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� 201504441
<br /> injury including,without limitation,bodily injury,death or property damage occurring on,in or about the Real
<br /> Property and the adjoining streets, sidewalks anc1 passageways, such insurance to afford immediate minimum
<br /> protection to a limit satisfactory to Lender with respect to personal injury ar death to any one or more persons
<br /> or damage to property; worker's compensation insurance (including employer's liability insurance, if
<br /> requested by Lender) for all employees of Borro�wer engaged on or with respect to the Real Property in such
<br /> amount as is satisfactory to Lender, or, if such amounts are established by law, in such amounts; builder's
<br /> completed value risk insurance against "all risks of physical loss," including collapse and transit coverage,
<br /> during construction of the improvements, in non-reporting form, covering the total value of work performed
<br /> and equipment,supplies and materials furnished;and such other coverages that Lender may require.
<br /> In the event of any loss covered by any insurance policies, Borrower sha11 give immediate written
<br /> notice to the insurance carrier and to Lender. Borrower hereby authorizes and empowers Lender(at Lender's
<br /> option) as attorney-in-fact for Borrower to make proof of loss, to adjust and comprornise any claim under
<br /> insurance policies, to appear in and prosecute any action arising from such insurancc policies, to collect and
<br /> receive insurance proceeds and to deduct therefrom Lender's expenses incurred in the collection of such
<br /> proceeds; provided, however, that nothing contained in khis paragraph shall require Lender to incur any
<br /> expense or take any action hereunder. All ins�.irance proceeds shall be paid by the insurance company to
<br /> Lender to be held and disbursed in accordance with this Paragraph 5. Borrower further authorizes Lender, at
<br /> Lender's option, (a) to hold the balance of such proceeds to be used to reimburse Borrower for the cost of
<br /> reconstruction or repair of the Real Property, or(b) if the proceeds are insufficient to repair or reconstruct the
<br /> improvements in the manner required in the next subparagraph, and if Borrower is unable or unwilling to
<br /> personally fund the shortfall,to apply the balanae of such proceeds to the payment of the sums sccured by this
<br /> Instrument, whether or not then due, in the ord:er of application set forth in Paragraph 3 hereof, or (c) if a
<br /> default e�sts under this Instrument,the Loan Agreement or any of the other Loan Documents,Lender shall be
<br /> entitled to retain the proceeds and apply the same in the order as provided in Paragraph 3.
<br /> If the insurance proceeds are held by Lender to reimburse Borrower for the cost of restoration and
<br /> repair of the Real Property, the Real Properiy shall be restored to the equivalent of its original condition or
<br /> such other condition as Lender may approve in writing. Lender may, at Lender's option, condition
<br /> disbursement of said proceeds on Lender's approval of such plans and specifications of an architect
<br /> satisfactory to Lender, contractor's cost estimates, architect's certificate,waivers of liens, sworn statements of
<br /> mechanics and materialmen and such other evidence of costs, percentage completion of construction,
<br /> application of payments and satisfaction of liens as Lender ma.y reasonably require. If the insurance proceeds
<br /> are applied to the payment of the suxns secured by this Inst�-ument, any such application of proceeds to
<br /> principal shall not extend or postpone the due dates of the monthly installments referred to in Paragraphs 1 and
<br /> 2 hereof,but Lender shall redetermine the amounts of such installments. If the Real Property is sold pursuant
<br /> to the terms of this Instrument or if Lender acquires title to the Rea1 Properiy, Lender thereupon shall also be
<br /> deemed to have acquired exclusively all of the right, title and interest of Borrower in and to any insurance
<br /> policies and unearned premiums thereon and in and to any insurance proceeds resulting from ar which may be
<br /> payable as a consequence of any damage to the F�eal Property prior to such sale or acquisition.
<br /> 6. PRESEI2VATTON AND A�IAINTENANCE OF PROPERTY. Bonower (a) sha11 not
<br /> commit waste ar permit any physical deterioration of the Real Property, (b) shall not abandon the Real
<br /> Property,(c)sha11 restore or repair promptly and in a good and workmanlike manner all or any part of the Real
<br /> Property to the equivalent of its original conditi��n, or such other condition as Lender may approve in writing,
<br /> in the event of any damage, injuxy or loss thcreto,whether or not insurance proceeds are available to cover in
<br /> whole or in part the costs of such restoration or repair, (d) shall keep the Real Property, including
<br /> improvements, fixtures, equipment, machinery and appliances therein, in good repair and shall replace
<br /> fixtures, equipment, machinery and appliances on the Real Property when necessary to keep such items in
<br /> good repair, (e) shall coflnply with all laws, ordinances, regulations and requirements of any governmental
<br /> body applicable to the Real Property, (fl shall generally operate and maintain the Real Property in a manner to
<br /> maximize rentals and income and(g)sha11 give notice in writing to Lender of and,unless otherwise directed in
<br /> writing by Lender, appear in and defend any action or proceeding purporting to affect the Real Property, the
<br /> security of this Instrument or the rights or powers of Lender. Neither Borrower nor any tenant or other person
<br /> shall remove,demolish or alter any improvemen�t now e�sting or hereafter erected on the Real Property or any
<br /> fixture, equipment,machinery or appliance in or on the Real Property except when incident to the replacement
<br /> of fixtures,equipment,machinery and appliances with items of like kind.
<br /> Borrower: (a) shall comply with the provisions of the Lease; (b) shall give immediate written notice
<br /> to Lender of any default by lessor under the Lease or of any notice received by Borrower from such lessor of
<br /> any default under the Lease by Bonower; (c) shall exercise any option to renew or extcnd the Lease and give
<br /> written confirmation thereof to Lender within thirty(30) days after such option becomes exercisable; (d) shall
<br /> give immediate written notice to Lender of the commencement of any remedial proceedings under the Lease
<br /> by any pa.rly thereto and, if required by Lender, sha11 permit Lender as Borrower's attorney-in-fact to control
<br /> and act for Borrower in any such remedial proceedings; and (e) shall within thirty (30) days after request by
<br /> Lender obtain from the lessor under the Lease and deliver to Lender the lessor's estoppel certificate required
<br /> thereunder, if any. Borrower hereby expressly transfers and assigns to Lender the benefit of a11 covenants
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