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

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irrevocably authorizes, empowers and appoints Mortgagee as attorney -in -fact for Mortgagor (which appointment is coupled with an interest) to do any and all of the foregoing in the name and on behalf of Mortgagor, and any insurer may conclusively rely upon a statement from the Mortgagee that it is entitled to adjust or compromise an insurance claim without participation of the Mortgagor. Section 2.06. Application of Insurance Proceeds. Subject to the provisions of Section 3.08 hereof, the Rider to Loan Documents attached hereto, and the provisions of prior Permitted Encumbrances as listed on Exhibit B attached hereto, all sums paid under any insurance policy required in Section 2.01(a) through (c) shall be paid to the Mortgagee and any other required co - payee, and the Mortgagee may, at its sole and absolute discretion regardless of the adequacy of its security, apply the same (after first deducting therefrom Mortgagee's expenses in collecting the same and in paying out such proceeds, including but not limited to reasonable attorneys' fees) to the payment of the restoration, repair, replacement or rebuilding of the Mortgaged Property or to the reduction of the indebtedness, whether or not then due and in any order of priority. Any such application of insurance proceeds to the principal of the Loan shall not extend or postpone the due dates of any payments under the Loan. In the event that the Mortgagee shall apply the proceeds of such insurance to the principal of the Loan, the Mortgagor shall have the right (notwithstanding anything in the Loan to the contrary) to prepay the Loan in whole within 180 days from the initial application of such insurance proceeds, without premium or penalty. Section 2.07. Reimbursement of Mortgagee's Expenses. Mortgagor shall promptly reimburse Mortgagee upon demand for all of Mortgagee's expenses incurred in connection with the collection of the insurance proceeds and all such expenses, together with interest from the date thirty (30) days following written demand for such reimbursement at the rate of one percent (1.00%) per annum in excess of the "reference rate" publicly announced from time to time by U.S. Bank National Association (unless collection of interest from Mortgagor at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest rate which may be collected from Mortgagor under applicable law) shall be additional indebtedness secured by this Mortgage. Section 2.08. Insurance Escrow. In the event Mortgagor fails to comply with the terms of Section 2.01 or an "Event of Default" under the Loan Agreement has occurred, then at the written direction of the Mortgagee, the Mortgagor shall, on or before the first day of each month, remit to the Mortgagee an amount of money equal to one -twelfth of the insurance premiums next due for all insurance premiums with respect to insurance required to be maintained by the terms of this Mortgage, plus, with and in addition to the first such monthly payment, an additional amount which, together with monthly payments thereafter to be paid, will be sufficient to pay such insurance premiums in full as they become due. Such amounts shall be deposited in an interest -bearing account and all interest shall be applied to satisfy the amounts required to be so deposited. US.113578590.01 B-2-7