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HomeMy WebLinkAbout1141 • ! • sive general public liability and property damage insurance with contractual liability endorsement and workmen's compen- sation insurance, and in amounts of not less than $2,000,000 with respect to any single bodily injury (including death) and not less than 54,000,000 with respect to any accident involving more than a single bodily injury, or such greater amounts as Mortgagee may reasonably require from time to time. (b) All policies, including policies for any amounts carried in excess of the required minimum and policies not-specifically required by Mortgagee, shall be in form satisfactory to Mortgagee, shall be issued by companies satisfactory to Mortgagee, shall be maintained in full force and effect, shall be assigned and delivered to Mortgagee, with premiums prepaid, as collateral security for payment of the indebtedness secured hereby, shall be endorsed with a standard mortgagee clause in favor of Mortgagee,. not subject to contribution, and shall provide for at least thirty (30) days' notice of cancellation or termination to Mortgagee. Certificates of insurance, addressed to Mortgagee, evidencing such public liability, property damage and workmen's compensation insurance may be delivered to Mortgagee in lieu of the policies therefor, provided: that a copy of the underlying policy is also delivered to Mortgagee. (c) If the insurance, or any part thereof, shall expire, or be cancelled, or become void or voidable by - reason of Mortgagor's breach of any condition thereof, or if Mortgagee determines that such coverage is unsatisfactory by reason of the failure or impairment of the capital of any company in which- the insurance may ti~en be carried, cr if for any reason whatever the insurance-shall be unsatis- factory to Mortgagee, Mortgagor shall place new insurance on the Mortgaged Property, satisfactory to Mortgagee. All renewal policies, with premiums paid, shall be delivered to Mortgagee at least thirty (30) days before expiration of the old policies. I (d) In the event of loss, Mortgagor-will give immediate notice thereof to Mortgagee, and Mortgagee may make proof of loss if not made promptly by Mortgagor; ~ provided, however, that any adjustment of loss shall require the prior written consent of.Mortgagee. Each insurance ~ -company concerned is hereby authorized and directed to make payment under such insurance, including return of unearned premiums, directly to Mortgagee (instead•of to Mortgagor and Mortgagee jointly) to the extent of its interest and lien, 3 and Mortgagor appoints Mortgagee, irrevocably, as Mortgagor's . attorney-in-fact to endorse any draft therefor. The proceeds of such insurance shall, until an Event of Default as defined - herein, shall have occurred, be applied to restoration or repair of the property damaged. If an Event of Default, as defined herein, shall have occurred, Mortgagee shall have the right to retain and apply the proceeds of any such_insur- ance, at its election, to reduction of the indebtedness secured hereby, or to restoration or repair of the property ~ damaged. Such policies of insurance and all renewals thereof are hereby assigned to Mortgagee as additional security for -5- ~ ~ - 8Q~3~8 P~~E~.141 . t ~r.