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<br />Exhibit C <br />INSURANCE REQUIREMENTS <br />Unless Agency agrees otherwise in writing, Owner shall, at Owner's sole cost and expense, <br />throughout the term of the Note dated as of the date hereof and executed by Owner for the <br />benefit of Agency (the "Note") shall keep and maintain the following policies of insurance. <br />Capitalized terms used without definition in this Exhibit C shall have the meaning ascribed <br />to such terms in the Loan Agreement of which this Exhibit is a part. <br />A. Property Insurance. Insurance for the risks of direct physical loss, naming Agency <br />as loss payee as its interests may appear, with minimum coverage being the perils insured <br />under the standard Causes of Loss -Special form (ISO Form CP 10 30) or its equivalent, <br />covering all Improvements, all fixtures and equipment located on or in, or constituting a part <br />of, the Property, in an amount equal to one hundred percent (100%) of the full replacement <br />cost of all such property. The insurance shall (a) cover explosion of steam and pressure <br />boilers and similar apparatus, if any, located on the Property, and (b) cover floods if the <br />Property is in a Special Hazard Area, as determined by the Federal Emergency <br />Management Agency or as shown on a National Flood Insurance Program flood map. The <br />insurance required hereunder shall be in amounts sufficient to prevent Owner from <br />becoming a co-insurer under the terms of the applicable policies, with not more than a Ten <br />Thousand Dollars ($10,000) deductible (or such higher deductible approved by the Agency) <br />from the loss payable for any casualty. The policies of insurance carried in accordance <br />with this Paragraph A shall contain a "replacement cost endorsement," an "increased cost <br />of construction endorsement," and an endorsement covering underground work, if <br />applicable to the Project. <br />B. Liability Insurance. Commercial general liability insurance on an "occurrence basis" <br />covering all claims with respect to injury or damage to persons or property occurring on, in <br />or about the Property or the Improvements. Commencing upon the Effective Date of the <br />Loan Agreement and at all times prior to repayment of all sums payable under the Note, the <br />limits of liability under this Paragraph B shall be not less than One Million Dollars <br />($1,000,000) combined single limit per occurrence, with a deductible no greater than Ten <br />Thousand Dollars ($10,000) or such higher deductible as may be approved by Agency. If <br />an aggregate limit is used, either the general aggregate limit shall apply separately to the <br />Property or the general aggregate limit shall be twice the required occurrence limit. <br />The insurance shall also include: <br />(i) coverage against liability for bodily injury or property damage arising out of <br />the use, by or on behalf of Owner, of any owned, non-owned, leased or hired <br />automotive equipment in the conduct of any and all operations conducted in <br />connection with the Project or the Property; <br />(ii) premises and completed operations including, without limitation, bodily injury, <br />personal injury, death or properly damage occurring upon, in or about the Property <br />or the Improvements on any elevators or any escalators therein and on, in or about <br />the adjoining sidewalks, streets and passageways; <br />1172237-2 <br />