Laserfiche WebLink
insuring the existing and contemplated improvements on the Mortgaged Property to the <br />maximum limit of coverage made available, or in such lesser amount as Mortgagee may consent <br />in writing. <br />(4) Mortgagor shall maintain comprehensive general liability <br />insurance naming Mortgagee as an additional insured in an amount acceptable to Mortgagee, <br />insuring against claims arising from any accident or occurrence in or upon the Mortgaged <br />Property. <br />(5) Mortgagor shall maintain rental loss or business interruption <br />insurance, as required by Mortgagee in an amount equal to at least coverage over one year's debt <br />service and required escrow account deposits, under a form of policy acceptable to Mortgagee. <br />b. All insurance described in paragraph (a) of this section 1.2 shall be carried <br />with companies approved by Mortgagee, and the policies and renewals thereof shall (i) contain a <br />waiver of defense based on co- insurance (ii) be constantly assigned and pledged to and held by <br />Mortgagee as additional security, (iii) contain an agreement of the insurer that the coverage shall <br />not be terminated or modified without 30 days' prior written notice to Mortgagee, and (iv) except <br />for the comprehensive general liability insurance, have attached thereto a standard mortgagee <br />loss payable clause in form acceptable to Mortgagee. <br />c. In the event of loss, Mortgagor will give immediate notice by mail to <br />Mortgagee, who may make proof of loss if not made promptly by Mortgagor. Mortgagor hereby <br />authorizes Mortgagee to settle and compromise all claims on such policies and hereby authorizes <br />and directs each insurance company concerned to make payment for any such loss directly to <br />Mortgagee instead of to Mortgagor and Mortgagee jointly. The insurance proceeds, or any part <br />thereof, except proceeds with respect to comprehensive general liability policies, may be applied <br />by Mortgagee at its option either to payment of the Indebtedness, and if the proceeds are not <br />sufficient to pay the entire Indebtedness, then to reduction of the Indebtedness by applying to <br />installments in the inverse order of their maturity, irrespective of whether such installments are <br />then due and payable, or to the restoration or repair of the property damaged. In the event of <br />foreclosure of this Mortgage, all right, title, and interest of Mortgagor in and to any insurance <br />policies then in force and proceeds of insurance not yet paid for loss or damage shall pass to the <br />purchaser at the foreclosure sale. <br />1.3 Real Estate_Taxes. Mortgagor shall pay, when due and payable, all taxes, <br />assessments and other charges levied on, assessed, placed or made against the Mortgaged <br />Property, this Mortgage, the indebtedness secured by this Mortgage, or any interest of Mortgagee <br />in the Mortgaged Property. <br />1.4 Payment of Utility Charges. Subject to paragraph 1.9 hereof, Mortgagor shall pay <br />or cause to be paid all charges made for electricity, gas, heat, water, and sewer furnished or used <br />in connection with the Mortgaged Property and will, upon request by Mortgagee, furnish proper <br />receipts showing such payment. <br />4 <br />24 <br />