Agenda - Council - 09/26/2017 - Laserfiche WebLink

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(c) If the Land or any part thereof is located in a designated official flood -hazardous area, flood insurance insuring the buildings and improvements now existing or hereafter erected on the Land in an amount equal to the lesser of the principal balance of the indebtedness or the maximum limit of coverage made available with respect to such buildings and improvements under the Federal Flood Disaster Protection Act of 1973, as amended, and the regulations issued thereunder. (d) Commercial general liability insurance protecting against claims arising from any accident or occurrence in or upon the Mortgaged Property in an amount of $2,000,000 for the death of or personal injury to any one person, $2,000,000 for personal injury or death for each occurrence, and $2,000,000 for property damage for each occurrence. (e) Worker's compensation insurance with statutory coverages covering all persons engaged in the construction or installation of the Project. Section 2.02. Policy Provisions. All insurance policies and renewals thereof maintained by Mortgagor pursuant to Section 2.01(a) through (d) above shall be written by a company or companies having a Best's rating of A- or better, evidence of which shall be provided to Mortgagee, and shall contain a standard mortgage clause in favor of Mortgagee, reciting Mortgagee's interest as that of a mortgagee, contain an agreement of the insurer that it will not cancel the policy or modify it materially and adversely to the interest of the Mortgagee except after at least thirty (30) days prior written notice to Mortgagee, and be reasonably satisfactory to Mortgagee in all other respects. At least annually, Mortgagor shall provide Mortgagee with a certificate of Mortgagor stating that the Mortgagor has obtained insurance policies that meet all of the requirements set forth in this Mortgage. Section 2.03. Delivery of Policy. At the written request of Mortgagee, Mortgagor will deliver to Mortgagee copies of all insurance policies required under Section 2.01. At least thirty (30) days prior to the expiration date of a required policy, Mortgagor shall deliver to Mortgagee a renewal certificate. Section 2.04. Assignment of Policy. If the Mortgaged Property is sold at a foreclosure sale or if Mortgagee shall acquire title to the Mortgaged Property, the Mortgagee shall have all of the right, title, and interest of Mortgagor in and to any insurance policies required under Section 2.01(a) through (c) hereof and in and to the proceeds resulting from any damage to the Mortgaged Property prior to such sale or acquisition. Section 2.05. Notice of Damage or Destruction; Adiustin2 Loss. If the Mortgaged Property or any part thereof shall be damaged or destroyed by fire or other casualty, Mortgagor will promptly give written notice thereof to the insurance carrier and Mortgagee and, subject to the rights of any senior lienholder, the Mortgagor will not adjust any damage or loss which is estimated by Mortgagee in good faith to exceed $5,000 unless Mortgagee shall have joined in such adjustment; but if there has been no adjustment of any such damage or loss within three months from the date of occurrence thereof or if an Event of Default shall exist, Mortgagee may alone, make proof of loss, adjust and compromise any claim under the policies and appear in and prosecute any action arising from such policies. In connection therewith, Mortgagor hereby US.113578590.01 B-2-6