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SB146916E (Ed. 07-20) exhaust the applicable Limit of Insurance, we will then pay the difference between the actual cash value and the replacement cost, provided that the repair or replacement is completed: (1) Within 12 months after we pay the actual cash value; or (ii) Within 36 months after we pay the actual cash value if the loss or damage relates to a state of emergency under California law; The following provision applies to real property which is used predominantly for residential purposes and consisting of not more than four dwelling units, and to coverage on tenants' household personal property in a residential unit: If you, acting in good faith and with reasonable diligence, encounter a delay or delays in approval for, or reconstruction of, the residence that are beyond your control, we shall provide one or more additional extensions of six months for good cause. Circumstances beyond your control include, but are not limited to: (1) Unavoidable construction permit delays; (ii) The lack of necessary construction materials; or (iii) The unavailability of contractors to do the necessary work. Nothing in this paragraph (b) constitutes a waiver of our right to deny the claim for any valid reason or to restrict payment in cases of suspected fraud. (7) Tenants Improvements and betterments at: (a) Replacement cost in accordance with the terms set form in paragraph (1)(b)above. (b) A proportion of your original cost if the property is not repaired or replaced. We will determine the proportionate value as follows: (1) Multiply the original cost by the number of days from the loss or damage to the expiration of the lease; and (ii) Divide the amount determined in (1) 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. 0 B. The Businessowners Common Policy Conditions are amended as follows: 0 1. Paragraphs A.2. and A.3. Cancellation are replaced by the following: 2. All Policies In Effect For 60 Days Or Less N V M If this policy has been in effect for 60 days or less, and is not a renewal of a policy we have previously issued, N we may cancel this policy by mailing or delivering to the first Named Insured at the mailing address shown in the policy and to the producer of record, advance written notice of cancellation, stating the reason for cancellation, at least: a. 10 days before the effective date of cancellation if we cancel for: (1) Nonpayment of premium; or (2) Discovery of fraud by: (a) Any insured or his or her representative in obtaining this insurance; or (b) You or your representative in pursuing a claim under this policy. b. 30 days before the effective date of cancellation if we cancel for any other reason. SB146916E (07-20) APPROVED Page 2 of 6 By Cynthia Mora at 5:30 pm, Dec 02, 2024