04-14-2021 Council Packet - Laserfiche WebLink

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13068487v2 24 (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 Corporation 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 $50,000. 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. 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 the fifth anniversary hereof and every fifth anniversary thereafter, by an insurance consultant or insurer, selected and paid for by the Corporation. All policies evidencing insurance required by this subparagraph (a) with respect to the Project Facilities shall be carried in the names of the Corporation and the Trustee as their respective interests may appear and shall contain standard mortgage clauses which provide for Net Proceeds of insurance resulting from claims per casualty thereunder to the Project Facilities which are less than $750,000 for loss or damage covered thereby to be made payable directly to the Corporation, and Net Proceeds from such claims which are equal to or in excess of $750,000 to be made payable directly to the Trustee. The Net Proceeds of such insurance required by this subparagraph (a) with respect to the Project Facilities shall be applied as provided in Sections 5.10 and 5.11 hereof. The Net Proceeds of such insurance required by this subparagraph (a) with respect to the facilities of the Corporation other than Project Facilities shall be payable to the Corporation.