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D. Folicies of Comprehensive General Liability insurance on an occurrence
basis against claims for bodily injury, including personal injury oc death occurring
upon or in the Mortgaged Property or the elevators therein and on or in the streets
adjoining the Mortgaged Property to afford protection to the limit of not less
than X1,000,000 in the event of bodily injury, personal injury, or death of any num-
ber of persons or of damage to property arising out of one occurrence. Mortga-
gor and the Mortgagee shall be named insureds under such policies, as their in-
terests may appear.
E. Such other insurance on the Mortgaged Property or any replacements
or substitutions therefor, or additions thereto, and in such amounts as may from
time to time be required by Mortgagee against other insurable hazards or casualties
which at the time are commonly insured against in the case of premises similarly
situated due regard being given to the height and type of buildings and improve
ments, their construction, location, use and occupancy or any replacements or
substitutions therefor, or additions thereto.
SECTION 3.02. Mortgagor may effect for its own account any insurance
not required under the provisions of this Mortgage, but any insurance effected by Mortga-
gor on the Mortgaged Property, whether or not required under this Article 3, shall be
for the mutual benefit of Mortgagor and Mortgagee, and shall be subject to all other
provisions of~this Article 3 and of Article 10 hereof.
SECTION 3.03. -All insurance shall be subject to the approval of Mortgagee
as to insurance companies, amounts, content and form of policies and expiration dates,
and shall contain the New York Standard Non-Contributory Mortgagee Clause or its equiva-
lent, in favor of Mortgagee. Such policies shall provide for the. payment of all costs
and expenses incurred by the Mortgagee in the event of any contested claim and shall
not be cancelled or otherwise terminated without at least ten (10) days prig written
notice to Mortgagee.
Mortgagor will deliver the originals of all such policies (or certificates
evidencing insurance if the policies are master policies) to the Mortgagee, and, not less
than fifteen (15) days prior to the expiration date of each such policy, will deliver to
the Mortgagee a renewal policy or policies (or certificates evidencing insurance if the
policies are master policies) marked "premium paid" or accompanied by other evidence
f of payment satisfactory to the Mortgagee. Mortgagor will not permit any condition
to exist on the Mortgaged Property which would wholly or partially invalidate the in-
surance thereon. Tn the event of the occurrence of any loss or damage to the Mortgaged
Property, Mortgagor will give immediate written notice thereof to Mortgagee, and the
Mortgagee may make proof of loss thereof if not made promptly by Mortgagor. Mortga-
gee may an behalf of Mortgagor adjust and compromise any claims under such insurance
and collect and receive the proceeds thereof and endorse drafts and Mortgagee is hereby
irrevocably appointed attorney-in-fact of Mortgagor for such purposes. Mortgagee shall
hold such proceeds of all casualty insurance for the purposes set forth in Article 10 of
this Mortgage. Mortgagee may deduct from such proceeds any expense incurred by Mortga-
gee in collecting the same (including reasonable counsel fees).
SECTION 3.04. In no event shall the application to the obligation of Mortgagor,
whether or not then due or payable, of any insurance proceeds postpone, abate or reduce
any of the periodic installments of principal and interest thereafter to become due tinder
the Note until the Note is paid in full. If Mortgagee shall acquire title to the Mortgaged
Property either by virtue of a deed in lieu of foreclosure, or a judicial sale thereof pursuant
to proceedings under the Note or this Mortgage, then all of Mortgagor's estate, right,
~ title and interest in and to all such policies, including unearned premiums thereon and
the proceeds thereof, shall vest in Mortgagee.
SECTION 3.05. Mortgagor also shall provide and maintain, at Mortgagor's
expense, title insurance with respect to the lien hereof for the benefit of Mortgagee,
with a company or companies and in form and amount satisfactory to Mortgagee.
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