INSURANCE POLICIES, THAT ALL PREMIUMS DUE THEREON HAVE BEEN PAID CURRENTLY AND
THAT THE SAME ARE IN FULL FORCE AND EFFECT.
BORROWER SHALL DELIVER A
CERTIFICATE OR OTHER EVIDENCE OF INSURANCE ACCEPTABLE TO LENDER EVIDENCING THE
INSURANCE REQUIRED HEREUNDER ON THE CLOSING DATE, TOGETHER WITH RECEIPTS FOR THE
PAYMENT OF PREMIUMS THEREON.
ALL CERTIFICATES FOR PROPERTY INSURANCE MUST BE ON
ACCORD FORM 27 OR THE EQUIVALENT;
ACCORD 25 CERTIFICATES ARE ACCEPTABLE FOR
LIABILITY INSURANCE.
NOT LATER THAN FIFTEEN (15) DAYS PRIOR TO THE EXPIRATION
DATE OF EACH OF THE INSURANCE POLICIES BORROWER SHALL DELIVER TO LENDER A
CERTIFICATE OF INSURANCE EVIDENCING RENEWAL OF COVERAGE AS REQUIRED HEREIN.
WITHIN TEN (10) DAYS AFTER SUCH RENEWAL, BORROWER SHALL DELIVER TO LENDER
EVIDENCE OF PAYMENT OF PREMIUM SATISFACTORY TO LENDER.
NOT LATER THAN NINETY
(90) DAYS AFTER THE RENEWAL OF EACH OF THE INSURANCE POLICIES, BORROWER SHALL
DELIVER TO LENDER AN ORIGINAL OR CERTIFIED COPY (AS REQUIRED PURSUANT TO THIS
SECTION) OF A RENEWAL POLICY OR POLICIES.
(G)
EACH INSURANCE POLICY SHALL CONTAIN A
PROVISION WHEREBY THE INSURER AGREES THAT SO LONG AS THE LOAN IS OUTSTANDING,
SUCH POLICY SHALL NOT BE CANCELED OR FAIL TO BE RENEWED, LAPSED OR MATERIALLY
CHANGED WITHOUT, IN EACH CASE, AT LEAST THIRTY (30) DAYS PRIOR WRITTEN NOTICE TO
LENDER, EXCEPT TEN (10) DAYS PRIOR WRITTEN NOTICE TO LENDER OF NON-PAYMENT OF
PREMIUM.
(H)
IN THE EVENT ANY INSURANCE POLICY (EXCEPT
FOR GENERAL AND OTHER LIABILITY AND WORKERS COMPENSATION INSURANCE) SHALL
CONTAIN BREACH OF WARRANTY PROVISIONS, SUCH POLICY SHALL PROVIDE THAT WITH
RESPECT TO THE INTEREST OF LENDER, SUCH INSURANCE POLICY SHALL NOT BE
INVALIDATED BY AND SHALL INSURE LENDER REGARDLESS OF: (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 OCCUPANCY OR USE OF THE
PROPERTY 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 OR THE OTHER LOAN DOCUMENTS.
27
(I)
ANY INSURANCE MAINTAINED PURSUANT TO
THIS AGREEMENT MAY BE EVIDENCED BY BLANKET INSURANCE POLICIES COVERING THE
PROPERTY AND OTHER PROPERTIES OR ASSETS OF BORROWER OR ITS AFFILIATES; PROVIDED
THAT ANY SUCH POLICY SHALL IN ALL OTHER RESPECTS COMPLY WITH THE REQUIREMENTS OF
THIS SECTION.
LENDER, IN ITS REASONABLE DISCRETION, SHALL DETERMINE WHETHER
SUCH BLANKET POLICIES CONTAIN SUFFICIENT LIMITS OF INSURANCE.
(J)
ANY INSURANCE CARRIED BY LENDER SHALL BE
FOR ITS SOLE BENEFIT AND SHALL NOT INURE TO THE BENEFIT OF BORROWER AND
INSURANCE REQUIRED FROM BORROWER SHALL BE PRIMARY TO ANY AVAILABLE, IF ANY, TO
LENDER.
(K)
ALL REQUIRED POLICIES, OTHER THAN
PROFESSIONAL LIABILITY, SHALL PROVIDE THAT INSURERS HAVE WAIVED RIGHTS OF
SUBROGATION AGAINST LENDER.
THE REQUIRED INSURANCE SHALL BE PRIMARY WITHOUT
RIGHT OF CONTRIBUTION FROM ANY INSURANCE WHICH MAY BE CARRIED BY LENDER.
(L)
THE REQUIRED LIMITS ARE MINIMUM LIMITS
ESTABLISHED BY LENDER AND NOTHING CONTAINED HEREIN SHALL BE CONSTRUED TO MEAN
THE REQUIRED LIMITS