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84 - 005448 (d) The Issuer shall deposit with the Bondhold~r an or~g~nal counterpart of all policies of insurance req-uired hy subsection (a). At least seven days prior to the date tlle premiums on each such policy shall become due and payable" t.h~ Bondholder shall be furnished with proof reasonably satisfact.(:)J:'1 to it of such payment. Each policy of insuran~ hereinrequi.1:'lad shall contain a provision that the in-sur:e.r shall-- :net-~--__ .can~~~~t.~F.-- refuse to renew or materially modify i twi thout giving wr'i.t.~1l" notice to the Bondholder at least ten days before th~C1an~l"" lation, nonrenewal or modification become effective. . Beforetl1la expiration of any policy of insurance herein required, the ~ssl:1~r; shall furnish the Bondholder with evidence satisfactory to> the Bondholder that the policy has been renewed or. ;-eplaced ~ another policy conforming to the provisions of this Section 3.92 or that there is no necessity therefor under the termsbereo'f~ In lieu of separate policies, the Issuer may maintain blaI1ke.t: policies having the coverage required herein, providedoriq'iDal counterparts of such insurance, or such other evidences as. may be required by the Bondholder in its discretion, are deposited with the Bondholder. Section 3.03 Advances. If the Issuer shall fa;; to comply with any of the terms, covenants and conditi,.' nerej,n ;dth respect to, the procuring of insuranc,-" the 1-~~'ment of taxes,' assessments and other charges, the keeping of the Mortgaged Property in repair, or any other term, covenant or condition herein contained, the Bondholder may make advances to perform the same and, where necessary, enter the Mortgaged Property for the purpose of performing any such term, covenant or cond:U:ion. The Issuer agrees to repay all sums so advanced upon demand, together with interest thereon. All sums so advanced shall be secured hereby in priority to the indebtedness evidenced by the Bond and shall bear interest at the Default Rate until paid~ but no such advance shall be deemed to relieve the Issuer from any default hereunder. ARTICLE IV DAMAGE, DESTRUCTION AND CONDEMNATION Section 4.01 Application of Insurance Proceeds. All proceeds of insurance maintained pursuant to ::;uosections ta) (ii and tal \iii) of Section 3.02 hereof shall be paid to the Bondholder and shall be applied first to the payment of all costs and expenses incurred in obtaining such proceeds and then, if no "Event of Default" has occurred and is continuing under the Lease or this Mortgage, at the option of the Company, to the restoration, repair, modification or improvement of the Project without affecting the lien of this Mortgage or the obligations of the Issuer hereunder. If such an Event of Default has occurred and is continuing under the Lease or this Mortgae, or if the Company so elects, the Net Proceeds shall be applied by -15- u L .-J L