HomeMy WebLinkAbout0969 . 1.05 Re uired Ineurance. Mortgagor wi11, at Mortgagor's
$ole cost an e~cpense,~ntain or cduse to be maintained
with respect to the Mortgaged Property, and each part
thereof, the following ineurance:
(a) IA8ur8nCe against loes or damage to the
Improvements by fire and any of the risks covered by ~
ineurance of the type now known as "fire and eutended
coverage," in an amount not less than ~37S,000.00 or the
full replacement cost of the Improvements <exclusive of
the cost of excavatione, foundations, and Pootings below
the lowest ba$~ment floor), whichever is greater; and
with no more than ~1,000.00 deductible grom the loss .
payable for any caeualty. The policies of insurance -
carried in accordance with thie subparagraph (a) shall ~
contain the "Replacement Cost Endorsement";
(b) I~ requested by Mortgagee, business
~ interruption insurance and/or loss of "rental value"
~ insurance in such amounts as are satisfactory to
Mortgagee; -
(c) During the courae of any construction or repair
of Improvements on the Premises, comprehensive public
liability insurance (including coverage for elevators and
escalators, if any, on the Premises and, if any
construction of new Improvements occurs after ezecution
of this Mortgage, completed operations cover~ge for two
years after construction of the Improvements has been
completed) on an "occurrence basis" a~ainst claims for
"peraonal injury" including without limitation bodily
i~jury, death.or property damage occurring on, in or
about the premisea and the adjoining streets, sidewalks
and passageways, such insurance to af~ord immediate
- minimum protection to a limit of not less than that
required by Mortgagee with respect to personal injury or
death to any one or more persons or damage to property;
All policies of insurance required by the terms of this
Mortgage shall contain an endorsement or agreement by the
insurer that any loss shall be payable in accordance with the
terms of ~uch policy notwithatanding any act or negligence of
Mortgagor which might otherwise result in forfeiture of said
in$urance and the further agreement of the insurer waiving
a11 rights of set off, counterclaim or deductions against
Mortgagor.
Mort~agor may effect for its own account any insurance
not required under this Section 1.05, but 8ny such inaurance
effected by Mortgagor on the Premises, whether or not so
required, shall be for the mutual benefit of Mortgagor and
Mortgagee and shall be aubject to the other provisions of
this Mortgage.
1.06 Delivery of Policies, Payment of Premiums. A11
policies of insurance shall beissued by companies and in
atnounts in each company $atisfactory to Mortgagee. All
policies of insurance shall have attached thereto a lender's
los.s payment endorsement for the benefit of Mortgagee in form
satisfactory to Mortgagee. Mortga~or shall furnish Mortgagee
with an original policy of all policies of required
insurance. If Mortgagee consents to Mortgagor providin~ any
of the required ineurance through blanket ~olicies carried by
Mortgagor and covering more than one location, then Mortgagor
shall furnish Mortgagee with a certificate of inaurance for
each euch policy setting forth the coverage, the limits of
liability, the name of the carrier, the policy number, and
the eupiration date. At least thirty (30) days prior to the
eupiration of each such poZicy, Mortgagor sha11 furnish -
Mortgagee with evidence satisfactory to Mortgagee of the
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aooK 541 P~~~ 969
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