HomeMy WebLinkAbout0073 extended coverage endorsement limited only as may be provided
in the standard form of extended coverage endorsement at
the time in use in Florida, provided, however, such insurance
shall never be less than the balance remaining on the purchase
price, and the deductible for such coverage shall never exceed ~
$100,000;
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(B) In time of war in which the United States of t
America is a belligerent, such insurahce to the extent of
the full replacement value of the Mortgaged Property and
the Project (other than the foundations) and the equipment
as may be available from the United States of America against
loss thereof or damage thereto from the risks and hazards
of war, if such insurance is then generally carried by owners .
of industrial plants in Florida;
(C) Use and occupancy insurance as may be reasonably
available in an amount sufficient to enable the Company to ~
make the installments upon the purchase price as herein provided
during any time the Mortgaged Property and the Project shall
be non-revenue producing as a result of loss of use caused _
by the perils covered by fire and extended coverage insurance; #
(D) Such workmen's compensation or employers' liability '
insurance as may be required by law; '
~ (E) General public liability insurance against claims -
for bodily injury or death occurring upon, in or about the
Mortgaged Property and the Project, affording protection
to the limit of not less than $500,000 in respect of bodily
injury or death to any one person and not less than $1,000,000
in respect of any one accident; and
(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. INSURA2ICE POLICY PROVISIONS. The proceeds
of the insurance carried pursuant to the provisions of Section
4.03 hereof shall be applied as provided in Section 5.01
hereof. All such insurance shall be taken out and maintained
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 FZorida selected by the Company.
AlI policies evidencing such insurance shall provide that
i loss proceeds shall be payable to the Issuer, the Trustee
` and the Company as their respective interests may appear,
and the policies or certificates 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 sha11 provide that the insurance benefits thereunder
shall be payable thraugh any period of grace beyond the stated
expiration date, for the purposes of this Agreement such
policy's expiration date shall he deemed to be the last day
of such grace period.
. Section 4.05. PAYMENT OF TAXES AND ASSESSMENTS. The
Company will pay, as the same become due, all taxes, assessments
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