Laserfiche WebLink
Document management portal powered by Laserfiche WebLink 9 © 1998-2015 Laserfiche. All rights reserved.
, � 201504441 <br /> bills,unless Lender pays Borrower interest,earnings or profits on the Funds and applicable law permits Lender <br /> to make such a charge. Unless applicable law requares payment of interest, earnings or profits on the Funds to <br /> be paid, Lender shall not be required to pay Borro�ver any interest, eaivings or profits on the Funds. Lender <br /> shall give to Borrower,without charge, an annual accounting of the Funds, in Lender's usual format, showing <br /> credits and debits to the Funds and the purpose for which each debit to the Funds was made. The Funds are <br /> hereby pledged as additional security for the indebtedness secured by this Instrument. <br /> If the amount of the Funds held by Lender at the time of the annual accounting thereof shall exceed the <br /> amount deemed necessary by Lender to provide for the payment of taxes, assessments, insurance premiums <br /> and Other Impositions,as they fall due, such excess may be refunded to Borrower following such audit or may <br /> be applied by Lender at its option to payments due in the future. If at any time the amount of the Funds held <br /> by Lender shall be less than the amount deemed mecessary by Lender to pay taxes, assessments, insurance <br /> premiums and Other Impositions, as they fa11 due, Borrower shall pay to Lender any amount necessary to <br /> make up the deficiency witlun tliirty (30) days after written notice froin Lender to Borrower requesting <br /> payment thereof. <br /> Upon (a) Borrower's breach of any covenant ar agreement of Borrower in this Instn�ment or (b) the <br /> occurrence of an Event of Default(as such term is defined in the Loan Documents),Lender may apply, in any <br /> amount and in any order as Lender sha11 deterniine, in Lender's sole discretion, any Funds held by Lender at <br /> the time of application(i)to pay taxes,assessments,insuxance premiums and Other Impositions which then are <br /> due or(ii) as a credit against any indebtedness secured by this Instrument. Upon payment in full of all sums <br /> secured by this Instrument,Lender shall promptly refund to Borrower any unapplied Funds held by Lender. <br /> Lender hereby agrees to waive its right to r�quire payment of the Funds so long as Borrower does not <br /> default under the Loan Agreement, this Instrument or any other Loan Documents; provided, that Borrower <br /> provides Lender with timely evidence satisfactory to Lender that all taxes, assessments, premiums and, if <br /> requested by Lender, Other Impositions have been paid in full prior to delinquency. If such a default occurs or <br /> if Borrower does not provide such evidence, Lender may revoke its waiver at any time thereafter by giving <br /> written notice thereof to Borrower. <br /> 3. APPLICATION OF PAYMENT�. Unless applicable law requires otherwise, all payxnents <br /> received by Lender from Borrower under the Loan Agreement or this Insh-ument sha11 be applied by Lender in <br /> the order of priority as determined by Lender in its discretion. <br /> 4. CHARGES; LIENS. Borrower sha11 pay a11 taxes, assessments, premiums and Other <br /> Impositions attributable to the Real Property at Lender's option in the manner provided under Paragraph 2 <br /> hereof or, if not paid in such mauner due to a waiver by Lender, by Borrower making payment, when due, <br /> directly to the appropriate payee thereof, or in such other manner as Lender may designate in writing. <br /> Borrower shall promptly fi�rnish to Lender all notices of amounts due under this paragraph and, in the event <br /> Borrower shall make payment directly, Borrower shall promptly furnish to Lender receipts evidencing such <br /> payments. Borrower shall promptly discharge any lien which has, or may have,priority over or equality with, <br /> the lien of this Instrument, and Borrower shall pay, when due, the claims of all persons supplying labor or <br /> materials to or in connection with the Real Property. Without Lender's prior written consent, which may be <br /> withheld in Lender's sole and absolute discretion (unless specifically provided to the contrary in this <br /> Ins�rument), Borrower will not pernut ar allow any lien inferior to this Instrument to be perfected against the <br /> Real Property. <br /> 5. IIAZARD INSURANCE. Borrower shall keep the improvements now e�sting or hereafter <br /> erected on the Real Property insured by carriers at all times satisfactory to Lender against loss by fire,hazards <br /> included within the term"extended coverage" and such other hazards, casualties, liabilities and contingencies <br /> as Lender shall require, but in any event not less than an amount which will comply wifh any coinsurance <br /> clause and not less than one hundred percent(100%�of the actual cash replacement value of the improvements <br /> (both fixtures and personalty). Comprehensive Ceneral Liability Insurance shall be in an amount no less than <br /> $500,000 single risk. All premiums on insurance policies shall be paid in the manner provided under <br /> Paragraph 2 hereof, or by Borrower making payment when due directly to the carrier if Lender has waived its <br /> escrow requirement,or in such other manner as Lender may designate in writing. <br /> All insurance policies and renewals thereof shall be in a form acceptable to Lender and shall include a <br /> standard mortgagee loss payable clause in favor of and in form acceptable to Lender. Lender shall have the <br /> right to hold the policies, and Borrower shall promp�ly fumish to Lender all renewal n�tices and all receipts of <br /> paid prenuums. At least (30) thirty days prior to the expiration date of a policy, Borrower shall deliver to <br /> Lender a renewal policy in form satisfactory to Lender. Borrower sha11 furnish Lender a duplicate of all <br /> policies, renewal notices, renewal policies and receipts of paid premiums if, by virtue of the Lease, the <br /> originals thereof may not be supplied by Borrower to Lender. <br /> During the course of any construcrion or restoration of the improvements the following coverages <br /> shall also be required: comprehensive public liability insurance in at least the amount required by Lender <br /> (including coverage for elevators and escalators, if any) on an "occurrence basis" against claims for personal <br /> 3 <br />