Common use of Hazard or Property Insurance Clause in Contracts

Hazard or Property Insurance. Mortgagor shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire and hazards included within the term “extended coverage.” This insurance shall be maintained in an amount not less than the amount secured by this Mortgage. The insurance carrier providing the insurance shall be chosen by Mortgagor subject to Mortgagee’s reasonable approval. If Mortgagor fails to maintain coverage described above, Mortgagee may, at its option, obtain coverage to protect Mortgagee’s rights in the Property in accordance with this Mortgage. All insurance policies and renewals shall be acceptable to Mortgagee and shall include a standard mortgagee clause. Mortgagor shall promptly furnish to Mortgagee receipts evidencing the payment of the full premium for such coverage whenever such premiums become due and payable, but not less often than annually. Unless Mortgagee and Mortgagor otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Property damaged, if the restoration or repair is economically feasible and Mortgagee’s security is not lessened. If the restoration or repair is economically feasible and security would be lessened, the insurance proceeds shall be applied to the sums secured by this Mortgage, regardless of whether then due, with any excess paid to Mortgagor. Unless Mortgagee and Mortgagor otherwise agree in writing, any application of proceeds to principal shall not extend or postpone the due date of any payments due under the Agreements or change the amount of the payments.

Hazard or Property Insurance. Mortgagor Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire and fire, hazards included within the term “extended coverage.” and any other hazards, including floods or flooding, for which the Lender requires insurance. This insurance shall be maintained in an amount not less than the amount secured by this Mortgageamounts and for the periods that Lender requires. The insurance carrier providing the insurance shall be chosen by Mortgagor Borrower subject to MortgageeLender’s reasonable approvalapproval which shall not be unreasonably withheld. If Mortgagor borrower fails to maintain coverage described above, Mortgagee Lender may, at its Xxxxxx’s option, obtain coverage to protect MortgageeXxxxxx’s rights in the Property in accordance with this Mortgageparagraph 7. All insurance policies and renewals shall be acceptable to Mortgagee Lender and shall include a standard mortgagee mortgage clause. Mortgagor Lender shall have the right to hold the policies and renewals. If Lender requires, Borrower shall promptly furnish give to Mortgagee Lender all receipts evidencing of paid premiums and renewal notices. In the payment event of loss, Borrower shall give prompt notice to the full premium for such coverage whenever such premiums become due insurance carrier and payable, but Lender. Lender may make proof of loss if not less often than annuallymade promptly by Xxxxxxxx. Unless Mortgagee Lender and Mortgagor Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Property damaged, if the restoration or repair is economically feasible and MortgageeLender’s security is not lessened. If the restoration or repair is not economically feasible and or Lender’s security would be lessened, the insurance proceeds shall be applied to the sums secured by this MortgageSecurity Instrument, regardless of whether or not then due, with any excess paid to MortgagorBorrower. If Xxxxxxxx abandons the Property, or does not answer within 30 days a notice from Lender that the insurance carrier has offered to settle a claim, then Xxxxxx may collect the insurance proceeds. Lender may use the proceeds to repair or restore the Property or to pay sums secured by this Security Instrument, whether or not then due. The 30-day period will begin when the notice is given. Unless Mortgagee Lender and Mortgagor Borrower otherwise agree in writing, any application of proceeds to principal shall not extend or postpone the due date of any the monthly payments due under the Agreements referred to in paragraphs 1 and 2 or change the amount of the payments. If under paragraph 21 the Property is acquired by Xxxxxx, Xxxxxxxx’s right to any insurance policies and proceeds resulting from damage to the Property prior to the acquisition shall pass to Lender to the extent of the sums secured by this Security Instrument immediately prior to the acquisition.

Hazard or Property Insurance. Mortgagor Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire and fire, hazards included within the term “extended coverage.” and any other hazards, including floods or flooding, for which Lender requires insurance. This insurance shall be maintained in an amount not less than the amount secured by this Mortgageamounts and for the periods that Lender requires. The insurance carrier providing the insurance shall be chosen by Mortgagor subject to Mortgagee’s reasonable approvalBorrower. If Mortgagor Borrower fails to maintain coverage described above, Mortgagee Lender may, at its Lender’s option, obtain coverage to protect MortgageeLender’s rights in the Property in accordance with this Mortgageparagraph 6. All insurance policies and renewals shall be acceptable to Mortgagee Lender and shall include a standard mortgagee clause. Mortgagor All requirements hereof pertaining to insurance shall be deemed satisfied if the Borrower complies with the insurance requirements under the First Deed of Trust. All original policies of insurance required pursuant to the First Deed of Trust shall be held by the Senior Lien Holder; provided, however, Lender may be named as a loss payee as its interest may appear and may be named as an additional insured. If Lender requires, Borrower shall promptly furnish give to Mortgagee Lender copies of all receipts evidencing of paid premiums and renewal notices. In the payment event of loss, Borrower shall give prompt notice to the full premium for such coverage whenever such premiums become due insurance carrier, the Senior Lien Holder and payable, but Lender. Lender may make proof of loss if not less often than annuallymade promptly by the Senior Lien Holder or the Borrower. Unless Mortgagee Lender and Mortgagor Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Property damaged, if the restoration or repair is economically feasible and MortgageeLender’s security is not lessened. If the restoration or repair is not economically feasible and or Lender’s security would be lessened, the insurance proceeds shall be applied to the sums secured by this MortgageSecurity Instrument, regardless of whether or not then due, with any excess paid to MortgagorBorrower. If Borrower abandons the Property, or does not answer within 30 days a notice from Lender that the insurance carrier has offered to settle a claim, then Lender may collect the insurance proceeds. Lender may use the proceeds to repair or restore the Property or to pay sums secured by this Security Instrument, whether or not then due. The 30-day period will begin when the notice is given. Unless Mortgagee Lender and Mortgagor Borrower otherwise agree in writing, any application of proceeds to principal shall not extend or postpone the due date of any the payments due under the Agreements referred to in paragraph 1 or change the amount of the payments. If under paragraph 17 the Property is acquired by Lender, Borrower’s right to any insurance policies and proceeds resulting from damage to the Property prior to the acquisition shall pass to Lender to the extent of the sums secured by this Security Instrument immediately prior to the acquisition. Notwithstanding the above, the Lender’s rights to collect and apply the insurance proceeds hereunder shall be subject and subordinate to the rights of the Senior Lien Holder to collect and apply such proceeds in accordance with the First Deed of Trust.

Hazard or Property Insurance. Mortgagor Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire and fire, hazards included within the term “extended coverage.” and any other hazards, including floods or flooding, for which Lender requires insurance. This insurance shall be maintained in an amount not less than the amount secured by this Mortgageamounts and for the periods that Lender requires. The insurance carrier providing the insurance shall be chosen by Mortgagor Borrower subject to MortgageeLender’s reasonable approvalapproval which shall not be unreasonably withheld. If Mortgagor Borrower fails to maintain coverage described above, Mortgagee Lender may, at its Xxxxxx’s option, obtain coverage to protect MortgageeXxxxxx’s rights in the Property in accordance with this Mortgageparagraph 7. All insurance policies and renewals shall be acceptable to Mortgagee Lender and shall include a standard mortgagee mortgage clause. Mortgagor Lender shall have the right to hold the policies and renewals. If Lender requires, Borrower shall promptly furnish give to Mortgagee Lender all receipts evidencing of paid premiums and renewal notices. In the payment event of loss, Borrower shall give prompt notice to the full premium for such coverage whenever such premiums become due insurance carrier and payable, but Lender. Lender may make proof of loss if not less often than annuallymade promptly by Xxxxxxxx. Unless Mortgagee Lender and Mortgagor Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Property damaged, if the restoration or repair is economically feasible and MortgageeLender’s security is not lessened. If the restoration or repair is not economically feasible and or Lender’s security would be lessened, the insurance proceeds shall be applied to the sums secured by this MortgageSecurity Instrument, regardless of whether or not then due, with any excess paid to MortgagorBorrower. If Xxxxxxxx abandons the Property, or does not answer within 30 days a notice from Lender that the insurance carrier has offered to settle a claim, then Xxxxxx may collect the insurance proceeds. Lender may use the proceeds to repair or restore the Property or to pay sums secured by this Security Instrument, whether or not then due. The 30-day period will begin when the notice is given. Unless Mortgagee Lender and Mortgagor Borrower otherwise agree in writing, any application of proceeds to principal shall not extend or postpone the due date of any the monthly payments due under the Agreements referred to in paragraphs 1 and 2 or change the amount of the payments. If under paragraph 21 the Property is acquired by Xxxxxx, Xxxxxxxx’s right to any insurance policies and proceeds resulting from damage to the Property prior to the acquisition shall pass to Lender to the extent of the sums secured by this Security Instrument immediately prior to the acquisition.

Hazard or Property Insurance. Mortgagor shall cause Borrower to keep the improvements now existing or hereafter erected on the Property insured against loss by fire and fire, hazards included within the term “extended coverage.special perils” and any other hazards for which Lender reasonably requires insurance as of the date of this Mortgage. This insurance shall be maintained in an amount not less than the amount secured by following amounts and for period that this Mortgage. The Mortgage remains in force: $1,000,000 commercial general liability insurance carrier providing and 100% full replacement cost on all buildings and related improvements at the insurance shall be chosen by Mortgagor subject to Mortgagee’s reasonable approvalProperty. If Mortgagor Borrower fails to maintain the coverage described above, Mortgagee Lender may, at its Lender’s option, obtain coverage to protect MortgageeLender’s rights in the Property in accordance with this Mortgageparagraph 8. All insurance policies and renewals shall be acceptable to Mortgagee Lender and shall include a standard mortgagee clause. Lender shall have the right to hold the policies and renewals. If Lender requires, Mortgagor shall cause Borrower to promptly furnish give to Mortgagee Lender all receipts evidencing of paid premiums and renewal notices. In the payment event of loss, Mortgagor shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Mortgagor. Until the indebtedness secured by the mortgage of the full premium for such coverage whenever such premiums become due and payableFirst Secured Lender has been paid in full, but not less often than annuallythe Lender hereunder shall have no right or claim in or to the insurance proceeds. Unless Mortgagee and Mortgagor otherwise agree in writing, To the extent there are insurance proceeds shall be applied to restoration or repair available after the lien of the Property damaged, if mortgage of the restoration or repair is economically feasible and Mortgagee’s security is not lessened. If the restoration or repair is economically feasible and security would be lessenedFirst Secured Lender has been satisfied, the insurance proceeds shall be applied to the sums secured by this MortgageSecurity Instrument, regardless of whether or not then due, with any excess paid to Mortgagor. Unless Mortgagee and Mortgagor otherwise agree in writing, any Any application of proceeds to principal shall not extend or postpone the due date of any the payments due under the Agreements referred to in paragraphs 2 and 3 or change the amount of the payments. If under paragraph 20 the Property is acquired by Lender, Mortgagor’s right to any insurance policies and proceeds resulting from damage to the Property prior to the acquisition shall pass to Lender to the extent of the sums secured by this Security Instrument immediately prior to the acquisition.

Hazard or Property Insurance. Mortgagor Trustor shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire and of fire, hazards included within the term “"extended coverage.” " and any other hazards, including floods or flooding, for which Beneficiary reasonably requires insurance. This insurance shall be maintained in an amount not less than the amount secured by this Mortgageamounts and for the periods as required in the Loan Agreement. The insurance carrier providing the insurance shall be chosen by Mortgagor Trustor subject to Mortgagee’s reasonable approvalBeneficiary's approval which shall not be unreasonably withheld. If Mortgagor Trustor fails to maintain coverage described above, Mortgagee Beneficiary may, at its Beneficiary's option, obtain coverage to protect Mortgagee’s Beneficiary's rights in the Property in accordance with this Mortgage. Section 12. a. All insurance policies and renewals shall be reasonably acceptable to Mortgagee Beneficiary and shall include a standard mortgagee clause. Mortgagor All requirements hereof pertaining to insurance shall be deemed satisfied if the Trustor complies with the insurance requirements under this Deed of Trust and the Loan Agreement. Trustor shall promptly furnish give to Mortgagee receipts evidencing Beneficiary certificates of insurance showing the payment coverage is in full force and effect and that Beneficiary is named as additional insured. In the event of loss, Trustor shall give prompt notice to the full premium for such coverage whenever such premiums become due insurance carrier, the Senior Lien Holder, if any, and payableBeneficiary. Beneficiary may make proof of loss if not made promptly by the Senior Lien Holder, but not less often than annually. if any, or the Trustor. b. Unless Mortgagee Beneficiary and Mortgagor Trustor otherwise agree in writingwriting and subject to the rights of senior lenders, insurance proceeds shall be applied to restoration or repair of the Property damaged, if the provided Trustor determines that such restoration or repair is economically feasible and Mortgagee’s security there is not lessenedno default continuing beyond the expiration of all applicable cure periods. If the Trustor determines that such restoration or repair is not economically feasible and security would be lessenedor if a default exists after expiration of all applicable cure periods, the insurance proceeds shall be applied to the sums secured by this Mortgage, regardless Deed of whether then dueTrust, with any excess the excess, if any, paid to MortgagorTrustor. If the Property is abandoned by Trustor, or if Trustor fails to respond to Beneficiary within 30 days from the date notice is mailed by Beneficiary to Trustor that the insurance carrier offers to settle a claim for insurance benefits, Beneficiary is authorized to collect and apply the insurance proceeds at Beneficiary’s option either to restoration or repair of the Property or to the sums secured by this Deed of Trust. c. Unless Mortgagee Beneficiary and Mortgagor Trustor otherwise agree in writing, any application of proceeds to principal shall not extend or postpone the due date of Note. If under Section 27 the Property is acquired by Beneficiary, Trustor's right to any payments due under insurance policies and proceeds resulting from damage to the Agreements or change Property prior to the amount acquisition shall pass to Beneficiary to the extent of the paymentssums secured by this Deed of Trust immediately prior to the acquisition. d. Notwithstanding the above, the Beneficiary's rights to collect and apply the insurance proceeds hereunder shall be subject and subordinate to the rights of a Senior Lien Holder, if any, to collect and apply such proceeds in accordance with a Senior Lien Holder Deed of Trust.

Hazard or Property Insurance. Mortgagor Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire and fire, hazards included within the term “"extended coverage.” ," and any other hazards, including floods or flooding, for which Lender requires insurance. This insurance shall be maintained in an amount not less than the amount secured by this Mortgageamounts and for the periods that Lender requires. The insurance carrier insurer providing the insurance shall be chosen by Mortgagor Borrower subject to Mortgagee’s reasonable approvalLender's approval which shall not be unreasonably withheld. If Mortgagor Borrower fails to maintain coverage described above, Mortgagee may, at its option, Xxxxxx's option Lender may obtain coverage to protect Mortgagee’s Xxxxxx's rights in the Property in accordance with this Mortgagepursuant to paragraph 7. All insurance policies and renewals shall be in a form acceptable to Mortgagee Lender and shall include a standard mortgagee clause. Mortgagor Lender shall have the right to hold the policies and renewals. If Lender requires, Borrower shall promptly furnish give to Mortgagee Lender all receipts evidencing of paid premiums and renewal notices. In the payment event of loss, Borrower shall give prompt notice to the full premium for such coverage whenever such premiums become due insurance carrier and payable, but Lender. Lender may make proof of loss if not less often than annuallymade promptly by Xxxxxxxx. Unless Mortgagee Lender and Mortgagor Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Property damaged, if the restoration or repair is economically feasible and Mortgagee’s Lender's security is not lessened. If the restoration or repair is not economically feasible and or Lender's security would be lessened, the insurance proceeds shall be applied to the sums secured by this MortgageSecurity Instrument, regardless of whether or not then due, with any excess paid to MortgagorBorrower. If Xxxxxxxx abandons the Property, or does not answer within 30 days a notice from Lender that the insurance carrier has offered to settle a claim, then Xxxxxx may collect the insurance proceeds. Lender may use the proceeds to repair or restore the Property or to pay sums secured by this Security Instrument, whether or not then due. The 30 day period will begin when the notice is given. Unless Mortgagee Lender and Mortgagor Borrower otherwise agree in writing, any application of proceeds to principal shall not extend or postpone the due date of any the payments due under the Agreements referred to in paragraphs 1 and 2 or change the amount of the payments. If after acceleration the Property is acquired by Lender, Xxxxxxxx's right to any insurance policies and proceeds resulting from damage to the Property prior to the acquisition shall pass to Lender to the extent of the sums secured by this Security Instrument immediately prior to the acquisition.

Hazard or Property Insurance. Mortgagor Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire and of fire, hazards included within the term “"extended coverage.” " and any other hazards, including floods or flooding, for which Lender requires insurance. This insurance shall be maintained in an amount not less than the amount secured by this Mortgageamounts and for the periods as required in the NSP3 Loan Agreement. The insurance carrier providing the insurance shall be chosen by Mortgagor Borrower subject to Mortgagee’s reasonable approvalLender's approval which shall not be unreasonably withheld. If Mortgagor Borrower fails to maintain coverage described above, Mortgagee Lender may, at its Lender's option, obtain coverage to protect Mortgagee’s Lender's rights in the Property in accordance with this Mortgage. paragraph 8. a) All insurance policies and renewals shall be with terms and amounts acceptable to Mortgagee Lender and shall include a standard mortgagee clause. Mortgagor All original policies of insurance required pursuant to the Lender Deeds of Trust shall be held by the Borrower; provided, however, Lender shall be named as a loss payee as its interest may appear and may be named as an additional insured. Borrower shall promptly furnish give to Mortgagee receipts evidencing Lender certificates of insurance showing the payment coverage is in full force and effect and that Lender is named as additional insured. In the event of loss, Borrower shall give prompt notice to the full premium for such coverage whenever such premiums become due insurance carrier and payable, but Lender. Lender may make proof of loss if not less often than annually. made promptly by the Borrower. b) Unless Mortgagee Lender and Mortgagor Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Property damaged, if the provided Borrower determines that such restoration or repair is economically feasible and Mortgagee’s security there is not lessenedno default continuing beyond the expiration of all applicable cure periods. If the Borrower determines that such restoration or repair is not economically feasible and security would be lessenedor if a default exists after expiration of all applicable cure periods, the insurance proceeds shall be applied to the sums secured by this Mortgage, regardless Deed of whether then dueTrust, with any excess the excess, if any, paid to MortgagorBorrower. Unless Mortgagee If the Property is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the date notice is mailed by Lender to Borrower that the insurance carrier offers to settle a claim for insurance benefits, Lender is authorized to collect and Mortgagor otherwise agree in writing, any application of apply the insurance proceeds at Lender’s option either to principal shall not extend restoration or postpone the due date of any payments due under the Agreements or change the amount repair of the paymentsProperty or to the sums secured by this Deed of Trust.

Hazard or Property Insurance. Mortgagor Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire and fire, hazards included within the term “"extended coverage.” " and any other hazards, including floods or flooding, for which Lender requires insurance. This insurance shall be maintained in an amount not less than the amount secured by this Mortgageamounts and for the periods that Lender requires. The insurance carrier providing the insurance shall be chosen by Mortgagor subject to Mortgagee’s reasonable approvalBorrower. If Mortgagor Borrower fails to maintain coverage described above, Mortgagee Lender may, at its Lender's option, obtain coverage to protect Mortgagee’s Lender's rights in the Property in accordance with this Mortgageparagraph 6. All insurance policies and renewals shall be acceptable to Mortgagee Lender and shall include a standard mortgagee clause. Mortgagor All requirements hereof pertaining to insurance shall be deemed satisfied if the Borrower complies with the insurance requirements under the First Deed of Trust. All original policies of insurance required pursuant to the First Deed of Trust shall be held by the Senior Lien Holder; provided, however, Lender may be named as a loss payee as its interest may appear and may be named as an additional insured. If Lender requires, Borrower shall promptly furnish give to Mortgagee Lender copies of all receipts evidencing of paid premiums and renewal notices. In the payment event of loss, Borrower shall give prompt notice to the full premium for such coverage whenever such premiums become due insurance carrier, the Senior Lien Holder and payable, but Lender. Lender may make proof of loss if not less often than annuallymade promptly by the Senior Lien Holder or the Borrower. Unless Mortgagee Lender and Mortgagor Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Property damaged, if the restoration or repair is economically feasible and Mortgagee’s Lender's security is not lessened. If the restoration or repair is not economically feasible and or Lender's security would be lessened, the insurance proceeds shall be applied to the sums secured by this MortgageSecurity Instrument, regardless of whether or not then due, with any excess paid to MortgagorBorrower. If Borrower abandons the Property, or does not answer within 30 days a notice from Lender that the insurance carrier has offered to settle a claim, then Lender may collect the insurance proceeds. Lender may use the proceeds to repair or restore the Property or to pay sums secured by this Security Instrument, whether or not then due. The 30-day period will begin when the notice is given. Unless Mortgagee Lender and Mortgagor Borrower otherwise agree in writing, any application of proceeds to principal shall not extend or postpone the due date of any the payments due under the Agreements referred to in paragraph 1 or change the amount of the payments. If under paragraph 17 the Property is acquired by Lender, Borrower's right to any insurance policies and proceeds resulting from damage to the Property prior to the acquisition shall pass to Lender to the extent of the sums secured by this Security Instrument immediately prior to the acquisition. Notwithstanding the above, the Lender's rights to collect and apply the insurance proceeds hereunder shall be subject and subordinate to the rights of the Senior Lien Holder to collect and apply such proceeds in accordance with the First Deed of Trust.

Hazard or Property Insurance. Mortgagor Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire and fire, hazards included within the term “extended coverage.,” This insurance shall be maintained flood, and against such other hazards as Lender may require and in an amount not less than the amount secured by this Mortgageequal to their highest insurable value. The insurance carrier providing the insurance shall be chosen by Mortgagor Borrower subject to Mortgagee’s reasonable approvalapproval by Xxxxxx; provided, that such approval shall not be unreasonably withheld. If Mortgagor fails All premiums on insurance policies shall be paid by Borrower when due, directly to maintain coverage described above, Mortgagee may, at its option, obtain coverage to protect Mortgagee’s rights in the Property in accordance with this Mortgageinsurance carrier. All insurance policies and renewals thereof shall be in form acceptable to Mortgagee Lender and shall include a standard mortgagee clauseclause in favor of and in form acceptable to Lender. Mortgagor Lender shall have the right to hold the policies and renewals thereof and Borrower shall without notice or demand from Lender, promptly furnish to Mortgagee Lender all renewal notices and all receipts evidencing of paid premiums. In the payment event of loss, Borrower shall give prompt notice to the full premium for such coverage whenever such premiums become due insurance carrier and payable, but Lender. Lender may make proof of loss if not less often than annuallymade promptly by Xxxxxxxx. Unless Mortgagee Lender and Mortgagor Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Property damaged, if the provided such restoration or repair is economically feasible and Mortgagee’s the security of this Mortgage is not lessenedthereby impaired. If the restoration or repair is not economically feasible and or if the security of this Mortgage would be lessenedimpaired, the insurance proceeds shall be applied to the sums secured by this MortgageMortgage with excess, regardless of whether then dueif any, with any excess paid to MortgagorBorrower. If the Property is abandoned by Borrower, or if Xxxxxxxx fails to respond to Lender within 30 days from the date notice is mailed by 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 subject Property, or to the sums secured by this Mortgage. Unless Mortgagee Lender and Mortgagor Borrower otherwise agree in writing, any application of proceeds to principal shall not extend or postpone the due date of any payments due under the Agreements monthly installments referred to in Paragraph 1 or change the amount of such installments. If, under Paragraph 17 hereof, the paymentsProperty is acquired by Xxxxxx, all right, title and interest of Borrower in and to any insurance policies and in and to the proceeds thereof resulting from damage to the Property prior to the sale or acquisition, shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or acquisition.

Hazard or Property Insurance. Mortgagor shall cause Borrower to keep the improvements now existing or hereafter erected on the Property insured against loss by fire and fire, hazards included within the term “extended coverage.special perils” and any other hazards for which Lender reasonably requires insurance as of the date of this Mortgage. This insurance shall be maintained in an amount not less than the amount secured by following amounts and for period that this Mortgage. The Mortgage remains in force: $1,000,000 commercial general liability insurance carrier providing and 100% full replacement cost on all buildings and related improvements at the insurance shall be chosen by Mortgagor subject to Mortgagee’s reasonable approvalProperty. If Mortgagor Borrower fails to maintain the coverage described above, Mortgagee Lender may, at its Lender’s option, obtain coverage to protect MortgageeLender’s rights in the Property in accordance with this Mortgageparagraph 8. All insurance policies and renewals shall be acceptable to Mortgagee Lender and shall include a standard mortgagee clause. Lender shall have the right to hold the policies and renewals. If Lender requires, Mortgagor shall cause Borrower to promptly furnish give to Mortgagee Lender all receipts evidencing of paid premiums and renewal notices. In the payment event of loss, Mortgagor shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Mortgagor. Until the indebtedness secured by the mortgage of the full premium for such coverage whenever such premiums become due and payableFirst Secured Lender, but not less often than annuallythe Lender hereunder shall have no right or claim in or to the insurance proceeds. Unless Mortgagee and Mortgagor otherwise agree in writing, To the extent there are insurance proceeds shall be applied to restoration or repair available after the lien of the Property damaged, if mortgage of the restoration or repair is economically feasible and Mortgagee’s security is not lessened. If the restoration or repair is economically feasible and security would be lessenedFirst Secured Lender has been satisfied, the insurance proceeds shall be applied to the sums secured by this MortgageSecurity Instrument, regardless of whether or not then due, with any excess paid to Mortgagor. Unless Mortgagee and Mortgagor otherwise agree in writing, any Any application of proceeds to principal shall not extend or postpone the due date of any the payments due under the Agreements referred to in paragraphs 2 and 3 or change the amount of the payments. If under paragraph 20 the Property is acquired by Lender, Mortgagor’s right to any insurance policies and proceeds resulting from damage to the Property prior to the acquisition shall pass to Lender to the extent of the sums secured by this Security Instrument immediately prior to the acquisition.

Hazard or Property Insurance. Mortgagor Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire and fire, hazards included within the term “"extended coverage.” " and any other hazards, including floods or flooding, for which Lender requires insurance. This insurance shall be maintained in an amount not less than the amount secured by this Mortgageamounts and for the periods that Lender requires. The insurance carrier providing the insurance shall be chosen by Mortgagor Borrower subject to Mortgagee’s reasonable Lender's approval, which shall not be unreasonably withheld. If Mortgagor Borrower fails to maintain coverage described above, Mortgagee Lender may, at its Xxxxxx's option, obtain coverage to protect Mortgagee’s Xxxxxx's rights in the Property in accordance with this MortgageParagraph 7. All insurance policies and renewals shall be acceptable to Mortgagee Lender and shall include a standard mortgagee mortgage clause. Mortgagor Lender shall have the right to hold the policies and renewals. If Lender requires, Borrower shall promptly furnish give to Mortgagee Lender all receipts evidencing of paid premiums and renewal notices. In the payment event of loss, Borrower shall give prompt notice to the full premium for such coverage whenever such premiums become due insurance carrier and payable, but Lender. Lender may make proof of loss if not less often than annuallymade promptly by Xxxxxxxx. Unless Mortgagee Lender and Mortgagor Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Property damaged, if the restoration or repair is economically feasible and Mortgagee’s Lender's security is not lessened. If the restoration or repair is not economically feasible and Xxxxxx's security would be lessened, the insurance proceeds shall be applied to the sums secured by this MortgageSecurity Instrument, regardless of whether or not then due, with any excess paid to MortgagorBorrower. If Xxxxxxxx abandons the Property, or does not answer within sixty (60) days of receipt of a notice from Lender that the insurance carrier has offered to settle a claim, then Xxxxxx may collect the insurance proceeds. Lender may use the proceeds to repair or restore the Property or to pay sums secured by this Security Instrument, whether or not then due. The sixty (60)-day period will begin when the notice is deemed to have been received by Borrower in accordance with paragraph 14. Unless Mortgagee Lender and Mortgagor Borrower otherwise agree in writing, any application of proceeds to principal shall not extend or postpone the due date of any the monthly payments due under the Agreements referred to in paragraphs 1 and 2 or change the amount of the payments. If under paragraph 21 the property is acquired by Xxxxxx, Xxxxxxxx's right to any insurance policies and proceeds resulting from damage to the Property prior to the acquisition shall pass to Lender to the extent of the sums secured by this Security Instrument immediately prior to the acquisition.

Hazard or Property Insurance. Mortgagor shall Borrower shal1 keep the improvements now existing or hereafter erected on the Property insured against loss by fire and fire, hazards included within the term “"extended coverage.” " and any other hazards, including floods or flooding, for which Lender requires insurance. This insurance shall be maintained in an amount not less than the amount secured by this Mortgageamounts and for the periods that Lender requires. The insurance carrier providing the insurance shall be chosen by Mortgagor Borrower subject to Mortgagee’s reasonable approvalLender's approval which shall not be unreasonably withheld. If Mortgagor Borrower fails to maintain coverage described above, Mortgagee Lender may, at its Xxxxxx's option, obtain coverage to protect Mortgagee’s Xxxxxx's rights in the Property in accordance with this Mortgageparagraph 7. All insurance policies and renewals shall shal1 be acceptable to Mortgagee Lender and shall shal1 include a standard mortgagee mortgage clause. Mortgagor Lender shall have the right to hold the policies and renewals. If Lender requires, Borrower shall promptly furnish give to Mortgagee Lender all receipts evidencing of paid premiums and renewal notices. In the payment event of loss, Borrower shal1 give prompt notice to the full premium for such coverage whenever such premiums become due insurance carrier and payable, but Lender. Lender may make proof of loss if not less often than annuallymade promptly by Xxxxxxxx. Unless Mortgagee Lender and Mortgagor Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Property damaged, if the restoration or repair is economically feasible and Mortgagee’s Lender's security is not lessened. If the restoration or repair is not economically feasible and or Lender's security would be lessened, the insurance proceeds shall be applied to the sums secured by this MortgageSecurity Instrument, regardless of whether or not then due, with any excess paid to MortgagorBorrower. If Xxxxxxxx abandons the Property, or does not answer within 30 days a notice from Lender that the insurance carrier has offered to settle a claim,. then Lender may collect the insurance proceeds. Lender may use the proceeds to repair or restore the Property or to pay sums secured by this Security Instrument, whether or not then due. The 30-day period wil1 begin when the notice is given. Unless Mortgagee Lender and Mortgagor Borrower otherwise agree in writing, any application of proceeds to principal shall shal1 not extend or postpone the due date of any the monthly payments due under the Agreements referred to in paragraphs 1 and 2 or change the amount of the payments. If under paragraph 21 the Property is acquired by Xxxxxx, Xxxxxxxx's right to any insurance policies and proceeds resulting from damage to the Property prior to the acquisition shall pass to Lender to the extent of the sums secured by this Security Instrument immediately prior to the acquisition.