Extract to table

For the 42 mortgaged hotel properties, the Mortgage further requires that the loss payee endorsement include the standard non-contributory, non-reporting mortgagee clause providing that the interest of the Collateral Agent in the insurance coverage shall not be invalidated by any act or neglect of the insured or the owner of the property

With respect to the 42 mortgaged hotel properties, the loss payee endorsement should include the standard non-contributory, non-reporting mortgagee clause (New York Standard Mortgagee Clause or equivalent) providing that: (a) the interest of the Collateral Agent (as mortgagee) in the insurance shall not be invalidated by any act or neglect of the mortgagor or owner of the insured property; (b) the insurer shall give at least thirty (30) days' prior written notice to the Collateral Agent of any cancellation, non-renewal, or material change in coverage; and (c) in the event of payment of any loss to the Collateral Agent, the insurer shall be subrogated to the rights of the Collateral Agent to the extent of such payment

Updated endorsements must be obtained on or before the closing date of July 21, 2022, or promptly thereafter during the post-closing period