Laserfiche WebLink
80= ~~_~ ~ RIDER <br />A. Borrower shall keep the improvements now Existing or hereafter erected on <br />the property insured against Ioss by fire, hazards included within the term <br />"extended coverage" and such other hazards as Lender may require, in the <br />amount equal to the loan balance, or for not less than 100% of the full <br />replacenent value of the improvements, whichever is greater, as established <br />by a casipetent insurance appraiser. Cca~rehensive general public liability <br />insurance will also be obtained in a cc~any acceptable to the Lender, <br />for an amount not less than $300,000 combined single limit. Rental value <br />insurance equal to the rental value for asix-month period, as established by a <br />competent insurance appraiser, shall also be carried thro~•^hout the term of <br />the loan. <br />B. A waiver of lender's option to accelerate shall be subject to: (1) the <br />credit of the purchaser or transferee being satisfactory to the Lender; <br />(2) an assumption fee of not less than 1% of the then outstanding principal <br />balance paid to Lender; (3) the interest rate adjusted to the current market <br />rate at the date of sale or transfer, but to not less than the current <br />contract rate; (4) assu-ption of full and urconditi.onal liability of <br />the indebtedness by all purchasers or transferees of the property on a joint <br />and several basis; (5) any other requirements reasonably necessary to <br />protect Lender's interest in the property. Any agreemen*_ regarding hander's <br />waiver of its opticn to accelerate must be in writing and reached prior to <br />the date of sale or transfer. <br />INTT?AL <br />~~1 <br />