FULLY PAID CURRENT, AT LEAST TEN (10) DAYS BEFORE THE TERMINATION
OF THE POLICY IT RENEWS OR REPLACES.
GRANTOR SHALL PAY ALL PREMIUMS ON POLICIES
REQUIRED HEREUNDER AS THEY BECOME DUE AND PAYABLE AND PROMPTLY DELIVER TO HOLDER
EVIDENCE SATISFACTORY TO HOLDER OF THE TIMELY PAYMENT THEREOF.
10
(F)
INSURANCE PROCEEDS.
IF ANY LOSS OCCURS
AT ANY TIME WHEN GRANTOR HAS FAILED TO PERFORM GRANTOR'S COVENANTS AND
AGREEMENTS WITH RESPECT TO ANY INSURANCE PAYABLE BECAUSE OF LOSS SUSTAINED TO
ANY PART OF THE PROPERTY, WHETHER OR NOT SUCH INSURANCE IS REQUIRED BY HOLDER,
HOLDER, ON BEHALF OF ITSELF AND LENDERS, SHALL NEVERTHELESS BE ENTITLED TO THE
BENEFIT OF ALL INSURANCE COVERING THE LOSS AND HELD BY OR FOR GRANTOR, TO THE
SAME EXTENT AS IF IT HAD BEEN MADE PAYABLE TO HOLDER FOR THE BENEFIT OF ITSELF
AND LENDERS.
UPON ANY FORECLOSURE HEREOF OR TRANSFER OF TITLE TO THE PROPERTY
IN EXTINGUISHMENT OF THE WHOLE OR ANY PART OF THE SECURED INDEBTEDNESS, ALL OF
GRANTOR'S RIGHT, TITLE AND INTEREST IN AND TO THE INSURANCE POLICIES REFERRED TO
IN THIS CLAUSE (F) (INCLUDING UNEARNED PREMIUMS) AND ALL PROCEEDS PAYABLE
THEREUNDER SHALL THEREUPON VEST IN THE PURCHASER AT FORECLOSURE OR OTHER SUCH
TRANSFEREE, TO THE EXTENT PERMISSIBLE UNDER SUCH POLICIES.
HOLDER SHALL HAVE
THE RIGHT ON BEHALF OF LENDERS (BUT NOT THE OBLIGATION) TO MAKE PROOF OF LOSS
FOR, SETTLE AND ADJUST ANY CLAIM UNDER, AND RECEIVE THE PROCEEDS OF, ALL
INSURANCE FOR LOSS OF OR DAMAGE TO THE PROPERTY, REGARDLESS OF WHETHER OR NOT
SUCH INSURANCE POLICIES ARE REQUIRED BY HOLDER, AND THE EXPENSES INCURRED BY
HOLDER AND LENDERS IN THE ADJUSTMENT AND COLLECTION OF INSURANCE PROCEEDS SHALL
BE A PART OF THE SECURED INDEBTEDNESS AND SHALL BE DUE AND PAYABLE TO HOLDER ON
DEMAND (FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF LENDERS, AS APPLICABLE).
NEITHER HOLDER NOR LENDERS SHALL BE, UNDER ANY CIRCUMSTANCES, LIABLE OR
RESPONSIBLE FOR FAILURE TO COLLECT OR EXERCISE DILIGENCE IN THE COLLECTION OF
ANY OF SUCH PROCEEDS OR FOR THE OBTAINING, MAINTAINING OR ADEQUACY OF ANY
INSURANCE OR FOR FAILURE TO SEE TO THE PROPER APPLICATION OF ANY AMOUNT PAID
OVER TO GRANTOR.
GRANTOR SHALL AT ALL TIMES COMPLY WITH THE REQUIREMENTS OF THE
INSURANCE POLICIES REQUIRED HEREUNDER AND OF THE ISSUERS OF SUCH POLICIES AND OF
ANY BOARD OF FIRE UNDERWRITERS OR SIMILAR BODY AS APPLICABLE TO OR AFFECTING THE
PROPERTY.
(G)
RESERVE FOR INSURANCE, TAXES AND
ASSESSMENTS.
UPON REQUEST OF HOLDER AND UPON THE OCCURRENCE OF A DEFAULT, TO
SECURE THE PAYMENT AND PERFORMANCE OF THE SECURED INDEBTEDNESS, BUT NOT IN LIEU
OF SUCH PAYMENT AND PERFORMANCE, GRANTOR WILL DEPOSIT WITH HOLDER FOR THE
BENEFIT OF ITSELF AND LENDERS A SUM EQUAL TO REAL ESTATE TAXES, ASSESSMENTS AND
CHARGES (WHICH CHARGES FOR THE PURPOSES OF THIS CLAUSE (G) SHALL INCLUDE ANY
RECURRING CHARGE WHICH COULD RESULT IN A LIEN AGAINST THE PROPERTY) AGAINST THE
PROPERTY FOR THE CURRENT YEAR AND THE PREMIUMS FOR SUCH POLICIES OF INSURANCE
FOR THE CURRENT YEAR,