Common use of COVERAGE OF INSURANCE POLICIES Clause in Contracts

COVERAGE OF INSURANCE POLICIES. a. Borrower will keep all buildings, other structures and improvements insured against loss by fire, flood (when applicable) and other hazards, casualties and contingencies in such amounts and manner and for such periods as may be reasonably required by Lender. Lender’s insurance requirements may change from time to time throughout the term of the indebtedness. All such insurance policies must include standard fire and extended coverage in amounts not less than necessary to comply with the coinsurance clause. Flood insurance IS NOT required for the subject property during the term of the mortgage loan. When required, flood insurance shall be in an amount at least equal to the outstanding principal balance of all mortgage(s), or the maximum amount of insurance available with respect to the project under the National Flood Insurance Act, whichever is lesser. All such insurance shall be carried by companies reasonably approved by Lender, and all policies shall be in such form and shall have attached thereto loss payable clauses in favor of Lender and any other parties as shall be reasonably satisfactory to Lender. All such policies and attachments thereto shall be delivered promptly to Lender, unless they are required to be delivered to the holder of a lien or a mortgage or similar instrument to which this Mortgage is expressly subject, in which latter event certificates thereof, satisfactory to Lender, shall be delivered promptly to Lender. Borrower will pay promptly when due, as hereinafter provided, any and all premiums on such insurance. The Lender shall be listed as an additional insured on all such insurance policies. b. In the event of loss or damage to the Mortgaged Property, Borrower will give to Lender immediate notice thereof by mail, at the address herein above stated and Lender may make and file proof of loss if not made otherwise promptly by or on behalf of Borrower. Unless Borrower and Lender otherwise agree in writing, insurance proceeds shall be applied to restoration or repair, provided such restoration or repair is economically feasible and the security of this Mortgage is not thereby impaired. If such restoration or repair is not economically feasible or if the security of this Mortgage would be impaired, the insurance proceeds shall be applied to the sums secured by this Mortgage with the excess, if any, paid to Borrower. If the Property is abandoned by Xxxxxxxx, for more than thirty (30) days unless due to events described in Paragraph 3, or if Borrower fails to respond to Lender within thirty (30) days from the date notice is mailed by Xxxxxx to Borrower that the insurance carrier offers to settle a claim for insurance benefits, Lender is authorized to collect and apply the insurance proceeds at Lender's option either to restoration or repair of the Property or to the sums secured by this Mortgage. c. At least thirty (30) days prior to the expiration of each policy, the Borrower will furnish the Lender with evidence satisfactory to the Lender of the payment of premium and the reissuance of a policy continuing insurance in force as required by this Mortgage. All policies, including policies for any amounts carried in excess of the required minimum and policies not specifically required by the Lender, will be in a form satisfactory to the Lender, and will be maintained in full force and effect. All policies will contain a provision that the policies will not be cancelled or materially amended (including any reduction in the scope or limits of coverage), without at least ten (10) days prior written notice to the Lender. If all or any part of the insurance will expire, or be withdrawn, or become void or unsafe, by reason of the Borrower's breach of any condition, or if for any reason whatsoever the insurance will be unsatisfactory to the Lender, the Borrower will place new insurance on the premises, satisfactory to the Lender. Borrower’s compliance with the insurance requirements of the Prior Mortgage shall be deemed compliance with the terms of this Section 7.

COVERAGE OF INSURANCE POLICIES. a. The Borrower will keep all buildings, other structures and improvements insured against loss by fire, flood (when applicable) fire and other hazards, casualties and contingencies in such amounts and manner and for such periods as may be reasonably required by Lender. Lender’s insurance requirements may change from time to time throughout the term of the indebtedness. All such insurance policies must include standard fire fire, flood (when applicable) and extended coverage in amounts not less than necessary to comply with the coinsurance clause. Flood insurance IS NOT is required for the subject property during the term of the mortgage loanloan whenever the property is located in an area of special flood hazards in which flood insurance is available under the National Flood Insurance Act. When required, flood insurance shall be in an amount at least equal to the outstanding principal balance of all mortgage(s), or the maximum amount of insurance available with respect to the project under the National Flood Insurance Act, whichever is lesser. All such insurance shall be carried by companies reasonably approved by the Lender, and all policies shall be in such form and shall have attached thereto hereto loss payable clauses in favor of the Lender and any other parties as shall be reasonably satisfactory to the Lender. All such policies and attachments thereto shall be delivered promptly to the Lender, unless they are required to be delivered to the holder of a lien or a mortgage or similar instrument to which this Mortgage is expressly subject, in which latter event certificates thereof, satisfactory to the Lender, shall be delivered promptly to the Lender. The Borrower will pay promptly when due, as hereinafter provided, any and all premiums on such insurance. The Lender shall be listed as an additional insured on all such insurance policies. b. In the event of loss or damage to the Mortgaged Property, Borrower will give to the Lender immediate notice thereof by mail, at the address herein above stated and the Lender may make and file proof of loss if not made otherwise promptly by or on behalf of the Borrower. Unless Subject to the rights of any senior lender under any subordination agreement executed by Xxxxxx and unless the Borrower and Lender otherwise agree in writing, insurance proceeds shall be applied to restoration or repair, provided such restoration or repair is economically feasible and the security of this Mortgage is not thereby impaired. If such restoration or repair is not economically feasible or if the security of this Mortgage would be impaired, but subject in all instances to the rights to such insurance proceeds of any senior lender under any subordination agreement executed by the Lender, the insurance proceeds shall be applied to the sums secured by this Mortgage with the excess, if any, paid to the Borrower. If the Property is abandoned by Xxxxxxxxthe Borrower, for more than thirty (30) days unless due to events described in Paragraph 3, or if the Borrower fails to respond to the Lender within thirty (30) days from the date notice is mailed by Xxxxxx the Lender to the Borrower that the insurance carrier offers to settle a claim for insurance benefits, the Lender is authorized to collect and apply the insurance proceeds at the Lender's option either to restoration or repair of the Property or to the sums secured by this Mortgage. c. At least thirty (30) days prior to the expiration of each policy, the Borrower will furnish the Lender with evidence satisfactory to the Lender of the payment of premium and the reissuance of a policy continuing insurance in force as required by this Mortgage. All policies, including policies for any amounts carried in excess of the required minimum and policies not specifically required by the Lender, will be in a form satisfactory to the Lender, and will be maintained in full force and effect. All policies will contain a provision that the policies will not be cancelled or materially amended (including any reduction in the scope or limits of coverage), without at least ten thirty (1030) days prior written notice to the Lender. If all or any part of the insurance will expire, or be withdrawn, or become void or unsafe, by reason of the Borrower's breach of any condition, or if for any reason whatsoever the insurance will be unsatisfactory to the Lender, the Borrower will place new insurance on the premises, satisfactory to the Lender. Borrower’s compliance with the insurance requirements of the Prior Mortgage shall be deemed compliance with the terms of this Section 7.

COVERAGE OF INSURANCE POLICIES. a. Borrower will keep all buildings, other structures and improvements insured against loss by fire, flood (when applicable) and other hazards, casualties and contingencies in such amounts and manner and for such periods as may be reasonably required by the Lender. Lender’s insurance requirements may change from time to time throughout the term of the indebtedness. All ; all such insurance policies must include standard fire and extended coverage in amounts not less than necessary to comply with the any applicable coinsurance clause. Flood insurance IS NOT required for the subject property during the term of the mortgage loan. When required, flood insurance shall be in an amount at least equal to the outstanding principal balance of all mortgage(s), or the maximum amount of insurance available with respect to the project under the National Flood Insurance Act, whichever is lesser. All such insurance shall be carried by companies reasonably approved by Lender, and all policies shall be in such form and shall have attached thereto loss payable clauses in favor of Lender and any other parties as shall be reasonably satisfactory to Lender. All such policies and attachments thereto shall be delivered promptly to Lender, unless they are required to be delivered to the holder of a lien or a mortgage or similar instrument to which this Mortgage is expressly subject, in which latter event certificates thereof, satisfactory to Lender, shall be delivered promptly to Lender. Borrower will pay promptly when due, as hereinafter provided, any and all premiums on such insurance. The Lender shall be listed as an additional insured on all such insurance policies. b. In the event of loss or damage to the Mortgaged Property, Borrower will give to Lender immediate notice thereof by mail, at the address herein above stated and Lender may make and file proof of loss if not made otherwise promptly by or on behalf of Borrower. Unless Borrower and Lender otherwise agree in writing, insurance proceeds shall be applied to restoration or repair, provided such restoration or repair is economically feasible and the security of this Mortgage is not thereby impaired. If such restoration or repair is not economically feasible or if the security of this Mortgage would be impaired, the insurance proceeds shall be applied to the sums secured by this Mortgage with the excess, if any, paid to Borrower. If the Property is abandoned by Xxxxxxxx, for more than thirty (30) days unless due to events described in Paragraph Section 3, or if Borrower fails to respond to Lender within thirty (30) days from the date notice is mailed by Xxxxxx to Borrower that the insurance carrier offers to settle a claim for insurance benefits, Lender is authorized to collect and apply the insurance proceeds at Lender's option either to restoration or repair of the Property or to the sums secured by this Mortgage. c. At least thirty (30) days prior to the expiration of each policypolicy and upon request from LCRA, the Borrower will furnish the Lender with evidence satisfactory to the Lender of the payment of premium and the reissuance of a policy continuing insurance in force as required by this Mortgage. All policies, including policies for any amounts carried in excess of the required minimum and policies not specifically required by the Lender, will be in a form reasonably satisfactory to the Lender, and will be maintained in full force and effect. All policies will contain a provision that the policies will not be cancelled or materially amended (including any reduction in the scope or limits of coverage), without at least ten (10) days prior written notice to the Lender. If all or any part of the insurance will expire, or be withdrawn, or become void or unsafe, by reason of the Borrower's breach of any condition, or if for any reason whatsoever the insurance will be unsatisfactory to the Lender, the Borrower will place new insurance on the premises, satisfactory to the Lender. Borrower’s compliance with the . d. The insurance requirements of the Prior Mortgage Superior Mortgages shall be deemed compliance with to control over the terms of this Section 7hereof.

COVERAGE OF INSURANCE POLICIES. a. The Borrower will keep all buildings, other structures and improvements insured against loss by fire, flood (when applicable) fire and other hazards, casualties and contingencies in such amounts and manner and for such periods as may be reasonably required by the Lender. Lender’s , including flood insurance requirements may change from time when applicable, but in an amount at least equal to time throughout the term outstanding amount of the indebtednesssums secured by this Mortgage and any senior mortgages. All such insurance policies must include standard fire and extended coverage in amounts not less than necessary to comply with the coinsurance clause. Flood insurance IS NOT required for the subject property during the term of the mortgage loan. When required, flood insurance shall be in an amount at least equal to the outstanding principal balance of all mortgage(s), or the maximum amount of insurance available with respect to the project under the National Flood Insurance Act, whichever is lesser. All such insurance shall be carried by companies reasonably approved by the Lender, and all policies shall be in such form and shall have attached thereto hereto loss payable clauses in favor of the Lender and any other parties as shall be reasonably satisfactory to the Lender. All such policies and attachments thereto shall be delivered promptly to the Lender, unless they are required to be delivered to the holder of a lien or a mortgage or similar instrument to which this Mortgage is expressly subject, in which the latter event certificates thereof, satisfactory to the Lender, shall be delivered promptly to the Lender. The Borrower will pay promptly when due, as hereinafter provided, any and all premiums on such insurance. The Lender shall be listed as an additional insured on all such insurance policies. b. In the event of loss or damage to the Mortgaged Property, the Borrower will give to the Lender immediate notice thereof by mail, at the address herein above stated and the Lender may make and file proof of loss if not made otherwise promptly by or on behalf of the Borrower. Unless Borrower and Lender otherwise agree in writing, insurance proceeds shall be applied to restoration or repair, provided such restoration or repair is economically feasible and the security of this Mortgage is not thereby impaired. If such restoration or repair is not economically feasible or if the security of this Mortgage would be impaired, the insurance proceeds shall be applied to the sums secured by this Mortgage with the excess, if any, paid to Borrower. If the Property is abandoned by Xxxxxxxx, for more than thirty (30) days unless due to events described in Paragraph 3Borrower, or if Borrower fails to respond to Lender within thirty (30) days from the date notice is mailed by Xxxxxx Lender to Borrower that the insurance carrier offers to settle a claim for insurance benefits, Lender is authorized to collect and apply the insurance proceeds at Lender's option either to restoration or repair of the Property or to the sums secured by this Mortgage. c. At least thirty (30) days prior to the expiration of each policy, the Borrower will furnish the Lender with evidence satisfactory to the Lender of the payment of premium and the reissuance of a policy continuing insurance in force as required by this Mortgage. All policies, including policies for any amounts carried in excess of the required minimum and policies not specifically required by the Lender, will be in a form satisfactory to the Lender, and will be maintained in full force and effect. All policies will contain a provision that the policies will not be cancelled or materially amended (including any reduction in the scope or limits of coverage), without at least ten (10) days prior written notice to the Lender. If all or any part of the insurance will expire, or be withdrawn, or become void or unsafe, by reason of the Borrower's breach of any condition, or if for any reason whatsoever the insurance will be unsatisfactory to the Lender, the Borrower will place new insurance on the premises, satisfactory to the Lender. Borrower’s compliance with the insurance requirements of the Prior Mortgage shall be deemed compliance with the terms of this Section 7.

COVERAGE OF INSURANCE POLICIES. a. The Borrower will keep all buildings, other structures and improvements insured against loss by fire, flood (when applicable) fire and other hazards, casualties and contingencies in such amounts and manner and for such periods as may be reasonably required by Lender. Lender’s insurance requirements may change from time to time throughout the term of the indebtedness. All such insurance policies must include standard fire fire, flood (when applicable) and extended coverage in amounts not less than necessary to comply with the coinsurance clause. Flood insurance IS NOT is required for the subject property during the term of the mortgage loanloan whenever the property is located in an area of special flood hazards in which flood insurance is available under the National Flood Insurance Act. When required, flood insurance shall be in an amount at least equal to the outstanding principal balance of all mortgage(s), or the maximum amount of insurance available with respect to the project under the National Flood Insurance Act, whichever is lesser. All such insurance shall be carried by companies reasonably approved by the Lender, and all policies shall be in such form and shall have attached thereto hereto loss payable clauses in favor of the Lender and any other parties as shall be reasonably satisfactory to the Lender. All such policies and attachments thereto shall be delivered promptly to the Lender, unless they are required to be delivered to the holder of a lien or a mortgage or similar instrument to which this Mortgage is expressly subject, in which latter event certificates thereof, satisfactory to the Lender, shall be delivered promptly to the Lender. The Borrower will pay promptly when due, as hereinafter provided, any and all premiums on such insurance. The Lender shall be listed as an additional insured on all such insurance policies. b. In the event of loss or damage to the Mortgaged Property, Borrower will give to the Lender immediate notice thereof by mail, at the address herein above stated and the Lender may make and file proof of loss if not made otherwise promptly by or on behalf of the Borrower. Unless the Borrower and Lender otherwise agree in writing, insurance proceeds shall be applied to restoration or repair, provided such restoration or repair is economically feasible and the security of this Mortgage is not thereby impaired. If such restoration or repair is not economically feasible or if the security of this Mortgage would be impaired, the insurance proceeds shall be applied to the sums secured by this Mortgage with the excess, if any, paid to the Borrower. If the Property is abandoned by Xxxxxxxxthe Borrower, for more than thirty (30) days unless due to events described in Paragraph 3, or if the Borrower fails to respond to the Lender within thirty (30) days from the date notice is mailed by Xxxxxx the Lender to the Borrower that the insurance carrier offers to settle a claim for insurance benefits, the Lender is authorized to collect and apply the insurance proceeds at the Lender's option either to restoration or repair of the Property or to the sums secured by this Mortgage. c. At least thirty (30) days prior to the expiration of each policy, the Borrower will furnish the Lender with evidence satisfactory to the Lender of the payment of premium and the reissuance of a policy continuing insurance in force as required by this Mortgage. All policies, including policies for any amounts carried in excess of the required minimum and policies not specifically required by the Lender, will be in a form satisfactory to the Lender, and will be maintained in full force and effect. All policies will contain a provision that the policies will not be cancelled or materially amended (including any reduction in the scope or limits of coverage), without at least ten thirty (1030) days prior written notice to the Lender. If all or any part of the insurance will expire, or be withdrawn, or become void or unsafe, by reason of the Borrower's breach of any condition, or if for any reason whatsoever the insurance will be unsatisfactory to the Lender, the Borrower will place new insurance on the premises, satisfactory to the Lender. Borrower’s compliance with the insurance requirements of the Prior Mortgage shall be deemed compliance with the terms of this Section 7.

COVERAGE OF INSURANCE POLICIES. a. Borrower will keep all buildings, other structures and improvements insured against loss by fire, flood (when applicable) and other hazards, casualties and contingencies in such amounts and manner and for such periods as may be reasonably required by the Lender. Lender’s insurance requirements may change from time to time throughout the term of the indebtedness. All ; all such insurance policies must include standard fire and extended coverage in amounts not less than necessary to comply with the any applicable coinsurance clause. Flood insurance IS NOT required for the subject property during the term of the mortgage loan. When required, flood insurance shall be in an amount at least equal to the outstanding principal balance of all mortgage(s), or the maximum amount of insurance available with respect to the project under the National Flood Insurance Act, whichever is lesser. All such insurance shall be carried by companies reasonably approved by Lender, and all policies shall be in such form and shall have attached thereto loss payable clauses in favor of Lender and any other parties as shall be reasonably satisfactory to Lender. All such policies and attachments thereto shall be delivered promptly to Lender, unless they are required to be delivered to the holder of a lien or a mortgage or similar instrument to which this Mortgage is expressly subject, in which latter event certificates thereof, satisfactory to Lender, shall be delivered promptly to Lender. Borrower will pay promptly when due, as hereinafter provided, any and all premiums on such insurance. The Lender shall be listed as an additional insured on all such insurance policies. b. In the event of loss or damage to the Mortgaged Property, Borrower will give to Lender immediate notice thereof by mail, at the address herein above stated and Lender may make and file proof of loss if not made otherwise promptly by or on behalf of Borrower. Unless Borrower and Lender otherwise agree in writing, insurance proceeds shall be applied to restoration or repair, provided such restoration or repair is economically feasible and the security of this Mortgage is not thereby impaired. If such restoration or repair is not economically feasible or if the security of this Mortgage would be impaired, the insurance proceeds shall be applied to the sums secured by this Mortgage with the excess, if any, paid to Borrower. If the Property is abandoned by Xxxxxxxx, for more than thirty (30) days unless due to events described in Paragraph Section 3, or if Borrower fails to respond to Lender within thirty (30) days from the date notice is mailed by Xxxxxx to Borrower that the insurance carrier offers to settle a claim for insurance benefits, Lender is authorized to collect and apply the insurance proceeds at Lender's option either to restoration or repair of the Property or to the sums secured by this Mortgage. c. At least thirty (30) days prior to the expiration of each policypolicy and upon request from the City, the Borrower will furnish the Lender with evidence reasonably satisfactory to the Lender of the payment of premium and the reissuance of a policy continuing insurance in force as required by this Mortgage. All policies, including policies for any amounts carried in excess of the required minimum and policies not specifically required by the Lender, will be in a form reasonably satisfactory to the Lender, and will be maintained in full force and effect. All policies will contain a provision that the policies will not be cancelled or materially amended (including any reduction in the scope or limits of coverage), without at least ten (10) days prior written notice to the Lender. If all or any part of the insurance will expire, or be withdrawn, or become void or unsafe, by reason of the Borrower's breach of any condition, or if for any reason whatsoever the insurance will be unsatisfactory to the Lender, the Borrower will place new insurance on the premises, satisfactory to the Lender. Borrower’s compliance with the . d. The insurance requirements of the Prior Mortgage Superior Mortgages shall be deemed compliance with to control over the terms of this Section 7hereof.