3.5 EDSR 11-21-2016 - Laserfiche WebLink

Home Browse Search

if list any conditional sales contracts and other title retention arrangements to which such personal property may be subject. 1..6 Insurance. (a) So long as the Indebtedness remains unpaid,Mortgagor shall,at its own cost, maintain or cause to be maintained with insurers of recognized responsibility acceptable to Mortgagee the following insurance: (i) hazard and fire insurance on the improvements now existing or hereafter constructed on the Land insuring against loss by fire, hazards included in the term "extended coverage," loss by vandalism or malicious mischief, and such other hazards, casualties and contingencies as may be required by Mortgagee, on the basis of replacement cost without a coinsurance clause, in an amount equal to the full replacement cost thereof (without deduction for depreciation) or such additional amounts and for such periods as may be required by Mortgagee; (ii) comprehensive general public liability insurance covering the liability of Mortgagor against claims for bodily injury, death or property damage occurring on or about the Mortgaged Property in such minimum amounts and limits as Mortgagee may require but in no event, less than $2,000,000.00 combined single limit per occurrence and naming Mortgagee as an additional insured; (iii) insurance covering the Mortgaged Property against loss or damage by explosion, rupture or bursting of steam boilers, steam pipes, steam turbines, steam engines or pressure vessels or fly wheels located on or a part of the Mortgaged Property and providing for full repair and full replacement cost coverages; (iv) rent and rental value insurance or business interruption insurance covering risk of loss due to the occurrence of any hazards described in the foregoing Subsections(1),(ii),and(iii)in an amount equal to income from the Mortgaged Property, and Impositions, for a period of twelve(12)months and based upon such estimate of annual income either from Mortgagor's use of the Mortgaged Property or any leases of the Mortgaged Property,or both,as Mortgagee may reasonably estimate;and (v) such other forms of insurance in such minimum amounts as Mortgagee may reasonably require or as may be required by law. Mortgagor shall pay or cause to be paid all premiums on insurance required hereunder by making payment directly to the insurer. Mortgagee shall have the right to hold the policies and renewals thereof, and Mortgagor shall promptly furnish to Mortgagee all such policies,renewals thereof, renewal notices and all paid-premium receipts received by it. All policies of insurance and any and all refunds of unearned premiums are -5-