|
202207758
<br />the taxation of mortgages, deeds of trust or debts secured by mortgages or deeds of trust, or the manner of
<br />collecting those taxes, the Liabilities shall become due and payable immediately at the option of the
<br />Lender.
<br />4. Insurance. The Grantor shall keep the Premises and the present and future buildings and other
<br />improvements (the "Improvements") on the Premises continuously insured for the benefit of the Lender, in
<br />an amount not less than the full insurable value on a replacement costs basis (without deduction for
<br />depreciation) of the Improvements and contents, if applicable, and without any reduction based upon the
<br />Grantor's acts, against fire and such other hazards and risks customarily covered by the standard form of
<br />extended coverage endorsement available in the state where the Premises are located, including risks of
<br />vandalism and malicious mischief. If at any time, the Improvements or any part thereof, lies within a
<br />"special flood hazard area" as designated from time to time on maps prepared and issued by the Federal
<br />Emergency Management Agency (FEMA), as a one hundred year flood plain or other area identified by the
<br />Beneficiary as having a high or moderate risk of flooding, the Grantor shall maintain a flood insurance
<br />policy or policies (whether or not coverage is available from the National Flood Insurance Program or
<br />otherwise required by the "Flood Laws" (hereinafter defined), in form and substance acceptable to
<br />Beneficiary covering the Improvements and contents (to the extent the contents secure the Liabilities). As
<br />used in this paragraph, the term "Flood Laws" collectively means the National Flood Insurance Act of
<br />1968, the Flood Disaster Protection Act of 1973, the National Flood Insurance Reform Act of 1994, the
<br />Biggert-Waters Flood Insurance Act of 2012, as such statues may be amended or re -codified from time to
<br />time, any substitution therefor, any regulations promulgated thereunder, and all other laws, regulations, and
<br />other legal requirements relating to flood insurance. Such flood insurance policy shall be in the amount
<br />required from time to time by the Lender (which may exceed the amount required under the Flood Laws)
<br />and include a non-contributing mortgagee clause naming the Lender as mortgagee. The Grantor shall
<br />additionally provide such other appropriate insurance as the Lender may require from time to time. All
<br />insurance policies and renewals must be in form and substance acceptable to the Lender, must provide for
<br />payment to the Lender in the event of loss, regardless of any act or omission by the Grantor, must require
<br />thirty (30) days notice to the Lender in the event of nonrenewal or cancellation and must be delivered to the
<br />Lender within thirty (30) days prior to their respective effective dates. In the event of loss or damage, the
<br />proceeds of the insurance shall be paid to the Lender alone. No loss or damage shall itself reduce the
<br />Liabilities. The Lender is authorized to adjust and compromise a loss without the consent of the Grantor, to
<br />collect, receive and receipt for any proceeds in the name of the Lender and the Grantor and to endorse the
<br />Grantor's name upon any check in payment of proceeds. The proceeds shall be applied first toward
<br />reimbursement of all costs and expenses of the Lender in collecting the proceeds and then toward payment
<br />of the Liabilities or any portion of it, whether or not then due or payable, or the Lender, at its option, may
<br />apply the proceeds, or any part of the proceeds, to the repair or rebuilding of the Premises provided that the
<br />Grantor (a) is not then or at any time during the course of restoration of the Premises in default under this
<br />Deed of Trust and (b) has complied with all requirements for application of the proceeds to restoration of
<br />the Premises as the Lender, in its sole discretion may establish. The Grantor shall also provide and maintain
<br />comprehensive general liability insurance in such coverage amounts as the Lender may request, with the
<br />Lender being named as an additional insured on such policies. Evidence of the renewal of such liability
<br />insurance shall be delivered to the Lender at the same time as evidence of the renewal of the property
<br />insurance required above must be delivered to the Lender. Unless the Grantor provides the Beneficiary
<br />with evidence of all the insurance coverage required herein, including the policies, certificates and
<br />renewals thereof, or fails to pay the premiums when such premiums are due, the Beneficiary may purchase
<br />insurance at the Grantor's expense to protect the Beneficiary's interest in the Premises. This insurance may,
<br />but need not, protect the Grantor's interests, may not pay any claim that Grantor may make or any claim
<br />that is made against the Grantor in connection with the Premises. The Grantor may later cancel any
<br />insurance purchased by the Beneficiary pursuant to this provision, but only after providing satisfactory
<br />evidence that the Grantor has obtained the required insurance. If the Beneficiary purchases insurance, the
<br />Grantor will be responsible for the costs of such insurance, including interest and any other charges that the
<br />Beneficiary may impose in connection with the placement of such insurance until the effective date of the
<br />cancellation or expiration of such insurance, and such costs may be included in the Liabilities. The costs of
<br />the insurance purchased by the Beneficiary may be more than the cost of insurance that the Grantor may
<br />otherwise be able to obtain.
<br />5
<br />
|