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88_100020 I successful defense to any claim under any insurance policy main- tained in respect of the Premises. 1.4.7 Mortgagor shall, immediately upon receipt of any written notice regarding any fai lure by Mortgagor to payor discharge any of the obligations described in Section 1.4.1, 1.4.3, 1.4.4 or 1.4.6, furnish a copy of such notice to Beneficiary. SECTION 1.5 Payment of Certain Taxes. If the United States, the state in which the Land is located or any political subdivision thereof shall levy, assess or charge any tax, imposi- tion or assessment upon this Deed of Trust, the Loan Agreement or any other document relating to the Loan or the interest of Benefi- ciary in the Mortgaged Property, other than income taxes levied or assessed upon Beneficiary, Mortgagor shall pay all such taxes, assessments and impositions to, for, or on account of Beneficiary, when due and payable and shall furnish to Beneficiary, proof of such payment satisfactory to Beneficiary. SECTION 1.6 Required Insurance Policies. 1. 6.1 following insurance Personal Property: f\10rtgagor coverages in shall keep and maintain the respect of the Improvements and (i) Fire, theft and physical hazard insurance on an "all risk" basis covering fire and extended coverage includ- ing malicious mischief and vandalism, in an amount equal to the full replacement cost of the Improvements and Personal Property. "Full replacement cost" means the cost to replace the Improvements and the Personal Property, exclusive of architectural fees, excavation, foundation and footings, as determined from time to time by a person reasonably satisfactory to Beneficiary. (ii) Liability insurance against claims for bodily injury, death or property damage occurring on, in or about the Premises, with such policy limits as are customary, from time to time, for property similar in use and configuration to the Premises or as Beneficiary may from time to time require. (iii) Worker's compensation and automobile liability insurance as required by the laws of the state where the Premises are located but in no lesser amounts than as may be required by Beneficiary, or, to the extent permitted by local law, appropriate self insurance arrangements, to protect Mortgagor, and Beneficiary against claims for injuries sustained in the course of employment at the Premises. (iv) Explosion insurance in respect of any boilers and similar apparatus located on the Premises, with such policy limits as are customary, from time to time, for property similar in use and configuration to the Premises or as Beneficiary may from time to time reasonably require. -9- L L L ~ r-- ~,j ~ iI ~~ "" ~ (