201401199 - Laserfiche WebLink

Browse

��14�1199 2� policies and all re��ipts far paid premiums. At �east 3� days �rior to the exp�ration �ate af a palicy, B�rrower shail deii�er to L�nder eviden�e of cont�nuing coverag� in f�rm satisfactory t� Lender. �c} B�rrower shali maintain at all times �ommerc�al genera� i�a�ility insurance, w�rkers' c�mpensati�n �nsurance and such oth�r liability, �rrors and omissi�ns and fid��ity insuran�e c��rages as Lender may from tim� t� time requir�, or shalf require any appropriat� party to maintain at ail tim�s commercial general liability insurance, w�rk�rs' compensation insuran�e and such other liability, �rrors and �missions and fide�ity insuran�e c�verages as Lender may from t�me t� time r�quire �r su�h other insurance cov�rage as required by Pr�gram �bfigations. �d} A!f insurance polici�s and r�n�wa�s af insurance po�i�i�s required by th�s Sectian �9 shall be �n suCh amounts and f�r such peri�ds as Lender may from time ta time require, and shall be issued by insuranc� �ompanies satisfact�ry t� L�n��r and in accardance with Program �bligati�ns. Lend�r shalf have the right t� effect insuranc� �n the e�ent Borrower fails to c�mp�y with this Section. �e} Barrawer sha[I comply with all insurance r�quirements and shal� not permit any �ondit�on tv �xist on the Mortgag�d Property that would invalidat� any part af any �nsuran�e �overage that this 5ecurity fnstrum�nt r�quir�s Borrower t� maintain. �f} In the event of Ioss, Borrvwer �hall gi�e immediate vUritten Notice to the insuran�e carr�er and to Lender. Borr�w�r hereby auth�rizes and app�ints Lender as attarney-in-fact far 8�rr�wer to mak� pr�of of ioss, to adjust and com�romise any claims under p�lici�s nf property damage insuranc�, t� appear in and pr�se�ute any action arising from such praperty damag� insurance policies, ta coll�ct an� rece�� the pr��eds of pr�perty damage insurance, and t� deduct from such proceed� Lender's exp�ns�s incurred �n the �ollectian of such prace�ds. This pow�r of att�rney is coupl�d with an interest and therefore is irr�v�cabl�. Borr�wer shall notify Lender �f any paym�nt recei�ed from any insur�r. L�nd�r sha�l �1} hold th� balance of such proceeds to be used t� r�imburse B�rr�w�r far the �ost af restar�ng and repair�ng the M�rtga��d Pro�erty t� th� equivalent of �ts original ��ndition or to a cond�ti�n approved by Lend�r, �r ��} apply the ba�ance �f such pro�eeds to the payment of the Indebtedness, wh�ther or not th�n due. To tne extent Lender determin�s to app�y insurance pr�ceeds to r�storati�n, Lend�r shall do sa in a�cordan�e with Lender's then-current policies relatin� to the restoratian of casuaity damage on similar mu�tifamily properti�s; pro��ded that so I�ng as th� L�an is �nSured �r he�d by HUD, insurance pr�ce�ds shail be ap��i�d as appro�ed by HUD and in accordance with Program �bligati�ns pursuant t� S�ction �9�g} belaw. �g} Lender shall not exercise its option to app�y insuran�e pr�c�eds to the paymen� �f th� Indebtedness if al� �f the fal�owing �onditions are m�t: ��} n� Event �f Pre�ious editions are obsafete HUD MF Se�urity Fnstrum�nt HUD-944�OM(Rev.�4111}