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PPB 101 01 22 Contains copyrighted material of Insurance Services Office, Inc. Page 25 of 49 If a building is rebuilt at a new prem- ises, the cost is limited to the cost which would have been incurred had the building been built at the original premises. (b) If, at the time of loss, the Limit of Insurance applicable to the lost or damaged property is less than eighty percent (80%) of the full replacement cost of the property immediately before the loss, we will pay the greater of the following amounts, but not more than the Limit of Insurance that applies to the property: (i) The actual cash value of the lost or damaged property; or (ii) A proportion of the cost to repair or replace the lost or damaged property, after application of the deductible and without deduction for depreciation. This proportion will equal the ratio of the applica- ble Limit of Insurance to eighty percent (80%) of the cost of repair or replacement. (c) You may make a claim for loss or damage covered by this insurance on an actual cash value basis instead of on a replacement cost basis. In the event you elect to have loss or damage settled on an actual cash value basis, you may still make a claim on a replacement cost basis if you notify us of your intent to do so within one hundred eighty (180) days after the loss or damage. (d) We will not pay on a replacement cost basis for any loss or damage: (i) Until the lost or damaged property is actually repaired or replaced; and (ii) Unless the repairs or replacement are made as soon as reasonably possible after the loss or damage. However, if the cost to repair or re- place the damaged building property is $2,500 or less, we will settle the loss according to the provisions of Para- graphs d.(1)(a) and d.(1)(b) above whether or not the actual repair or replacement is complete. (e) The cost to repair, rebuild or replace does not include the increased cost attributable to enforcement of any ordinance or law regulating the con- struction, use or repair of any 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) Used or secondhand 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 dam- age 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 fur- nished by you as landlord; (d) Manuscripts; and (e) Works of art, antiques or rare articles, including etchings, pictures, statuary, marble, bronzes, porcelain and bric-a- brac. (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 loss or 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 improve- ments to the expiration of the lease. Exhibit B Docusign Envelope ID: 7D12103B-E5DC-46A2-B6BA-3BD5268ECDA5