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SPECIAL PROPERTY COVERAGE FORM replacement cost basis if you notify us of your intent to do so within 180 days after the physical loss or physical damage. (b) We will not pay on a replacement cost basis for any physical loss or physical damage: (i) Until the physically lost or physically damaged property is actually repaired or replaced; and (ii) Unless the repairs or replacement are made as soon as reasonably possible after the physical loss or physical damage. However, if the cost to repair or replace the damaged property is $2,500 or less, we will settle the loss according to the provisions of Paragraphs d.(1)(a) and d.(1)(b) above whether or not the actual repair or replacement is complete. (c) We will not pay more for physical loss or physical damage on a replacement cost basis than the least of: (i) The cost to replace, on the same premises, the physically lost or physically damaged property with other property of comparable material and quality and which is used for the same purpose; or (ii) The amount you actually spend that is necessary to repair or replace the physically lost or physically damaged property. (2) If the Actual Cash Value - Buildings option applies, as shown in the Declarations, paragraph (1) above does not apply to Buildings. Instead, we will determine the value of Buildings at actual cash value. (3) The following property at actual cash value: (a) Manuscripts; (b) Works of art, antiques or rare articles, including etchings, pictures, statuary, objects of marble, bronzes, porcelains and bric-a-brac. Form SS 00 07 07 05 (c) Household contents, except personal property in apartments or rooms furnished by you as landlord. (4) Glass at the cost of replacement with safety glazing material if required by law. (5) "Tenants' Improvements and Betterments" at: (a) Replacement cost if you make repairs promptly. (b) A proportion of your original cost if you 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 physical loss or physical damage to the expiration of the lease; and (ii) Divide the amount determined in (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: (a) Blank materials for reproducing the records; and (b) Labor to transcribe or copy the records. (7) "Money" and "Securities": (a) "Money" at its face value; and (b) "Securities" at their value at the close of business on the day the loss is discovered. (8) The value of United States Government Internal Revenue taxes and custom duties and refundable state and local taxes paid or fully determined on the following property held for sale will not be considered in determining the value of Covered Property: (a) Distilled spirits; (b) Wines; ew cF RAMwagementDMsian Jy/\'x REVIEWED & APPROVED BY: v --� Risk janagement Analyst