ADDRESS OF THE SECURED PARTY
IS:
AgCountry Farm Credit Services, FLCA
1749 38th Street Southwest
P.O. Box 6020
Fargo, North Dakota 58108
(E)
INFORMATION CONCERNING THE SECURITY
INTEREST EVIDENCED BY THIS INSTRUMENT MAY BE OBTAINED FROM THE SECURED PARTY AT
ITS ADDRESS ABOVE.
(F)
THIS DOCUMENT COVERS GOODS WHICH ARE OR
ARE TO BECOME FIXTURES.
3.
INSURANCE AND ESCROWS
3.1
INSURANCE.
BORROWER SHALL OBTAIN, PAY FOR
AND KEEP IN FULL FORCE AND EFFECT DURING THE TERM OF THIS MORTGAGE AT ITS SOLE
COST AND EXPENSE THE FOLLOWING POLICIES OF INSURANCE:
(A)
ALL RISK/OPEN PERILS SPECIAL FORM PROPERTY
INSURANCE WITH EXTENDED COVERAGES INCLUDING ANY BUILDING CONTENTS, SPRINKLER
COVERAGE, ORDINANCE OF LAW COVERAGE (INCLUDING DEMOLITION COST, LOSS TO
UNDAMAGED PORTIONS OF ANY BUILDINGS AND INCREASED COST OF CONSTRUCTION) WITH
LIMITS OF 100% REPLACEMENT COST AND WITH NO
9
CO-INSURANCE PROVISION OR IF THE INSURANCE CARRIER REQUIRES, CO-INSURANCE
PROVISIONS WITH AN AGREED AMOUNT ENDORSEMENT IN AMOUNT ACCEPTABLE TO LENDER;
(B)
INSURANCE AGAINST LOSS OR DAMAGE FROM
(I) LEAKAGE OF SPRINKLER SYSTEMS AND (II) EXPLOSION OF STEAM BOILERS, AIR
CONDITIONING EQUIPMENT, HIGH PRESSURE PIPING, MACHINERY AND EQUIPMENT, PRESSURE
VESSELS OR SIMILAR APPARATUS NOW OR HEREAFTER INSTALLED IN ANY IMPROVEMENTS ON
THE PREMISES AND INCLUDING BROAD FORM BOILER AND MACHINERY INSURANCE (WITHOUT
EXCLUSION FOR EXPLOSION) COVERING ALL BOILERS OR OTHER PRESSURE VESSELS,
MACHINERY AND EQUIPMENT (INCLUDING ELECTRICAL EQUIPMENT, SPRINKLER SYSTEMS,
HEATING AND AIR CONDITIONING EQUIPMENT, REFRIGERATION EQUIPMENT AND PIPING)
LOCATED IN, ON OR ABOUT THE PREMISES AND ANY IMPROVEMENTS THEREON IN AN AMOUNT
AT LEAST EQUAL TO THE FULL REPLACEMENT COST OF SUCH EQUIPMENT AND THE BUILDING
OR BUILDINGS HOUSING THE SAME;
(C)
FLOOD INSURANCE IF ANY PART OF THE PREMISES
NOW (OR SUBSEQUENTLY DETERMINED TO BE) IS LOCATED IN AN AREA IDENTIFIED BY THE
FEDERAL EMERGENCY MANAGEMENT AGENCY AS AN AREA HAVING SPECIAL FLOOD HAZARDS AND
IN WHICH FLOOD INSURANCE HAS BEEN MADE AVAILABLE UNDER THE NATIONAL FLOOD
INSURANCE ACT OF 1968 (AND AMENDMENT OR SUCCESSOR ACT THERETO) IN AN AMOUNT AT
LEAST EQUAL TO THE LESSER OF THE FULL REPLACEMENT COST OF ALL BUILDINGS AND
EQUIPMENT ON THE PREMISES, THE OUTSTANDING PRINCIPAL AMOUNT OF THE NOTE OR THE
MAXIMUM LIMITS OF COVERAGE AVAILABLE WITH RESPECT TO THE BUILDINGS AND EQUIPMENT
UNDER SAID ACT;
(D)
SINKHOLE INSURANCE, IF AVAILABLE IN THE AREA
WHERE THE PREMISES ARE LOCATED, IN AN AMOUNT AT LEAST EQUAL TO PRINCIPAL BALANCE
OF THE NOTE OR THE MAXIMUM LIMIT OF COVERAGE AVAILABLE, WHICHEVER IS LESS;
(E)
RENTS LOSS OR BUSINESS INTERRUPTION
INSURANCE COVERING RISK OF LOSS DUE TO THE OCCURRENCE OF ANY HAZARDS INSURED
AGAINST UNDER THE REQUIRED FIRE AND EXTENDED COVERAGE INSURANCE IN AN MEANT
EQUAL TO ONE (1) YEAR'S LOSS OF INCOME AS SUCH INCOME MAY CHANGE FROM TIME TO
TIME DUE TO CHANGES IN INCOME FROM THE PREMISES;
(F)
COMMERCIAL GENERAL PUBLIC LIABILITY
INSURANCE (INCLUDING PRODUCT LIABILITY, COMPLETED OPERATIONS, CONTRACTUAL
LIABILITY, HOST LIQUOR LIABILITY, BROAD FORM PROPERTY DAMAGE, AND PERSONAL
INJURIES, INCLUDING DEATH RESULTING THEREFROM) AND WITH SINGLE LIMIT COVERAGE
FOR PERSONAL AND BODILY INJURY AND