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(3) The following property at actual cash value: (a) Used or second-hand merchandise held in storage or for sale; (b) Property of others. However, if an item(s) of personal property of others is subject to a written contract which governs your liability for loss or damage to that item(s), then valuation of that item(s) will be based on the amount for which you are liable under such contract, but not to exceed the lesser of the replacement cost of the property or the applicable Limit of Insurance; (c) Household contents, except personal property in apartments or rooms furnished by you as landlord; (d) Manuscripts; (e) Works of art, "antiques" or rare articles, including but not limited to, etchings, pictures, statuary, marbles, bronzes, porcelains, glassware and bric-a-brac not otherwise covered in SECTION I - PROPERTY, A. Coverage, 5. Additional Coverage, x. Fine Arts; or (f) Commercial Tools and Small Equipment and Contractors Tools and Equipment. This does not apply to your Commercial Tools and Small Equipment permanently installed or exclusively used at the described premises. (4) Glass at the cost of replacement with safety glazing material if required by law. (5) Tenant's Improvements and Betterments at: (a) Replacement cost if you make repairs promptly. (b) A proportion of your original cost if you, as the tenant, do not make repairs promptly. We will determine the proportionate value as follows: (i) Multiply the original cost by the number of days from the loss or damage to the expiration of the lease; and Hanover Insurance Group- ODF D785344 5701644 (ii) Divide the amount determined in paragraph (i) above by the number of days from the installation of improvements to the expiration of the lease. If your lease contains a renewal option, the expiration of the renewal option period will replace the expiration of the lease in this procedure. (c) Nothing if others pay for repairs or replacement. (6) "Valuable papers and records" at the cost of restoration or replacement, including the cost of data entry, re -programming, computer consultation services and the "media" on which the data or programs reside. To the extent that the contents of the "valuable papers and records" are not restored, the "valuable papers and records" will be valued at the cost of replacement with blank materials of substantially identical type. (7) "Money" at its face value; and (8) "Securities" at their value at the close of business on the day the loss is "discovered". (9) Accounts Receivable: (a) If you cannot accurately establish the amount of accounts receivable outstanding as of the time of loss or damage: (i) We will determine the total of the average monthly amounts of accounts receivable for the 12 months immediately preceding the month in which the loss or damage occurs; and (ii) We will adjust that total for any normal fluctuations in the amount of accounts receivable for the month in which the loss or damage occurred or for any demonstrated variance from the average for that month. (b) The following will be deducted from the total amount of accounts receivable, regardless of how that amount is established: (i) The amount of the accounts for which there is no loss or damaae: 391-1003 08 16 Includes copyrighted material of Insurance Services Office, Inc., with its permi cF Risk Mwag merd]) isian 1'x REVIEWED & APPROVED SY.- V"° --� RFsk janagement Analyst