HomeMy WebLinkAbout0960 . ~
(iv) Such other insurance as Mortgagee may reasonably
require from time to time (inc~uding, without limitation, if
all or any part of the Mortgaged Propertt lies ~~ithin a
special flood hazard zone, flood insurance in.the maximum
amount available).
(b) The net proceeds of the insurance carried pursuant
to the provisions of this Section 1.07 shall be applied as
follows: (i) the net proceeds of the insurance required by
Section 1.07(a)(i) and (iv) shall be applied as provided in
Section 1.07(d) here~f, and (ii) the net proceeds of the
insurance required by Sections 1.07(a)(ii) and (iii) hereof shall
be applied toward extinguishment or satisfaction of the liability !
with respect to which such insurance pr~?ceeds have been or are to ,
be paid.
(c) All insurance required in Section 1.07 hereof
shall be taken out and maintained with generally recognized
responsible insurance companies selected by Mortgagor and
authorized to do business in the State ot Florida, subject to
approval by Mortgagee. The insurance herein required may be
contained in blanket policies now or hereafter maintained by the
rtortgagor. Mortgagee is hereby authorized and empowered, at its
option, to adjust or compromise any loss under any insurance
policies maintained ~ursuant to this Section 1.07, and to collec*_
and receive the proceeds from any such policy or policies. Each
insurance company is hereby authorized and directed to make
payment for all such losses directly to Mortgagee, instead of to
Mortgagor and Mortgagee jointly. In the event any insurance
company fails to disburse directly and solely to Mortgagee but
disburses instead either solely to Mortgagor or to Mortgagor and
Mortgagee jointly, Mortgagor agrees immediately to endorse and
transfer such proceeds to Morttgagee. Upon the failure of
Mortgagor to endorse and transfer such proceeds as aforesaid,
Mortgagee may execute such endorsements or transfers for and in
the name of Mortgagor, and Mortgagor hereby irrevocably appoints
Mortgagee as Mortgagor's agent and attorney-in-fact so to do.
Mortc~agee shall not be held responsible for any failure to
collect any insurance proceeds due under the terms of any policy
regardless of the cause of such failure.
(d) If the Mortgaged Property is destroyed iin whole or in
part) or is damaged by fire or other casualty, Mortgagor shall
promptly give written notice thereof to Mortgagee.
After payment in full, or provision for the payment in full
of the Bonds in accordance with the provisions of the Inder:ture,
insurance proceeds shall be applied in the following manner.
After deducting from said insurance proceeds all of its expenses
incurred in the collection and administration of such sums,
including attorneys' fees, Mortgagee may apply the net proceeds
-11-
sooK 573 eacE 96~
- F