Common use of Delivery of Policies, Payment of Premiums Clause in Contracts

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 premiums on all policies of insurance required by this Mortgage and thereafter continue to deposit with Mortgagee, in monthly installments, an amount equal to one-twelfth (1/12) of the estimated aggregate annual insurance premiums on all policies of insurance required by this Mortgage. In such event Grantor further agrees to cause all bills, statements or other documents relating to the foregoing insurance premiums to be sent or mailed directly to Mortgagee. Upon receipt of such bills, statements or other documents evidencing that a premium for a required policy is then payable, and providing Grantor has deposited sufficient funds with Mortgagee pursuant to this Section 1.4, Mortgagee shall timely pay such amounts as may be due thereunder out of the funds so deposited with Mortgagee. If at any time and for any reason the funds deposited with Mortgagee are or will be insufficient to pay such amounts as may be then or subsequently due, Mortgagee shall notify Grantor and Grantor shall immediately deposit an amount equal to such deficiency with Mortgagee. Notwithstanding the foregoing, nothing contained herein will cause Mortgagee to be obligated to pay any amounts in excess of the amount of funds deposited with Mortgagee pursuant to this Section 1.4, nor will anything contained herein modify the obligation of Grantor set forth in Section 1.3 hereof to maintain and keep such insurance in force at all times. Mortgagee may commingle said reserve with its own funds and Grantor will be entitled to no interest thereon. Mortgagee shall pay such charges for insurance when the amount on deposit with Mortgagee is sufficient to pay such charges and Lender has received a bill xxx such charges.

Delivery of Policies, Payment of Premiums. (a) At Mortgagee’s option That all policies of insurance must either have attached thereto a required hereby shall be issued by companies and in amounts in each company satisfactory to Mortgagee’s : (a) All policies of insurance required by the terms of this Mortgage shall contain an endorsement or agreement by the insurer that any loss shall be payable endorsement for in accordance with the benefit terms of such policy notwithstanding any act or negligence of Mortgagor which might otherwise result in forfeiture of said insurance and the further agreement of the insurer waiving all rights of set off, counterclaim or deductions against Mortgagor. All policies of insurance shall be subject to the approval of Mortgagee in as to insurance companies, amounts, expiration dates, form satisfactory to Mortgagee or must and content and shall name Mortgagee as an additional insured (insured. In furtherance and not in each case, in accordance with the requirements limitation 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, howeverforegoing, all such policies must have a Best's Class A "XIII" category designation, and are to be in form obtained by Mortgagor and substance held by Mortgagee's correspondent, New England Realty Resources, Inc., or such other person as may be from time to time designated by Mortgagee. All policies of insurance maintained by Mortgagor pursuant to clauses (a) and issued by companies reasonably satisfactory (d) of Section 2.03 shall contain the "Replacement Cost Endorsement," "Increased Cost of Construction Endorsement," and an "Agreed Amount Endorsement." All policies of insurance covering risks of physical loss shall provide the losses thereunder shall be payable to MortgageeMortgagee pursuant to a standard first mortgagee endorsement, without contribution, substantially equivalent to the New York Standard Mortgage Endorsement. At least thirty (30) days prior to the expiration of each required policyany policy of insurance, Grantor Mortgagor shall deliver to furnish Mortgagee with evidence satisfactory to Mortgagee of the payment of the premium for, and the renewal or replacement reissuance of a policy continuing, such policy continuing insurance in the form is required by this Mortgage. All such policies must of insurance shall contain a waiver by the insurer of all rights of subrogation to any rights of Mortgagee and all rights of set-off, counterclaim or deduction against the insureds. All policies of insurance shall also contain a provision thatto the effect that any modification, notwithstanding termination, cancellation of or amendment to, or non-renewal of such insurance, including any contrary agreement between Grantor and an insurance company, such policies will not be cancelled, allowed to lapse without renewal, surrender, reduced reduction in the scope or limits of coverage or otherwise materially amendedcoverage, shall not be effective as to Mortgagee without at least thirty (30) days’ days prior written notice to Mortgagee. (b) In . Mortgagor shall not take out separate insurance with respect to the Mortgaged Property concurrent in form or contributing in the event Grantor fails to provide, maintain, keep in force or deliver to Mortgagee the policies of insurance loss with that required by this Mortgage or by any Loan Document, Mortgagee may (but has no obligation to) procure such insurance or singleunless the same shall contain a standard non-interest insurance for such risks covering Mortgagee’s interest, contributory lender's loss payable endorsement in favor of and Grantor will pay all premiums thereon promptly upon demand by Mortgagee, in scope 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 premiums on all policies of insurance required by this Mortgage and thereafter continue to deposit with Mortgagee, in monthly installments, an amount equal to one-twelfth (1/12) of the estimated aggregate annual insurance premiums on all policies of insurance required by this Mortgage. In such event Grantor further agrees to cause all bills, statements or other documents relating to the foregoing insurance premiums to be sent or mailed directly form satisfactory to Mortgagee. Upon receipt of such bills, statements or other documents evidencing that a premium for a required policy is then payable, and providing Grantor has deposited sufficient funds with Mortgagee pursuant to this Section 1.4, Mortgagee shall timely pay such amounts as may be due thereunder out of the funds so deposited with Mortgagee. If at any time and for any reason the funds deposited with Mortgagee are or will be insufficient to pay such amounts as may be then or subsequently due, Mortgagee shall notify Grantor and Grantor shall immediately deposit an amount equal to such deficiency with Mortgagee. Notwithstanding the foregoing, nothing contained herein will cause Mortgagee to be obligated to pay any amounts in excess of the amount of funds deposited with Mortgagee pursuant to this Section 1.4, nor will anything contained herein modify the obligation of Grantor set forth in Section 1.3 hereof to maintain and keep such insurance in force at all times. Mortgagee may commingle said reserve with its own funds and Grantor will be entitled to no interest thereon. Mortgagee shall pay such charges for insurance when the amount on deposit with Mortgagee is sufficient to pay such charges and Lender has received a bill xxx such charges.

Delivery of Policies, Payment of Premiums. (a) At Mortgagee’s option all All policies of insurance must either shall be issued by companies, in amounts, with deductibles and upon terms and conditions reasonably satisfactory to Mortgagee. All policies of insurance shall name Mortgagee as an additional insured, and shall have attached thereto a Mortgageemortgagee’s endorsement and a loss payable payment endorsement for the benefit of Mortgagee in form reasonably satisfactory to Mortgagee or must name Mortgagee as an additional insured (in each case, in accordance with the requirements of the Loan Agreement)Mortgagee. At Mortgagee’s option, Grantor Mortgagor shall furnish Mortgagee with an original a full and complete copy of all policies of required insurance. If Mortgagee consents to Mortgagor providing any of the required insurance required under Section 1.3 above or through blanket policies carried by Mortgagor and covering more than one location, then Mortgagor shall furnish to Mortgagee with a certificate of insurance for each required such policy setting forth the coverage, the limits of liability, the name of the carrier, the policy number number, and the period of coverage expiration date (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 that Mortgagee may grant or withhold its consent to any blanket policy in form and substance and issued by companies reasonably satisfactory to Mortgageeits sole discretion). At least thirty (30) days prior to the expiration of each required such policy, Grantor Mortgagor shall deliver to furnish Mortgagee with evidence satisfactory to Mortgagee of the payment of the required premium and the renewal or replacement reissuance of such a policy continuing insurance in the form force as required by this Mortgage. All such policies must shall contain a provision that, notwithstanding any contrary agreement between Grantor and an insurance company, that such policies will not be cancelledcanceled or materially amended, allowed to lapse without renewal, surrender, reduced which term shall include any reduction in the scope or limits of coverage or otherwise materially amendedcoverage, without at least thirty (30) days’ days prior written notice to Mortgagee. (b) . In the event Grantor Mortgagor fails to provide, maintain, keep in force or deliver and furnish to Mortgagee the policies of insurance required by this Mortgage or by any Loan DocumentSection, Mortgagee may (but has no obligation to) procure such insurance or single-interest insurance for such risks covering Mortgagee’s interest, and Grantor Mortgagor will pay all premiums thereon promptly upon demand by Mortgagee, and until such payment is made by Grantor, Mortgagor the amount advanced by Mortgagee with respect to of all such premiums will bear together with interest thereon 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 premiums on all policies of insurance required by this Mortgage and thereafter continue to deposit with Mortgagee, in monthly installments, an amount equal to one-twelfth (1/12) of the estimated aggregate annual insurance premiums on all policies of insurance required by this Mortgage. In such event Grantor further agrees to cause all bills, statements or other documents relating to the foregoing insurance premiums to be sent or mailed directly to Mortgagee. Upon receipt of such bills, statements or other documents evidencing that a premium for a required policy is then payable, and providing Grantor has deposited sufficient funds with Mortgagee pursuant to this Section 1.4, Mortgagee shall timely pay such amounts as may be due thereunder out of the funds so deposited with Mortgagee. If at any time and for any reason the funds deposited with Mortgagee are or will be insufficient to pay such amounts as may be then or subsequently due, Mortgagee shall notify Grantor and Grantor shall immediately deposit an amount equal to such deficiency with Mortgagee. Notwithstanding the foregoing, nothing contained herein will cause Mortgagee to be obligated to pay any amounts in excess of the amount of funds deposited with Mortgagee pursuant to this Section 1.4, nor will anything contained herein modify the obligation of Grantor set forth in Section 1.3 hereof to maintain and keep such insurance in force at all times. Mortgagee may commingle said reserve with its own funds and Grantor will be entitled to no interest thereon. Mortgagee shall pay such charges for insurance when the amount on deposit with Mortgagee is sufficient to pay such charges and Lender has received a bill xxx such charges.

Delivery of Policies, Payment of Premiums. (a) At Mortgagee’s option all All policies of insurance must either shall be issued by companies with ratings of A or better (Excellent or Superior), and Class IX or better, in A.M. Best's Insurance Reports, licensed by the Insurance Commissioner of the State of Florida to conduct business in the State of Florida and in amounts in each company satisfactory to Mortgagee. All policies of insurance shall have attached thereto a Mortgagee’s lender's loss payable payment endorsement for the benefit of Mortgagee in form satisfactory to Mortgagee. Each policy Mortgagee or must clause shall name Mortgagee "FIRST UNION NATIONAL BANK, ITS SUCCESSORS AND/OR ASSIGNS" as an additional insured (in each case, in accordance with the requirements of the Loan Agreement)first mortgagee. At Mortgagee’s option, Grantor Mortgagor shall furnish Mortgagee with an original policy of all policies of required insurance. If Mortgagee consents to Mortgagor providing any of the required insurance required under Section 1.3 above or through blanket policies carried by Mortgagor and covering more than one location, then Mortgagor shall furnish Mortgagee with a certificate of insurance for each required such policy setting forth the coverage, the limits of liability, the name of the carrier, the policy number 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 Mortgageeexpiration date. At least thirty (30) days prior to the expiration of each required such policy, Grantor Mortgagor shall deliver to furnish Mortgagee with evidence satisfactory to Mortgagee of the payment Payment of premium and the renewal or replacement reissuance of such a policy continuing insurance in the form force as required by this Mortgage. Policy premiums for all coverages must be prepaid at least a quarter in advance and all policy renewals must be forwarded to First Union National Bank, Attn: Insurance Department, Va 7374, X.X. Xxx 00000, Xxxxxxx, Xxxxxxxx 00000. All such policies must shall contain a provision that, notwithstanding any contrary agreement between Grantor and an insurance company, that such policies will not be cancelledcanceled or materially amended, allowed to lapse without renewal, surrender, reduced which term shall include any reduction in the scope or limits of coverage or otherwise materially amendedcoverage, without at least thirty (30) days’ days prior written notice to Mortgagee. (b) . In the event Grantor Mortgagor fails to provide, maintain, keep in force or deliver and furnish to Mortgagee the policies of insurance required by this Mortgage or by any Loan DocumentSection, Mortgagee may (but has no obligation to) procure such insurance or single-single- interest insurance for such risks covering Mortgagee’s 's interest, and Grantor Mortgagor will pay all premiums thereon promptly upon demand by Mortgagee, and until such payment is made by Grantor, Mortgagor the amount advanced by Mortgagee with respect to of all such premiums will bear together with interest thereon at the Default Rate. After rate of interest after maturity or default provided in the occurrence of an Event of Default (as defined below) (whether Note or not such Event of Default the maximum rate permitted by Florida law, whichever 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 premiums on all policies of insurance required by this Mortgage and thereafter continue to deposit with Mortgagee, in monthly installments, an amount equal to one-twelfth (1/12) of the estimated aggregate annual insurance premiums on all policies of insurance required by this Mortgage. In such event Grantor further agrees to cause all bills, statements or other documents relating to the foregoing insurance premiums to be sent or mailed directly to Mortgagee. Upon receipt of such bills, statements or other documents evidencing that a premium for a required policy is then payable, and providing Grantor has deposited sufficient funds with Mortgagee pursuant to this Section 1.4, Mortgagee shall timely pay such amounts as may be due thereunder out of the funds so deposited with Mortgagee. If at any time and for any reason the funds deposited with Mortgagee are or will be insufficient to pay such amounts as may be then or subsequently due, Mortgagee shall notify Grantor and Grantor shall immediately deposit an amount equal to such deficiency with Mortgagee. Notwithstanding the foregoing, nothing contained herein will cause Mortgagee to be obligated to pay any amounts in excess of the amount of funds deposited with Mortgagee pursuant to this Section 1.4, nor will anything contained herein modify the obligation of Grantor set forth in Section 1.3 hereof to maintain and keep such insurance in force at all times. Mortgagee may commingle said reserve with its own funds and Grantor will be entitled to no interest thereon. Mortgagee shall pay such charges for insurance when the amount on deposit with Mortgagee is sufficient to pay such charges and Lender has received a bill xxx such chargesless.

Delivery of Policies, Payment of Premiums. (a) At Mortgagee’s option all All policies of insurance shall be issued by companies and in amounts in each company satisfactory to the Mortgagee. All policies must either have no less than a Best's Class A XII category designation. All policies of insurance shall have attached thereto a Mortgagee’s lender's loss payable payment endorsement and a waiver of subrogation rights, both for the benefit of the Mortgagee in form satisfactory to the Mortgagee. The Mortgagee or must name Mortgagee as an additional insured (in each case, in accordance with consents to the requirements Mortgagor providing any of the Loan Agreement)required insurance through blanket policies carried by the Mortgagor and covering more than one location. At Mortgagee’s option, Grantor The Mortgagor shall furnish the Mortgagee with an original of all policies of insurance required under Section 1.3 above or a certificate of insurance for each required such policy setting forth the coverage, the limits of liability, the name of the carrier, the policy number 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 Mortgageeexpiration date. At least thirty (30) days prior to the expiration of each required such policy, Grantor the Mortgagor shall deliver to furnish the Mortgagee with evidence satisfactory to the Mortgagee of the payment of the premium and the renewal or replacement reissuance of such a policy continuing insurance in the form force as required by this Mortgage. All such policies must shall contain the New York standard mortgagee clause and a provision that, notwithstanding any contrary agreement between Grantor and an insurance company, that such policies will not be cancelled, allowed to lapse without renewalexpire or materially amended, surrender, reduced which term shall include any reduction in the scope or limits of coverage or otherwise materially amendedcoverage, without at least thirty (30) days’ days prior written notice to the Mortgagee. (b) . In the event Grantor the Mortgagor fails to provide, maintain, keep in force or deliver and furnish to the Mortgagee the policies of insurance or certificates thereof, as required by this Mortgage or by any Loan DocumentSection, the Mortgagee may (but has no obligation to) procure such insurance or single-interest insurance for such risks covering the Mortgagee’s 's interest, and Grantor the Mortgagor will pay all premiums thereon promptly upon demand by the Mortgagee, and until such payment is made by Grantor, the Mortgagor the amount advanced by Mortgagee with respect to of all such premiums will bear together with interest thereon at the Default Rate. After the occurrence of an Event of Default Rate (as that term is defined belowin the Note) (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 premiums on all policies of insurance required by this Mortgage and thereafter continue to deposit with Mortgagee, in monthly installments, an amount equal to one-twelfth (1/12) of the estimated aggregate annual insurance premiums on all policies of insurance required be secured by this Mortgage. In the alternative to demanding payment of such event Grantor further agrees to cause all billsinsurance premiums, statements or other documents relating to the foregoing Mortgagee may add the amount of such insurance premiums to be sent or mailed directly to Mortgagee. Upon receipt of such bills, statements or other documents evidencing that a premium for a required policy is then payable, and providing Grantor has deposited sufficient funds with Mortgagee pursuant to this Section 1.4, Mortgagee shall timely pay such amounts as may be due thereunder out the outstanding principal balance of the funds so deposited with Mortgagee. If at any time Note and for any reason the funds deposited with Mortgagee are or will be insufficient to pay such amounts as may be then or subsequently due, Mortgagee shall notify Grantor and Grantor shall immediately deposit an amount equal to such deficiency with Mortgagee. Notwithstanding the foregoing, nothing contained herein will cause Mortgagee to be obligated to pay any amounts in excess of the amount of funds deposited with Mortgagee pursuant to secured by this Section 1.4, nor will anything contained herein modify the obligation of Grantor set forth in Section 1.3 hereof to maintain and keep such insurance in force at all times. Mortgagee may commingle said reserve with its own funds and Grantor will be entitled to no interest thereon. Mortgagee shall pay such charges for insurance when the amount on deposit with Mortgagee is sufficient to pay such charges and Lender has received a bill xxx such chargesMortgage.