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
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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, ALL AS
ESTIMATED BY HOLDER AND PRORATED TO THE END OF THE CALENDAR MONTH FOLLOWING THE
MONTH DURING WHICH HOLDER'S REQUEST IS MADE, AND THEREAFTER WILL DEPOSIT WITH
HOLDER, ON EACH DATE WHEN AN INSTALLMENT OF PRINCIPAL AND/OR INTEREST IS DUE
PURSUANT TO THE CREDIT AGREEMENT, SUFFICIENT FUNDS (AS ESTIMATED FROM TIME TO
TIME BY HOLDER) TO PERMIT HOLDER TO PAY AT LEAST FIFTEEN (15) DAYS PRIOR TO THE
DUE DATE THEREOF, THE NEXT MATURING REAL ESTATE TAXES, ASSESSMENTS AND CHARGES
AND PREMIUMS FOR SUCH POLICIES OF INSURANCE.
HOLDER SHALL HAVE THE RIGHT TO
RELY UPON TAX INFORMATION FURNISHED BY APPLICABLE TAXING AUTHORITIES IN THE
PAYMENT OF SUCH TAXES OR ASSESSMENTS AND SHALL HAVE NO OBLIGATION TO MAKE ANY
PROTEST OF ANY SUCH TAXES OR ASSESSMENTS.
ANY EXCESS OVER THE AMOUNTS REQUIRED
FOR SUCH PURPOSES SHALL BE HELD BY HOLDER FOR FUTURE USE, APPLIED TO ANY SECURED
INDEBTEDNESS OR REFUNDED