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(b) Builder's Risk Insurance, for the Land and the Project in an amount equal
<br />to the total Project costs and naming the Lender as mortgagee and loss payee.
<br />(c) Hazard Insurance, with respect to the Land, insuring against loss by fire,
<br />Lightning, theft, vandalism, malicious mischief and other risks customarily covered by a standard
<br />extended coverage endorsement, in an amount not less than the full insurable value thereof and
<br />naming the Lender as mortgagee and loss payee.
<br />(d) Workers' Compensation Insurance, to the extent required by law.
<br />(e) Flood Insurance, if any of the Land is located in a "flood plain" as defined
<br />by the Federal Insurance Administration, in the maximum amount obtainable up to the amount of
<br />the Note, naming the Lender as loss payee.
<br />All such insurance shall be pursuant to the self- insurance program acceptable to the Lender or
<br />shall be insurance policies written by a company or companies acceptable to the Lender licensed
<br />to do business in the State of Minnesota. Such policies of insurance shall be subject to the
<br />approval of the Lender as to form, substance and (except as expressly designated above) amount,
<br />and, without limiting the generality of the foregoing, each such policy shall provide that the
<br />insurer shall give the Lender at least thirty (30) days prior written notice of cancellation,
<br />termination, amendment or non - renewal thereof. All such policies shall be in an amount
<br />sufficient to prevent the insured from becoming a co- insurer thereunder.
<br />(7) To permit the Lender, acting by and through the Lender's officers, employees and
<br />agents, to examine all books, records, contracts, plans, drawings, permits, bills and statements of
<br />account pertaining to the Project and to make extracts therefrom and copies thereof;
<br />(8) To furnish to the Lender as soon as possible and in any event within seven (7)
<br />days after the Borrower has obtained knowledge of the occurrence of an Event of Default, or an
<br />event which with the giving of notice or lapse of time or both would constitute an Event of
<br />Default, a statement signed by the Borrower setting forth details of such Event of Default or
<br />event and the action which the Borrower has taken, is taking or proposes to take to correct the
<br />same;
<br />(9) To hold the Lender harmless, and the Lender shall have no liability or obligation
<br />of any kind to the Borrower, creditors of the Borrower or any third party, in connection with any
<br />defective, improper or inadequate workmanship performed in or about, or materials supplied to,
<br />the Land and the Improvements, or any mechanics', suppliers' or materialmen's liens arising as a
<br />result of such defective, improper or inadequate workmanship or materials, and upon the
<br />Lender's reasonable request, to replace or cause to be replaced, any such defective, improper or
<br />inadequate workmanship or materials;
<br />(10) To pay and discharge all real estate taxes prior to the attachment of penalties with
<br />respect thereto and installments of special assessments payable therewith, and insurance
<br />premiums with respect to the insurance required to be maintained by the Borrower under the
<br />terms of any of the Borrower Documents, and utility charges incurred by the Borrower prior to
<br />or during the term of this Agreement, except if such taxes, assessments and premiums are being
<br />contested in good faith by appropriate proceedings and provided that, if requested by the Lender,
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