FAITH JUDGMENT) AND (Y) THE
AMOUNT OF NET INSURANCE PROCEEDS PLUS THE UNDISBURSED PROCEEDS OF THE LOAN, THEN
LENDER SHALL MAKE THE NET INSURANCE PROCEEDS AVAILABLE TO BORROWER ON THE TERMS
AND CONDITIONS SET FORTH IN THIS AGREEMENT FOR DISBURSEMENT OF THE LOAN,
TOGETHER WITH SUCH ADDITIONAL TERMS AND CONDITIONS AS ARE CUSTOMARY AND AS MAY
BE REASONABLY REQUIRED BY LENDER IN THE CIRCUMSTANCES.
THE APPLICATION OF ANY
INSURANCE PROCEEDS TOWARD THE PAYMENT OR PERFORMANCE OF THE OBLIGATIONS SHALL
NOT BE DEEMED A WAIVER BY LENDER OF ITS RIGHT TO RECEIVE PAYMENT OR PERFORMANCE
OF THE REST OF THE OBLIGATIONS AND THE INTEREST THEREON IN ACCORDANCE WITH THE
PROVISIONS OF THIS AGREEMENT.
(E)
TO THE EXTENT PERMITTED BY SUCH POLICIES, IN THE
EVENT OF A FORECLOSURE UNDER THE LEASEHOLD MORTGAGE, THE PURCHASER OF BORROWER'S
INTEREST IN THE PROPERTY AND THE IMPROVEMENTS SHALL SUCCEED TO ALL OF THE RIGHTS
OF BORROWER, INCLUDING ANY RIGHT TO UNEARNED PREMIUMS, IN AND TO ALL POLICIES OF
INSURANCE WHICH BORROWER IS REQUIRED TO MAINTAIN UNDER THIS PARAGRAPH AND TO ALL
PROCEEDS OF SUCH INSURANCE.
(F)
PURSUANT TO MO. REV. STAT. §427.120, BORROWER
ACKNOWLEDGES RECEIPT OF THE FOLLOWING NOTICE:
"UNLESS YOU [BORROWER] PROVIDE
EVIDENCE OF THE INSURANCE COVERAGE REQUIRED BY YOUR AGREEMENT WITH US [LENDER],
WE MAY PURCHASE INSURANCE AT YOUR EXPENSE TO PROTECT OUR INTERESTS IN YOUR
COLLATERAL.
THIS INSURANCE MAY, BUT NEED NOT, PROTECT YOUR INTERESTS.
THE
COVERAGE THAT WE PURCHASE MAY NOT PAY ANY CLAIM THAT YOU MAKE OR ANY CLAIM THAT
IS MADE AGAINST YOU IN CONNECTION WITH THE COLLATERAL.
YOU MAY LATER CANCEL ANY
INSURANCE PURCHASED BY US, BUT ONLY AFTER PROVIDING EVIDENCE THAT YOU HAVE
OBTAINED INSURANCE AS REQUIRED BY OUR AGREEMENT.
IF WE PURCHASE INSURANCE FOR
THE COLLATERAL, YOU WILL BE RESPONSIBLE FOR THE COSTS OF THAT INSURANCE,
INCLUDING THE INSURANCE PREMIUM, INTEREST AND ANY OTHER CHARGES WE MAY IMPOSE IN
CONNECTION WITH THE PLACEMENT OF THE INSURANCE, UNTIL THE EFFECTIVE DATE OF THE
CANCELLATION OR EXPIRATION OF THE INSURANCE.
THE COSTS OF THE INSURANCE MAY BE
ADDED TO YOUR TOTAL OUTSTANDING
55
BALANCE OR OBLIGATION.
THE COSTS OF THE INSURANCE MAY BE MORE THAN THE COST OF
INSURANCE YOU MAY BE ABLE TO OBTAIN ON YOUR OWN."
IF BORROWER FAILS TO MAINTAIN ANY INSURANCE REQUIRED HEREUNDER OR UNDER THE
OTHER LOAN DOCUMENTS OR FAILS TO PROVIDE EVIDENCE OF SUCH INSURANCE AS REQUIRED
HEREUNDER OR UNDER THE OTHER LOAN DOCUMENTS, LENDER MAY, BUT SHALL NOT BE
OBLIGATED TO, PURCHASE SUCH REQUIRED INSURANCE AT BORROWER'S EXPENSE TO PROTECT
ITS INTERESTS IN THE PROPERTY AND THE IMPROVEMENTS.
THIS INSURANCE MAY, BUT
NEED NOT, PROTECT BORROWER'S INTERESTS IN THE PROPERTY AND THE IMPROVEMENTS.
THE COVERAGE THAT LENDER PURCHASES SHALL NOT BE REQUIRED TO PAY ANY CLAIM THAT
BORROWER MAKES OR ANY CLAIM THAT IS MADE AGAINST BORROWER IN CONNECTION WITH THE
PROPERTY AND THE IMPROVEMENTS.
BORROWER MAY LATER CANCEL ANY INSURANCE
PURCHASED BY LENDER, BUT ONLY AFTER PROVIDING EVIDENCE THAT BORROWER HAS
OBTAINED THE INSURANCE REQUIRED HEREUNDER AND UNDER ANY OTHER