IN SIMILAR LINES
OF BUSINESS.
BORROWER SHALL ALSO MAINTAIN FIDELITY COVERAGE (INCLUDING EMPLOYEE
DISHONESTY) ON SUCH OFFICERS AND EMPLOYEES AND IN SUCH AMOUNTS AS LENDER SHALL
REASONABLY SPECIFY, OR IN THE ABSENCE OF ANY SUCH SPECIFICATION, AS CUSTOMARILY
CARRIED BY PERSONS ENGAGED IN COMPARABLE BUSINESSES AND COMPARABLY SITUATED.
SUCH INSURANCE POLICIES SHALL CONTAIN SUCH REASONABLE ENDORSEMENTS AS LENDER
SHALL FROM TIME TO TIME REQUIRE AND ALL LIABILITY POLICIES SHALL NAME LENDER AS
AN ADDITIONAL INSURED AS ITS INTERESTS MAY APPEAR.
ALL SUCH CASUALTY INSURANCE
POLICIES SHALL BE ENDORSED WITH A LOSS PAYABLE CLAUSE, AS APPROPRIATE, IN FAVOR
OF LENDER.
CERTIFICATES OF ALL INSURANCE REFERRED TO IN THIS
SECTION SATISFACTORY TO LENDER SHALL BE DELIVERED TO AND HELD BY LENDER, AND THE
POLICY OR POLICIES EVIDENCING ALL SUCH INSURANCE SHALL BE PROVIDED TO LENDER
UPON LENDER'S REQUEST THEREFOR.
ALL SUCH INSURANCE POLICIES SHALL CONTAIN A
PROVISION REQUIRING AT LEAST TEN (10) DAYS' NOTICE TO LENDER PRIOR TO ANY
CANCELLATION FOR NON-PAYMENT OF PREMIUMS AND AT LEAST FORTY-FIVE (45) DAYS'
NOTICE TO LENDER OF CANCELLATION FOR ANY OTHER REASON OR OF MODIFICATION OR
NON-RENEWAL.
NO LATER THAN FORTY (40) DAYS PRIOR TO EXPIRATION, BORROWER SHALL
GIVE LENDER (A) SATISFACTORY WRITTEN EVIDENCE OF RENEWAL OF ALL SUCH POLICIES
WITH PREMIUMS PAID; OR (B) A WRITTEN REPORT AS TO THE STEPS BEING TAKEN BY
BORROWER TO RENEW OR REPLACE ALL SUCH POLICIES, PROVIDED THAT NOTWITHSTANDING
THE RECEIPT OF SUCH WRITTEN REPORT, LENDER MAY AT ANY TIME THEREAFTER GIVE
BORROWER WRITTEN NOTICE TO PROVIDE LENDER WITH SUCH EVIDENCE AS DESCRIBED IN
CLAUSE (A), IN WHICH CASE BORROWER MUST DO SO WITHIN TEN (10) DAYS OF SUCH
NOTICE.
BORROWER AGREES TO PAY ALL PREMIUMS ON SUCH INSURANCE AS THEY BECOME
DUE, AND WILL NOT PERMIT ANY CONDITION TO EXIST ON OR WITH RESPECT TO ITS ASSETS
WHICH WOULD WHOLLY OR PARTIALLY INVALIDATE ANY INSURANCE THEREON.
EFFECTIVE
UPON THE OCCURRENCE OF AN EVENT OF DEFAULT, ALL OF BORROWER'S RIGHT, TITLE AND
INTEREST IN AND TO ALL SUCH POLICIES AND ANY UNEARNED PREMIUMS PAID THEREON ARE
HEREBY ASSIGNED TO LENDER WHO SHALL HAVE THE RIGHT, BUT NOT THE OBLIGATION, TO
ASSIGN THE SAME TO ANY PURCHASER OF THE COLLATERAL AT ANY FORECLOSURE SALE.
BORROWER SHALL GIVE IMMEDIATE WRITTEN NOTICE TO THE INSURANCE CARRIER AND LENDER
OF ANY LOSS.
BORROWER HEREBY AUTHORIZES AND EMPOWERS LENDER UPON THE OCCURRENCE
AND DURING THE CONTINUATION OF AN EVENT OF DEFAULT, AT LENDER'S OPTION AND IN
LENDER'S SOLE DISCRETION, TO ACT AS ATTORNEY-IN-FACT FOR BORROWER TO MAKE PROOF
OF LOSS, TO ADJUST AND COMPROMISE ANY CLAIM UNDER INSURANCE POLICIES, TO COLLECT
AND RECEIVE INSURANCE PROCEEDS, AND TO DEDUCT THEREFROM LENDER'S EXPENSES
INCURRED IN THE COLLECTION OF SUCH PROCEEDS, ALL AS IT SHALL RELATE TO THE
COLLATERAL.
9.8
TITLE TO ASSETS AND MAINTENANCE.
BORROWER
SHALL DEFEND AND MAINTAIN TITLE TO ALL ITS PROPERTIES AND ASSETS, INCLUDING THE
COLLATERAL.
BORROWER SHALL KEEP ITS ASSETS, BOTH REAL AND PERSONAL, INCLUDING
THE COLLATERAL, IN GOOD ORDER AND CONDITION CONSISTENT WITH INDUSTRY PRACTICE
AND SHALL MAKE ALL
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