Liability Insurance Uses in Ordinance/Law Coverage Clause

Ordinance/Law Coverage

This Instrument is partially exempt from recording tax pursuant to Va. Code Ann. Subsection 58.1-803D. The purpose of this Instrument is to partially refinance the terms of an existing debt with the same lender, which partial debt in the amount of $46,000,000.00 is secured by a deed of trust recorded in the Clerks Office of the Circuit Court of Fairfax County, Virginia, in Deed Book 18421 at page 661 on which tax imposed by Section 58.1-803 has been paid in the amount of $79,733.33. Recording tax is due on the additional indebtedness of $54,000,000.00 in the amount of $133,600.00.

Ordinance/Law Coverage. Ordinance or law coverage and insurance coverage to compensate for the cost of demolition or rebuilding of the undamaged portion of the Property along with any reduced value and the increased cost of construction in amounts as requested by Lender if the Property is or becomes a legally non-conforming use;