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(F) Property damage insurance against claims for damage
to property occurring upon, in or about the Mortgaged Property
and the Project affording protection to the limit of not less
than $100,000 in respect of damage to the property of any one
owner. .
Section 4.04. INSURANCE POLICY PROVISIONS. The proceeds -
of the insurance carried pursuant to the provisions of Section s
4.03 hereof shall be appZied as provided in Section 5.01 hereof.
All such insurance sha1Z be taken out and ma~ntained in generally
recognized responsible insurance companies organized under the laws
of one of the States of the United States and qualified to do
business in Florida selected by the Company. All policies ~
evidencing such insurance shall provide that loss proceeds shall be
payable to the Issuer, the Trustee and the Cor.ipany as their `
respective interests may appear, and the policies or certifi- '
cates thereof shall be deposited with the Trustee. Evidence of
renewal of all such policies shall be furnished to the Trustee
no less than thirty (30) days before the policies' respective
expiration dates. If a policy shall provide that the insurance
benefits thereunder shall be payable through any period of grace
beyond the stated expiration date, for the purposes of this
Agreement such policy's expiration date shall be deemed to be
the last day of such grace period. - '
Section 4.05. PAYMENT OF TAXES AND ASSESSbIENTS. The
Compariy will pay, as the same become due, all taxes, assessments
and governmental charges of any kind whatsoever that may at any
time be lawfully assessed or levied against or with respect to
the l+iortgagefl Property and the Project, the interest of the Company _
under this Agreement, the lands described in Exhibit A and any - ;
additional lands subsequently made a part of the Mortgaged ~
Property and the Project, or any machinery, equipment or other
property installed or brought by the Company therein or thereon
(including, without limiting the generality of the foregoing, all
ad valorem taxes lawfully assessed upon the real and personal
property constituting the Mortgaged Property and the Project,
all utility and other charges incurred in the operation, maintenance,
use, occupancy and upkeep of the Mortgaged Property and the
Project and all assessments and charges lawfully made by any
governmental body for public ir;iprovements that may be secured
by a lien on the Mortgaged Property and the Project, and any
taxes which may lawfully be 2evied upon or with respect to
the revenues or receipts of the Company, except that with
-respect to speciaZ assessr.tents or other governmental charges
that may lawfully be paid in installments over a period of
years, the Company shall be obligated to pay only such install-
ments as are current and required to be paid while any of the
Bonds shall remain outstanding).
If the Company shall first notify the Trustee of its
intentiun so to do, the Company may in uood faith contest
any such taxes, assessments and other charges and, in the
event of any such contest, may permit the taxes, assessments
of other charges so contested to remain unpaid during the
period of such contest and during the applicable appeal period
or the conduct of an appeal therefrom unless the Trustee shall
notify the Company that, in the opinion of its counsel, by
non-payment of any st~ch items the Mortgaged Property or the
Project or any part thereof will be subject to imr.iediate
loss or forfeiture, in which event such taxes, assessments
or charges shall be promptly paid by the Company. The Issuer
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