Laserfiche WebLink
1.6.Insurance. <br />(a)Solong as the Obligations remainunpaid, Mortgagor shall, at its own cost, <br />maintain or cause to be maintained with insurers of recognized responsibility acceptable <br />to Mortgagee the following insurance: <br />hazard and fire insurance on the improvements now existing or <br />(i) <br />hereafter constructed on the Land insuring against loss by fire, hazards included <br />in the term “extended coverage,”loss by vandalism or malicious mischief, and <br />such other hazards, casualties and contingencies as may berequired by <br />Mortgagee, on the basis of replacement cost without a coinsurance clause, in an <br />amount equal to the full replacement cost thereof (without deduction for <br />depreciation) or such additional amounts and for such periods as may be required <br />by Mortgagee; <br />comprehensive general public liability insurance covering the <br />(ii) <br />liability of Mortgagor against claims for bodily injury, death or property damage <br />occurring on or about the Mortgaged Property in such minimum amounts and <br />limits as Mortgagee may require but in no event, less than $2,000,000.00 <br />combined single limit per occurrence and naming Mortgagee as an additional <br />insured; <br />insurance covering the Mortgaged Property against loss or damage <br />(iii) <br />by explosion, rupture or bursting of steam boilers, steam pipes, steam turbines, <br />steam engines or pressure vessels or fly wheels located on or a part of the <br />Mortgaged Property and providing for full repair and full replacement cost <br />coverage; and <br />such other forms of insurance in such minimum amounts as <br />(iv) <br />Mortgagee may reasonably require or as may be required by law. <br />Mortgagor shall pay or cause to be paid all premiums on insurance required <br />hereunder by making payment directly to the insurer. Mortgagee shall have the <br />right to hold the policies and renewals thereof, and Mortgagor shall promptly <br />furnish to Mortgagee all such policies, renewals thereof, renewal notices and all <br />paid-premium receipts received by it.All policies of insurance and any and all <br />refunds of unearned premiums are hereby assigned to Mortgagee as additional <br />security for the payment of the Obligations secured hereby. In the event of <br />foreclosure of this Mortgage, all right, title and interest of Mortgagor in and to <br />any insurance policies then in force shall pass to the purchaser at the foreclosure <br />sale. <br />The policies of all such insurance shall have mortgagee and loss payable <br />(b) <br />provisions in favor of Mortgagee. All such insurance shall be in form acceptable to <br />Mortgagee, shall provide for at least thirty (30) days’prior written notice of cancellation, <br />termination or modification thereof to Mortgagee, shall permit Mortgagee to make <br />5 <br />477340v3 EL185-40 <br /> <br />