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area and equipment maintenance; seasonal exterior maintenance; and painting, decorating, <br />and replacement timetables, as necessary. <br />D. Property Taxes. Borrower or its Management Agent shall pay or cause to be paid any and <br />all property taxes in a timely manner. <br />E. Property Insurance. Borrower or its Management Agent shall cause to be placed in force all <br />forms of insurance needed to adequately protect Borrower and the Development, including <br />where appropriate, public liability insurance, boiler insurance, fire and extended coverage <br />insurance, and burglary and theft insurance. All of the various types of insurance coverage <br />required for the benefit of Borrower and the Development shall be placed with such <br />companies, in such amounts, and with such beneficial interest appearing therein as shall be <br />reasonably acceptable and at least in the outstanding balance of the Loan to Lender. All <br />such policies of insurance shall be endorsed with a standard mortgagee clause with loss <br />payable to Lender as a named insured, as Lender may direct, and shall be insured by <br />companies qualified to do business in the State of Minnesota, and shall provide that Lender <br />be given no less than thirty (30) days advance written notice of the cancellation, expiration, <br />or termination of the policy or any material change in the coverage afforded thereunder. <br />F. Review of Operations. Lender shall be permitted to conduct on-site evaluations no more <br />often than annually of the performance of management services as stipulated in this Loan <br />Agreement. Borrower's authorized representative shall be available for on-site evaluations. <br />G. Collection and Delinquencies. Borrower or its Management Agent shall collect and deposit <br />in a general operating account all rents and other charges due from residents and all rents or <br />other payments due from users of parking spaces and from users or lessors of other non- <br />dwelling facilities in the Development. Borrower or its Management Agent agrees to <br />request, demand, collect, receive, and give receipts for any and all charges or rents which <br />may at any time be or become payable; and further agrees to take such action, including <br />legal action, with respect to delinquencies in payments due. <br />H. Governmental Orders. Borrower shall take such action as may be necessary to comply <br />promptly with any and all orders or requirements affecting the Development placed thereon <br />by any federal, state, county, or municipal authority having jurisdiction hereover. <br />L Utility Service and Purchases. Borrower or its Management Agent shall make contracts for <br />garbage and trash removal, fuel, oil, extermination, snow removal, elevator maintenance, <br />and other necessary services. Borrower or its Management Agent shall place orders for <br />such equipment, tools, appliances, materials, and supplies as are necessary to maintain and <br />repair the Development properly. <br />J. Records and Reports. <br />6 <br />