89101934 - Laserfiche WebLink

Browse

1 89-101934 resulting from cancellation of insurance may be offset at option of Beneficiary. L (b) Public liability insurance shall be maintained by' Trustor against claims for bodily injury or death or damage to property suffered by others upon, in or about the Land and Buildings or any part thereof or any-other premises occupied in connection with any business conducted on the Land or Buildings or any part thereof or occurring as a result of the maintenance or operation of any automobiles,- trucks or other vehicles or other facilities in connection with any business conducted on the Land or Buildings or any part thereof, with minimum limits of liability for bodily injury or death in the amount of one million dollars ($1,000,00(3.00) for each person and one million dollars ($1,090,00 0-00) for each occurrence and for property damage in the amount uf" ©ne million two hundred fifty thousand dollars ($1,25O,00a.00). The insurance company providing such insurance and the amount of the deductible, .if any; shall be subject to approval by Beneficiary. Trustor shall; cause each insurance policy iss -ded in connection therewith to provide that (i) if any such insurance policy be subject to cancell&i on or be endorsed or sought to be endorsed to effect a charge-.'in coverage fair any reason whatsoever, such insurer shall promptly- notify Beneficiaxy and such cancellation or change shall not be effective for ten (10) days after receipt by Beneficiary of such notice, and (ii) Beneficiary may, but shall not be obligated to, make premium payments to prevent such cancellation, and that such payment shall be accepted., by the ir=rer. :1c) Trustor shall proviee and maintain insurance cov'O,,ri r.;g " business interruptian and ; lass of rents in an amount: egtai to th ;e sum of the scheduled pri. Lcipat and interest payments t ' the Note for a s-ix (6) month period. 'The insurance company providing such, - Insurance and the form and substance of the policy shall he subj.er-1-1-io approval by Beneficiary. �� (d) Trustor shall provide and deliver to Beneficiary an ALTa " loan or mortgagee's title insurance policy, in the amount of one million two hundred fifty thousand dollars ($1,250,000.00), showing fee simple title in the Land to be in Trustor, showing this Deed.of Trust to be a valid first lien on the Land, naming Beneficiary as the insured party,.and containing a Schedule a which shows removal of mechanics' lien and survey exceptions. The insurance company providing such insurance and the form and substance of the policy shall be subject to approval by Beneficiary. (e) Trustor shall furnish to Beneficiary duplicate executed copies of each policy or certificates of insurance coverage acceptable to Beneficiary procured or maintained in accordance with any provision of this section at the time of execution hereof, and copies of each renewal policy not less than thirty (30) days prior to the expiration of the original policy or the preceding renewal policy (as the case may be), together with receipts or other evidence that the premiums thereon have been paid, and shall furnish to Beneficiary on or before 120 days after the close of each fiscal year of Trustor a statement certified by a duly authorized officer of Trustor of the amounts of insurance maintained by such Trustor in compliance with this section, of the risks covered by such insurance and of the insurance company or companies which carry such insurance. (f) In no event shall Beneficiary or Trustee be held responsible for failure to pay insurance premiums or for any loss or damage arising out of a defect in any policy or arising out of any failure of any insurance company to pay for any loss or damage insured against or for failure by Trustor to effect the insurance required hereunder. In the event of loss, Trustor shall give Prompt naticc by Mil to the insurance carrier and Beneficiary. Beneficiary may make proof of loss if not made promptly or in proper form by Trustor. All policies of insurance and any and all refunds of unearned premiums are hereby assigned to Beneficiary as additional security for the payment of the indebtedness secured hereby. In the event of Beneficiary's exercise of the power of D: \LOAHDOC \HEALTH. DOT April 10, 1989 g a'a