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or about the Premises; and (v) flood insurance (in the event
the Premises are situated within a "flood hazard area", as
such term is defined in the United States Flood Disaster
Protection Act of 1968) in an amount equal to the lesser of
the maximum amount authorized by law or the Full Insurable
Value.of the Improvements. '
(b) Polic Provisions. All insurance (except
workmen's compensation nsurance) with respect to' the
Premises and the Improvements (i) shall be written by an
insurer or insurers authorized to do an insurance business
in the State of Florida; iii) shall provide that all
insurance proceeds for losses shall be adjusted by De-
veloper, subject to the approval of any Construction Lender
or if there is- no Construction Mortgage, the approval of
Mortgagee; (iii) shall, except in the case of public lia-
bility insurance, include effective waivers by the insurer
of all rights of subrogation against any named insured and `
(if obtainable) all claims for insurance premiums against
Mortgagee, and be payable (without contribution, if obtain-
able) to Mortgagee; (iv) shall provide that any losses shall
be payable to Mortgagee as its interests may appear notwith-
standing (a) any act or negligence of Developer, (b) the _
occupation or use•of the Premises or the Improvements for
purposes more hazardous than permitted by the terms thereof,
(c) any foreclosure or other action or procedure taken by
Mortgagee pursuant to any provision of the Mortgage, or (d) ~
any change in title or ownership of the Mortgaged Property;
and (v) shall provide that no suspension, cancellation,
termination, modification, non-renewal or lapse or material
change in coverage thereof shall be effective until at least
30 days after receipt of written notice thereof by Mortgagee.
(c) Delivery of Policies. Developer will deliver
to Mortgagee (i) upon the execution and delivery of this-
Restated Mortgage, certificates evidencing all insurance
which Developer is required to maintain pursuant to this
Section 3.08, and (ii) at least 30 days prior to the ex-
piration of any such certificate, renewal certificates.
(d) A lication of Insurance Proceeds. All
insurance proceeds rece ved by Mortgagee on account of any
damage to or destruction of the Improvements (less the
actual costs, fees and expenses incurred in the collection
thereof) shall, subject to the rights of any Construction i
Lender to receive and disburse such proceeds, be paid over
to the Mortgagee and be applied, provided there is no Event
of Default hereunder and the .Construction Lender consents
thereto, to reimbursement to Developer for expenses incurred
in the restoration of the Improvements or, if there is a
continuing Event of Default hereunder or the Construction
Lender does not so consent, such proceeds shall be applied
to payment of the Second Replacement Note.
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(e) Other Insurance. Neither the Mortgagors nor
the Developer shall take out separate insurance concurrent
in form or contributing in the event of loss with that
required to be maintained under this Section 3.08, unless j
the Mortgagee is included therein as a named insured with
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