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88105847
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88105847
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Last modified
3/9/2007 5:41:48 PM
Creation date
3/9/2007 4:42:53 AM
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DEEDS
Inst Number
88105847
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<br />88- 105847 <br /> <br />for sixty (60) days prior written notice of cancellation or <br />modification to Beneficiary. All such policies shall <br />contain endorsements that no act or negligence of the <br />insured, or any occupant, and no occupancy or use of the <br />property for purposes more hazardous than permitted by the <br />terms of the policy, will affect the validity or <br />enforceability of such insurance as against Beneficiary; <br />and all such policies shall be written in amounts sufficient <br />to prevent Trustor from becoming a coinsurer. <br /> <br />(b) Liability Insurance. Trustor shall also maintain the <br />following policies of liability insurance: <br /> <br />(1) comprehensive general public liability insurance <br />in limits satisfactory to Beneficiary; <br /> <br />(2) during the making of any alterations or <br />improvement;; to such prop~rty, (a) owner's contingent <br />liability 1nsurance cover1ng claims not covered by the <br />general comprehensive insurance referred to above, and (b) <br />workmen's compensation insurance covering all persons <br />engaged in making such alterations or improvements; <br /> <br />(3) if there are pressure fired vessels within such <br />property, broad form boiler and machinery insurance an all <br />equipment and objects customarily covered by such insurance <br />and providing for full repair and replacement cost coverage, <br /> <br />(4) liquor liability insurance in amounts satisfactory <br />to Beneficiary, if applicable. <br /> <br />(c) Other Insurance. Trustor shall maintain such other <br />insurance with respect to such property and liability risks as <br />Beneficiary may reasonably require. <br /> <br />All said policies shall be in companies acceptable to <br />Beneficiary and shall be delivered to, and remain in possession <br />of, Beneficiary as further security for the faithful performance <br />of these obligations, which delivery shall constitute an <br />assignment by Trustor to Beneficiary to all rights thereunder, <br />including all return premiums. Trustor shall deliver to <br />Beneficiary a policy or policies renewing or extending any <br />expiring insurance with a receipt showing premiums paid at least <br />thirty (30) days before expiration. If Trustor fails to so <br />deliver any renewal policies, Beneficiary may procure such <br />insurance as it may elect and may make payment of premiums <br />thereon, which payment is repayable on demand. Neither Trustee <br />nor Beneficiary shall be responsible for obtaining or <br />maintaining such insurance. Beneficiary, from time to tima, may <br />furnish to any insurance agency or company, or any other person, <br />any information contained in or extracted from any insurance <br />policy theretofore delivered to Beneficiary pursuant hereto, and <br />any information concerning the loan eecured hereby. In no event <br /> <br />-5- <br />
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