7.5. SR 07-15-2013 - Laserfiche WebLink

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SECTION 1.8: Maximum Amount. The maximum amount this Mortgage shall secure shall not be more than One Million One Hundred Fifty-three Thousand Eight Hundred Seventy-eight and No/100 Dollars ($1,153,878.00) at any time, together with interest and all amounts expended by the Mortgagee to protect the Mortgagee's interest in the Property secured by this Mortgage and to enforce the terms hereof. SECTION 1.9: Subordination Of This Mortme. Notwithstanding anything contained herein to the contrary, upon written request by Developer, the City shall subordinate its rights and interest in the Property, the Project and this Mortgage to the lien of all mortgages for the construction of the Project on a form approved by the lender and the City Attorney. ARTICLE TWO INSURANCE AND ESCROWS SECTION 2.1: Insurance. Mortgagor shall obtain and keep in full force and effect during the term of this Mortgage at its sole cost and expense, standard "Builder's Risk" insurance with respect to all construction in progress on the Property and "All-Risk" or "Fire-extended coverage - difference in conditions" property insurance against loss by fire, lightning and risk customarily covered by standard extended coverage endorsement, including the cost of debris removal, all in the amounts of not less than the full insurable value, with agreed amount and full replacement cost endorsements, whichever is greater. Such insurance policies shall be written on forms and with insurance companies satisfactory to Mortgagee, shall name as the insured parties the Mortgagor and the Mortgagee as their interests may appear, shall be in amounts sufficient to prevent the Mortgagor from becoming a co-insurer of any loss thereunder, shall contain endorsements that no act or negligence of Mortgagor or any occupant of the Property and no occupancy or use of the Property for purposes more hazardous than permitted by the terms of the policy shall affect the validity and enforceability of such insurance as against Mortgagee, and shall bear a satisfactory mortgagee clause in favor of the Mortgagee with loss proceeds under any such policies to be made payable to the Mortgagee, subject, however, to any claims by any mortgagee lender for construction of the Project on the Property. Mortgagee agrees to make any such loss proceeds available to Mortgagor in the event the parties agree to restore and/or repair the Property. Mortgagor shall also obtain and keep in full force and effect during the term of this Mortgage comprehensive general public liability insurance covering the legal liability of the Mortgagor against claims for bodily injury, death or property damage occurring on, in or about the Property in the amount of at least One Million and No/100 Dollars ($1,000,000.00), which policies shall name the Mortgagee as additional insured. All required policies of insurance or acceptable certificates thereof, together with evidence of the payment of current premiums therefor, shall be delivered to the Mortgagee. The Mortgagor shall, within thirty (30) days prior to the expiration of any such policy, deliver other original policies or certificates of the insurer evidencing the renewal of such insurance together with evidence of the payment of current premiums therefor. All policies shall specifically provide that the Mortgagee shall receive thirty (30) days prior written notice before cancellation of any such policies. In the event of a foreclosure of this Mortgage or any acquisition of the Property by the Mortgagee, all proceeds payable under this policy, whether payable before or after a foreclosure sale, or during the period of redemption, if any, shall become the absolute property of the Mortgagee to be utilized at its discretion. In the event of foreclosure or the failure to obtain and keep any required insurance, 171419vi 24