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<br />, , � ' __ standard mnitgagee clause in favor of and'm form acoeptabfe w Leader. L�der shallbaTie the right to ho2d the ,� . -,� . . .
<br /> . •--��. policies.and Borrower sbaU pmmpdy f u m i s h to I.e n d e r a ll rene w a l no t i c e s an d a l l r e c e i p t s o f p a i d p r e m.i u m s. -- .. -- —.
<br /> . _ r ` 3 At least thirty(30)days pr'tor tn the expiradon date of a policy.Borrower shall deliver to Lender a renewal policy
<br /> ` � in form satisPactnry w L�uder. If this t++ �,,,�t is on a leasehold,Sormwer shall fumi.sh Lender a dnplicate �:•.` z -.
<br /> ' . , of all policies,reaewal avtices.reaecval policies and recei�ts o f p a i d p�emiums if,b y victue of the g r ound lease. � - '..� '. -.
<br /> °� . •� the originals thereof may not be supptied by Botrower to Leader. :;� j .
<br /> � �_r�.
<br /> � h In the eve�at of toss,Bormwer sbali give immediate wriuen notice to the insurance carrier and to lxnder. .. _
<br />�-r .� Bo:rower hereby�uhorizes and empowecs I.ender as attamey-in-fact for Borrower w make pmof of loss,w '< � .: ` . ". `
<br /> ` �
<br /> " adjusc and ca�pmmise any claim under msarance policies,to appear ia and prosecute aay actioa arising fmm y
<br /> ;: .` ' ,��. snch insurance policies.co collect and receive insu:an�pmceeds.and to d�uM tl�efrom I.eader's expeases ,; ": � s �_.
<br /> ;�` } incurred'm th�:wlleqion of suc6 proc�eds;pmvided however,that nothmg contained"m this paragraph 5 shall •
<br /> ° . ;� � reqaire Lender m iacur any expense or take any acaon hereunder. Bosmwer fiuther avthorizes Leader.at , • _ _
<br /> Ix�ndes's opiion,(a)w hold the balancc of s�ch pmceeds tn be osed to reimburse Bornower for the cost of
<br /> �� . . � � --� reconsdvction or re�air of the Progerty ar�b)snbJea to t h e i�a t e ly fo ll owing p a r a g t a p h,t o a P P�Y� L<.r--.: ., ''<._ .a
<br />"+'�` � � ` _�. proceeds w the paymeat of the snms secured i►y this Insnvmeat whether or not thea due. ia the order of . . . .:�
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<br /> � = aPPlicanun set forth in paragrapL 3 hereof(sabject,however.w die rigt�of the tessor under the gmund Iease .,. _,.`; �_--
<br /> , .. :�� if this Inst�uneat is on a IeasehoW). g`--_
<br /> ; � I.eader sLall aot exercise I.eader's option to apply insorance proceeds to tl�e paymentof the sams secured � T.�� •`
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<br /> , , by this Insuumeat if all of the fol2owing conditions are mei: (i)Borrower is not ia breach or default of any `°•�--=
<br /> ;.ffi.
<br /> --- . - wveaant or a�t of this Instrumen�the Note or aay other Loau Doc�uaent:(ii)I.ender det�rmiaesthatthere - `� ti..,W=
<br /> ' . m'll be suffcient funds to restore and repair the Property to the Pre�x�iag Condition(as heseinafter defined): � —
<br /> -;�:� . :�,=..�_-
<br /> ' � (rii)l.ender agnees in wricing that the reatal iacome of the Propercy,after re.�taration aad repair of the Propeny �. � ; ;,;;�:�
<br /> , ro the Pre-exisdng Coadition.a�71 be sufScient w meet all operatiag costs and other expeases.Payments for ::,.:. .;:.'�>-
<br /> . reserves and toan repayment obligations(iacfiding any obligations under any penaiaed sahord�mate fiaancing) - • �� "'.
<br /> .��i . , relating w the Pro eP op . :`:••,:,-�.._
<br /> perty;(iv)Lender determiaes that restoration and r air of the Pr erty w the Pre-existing �:
<br /> � ' ' Condiuon arill be completed wIthin one year of the date of the 2oss or ca.svalry to the Property.bat in no event � ���'•. �' :�,�--'
<br /> : ��.:_-•
<br /> � : latcr tha�n six mont6s prior w the Maturiry Date;and(v)Lender is sraso n a b t y s a ti s fi e d t h a t t h e P c op e i t y can b e . •� .:.;;�
<br /> restored aad repaired as neurly as possible to the condition it aas in immediately prior to sur�casualty and ia . '-
<br /> compliaace wit�►ali applicable wning,building aad other laws and cudes(the"Pre-eustmg Couditi�n")• If � .':•-_
<br /> l.ender elects to make the m�+�*Ance praceeds ava�abte for the restoratlon and repair of the Propecty.Borrower '• .:.r'�s,
<br /> � � � a ee.a that,if at an trme during the restoration and r air,the cost of co leting such restor�tion and repair, �. �"� ' �
<br />_ � gr Y ' eP � `::.at:::.
<br /> :' '; � asdeteiminedbyLender,eaceedstheundisbursed'ms�uaaceproceeds,Borrowershan,immediatelyupondemaad ', y
<br /> . by Lender.deposit the amouai of such excess arith Lender,and Lender shall fust disburse such deposit to pay � . . ,. �'�`'
<br /> for the costs of such reswration and repair on the same terms and condidons as We iasurance pmceeds are ' �.. � .:. �°=
<br /> `''� disbursed. In the eveat the Properry cannot be restond w the eqnivalem of its orSginal condi�an,as concems . .. `-
<br /> - � height,tloor area,use and mimber of apartment uniu,Lender may,in its sote discretion,(p require that the .
<br /> � . ' ' . � insnraace procceds be applied to the paymeut of the s�uns secured by this Iastnmsent,whether or not thea due ;�.-
<br /> (the"Loan Balance").in the order of application set forth in paragtaph 3 hereof,or(II)require that(a)only a
<br /> . � . � portion of the Properry be restored and repaired.(b)that the msvraace pracxeds be appl�ed w reduce the Loan • ,
<br /> . ' � Balaace such that the ratio of the Loan Balance w the aumber of apartmeat units that existed frnme�iatciy prior : . .�.. `��
<br /> w the event of loss svaU equal the ratio of the rednced Loan Bataace to We reduced aumber of aparaaent naits ,
<br /> ':" ' , � to exist after the partial restoraaon aad repair of We Property,aad(c)aay lasvrance proceeds not used w reduce - :
<br /> . the Loan Balance shall be hetd by l,ender in accordance witb paragapL S hereof w reimburse Borrower for the .
<br /> . . .: � wst of such partial restoratlon and repair. My iasurance praceeds not applied w the repair or restoration of the .
<br /> � . , Property shaU be applied to reduce the Loan Balance ia the order of application set forth in paregraph 3 above.
<br /> . . � � .
<br /> '. . � lf the insurancc proceeds aze held by Lender to reimburse Borrower for the cost of restoration aad repair . -.• . �
<br /> . � of the Property.the Propesry shall be:estored to the equivaleai of its ori�nal condirion or such other condidon , . • � .
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