DESCRIBED UNDER SECTION 5.11 HEREOF, (E) THE TRANSFER, LOSS OR
TERMINATION OF ANY SERVICING CONTRACT TO WHICH THE COMPANY IS A PARTY, OR WHICH
IS HELD FOR THE BENEFIT OF THE COMPANY, AND THE REASON FOR SUCH TRANSFER, LOSS
OR TERMINATION, IF KNOWN TO THE COMPANY, AND (F) ANY OTHER ACTION, EVENT OR
CONDITION OF ANY NATURE WHICH MAY LEAD TO OR RESULT IN A MATERIAL ADVERSE EFFECT
UPON THE BUSINESS, OPERATIONS, ASSETS, OR FINANCIAL CONDITION OF THE COMPANY OR
COMPANY'S SUBSIDIARIES OR WHICH, WITH OR WITHOUT NOTICE OR LAPSE OF TIME OR
BOTH, WOULD CONSTITUTE A DEFAULT UNDER ANY OTHER AGREEMENT INSTRUMENT OR
INDENTURE TO WHICH THE COMPANY IS A PARTY OR TO WHICH THE COMPANY ITS PROPERTIES
OR ASSETS MAY BE SUBJECT.
6.7
PAYMENT OF DEBT, TAXES, ETC.
PAY AND PERFORM ALL OBLIGATIONS AND
INDEBTEDNESS OF THE COMPANY, AND CAUSE TO BE PAID AND PERFORMED ALL OBLIGATIONS
AND INDEBTEDNESS OF ITS SUBSIDIARIES
IN ACCORDANCE WITH THE TERMS THEREOF AND
PAY AND DISCHARGE OR CAUSE TO BE PAID AND DISCHARGED ALL TAXES, ASSESSMENTS AND
GOVERNMENTAL CHARGES OR LEVIES IMPOSED UPON THE COMPANY
OR ITS SUBSIDIARIES,
OR UPON THEIR RESPECTIVE INCOME, RECEIPTS OR PROPERTIES BEFORE THE SAME SHALL
BECOME PAST DUE, AS WELL AS ALL LAWFUL CLAIMS FOR LABOR, MATERIALS AND SUPPLIES
OR OTHERWISE WHICH, IF UNPAID, MIGHT BECOME A LIEN OR CHARGE UPON SUCH
PROPERTIES OR ANY PART THEREOF; PROVIDED, HOWEVER, THAT THE
COMPANY AND ITS
SUBSIDIARIES SHALL NOT BE REQUIRED TO PAY OBLIGATION, INDEBTEDNESS, TAXES,
ASSESSMENTS OR GOVERNMENTAL CHARGES OR LEVIES OR CLAIMS FOR LABOR, MATERIALS OR
SUPPLIES FOR WHICH THE COMPANY OR ITS SUBSIDIARIES SHALL HAVE OBTAINED AN
ADEQUATE BOND OR ADEQUATE INSURANCE OR WHICH ARE BEING CONTESTED IN GOOD FAITH
AND BY PROPER PROCEEDINGS WHICH ARE BEING REASONABLY AND DILIGENTLY PURSUED IF
SUCH PROCEEDINGS DO NOT INVOLVE ANY LIKELIHOOD OF THE SALE, FORFEITURE OR LOSS
OF ANY SUCH PROPERTY OR ANY INTEREST THEREIN WHILE SUCH PROCEEDINGS ARE PENDING,
AND PROVIDED FURTHER THAT BOOK RESERVES ADEQUATE UNDER GENERALLY ACCEPTED
ACCOUNTING PRINCIPLES SHALL HAVE BEEN ESTABLISHED WITH RESPECT THERETO AND
PROVIDED FURTHER THAT THE OWING PERSON'S TITLE TO, AND ITS RIGHT TO USE, ITS
PROPERTY IS NOT MATERIALLY ADVERSELY AFFECTED THEREBY.
6.8
INSURANCE.
MAINTAIN (A) ERRORS AND OMISSIONS INSURANCE OR
MORTGAGE IMPAIRMENT INSURANCE AND BLANKET BOND COVERAGE, WITH SUCH COMPANIES AND
IN SUCH AMOUNTS AS SATISFY
34
PREVAILING FNMA AND FHLMC REQUIREMENTS APPLICABLE TO A QUALIFIED MORTGAGE
ORIGINATING INSTITUTION, AND (B) LIABILITY INSURANCE AND FIRE AND OTHER HAZARD
INSURANCE ON ITS PROPERTIES, WITH RESPONSIBLE INSURANCE COMPANIES APPROVED BY
THE LENDER, IN SUCH AMOUNTS AND AGAINST SUCH RISKS AS IS CUSTOMARILY CARRIED BY
SIMILAR BUSINESSES OPERATING IN THE SAME VICINITY; AND (C) WITHIN THIRTY (30)
DAYS AFTER NOTICE FROM THE LENDER, OBTAIN SUCH ADDITIONAL INSURANCE AS THE
LENDER SHALL REASONABLY REQUIRE, ALL AT THE SOLE EXPENSE OF THE COMPANY.
COPIES
OF SUCH POLICIES SHALL BE FURNISHED TO THE LENDER WITHOUT CHARGE UPON OBTAINING
SUCH COVERAGE OR ANY RENEWAL OF OR MODIFICATION TO SUCH COVERAGE.
6.9
CLOSING INSTRUCTIONS.
INDEMNIFY