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h. A party wall is a wall that separates and is (b) When this policy is issued to the common to adjoining buildings that are owner or general lessee of a owned by different parties. In settling building, building means the entire covered losses involving a party wall, we building. Such building is vacant will pay a proportion of the loss to the party unless at least 31% of its total wall based on your interest in the wall in square footage is: proportion to the interest of the owner of the (i) Rented to a lessee or sublessee adjoining building. However, if you elect to and used by the lessee or repair or replace your building and the sublessee to conduct its owner of the adjoining building elects not to customary operations; and/or repair or replace that building, we will pay (ii) Used by the building owner to you the full value of the loss to the party conduct customary operations. wall, subject to all applicable policy provisions including Limits of Insurance, the (2) Buildings under construction or Valuation and Coinsurance Conditions and renovation are not considered vacant. all other provisions of this Loss Payment b. Vacancy Provisions Condition. Our payment under the If the building where loss or damage occurs provisions of this paragraph does not alter has been vacant for more than 60 any right of subrogation we may have consecutive days before that loss or against any entity, including the owner or damage occurs: insurer of the adjoining building, and does not alter the terms of the Transfer Of Rights (1) We will not pay for any loss or damage Of Recovery Against Others To Us caused by any of the following, even if Condition in this policy. they are Covered Causes of Loss: 5. Recovered Property (a) Vandalism; If either you or we recover any property after (b) Sprinkler leakage, unless you have loss settlement, that party must give the other protected the system against prompt notice. At your option, the property will freezing; be returned to you. You must then return to us (c) Building glass breakage; the amount we paid to you for the property. We (d) Water damage; will pay recovery expenses and the expenses to repair the recovered property, subject to the (e) Theft; or Limit of Insurance. (f) Attempted theft. 6. Vacancy (2) With respect to Covered Causes of Loss a. Description Of Terms other than those listed in b.(1)(a) through b.(1)(f) above, we will reduce (1) As used in this Vacancy Condition, the the amount we would otherwise pay for term building and the term vacant have the loss or damage by 15%. the meanings set forth in (1)(a) and (1)(b) below: 7. Valuation (a) When this policy is issued to a We will determine the value of Covered tenant, and with respect to that Property in the event of loss or damage as tenant's interest in Covered Property, follows: building means the unit or suite a. At actual cash value as of the time of loss rented or leased to the tenant. Such or damage, except as provided in b., c., d. building is vacant when it does not w. and e. belo contain enough business personal property to conduct customary b. If the Limit of Insurance for Building operations. satisfies the Additional Condition, Coinsurance, and the cost to repair or replace the damaged building property is $2,500 or less, we will pay the cost of building repairs or replacement. Page 12 of 16 © Insurance Services Office, Inc.,2011 CP 00 10 10 12