Delivery of Policies, Payment of Premiums. (i) At the Lender’s option, all policies of Insurance shall either have attached thereto a lender’s loss payable endorsement for the benefit of Beneficiary in form satisfactory to the Lenders or shall name Beneficiary as an additional insured. At least (10) days prior to the expiration of each required policy, Trustor shall deliver to Beneficiary evidence reasonably satisfactory to the Lenders of the renewal or replacement (and, if payment is due at the same time, evidence of the payment of premium) of such policy continuing insurance in form as required by this Deed of Trust. At least (10) days prior to the date when any premium on each such required policy is due, Trustor shall deliver to the Lenders evidence reasonably satisfactory to Beneficiary of the payment of such premium. All such policies shall contain a provision that, notwithstanding any contrary agreement between Trustor and the insurance company, such policies will not be cancelled, allowed to lapse without renewal, surrendered or materially amended, which term shall include any reduction in the scope or limits of coverage, without at least ten (10) days prior written notice to, and (other than a termination for non-payment) the consent of, the Lenders.
(ii) In the event Trustor fails to provide, maintain, keep in force or deliver to Beneficiary the policies of insurance required by this Deed of Trust or by any Loan Document, Beneficiary may (but shall have no obligation to) procure such insurance or single-interest insurance for such risks covering Beneficiary’s interest, and Trustor will pay all premiums thereon promptly upon demand by Beneficiary, and until such payment is made by Trustor, the amount of all such premiums shall bear interest at the Agreed Rate.
(iii) At any time after a default under any Loan Document, then upon request by Beneficiary, Trustor shall deposit with Beneficiary in monthly installments an amount equal to one-twelfth (1/12) of the estimated aggregate annual insurance premiums on all policies of insurance to be maintained pursuant to this Deed of Trust. In such event Trustor further agrees to cause all bills, statements or other documents relating to the foregoing insurance premiums to be sent or mailed directly to Beneficiary. Upon receipt of such bills, statements or other documents evidencing that a premium for a required policy is then payable, and providing Trustor has deposited sufficient funds with Beneficiary pursuant to this Section 2.7, Beneficiary shall...
Delivery of Policies, Payment of Premiums. (a) At Mortgagee’s option all policies of insurance must either have attached thereto a Mortgagee’s loss payable endorsement for the benefit of Mortgagee in form satisfactory to Mortgagee or must name Mortgagee as an additional insured (in each case, in accordance with the requirements of the Loan Agreement). At Mortgagee’s option, Grantor shall furnish Mortgagee with an original of all policies of insurance required under Section 1.3 above or a certificate of insurance for each required policy setting forth the coverage, the limits of liability, the name of the carrier, the policy number and the period of coverage (and subject to any further requirements set forth in the Loan Agreement). If Mortgagee consents, Grantor may provide any of the required insurance through blanket policies carried by Grantor and covering more than one location, or by policies procured by a party holding under Grantor; provided, however, all such policies must be in form and substance and issued by companies reasonably satisfactory to Mortgagee. At least thirty (30) days prior to the expiration of each required policy, Grantor shall deliver to Mortgagee evidence satisfactory to Mortgagee of the payment of premium and the renewal or replacement of such policy continuing insurance in the form required by this Mortgage. All such policies must contain a provision that, notwithstanding any contrary agreement between Grantor and an insurance company, such policies will not be cancelled, allowed to lapse without renewal, surrender, reduced in scope or limits of coverage or otherwise materially amended, without at least thirty (30) days’ prior written notice to Mortgagee.
(b) In the event Grantor fails to provide, maintain, keep in force or deliver to Mortgagee the policies of insurance required by this Mortgage or by any Loan Document, Mortgagee may (but has no obligation to) procure such insurance or single-interest insurance for such risks covering Mortgagee’s interest, and Grantor will pay all premiums thereon promptly upon demand by Mortgagee, and until such payment is made by Grantor, the amount advanced by Mortgagee with respect to all such premiums will bear interest at the Default Rate. After the occurrence of an Event of Default (as defined below) (whether or not such Event of Default is subsequently cured), upon request by Mortgagee, Grantor shall deposit with Mortgagee an initial cash reserve in an amount equal to one-half (1/2) of the estimated aggregate annual insurance pr...
Delivery of Policies, Payment of Premiums. Trustor shall furnish Beneficiary with a certificate of insurance evidencing the insurance required hereunder and naming Beneficiary as additional insured. If Trustor elects to provide any of the required insurance through blanket policies carried by Trustor and covering more than one location, then Trustor shall furnish Beneficiary with a certificate of insurance for each such policy setting forth the coverage, the limits of liability, the aggregate amount of all claims paid under said policy, the nature of the carrier, the policy number, and the expiration date. At least thirty (30) days prior to the expiration of each required insurance policy (without regard to any grace period for nonpayment of premium), Trustor shall furnish Beneficiary with evidence satisfactory to Beneficiary of the payment of the premium and the reissuance of a policy continuing in force without lapse or reduction in coverage.
Delivery of Policies, Payment of Premiums. (a) At Beneficiary's option Trustor shall furnish Beneficiary with a copy of all policies of insurance required under Section 1.3 above or evidence of insurance issued by the applicable insurance company for each required policy setting forth the coverage, the limits of liability, the name of the carrier, the policy number and the period of coverage, and otherwise in form and substance satisfactory to Beneficiary in all respects.
(b) In the event Trustor fails to provide, maintain, keep in force or deliver to Beneficiary the policies of insurance required by this Deed of Trust or by any Loan Documents, Beneficiary may (but shall have no obligation to) procure such insurance or single-interest insurance for such risks covering Beneficiary's interest and Trustor will pay all premiums thereon and reimburse Beneficiary for all amounts paid or incurred by it in connection therewith promptly upon demand by Beneficiary and, until such payment and reimbursement is made by Trustor, the amount of all such premiums and amounts paid or incurred by Beneficiary shall become indebtedness secured by this Deed of Trust and bear interest at the Default Rate. Following an Event of Default for failure to maintain insurance in accordance with this Section
Delivery of Policies, Payment of Premiums. (a) At Beneficiary’s option all policies of insurance shall either have attached thereto a lender’s loss payable endorsement for the benefit of Beneficiary in form satisfactory to Beneficiary or shall name Beneficiary as an additional insured. Trustor shall furnish Beneficiary with certificates of insurance for each required policy setting forth the coverage, the limits of liability, the name of the carrier, the policy number and the period of coverage. If Beneficiary consents, Trustor may provide any of the required insurance through blanket policies carried by Trustor and covering more than one location, or by policies procured by a tenant or other party holding under Trustor; provided, however, all such policies shall meet the requirements referred to in Section 1.
Delivery of Policies, Payment of Premiums. All such policies shall contain a provision that such policies shall not be canceled or materially amended, which term shall include any reduction in the scope or limits of coverage, without at least thirty (30) days' prior written notice to Mortgagee. If Mortgagor fails to provide, maintain, keep in force or deliver and furnish to Mortgagee the policies of insurance required by this Article 1, Mortgagee may procure such insurance or single interest insurance for such risks covering Mortgagee's interest, and Mortgagor shall pay all premiums thereon promptly upon demand by Mortgagee, and until such payment is made by Mortgagor, the amount of all such premiums together with interest thereon at the Default Rate shall be secured by the Mortgage. All policies of insurance shall be issued by companies and in amounts in each company satisfactory to Mortgagee, and shall contain loss payee provisions satisfactory to Mortgagee.
Delivery of Policies, Payment of Premiums. Deliver, or cause to be delivered, all insurance policies or certificates therefor (or the underlying policies in the case of blanket insurance) required under this Section to the Mortgagee with premiums paid, which delivery shall constitute an assignment by the applicable Guarantor to the Mortgagee of all of its rights thereunder, including return of premium. If the Company shall fail to deliver, or cause to be delivered, renewal policies therefor and receipts showing payment of premiums not less than thirty (30) days prior to their respective dates of expiration, the Mortgagee may procure such insurance as it may elect and may make payment of premiums thereon, which payment shall be payable immediately upon demand, together with interest at the rate specified in the Indenture from the date of payment by the Mortgagee, and shall be added to and become part of the Obligations. In no event, and whether or not default hereunder has occurred, shall the Mortgagee, by the fact of approving, accepting or obtaining such insurance, incur any liability for the amount of such insurance, the form or legal sufficiency of insurance contracts, solvency of insurers or payment of losses by insurers, and the Company hereby expressly assume full responsibility therefor and liability, if any, thereunder.
Delivery of Policies, Payment of Premiums. All policies of insurance shall be issued by companies and in amounts in each company satisfactory to Lender. All policies of insurance shall have attached thereto a lender's loss payment endorsement for the benefit of Lender in form satisfactory to
Delivery of Policies, Payment of Premiums. All required policies of insurance shall be issued by companies and in amounts, form and substance satisfactory to Lender. Borrower shall furnish Lender with the originals of all required insurance policies. At least thirty (30) days prior to the expiration of each such policy, Borrower shall furnish Lender with evidence satisfactory to Lender of the insurer's agreement to reissue said policy and of the payment of the premium for reissuance. If Borrower fails to maintain and furnish to Lender the policies of insurance required by this Article, Lender may obtain such insurance or single-interest insurance for such risks covering Lender's interest. All expenses incurred by Lender in obtaining such insurance shall be deemed additional advances for the benefit of Borrower under the Construction Loan.
Delivery of Policies, Payment of Premiums. Prior to the making of the first Advance hereunder and as a condition thereto, originals of the policies of insurance required pursuant to Section 5.14, or certificates with certified copies of the same, shall be provided to the Lender by Borrower's insurance carrier, and, at least fifteen (15) days prior to the expiration dates of each policy, new policies or renewal policies, or certificates with certified copies of the same, shall be delivered to Lender by Borrower's insurance carrier. Additionally, Borrower shall provide Lender with monthly Builder's Risk Reports which shall clearly list all of Borrower's properties financed by Lender and the amount of coverage for each.
