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<br />84- 005068
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<br />insurance and war risk insurance if then available) ;in5UraI?C~
<br />ag..ins't fleod if required by the Federal FloodDisastaJ:'1?rpt~~...
<br />tion Act of 1973 and re.gulations issued thereunder,:r;ep,'l;';
<br />insurance in favor of Beneficiary in an allIountequaltonotleEi5~
<br />than one year's aggregate Gross 'Rent {rom the PremisE!:s ~j
<br />during construction, builder's completed value risk insuranc'$,;
<br />against "all risks of physical loss" (including collapse" and'
<br />transit coverage), and all other insurance commonly or, in the
<br />judgment of the Beneficiary, prudently maintained by those whose
<br />business, improvement to, and use of real estate i s~ sillli la:tHto
<br />that of the Grantor, and that it will maintain comprehensive
<br />public liability, dram shop, employer's liability and w()rkmep's
<br />compensation insurance, all in amounts satisfactory to the
<br />Beneficiary. and all of such insurance to be maintained in such
<br />form and with such companies as shall be approved by the
<br />Beneficiary, and to deliver to and keep deposited with the
<br />Beneficiary all policies of such insurance and renewals thereof,
<br />with prem~ums prepald, and with loss payable clauses sal:iafactory
<br />to the Beneficiary, and noncancellation clauses providing for not
<br />less than 30 days prlor W1-1 tten notice to the Beneficiary,
<br />attached thereto in favor of the Beneficiary, its successors and
<br />asslgn5. TM~ Grantnr agr~~s that any lass paid to the
<br />Beneficlary under any of such po ~H!S shall, if such loss
<br />results 1n a't least sevent__ ~ I,," pere,.1.t (75%) of the
<br />Improvements be.l:1g damaL8d so ,u, ~ ,) be untenantable, be applied,
<br />at the opt1on of the Beneficlary, toward the payment of the Note
<br />or any of the ~labllltles, or to the rebuilding or repairing of
<br />the damaged cr destroyed Improvements or other Collateral, as the
<br />Eeneflclary may elect (WhlCh electlon shall not relieve the
<br />Grantor of the duty .-~ rebulld or repalr), In the event of
<br />payment under any of the polic~es~ and such 10s5 results 1n lees
<br />than seventy-f:ve percent (;5%) of the Improvements belng damaged
<br />so as to be untenantable, the proceeds of the policies shall be
<br />pald by the l.nsurer to Beneflclary and Beneficiary shall apply
<br />such proceeds, af:er deauctlng all costs of collection~ including
<br />reasonable at~cr~eys' fees,
<br />
<br />( 1 ) :: 1. t.s-t tC'w'al~d the al teratl on, t.eco:nstruct:~on,
<br />reDa~r ~~ restoratlOc of the Frere2ses V~ any portIon
<br />thereof, prc\'>lded no Defaul t. ex:i st:s hereunder i and any
<br />excess lnsurance proceeds may be retalned by Beneficlary as
<br />a payment O~ account. of Granto!,1 s Liabili.ties and
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<br />(li) at Beneflclary's optlon, and ln its sole
<br />dlscretlon, lf a Default then eX1sts hereunder, Beneficlary
<br />may apply such proceeds as a payment on account of Grantor's
<br />~labilitles. whether or not then due or payable;
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<br />The Grantor hereby empowers the Benefiel ar}-'. in its dl scretionl
<br />to settle, cornpromJ.se and adjust any and all claims or rights
<br />under any ~nsurance POllCV maJ.nta1ned bv the Grantor relatlna to
<br />the Collateral. Benef~cl'ary agrees to 'consul t Wl. th Grantor ~l th
<br />respec~ to settllng any such cla~ms; provJ.ded, however that all
<br />such matters shall. In the event of any dlspute be settled as
<br />deterJl1J.ned by Eeneficiary J.n its sole discretion, In the event
<br />of foreclosure of this Deed or other transfer of ti tle to the
<br />Prellli ses in ext1ngul shment of the lndebtedness secured hereby,
<br />all right, tltle and interest of the Grantor In and to any insur-
<br />ance pollcles then In :cl.ce shall pass to the purchaser or
<br />grantee. No't.hlng contaJ.ned In thls Deed shall create any
<br />reaponslblllty or obl1gatlon on the Beneflclary t.o collect any
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