TO
THE PROPERTY, FROM TIME TO TIME (BUT IN NO EVENT LESS THAN ONCE A YEAR), THE
COVERAGE SPECIFIED BY THIS SECURITY INSTRUMENT, WITHOUT POSSIBILITY OF REDUCTION
OR COINSURANCE BY REASON OF DAMAGE TO ANY OTHER PROPERTY (REAL OR PERSONAL)
NAMED THEREIN.
IF THE INSURANCE REQUIRED BY THIS SECURITY INSTRUMENT SHALL BE
EFFECTED BY ANY SUCH BLANKET OR UMBRELLA POLICIES, BORROWER SHALL FURNISH TO
LENDER (I) ORIGINAL POLICIES OR CERTIFIED COPIES THEREOF, OR AN ORIGINAL
CERTIFICATE OF INSURANCE TOGETHER WITH REASONABLE ACCESS TO THE ORIGINAL OF SUCH
POLICY TO REVIEW SUCH POLICY'S COVERAGE OF THE PROPERTY, WITH SCHEDULES ATTACHED
THERETO SHOWING THE AMOUNT OF THE INSURANCE PROVIDED UNDER SUCH POLICIES
APPLICABLE TO THE PROPERTY AND (II) AN OFFICER'S CERTIFICATE SETTING FORTH (A)
THE NUMBER OF PROPERTIES COVERED BY SUCH POLICY, (B) THE LOCATION BY CITY (IF
AVAILABLE, OTHERWISE, COUNTY) AND STATE OF THE PROPERTIES, (C) THE AVERAGE
SQUARE FOOTAGE OF THE PROPERTIES, (D) A BRIEF DESCRIPTION OF THE TYPICAL
CONSTRUCTION TYPE INCLUDED IN THE BLANKET POLICY AND (E) SUCH OTHER INFORMATION
AS LENDER MAY REASONABLY REQUEST.
(E)
BORROWER SHALL CAUSE THE CONDOMINIUM BOARD TO KEEP THE PREMISES
AND THE BALANCE OF THE PROPERTY LOCATED ON OR ABOUT THE PREMISES INSURED AGAINST
SUCH HAZARDS AND IN SUCH AMOUNTS AS REQUIRED BY THE PROVISIONS OF SUBPARAGRAPH
(A) ABOVE, THE DECLARATION OF CONDOMINIUM (HEREINAFTER DEFINED) AND THE
BY-LAWS.
SAID POLICIES SHALL BE HEREINAFTER REFERRED TO AS THE "BOARD'S
POLICIES".
BORROWER SHALL FURNISH TO LENDER DUPLICATES OF EACH OF THE BOARD'S
POLICIES AT LEAST 15 DAYS PRIOR TO THE EXPIRATION DATE THEREOF.
EACH BOARD
POLICY SHALL CONTAIN THE STANDARD NEW YORK MORTGAGE CLAUSE ENDORSEMENT MAKING
THE LENDER THE PERSON TO WHOM ALL PAYMENTS MADE BY THE INSURER SHALL BE PAID, AS
ITS INTEREST MAY APPEAR, SUBJECT TO THE PROVISIONS OF THE DECLARATION OF
CONDOMINIUM AND THE BY-LAWS.
TO THE EXTENT NOT COVERED BY THE BOARD'S POLICIES,
BORROWER WILL KEEP THE PROPERTY INSURED AGAINST LOSS OR DAMAGE BY FIRE, FLOOD
AND SUCH OTHER RISKS AND MATTERS AS LENDER MAY FROM TIME TO TIME REQUIRE IN
AMOUNTS REQUIRED BY LENDER SUFFICIENT TO AVOID CO-INSURANCE, AND SHALL PAY THE
PREMIUMS FOR SUCH INSURANCE AS SAME BECOME DUE AND PAYABLE.
THE BOARD'S
POLICIES SHALL BE SUBJECT TO LENDER'S REASONABLE APPROVAL.
NOT LATER THAN
FIFTEEN (15) DAYS PRIOR TO THE EXPIRATION DATE OF EACH OF THE BOARD'S POLICIES,
BORROWER WILL DELIVER TO LENDER SATISFACTORY EVIDENCE OF THE RENEWAL OF EACH OF
THE POLICIES.
AS USED HEREIN THE TERM "CONDOMINIUM ACT" SHALL MEAN THE
PROVISIONS OF ARTICLE 9-B OF THE REAL PROPERTY LAW OF THE STATE OF NEW YORK, ET
SEQ., AS AMENDED, THE WORD "BY-LAWS" MEANS A TRUE COPY OF THE BY-LAWS WHICH IS
ANNEXED TO THE DECLARATION OF CONDOMINIUM, AS AMENDED, THE WORDS "DECLARATION OF
CONDOMINIUM" MEAN THE DECLARATION OF CONDOMINIUM OF THE CONDOMINIUM, AS AMENDED,
THE WORDS "RULES AND REGULATIONS" SHALL MEAN THE RULES ADOPTED BY THE
CONDOMINIUM CONCERNING THE MANAGEMENT AND ADMINISTRATION OF THE CONDOMINIUM AND
THE USE OF THE COMMON ELEMENTS, AS AMENDED, THE WORDS