HomeMy WebLinkAbout2013 insurance shall be written in forma, amounts and by companpay~bl~
satisfactory to Mortgagee, and losses thereunder shall bbee
to Mortgagee pursuant to a? 8tandard First Mortgage Endorsement
substantially equivalent to_the~New York Standard Mortgagee
.Endorsement. Mortgagor shall provide evidence that workmen'8
compensation insurance as required by law is in full force and
effect during the term of thin mortgage. The policy or policies
of such insurance shall be delivered to Mortgagee. Mortgagor
shall give Mortgagee prompt notice of any loss covered by such
insurance and Mortgagee shall have the right to join Mortgagor in
adjusting any loss in excess of $10,000.00. Any monies received
as payment for any loss under any such insurance shall be paid
over to Mortgagee to be applied, at the option of Mortgagee,
either to the prepayment of the Note secured hereby, withouk
premium, or to the reimbursement of Mortgagor for expenses
incurred by it in the restoration of the improvements. Mortgagor
shall not be required to maintain crop insurance.
(b) Mortgagor shall not take out separate insurance
concurrent fn form or contributing in the event of loss with that
required to be maintained under this Section 1.09, unless
Mortgagee is included thereon as a named insured with loss payable
to Mortgagee under a Standard Mortgage Endorsement of the
character above described. Mortgagor shall immediately notify
Mortgagee whenever any separate insurance is taken out and shall
promptly deliver to Mortgagee the policy or policies of such
insurance.
(c) At least fifteen (15) days prior to the expiration
date of any of such policies, renewals thereof satisfactory to
Mortgagee shall be delivered to Mortgagee, together with receipts
evidencing the payment of all insurance premiums.
Section 1.10. (a) Mortgagor will keep adequate records
and books of account in accordance with generally accepted
accounting principles-covering and relating to the properties
encumbered hereby-and will deliver to Mortgagee, or its agents,
accountants and attorneys, its records and books of account as
they relate to the properties encumbered hereby, will permit
Mortgagee, by its agents, accountants and attorneys, to visit and
II i-nspect the Premises and to discuss its affairs, finances and
accounts relating to the properties encumbered. hereby,. with the
officers of Mortgagor, at such reasonable times as may be
requested by Mortgagee.
(b) Mortgagor shall deliver to Mortgagee the following
statements and reports, namely:
(i) as soon as practicable and. in any event within
ninety (90) days after the end of each fiscal year of. Mortgagor
and within one hundred twenty (120) days after each fiscal year
end of Provincial Fruit Company Limited (an Ontario, Canada
corporation)("Guarantor"), a copy of the annual financial
statements for the year then ended in reasonable detail and
composed of no less than the balance sheet, statement. of Qrofit
and loss, statement of source and application of funds for such
period,-with draft statements to be submitted in advance; the .
financial statements shall be audited and accompanied by a report
and opinion of an independent public or certified accountant of
recognized standing, which report and opinion shall be without a
material qualification;
(ii) as soon as practicable and in any event within
thirty (30) days after the end of each intervening fiscal
quarterly period Mortgagor's financial statements similar to those
referred to fn subsection (i) above, unaudited but certified by
the chief financial officer of Mortgagor;
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