REASONABLE
AMOUNT IF THE PROPERTY IS NOW OR LATER BECOMES DESIGNATED AS LOCATED IN A FLOOD
HAZARD AREA AS DESCRIBED IN THE FLOOD DISASTER PROTECTION ACT OF 1973;
(V)
COMPREHENSIVE GENERAL PUBLIC LIABILITY
INSURANCE AGAINST CLAIMS FOR BODILY INJURY, DEATH OR PROPERTY DAMAGE;
(VI)
SUCH OTHER INSURANCE ON THE PROPERTY AND THE
IMPROVEMENTS OR ANY REPLACEMENTS OR SUBSTITUTIONS THEREOF, AS LENDER MAY
REASONABLY REQUIRE.
THE POLICIES OF INSURANCE REQUIRED BY THIS PARAGRAPH SHALL BE WITH COMPANIES
HAVING AT LEAST AN A- CLASS VIII RATING BY BEST INSURANCE REPORTS, AND SHALL BE
IN FORMS, AMOUNTS, LIMITS AND COVERAGES AND FOR SUCH PERIODS AND SUBJECT TO SUCH
DEDUCTIBLES, AS LENDER SHALL REQUIRE FROM TIME TO TIME, AND SHALL INSURE THE
RESPECTIVE INTERESTS OF BORROWER AND LENDER.
SUCH INSURANCE MAY NOT BE PROVIDED
IN UMBRELLA POLICIES COVERING MORE THAN ONE PROPERTY WITHOUT THE PRIOR WRITTEN
CONSENT OF LENDER.
THE INSURANCE PROCEEDS THEREOF (OTHER THAN THE PROCEEDS FROM
THE POLICY REQUIRED UNDER CLAUSE (V) ABOVE) SHALL BE PAYABLE TO LENDER PURSUANT
TO A NON-CONTRIBUTING FIRST MORTGAGE ENDORSEMENT SATISFACTORY IN FORM AND
SUBSTANCE TO LENDER. ORIGINAL POLICIES AND RENEWALS THEREOF (OR SATISFACTORY
CERTIFICATES OF INSURANCE) COVERING THE RISKS PROVIDED BY THIS AGREEMENT TO BE
INSURED AGAINST, BEARING SATISFACTORY EVIDENCE OF PAYMENT OF ALL PREMIUMS
THEREON, SHALL BE DELIVERED TO AND HELD BY LENDER.
AT LEAST TEN (10) DAYS PRIOR
TO THE EXPIRATION OF
53
EACH POLICY REQUIRED TO BE PROVIDED BY BORROWER, BORROWER SHALL DELIVER RENEWAL
POLICIES OR CERTIFICATES TO LENDER WITH APPROPRIATE EVIDENCE OF PAYMENT OF
PREMIUMS THEREFORE.
ALL INSURANCE POLICIES REQUIRED BY THIS AGREEMENT SHALL:
(1)
INCLUDE EFFECTIVE WAIVERS BY THE INSURER OF
ALL RIGHTS OF SUBROGATION AGAINST ANY NAMED INSURED, THE INDEBTEDNESS SECURED BY
THE LEASEHOLD MORTGAGE AND THE PROPERTY AND ALL CLAIMS FOR INSURANCE PREMIUMS
AGAINST LENDER;
(2)
PROVIDE THAT ANY LOSSES SHALL BE PAYABLE TO
LENDER NOTWITHSTANDING (A) ANY ACT, FAILURE TO ACT OR NEGLIGENCE OF OR VIOLATION
OF WARRANTIES, DECLARATIONS OR CONDITIONS CONTAINED IN SUCH POLICY BY ANY NAMED
INSURED, (B) THE OCCUPATION OR USE OF THE PREMISES FOR PURPOSES MORE HAZARDOUS
THAN PERMITTED BY THE TERMS THEREOF, OR (C) ANY FORECLOSURE OR OTHER ACTION OR
PROCEEDING TAKEN BY LENDER PURSUANT TO ANY PROVISION OF THIS AGREEMENT.
(3)
PROVIDE THAT NO CANCELLATION OR REDUCTION
IN AMOUNT IN COVERAGE THEREOF SHALL BE EFFECTIVE UNTIL AT LEAST TWENTY (20) DAYS
AFTER RECEIPT BY LENDER OF WRITTEN NOTICE THEREOF; AND
(4)
BE REASONABLY SATISFACTORY IN ALL OTHER
RESPECTS TO LENDER.
BORROWER SHALL NOT PERMIT ANY ACTIVITY TO OCCUR OR CONDITION TO EXIST ON OR WITH
RESPECT TO THE PROPERTY OR THE IMPROVEMENTS THAT WOULD WHOLLY OR PARTIALLY
INVALIDATE ANY OF THE INSURANCE THEREON.
BORROWER SHALL PROMPTLY NOTIFY LENDER
OF ANY MATERIAL CHANGE IN COVERAGE UNDER ANY INSURANCE POLICY OF BORROWER.
(B)
BORROWER IRREVOCABLY MAKES, CONSTITUTES AND
APPOINTS LENDER (AND ALL OFFICERS, EMPLOYEES OR AGENTS DESIGNATED BY LENDER) AS
BORROWER'S TRUE AND LAWFUL ATTORNEY-IN-FACT AND AGENT, WITH FULL POWER OF
SUBSTITUTION, FOR THE PURPOSE OF MAKING AND ADJUSTING CLAIMS UNDER SUCH POLICIES