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<br /> however, that Mortgagee is satisfied that the amount accessary to pmvldc for Restoration of any Improvements •
<br /> destroyed or damaged, as aforesutd,according to the plans adopted therefor, which tray be in excess of the amount
<br /> received upon such policies, has been pmvided by the insured for such purposes and its application for such purposes ,
<br /> assured. Cr a Party is not obligated to Restore under this REA, and elects not to Restore, the amounts collected on
<br /> such policies shall be made available to the Party to perform its obligations under the REA, in accordance with the
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<br /> foregoing provisions regarding disbursement. ••
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<br /> 8,6 Indemnification. Subject to the pmvisions of Section 8.9, each Party ("lndemnitor") shall indemnify, •
<br /> defend and hold harmless(collectively "Indemnify"),each of the other Patties,and their respective officers,directors, • •
<br /> employees,agents and partners(collectively, "Indemnitee")against all claims,costs,expenses(including reasonable
<br /> attorneys' fees) and liubilitiei (collectively "Claims"), arising from the death or any accidental occurrence, injury. .
<br /> loss or damage caused to any natural person or to the property of any Persoi►s ("Damage") as shall occur in or on -•_
<br /> r the Parcel of the Indemnitor during the period Indemnitor is a Party hereunder(except to the extent such Claims arise
<br /> from the negligence or fault of the Indemnitee),or resulting froth the Indemnitof, breach of this REA or the gross s • . . -
<br /> Inegligence or willful misconduct on the part of such Indemnitor, its agents, servants or employees, relating to the •
<br /> Property except to the extent caused by the Indemnitee): - •'
<br /> Subject to and in accordance with the applicable provisions of Article 3. each Grantee of an easement . .l
<br /> ("Indemnitor") shall Indemnify the Grantor of such easement and its officers, directors, employees. agents and
<br /> ipartners ("Indemnitee") against any Claims arising from Damage as occurs in connection with the Indemnitee's �t
<br /> t exercise of such easement (except to the extent such Claims arise from the negligence or fault of the Indemnitee). C
<br /> 8.7 Blanket Policies:Combined Politics. Each Party may satisfy its insurance obligations under this REA, y i
<br /> CD I. in whole or in part, by means of a so-called blanket policy which is in conformity with the requirements of this ,
<br /> 3 Article 8. Notwithstanding anything to the contrary herein, the Parties may satisfy their insurance requirements
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<br /> 1 herein by procuring joint rather than separate policies or insurance. •
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<br /> 8,8 Certificate of-Insurance. Each Party shall,on the reasonable request of another Party. promptly furnish
<br /> the requesting Patty.a certificate evidencing the former Party's compliance with the insurance coverage requirements .
<br /> of this Article 8. i
<br /> 8.9 Release and Waiver of Subrogation. Each Party hereby waives all rights of recovery and cuuses of a
<br /> action, and releases each of the other Parties,from all losses and damages occasioned to property located within or
<br /> • upon or constituting a part of the Property, which losses and damages••are of the type covered under the all-risk -,
<br /> policies required by this Article 8; provided, however,that the Party responsible for any such lasses or damages shall • . a
<br /> pay for any deductible under the policies. The net-risk'policies required by'•thisArticle 8 shall provide for waivers •
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<br /> of any right of subrogation that the insurer of such Party may acquire against each other Party he'reta with respect
<br /> to any such losses. . •
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<br /> 8.111 Arbitration of Disputes. Any dispute regarding the insurance coverage required by this Article 8 shall
<br /> be determined by arbitration under Article 2 hereof. The arbitrators shall have at least five (S) years experience in
<br /> either placing or evaluating insurance of the nature at issue for multifamily residential and/or ctiriimercial facilities, •
<br /> as may be nppropriutc to the dispute, .
<br /> 9.CONDEMNAT1ON, ;
<br /> , 9.1 Restoration upon Condemnation. If any pan of the Improvements situated on any Party's Parcel •
<br /> (including Common Building Components and Structural Components, but excluding any separate Structural' - . •
<br /> Component: or separate Utility Facilities saving one Party Mons) is taken by condemnation, eminent domain or . .
<br /> a sale under threat of condemnation ("Condemnation"), such.Patiy shall reconstruct said Improvements as nearly
<br /> as possible to the condition thereof as exisied immediately prior to such Condemnation in accordance with the '
<br /> requirements and subject to the conditions of this Article 9.
<br /> Notwithstanding anything to the contrary:•cnntained in this Article 9.in no event shall uny Party or .
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