Manager's interests. The coverage purchased by Administrative Agent Lender may not pay any claim made by Borrower Borrower, Owner or any Master Tenant or Manager or any claim that is made against Borrower Borrower, Owner or any Master Tenant or Manager in connection with the Project Projects or any required insurance policy. Borrower may later cancel any insurance purchased by Administrative AgentLender, but only after providing Administrative Agent Lender with appropriate evidence that Borrower has or Owner and each Master Tenant and Manager have obtained insurance as required by this Agreement. If Administrative Agent on behalf of the Lenders Lender purchases insurance for the any Project or insurance otherwise required by this Agreement, Borrower will be responsible for the costs of that insurance and other charges imposed by Administrative Agent Lender in connection with the placement of the insurance until the effective date of the cancellation or expiration of the insurance. The costs of the insurance may be added to the Indebtedness effective as of the date Administrative Agent Lender purchases such insurance and such costs may be more than the cost of insurance Borrower or Owner or any Master Tenant or Manager is able to obtain on its own. The effective date of coverage may be the date the prior coverage lapsed or the date on which Borrower failed to provide Administrative Agent Lender proof of coverage.

Renewal of Insurance. Borrower shall timely pay (or cause to be paid) all premiums on all insurance policies to assure that at all times Borrower has and each Master Tenant and Manager have in effect insurance as required pursuant to the Insurance Requirements attached hereto as Exhibit E, and as and when additional insurance is required and commercially reasonable for a project of the type as the Projectrequired, from time to time, and as and when any policies of insurance may expire, furnish (or cause to Administrative Agentbe furnished) to Lender, premiums prepaid, additional and renewal insurance policies with companies, coverage and in amounts set forth in the Insurance Requirements and otherwise reasonably satisfactory to Administrative Agent. In addition, Borrower shall cause General Construction Contractor Lender based on customary practices of assisted living operators comparable to maintain until Completion the Subguard insurance policies for which Borrower has provided copies to Administrative Agent prior to the Closing Date and provide Administrative Agent with evidence of the renewal thereof at least fifteen (15) days prior to the expiration thereofAlterra. Borrower shall not bring or keep keep, or permit to be brought or kept, any article on the any Project or cause or allow any condition to exist on it, if that could invalidate or would be prohibited by any insurance coverage required to be maintained by Borrower and each Master Tenant and Manager on the ProjectProjects. Unless Borrower provides Administrative Agent Lender with appropriate evidence of the insurance coverage required by this Agreement, Administrative Agent on behalf of the Lenders Lender may purchase insurance at Borrower’s 's expense to protect Administrative Agent’s and the Lenders’ Lender's interests in the Project Projects and to maintain the insurance required by this Agreement. Prior to purchasing any such insurance, Administrative Agent will use its good faith efforts to provide notice to Borrower of its intention to do so, provided, however, that Administrative Agent’s failure to provide such notice shall not affect Borrower’s responsibility for the expense of such insurance purchased by Administrative Agent. This insurance may, but need not, protect Borrower’s 's or any Master Tenant's or Manager's interests. The coverage purchased by Administrative Agent Lender may not pay any claim made by Borrower or any Master Tenant or Manager or any claim that is made against Borrower or any Master Tenant or Manager in connection with the Project Projects or any required insurance policy. Borrower may later cancel any insurance purchased by Administrative AgentLender, but only after providing Administrative Agent Lender with appropriate evidence that Borrower has and each Master Tenant and Manager have obtained insurance as required by this Agreement. If Administrative Agent on behalf of the Lenders Lender purchases insurance for the any Project or insurance otherwise required by this Agreement, Borrower will be responsible for the costs of that insurance and other charges imposed by Administrative Agent Lender in connection with the placement of the insurance until the effective date of the cancellation or expiration of the insurance. The costs of the insurance may be added to the Indebtedness effective as of the date Administrative Agent Lender purchases such insurance and such costs may be more than the cost of insurance Borrower or any Master Tenant or Manager is able to obtain on its own. The effective date of coverage may be the date the prior coverage lapsed or the date on which Borrower failed to provide Administrative Agent Lender proof of coverage.