Common use of Rent Loss/Business Interruption Clause in Contracts

Rent Loss/Business Interruption. The Partnership shall maintain, after substantial completion of any above-ground improvements, rent loss/business interruption insurance sufficient to prevent the Partnership or the SP Subsidiary from being a coinsurer under the terms of the policy, and in an amount equal to twelve months’ projected gross income from the Qualified Asset. The policy must contain an extended period of indemnity endorsement which provides that after the loss to the Improvements and personal property has been repaired, the continued loss of income will be insured until the earlier of such time that such income returns to the same level it was prior to the loss or the expiration of six (6) months from the date of restoration. This requirement shall apply in the event the Partnership, by upon approval of the Executive Committee by a Supermajority vote,, has elected to offer all or any portion of the Qualified Asset for rent pursuant to leases or other occupancy agreements.