99105138 - Laserfiche WebLink

Browse

, , . � 99-�s�s�.3s expiration date. At least thirty (30) days prior to the expiration of each such policy, Grantor shall furnish Beneficiary with evidence satisfactory to Beneficiary of payment of the premium and the reissuance of a policy continuing insurance in force as required by this Deed. All such policies shall contain a provision that such policies will not be cancelled or materially amended, which term shall include any reduction in the scope or limit of coverages, without at least thirty (30) days prior written notice to Beneficiary. In the event Grantor fails to provide, maintain, keep in force or deliver and furnish to Beneficiary the policies of insurance required by this Section, Beneficiary may procure such insurance or single-interest insurance for such risks covering Beneficiary's interest, and Grantor will pay all premiums thereon promptly upon demand by Beneficiary, and until such payment is made by Grantor the amount of all such premiums together with interest thereon at the rate of interest provided in the Note shall be secured by this Deed. At the request of Beneficiary, Grantor shall deposit with Beneficiary in monthly installments, an amount equal to one-twelfth of the estimated aggregate annual insurance premiums on all policies of insurance required by this Deed in order to accumulate with Beneficiary sufficient funds to pay all of the aforesaid premiums thirty (30) days prior to their due date. Grantor further agrees, upon Beneficiary's request, to cause all bills, statements or other documents relating to the foregoing insurance premiums to be sent or mailed directly to Beneficiary. Upon receipt of such bills, statements or other documents, and providing Grantor has deposited sufficient funds with Beneficiary pursuant to this Section 1.4 , Beneficiary shall pay such amounts as may be due thereunder out of the funds so deposited with Beneficiary. If at any time and for any reason the funds deposited with Beneficiary are or will be insufficient to pay such amounts as may then or subsequently be due, Beneficiary shall notify Grantor and Grantor shall immediately deposit an amount equal to such deficiency with Beneficiary. Notwithstanding the foregoing, nothing contained herein shall cause Beneficiary to be deemed a trustee of said funds or to be obligated to pay any amounts in excess of the amount of funds deposited with Beneficiary pursuant to this Section 1. 4 . Beneficiary may commingle said reserve with its own funds and Grantor shall be entitled to no interest thereon. 1. 5 Insurance Proceeds. (a) That in the event of any damage or destruction of the Improvements, Beneficiary shall have the option in its sole discretion of applying all or part of the insurance proceeds (i) to any indebtedness secured hereby and in such order as Beneficiary may determine, or (ii) to the restoration of the Improvements or (iii) to Grantor. (b) That in the event such proceeds of insurance shall be payable to Beneficiary, Beneficiary is hereby authorized and empowered by Grantor to settle, adjust or compromise any claims for loss, damage or destruction under any policy or policies of insurance, provided, however, that should Grantor satisfy all conditions to the right of Grantor to cause such proceeds to be applied in the restoration of the Premises, Grantor will not settle any such claims without the prior written consent of Beneficiary, which will not be unreasonably withheld or delayed. (c) That the application or release by Beneficiary of any insurance proceeds shall not cure or waive any default or notice of default under this Deed or invalidate any act done pursuant to such notice. 1. 6 Assignment of Policies Upon Foreclosure. That in the event of foreclosure of this Deed or other transfer of title or assignment of the Premises in extinguishment, in whole or in part, -6-