05-13-2020 Council Packet - Laserfiche WebLink

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12316323v3 26 (3)Cash equal to the release price as certified pursuant to subparagraph (1)(B), which cash shall be deposited in the Optional Redemption Fund or, if the amount on deposit in the Reserve Fund is at the time less than the Reserve Requirement, in the Reserve Fund, to the extent of such deficiency, all as directed by the Authorized Borrower Representative; (4)A Certificate of an Independent Engineer that the Land to be released does not contain any permanent structure necessary for the total operating unity and efficiency of the Project Facilities; and (5)An Opinion of Counsel stating that the certificates, opinions and other instruments and cash which have been or are therewith delivered to and deposited with the Trustee conform to the requirements of this Loan Agreement and that, upon the basis of such application, the property may be released from the lien of the Mortgage, and that all conditions precedent herein provided for relating to such release have been complied with. (ii)The Borrower may at any time or times grant to itself or others easements, licenses, rights of way and other rights or privileges in the nature of easements with respect to the Land, free from the lien of the Mortgage, or the Borrower may release existing easements, licenses, rights of way and other rights or privileges with or without consideration, and the Trustee will execute and deliver any instrument necessary or appropriate to confirm and grant or release any such easement, license, right of way or privilege; provided, however, that prior to any such grant or release, there shall have been supplied to the Trustee a Certificate of the Authorized Borrower Representative to the effect (i) that such grant or release is not detrimental to the proper operation of the Project Facilities and (ii) such grant or release will not impair the operating unity or the efficiency of the Project Facilities on such Land or materially and adversely affect the character thereof. Section 5.09 Insurance. The Borrower shall maintain, or cause to be maintained, at its cost and expense, insurance as follows: (a)Insurance against loss and/or damage to the Project Facilities under a policy or policies covering such risks as are ordinarily insured against by similar businesses, including (without limiting the generality of the foregoing) fire and extended coverage in an amount not less than 90% of the full insurable replacement value of the Project Facilities, less an amount equal to the fair market value of the Land, but any such policy may have a deductible amount of not more than $100,000; provided, however, that such higher deductible shall be permitted if and to the extent consistent with then prevailing industry custom and practice. No policy of insurance shall be so written that the proceeds thereof will produce less than the minimum coverage required by the preceding sentence, by reason of co-insurance provisions or otherwise, unless a recommendation to such effect has been provided in writing to the Borrower and the Trustee by an Independent insurance consultant selected by the Borrower. The term "full insurable replacement value" shall mean the actual replacement cost of the Project Facilities (excluding foundation and excavation costs and costs of underground flues, pipes, drains and other uninsurable items) and equipment, and shall be determined, but not more frequently than