Insurance; Condemnation. (a) The Borrower and each Subsidiary Guarantor will, at its expense, procure and maintain for the benefit of the Borrower, each such Subsidiary Guarantor and the Agent, insurance policies issued by such insurance companies, in such amounts, in such form and substance, and with such coverages, endorsements, deductibles and expiration dates as are acceptable to the Agent, providing the following types of insurance covering each Mortgaged Property:
Insurance; Condemnation. Unless and until the Discharge of First Lien Obligations has occurred, the First Lien Collateral Agent and the First Lien Secured Parties shall have the sole and exclusive right, subject to the rights of the Loan Parties under the First Lien Loan Documents, to adjust settlement for any insurance policy covering the Collateral in the event of any loss thereunder and to approve any award granted in any condemnation or similar proceeding (or any deed in lieu of condemnation) affecting the Collateral. Unless and until the Discharge of First Lien Obligations has occurred, and subject to the rights of the Loan Parties under the First Lien Loan Documents, all proceeds of any such policy and any such award (or any payments with respect to a deed in lieu of condemnation) if in respect to the Collateral shall be paid to the First Lien Collateral Agent for the benefit of the First Lien Secured Parties pursuant to the terms of the First Lien Loan Documents (including, without limitation, for purposes of cash collateralization of commitments, letters of credit and Hedging Agreements) and thereafter, to the extent no First Lien Obligations are outstanding, to the Second Lien Collateral Agent for the benefit of the Second Lien Secured Parties to the extent required under the Second Lien Security Documents and then, to the extent no Second Lien Obligations are outstanding, to the owner of the subject property, such other Person as may be entitled thereto or as a court of competent jurisdiction may otherwise direct. Until the Discharge of First Lien Obligations has occurred, if the Second Lien Collateral Agent or any Second Lien Secured Party shall, at any time, receive any proceeds of any such insurance policy or any such award or payment in contravention of this Agreement, it shall pay such proceeds over to the First Lien Collateral Agent in accordance with the terms of Section 4.2 of this Agreement.
Insurance; Condemnation. (a) The Borrower will, at its expense, procure and maintain for the benefit of the Borrower and the Agent, insurance policies issued by such insurance companies, in such amounts, in such form and substance, and with such coverages, endorsements, deductibles and expiration dates as are acceptable to the Agent, providing the following types of insurance covering each Collateral Pool Property:
Insurance; Condemnation. (a) Each Grantor will furnish satisfactory evidence to the Secured Party of the renewal of each policy of insurance required by Section 7.4 of the Amended Note Purchase Agreement, if such policy relates to the Security Property pledged by such Grantor, at least 30 days prior to its expiration date, and will not adjust or settle any individual claim under such insurance (except for any individual claim for $100,000 or less) without the Secured Party's consent, which shall not be unreasonably withheld or delayed. Each Grantor agrees that if an Event of Default or a Default shall have occurred and be continuing and the Secured Party believes that the value of the Security Property is endangered, the Secured Party may act as attorney-in-fact for such Grantor in obtaining, adjusting, settling and canceling such insurance and receiving and endorsing any drafts with respect to any such policy. If any Grantor shall fail to provide and pay for any such policy at least 15 days prior to the date any such payment is due, the Secured Party may (but shall not be required to), upon ten days' prior written notice to such Grantor, provide or pay for the same, at such Grantor's expense, with the amount of any such payment by the Secured Party to be repayable by such Grantor on demand, with interest thereon due at the Default Rate. Such amounts shall be additional Secured Obligations secured by the Security Property.
(b) In the event of any damage, destruction, condemnation, taking or taking for use with respect to any portion of any Pledged Project (any such event being an "Event of Loss") in excess of $100,000 (singly or in the aggregate), the applicable Project Owner Grantor shall notify, in writing, the Secured Party of such Event of Loss, in accordance with Section 5.1(e) of the Amended Note Purchase Agreement. Each Project Owner Grantor agrees that, upon the occurrence of an Event of Loss, it will promptly pay any and all proceeds (including, without limitation, condemnation or insurance proceeds) received by it in respect of such Event of Loss, up to an amount equal to the then outstanding principal amount of the Notes, plus accrued interest thereon, to the Secured Party to be held by the Secured Party (together with all income thereon) pursuant to this Security Agreement as part of the Security Property. The Secured Party shall deposit all such payments received from any such Grantor or directly from any insurer or condemning authority in a separate deposit account (...
Insurance; Condemnation. (a) The Borrower and each Subsidiary Guarantor will, at its expense, procure and maintain, or cause to be procured and maintained, for the benefit of the Borrower, each such Subsidiary Guarantor and the Agent, insurance policies issued by such insurance companies, in such amounts, in such form and substance, and with such coverages, endorsements, deductibles and expiration dates as are acceptable to the Agent, providing the following types of insurance covering each Pool Property:
(i) Property insurance against loss resulting from events comparable to those insured against under the Insurance Services Office (“ISO”) “Cause of Loss – Special Form” endorsement, covering each Building and the contents therein of the Borrower and its Subsidiaries in an amount not less than the full insurable replacement value of each Building and the contents therein of the Borrower and its Subsidiaries or such other amount as the Agent may approve, with deductibles not to exceed $25,000.00 for any one occurrence. Coverage shall be provided on a replacement cost basis without coinsurance, or with coinsurance suspended by operation of, an agreed value provision, and, if requested by the Agent, a contingent liability from operation of building laws endorsement in such scope and amounts as the Agent may require. Full insurable replacement value as used herein means the cost of replacing the Building (exclusive of the cost of excavations, foundations and footings below the lowest basement floor) and the contents therein of the Borrower and its Subsidiaries without deduction for physical depreciation thereof;
Insurance; Condemnation. (a) Seller shall assure that the Mortgaged Property is kept insured against loss by fire and such other hazards, casualties, and contingencies as required by the applicable Agency and as generally shall be required by reasonably prudent lenders in similar transactions. Such insurance shall be pursuant to a broad form all-risk policy and shall name Seller and Participant as additional insureds pursuant to a standard mortgagee clause. The insurance carrier providing the insurance shall be chosen by the mortgagor subject to Seller’s approval; such carrier shall meet the minimum rating requirements of the Investor for carriers of hazard insurance.
(b) Seller shall receive the proceeds of all such insurance, or any award for the condemnation of all or any part of the Mortgaged Property, and to the extent required obtain the consent of the applicable Agency to the disposition thereof. Such proceeds shall be deposited with Participant. Seller will not make any agreement with respect to the reconstruction or rehabilitation of the Mortgaged Property without the prior written consent of Participant. During the term of this Agreement, Seller will retain custody of all insurance policies or renewals thereof which are required to be provided by each mortgagor under its Mortgage Loan Documents and maintained by Seller under the requirements of the applicable Agency. To the extent that any such insurance proceeds or condemnation award shall be applied as a prepayment on the Mortgage Loan it shall be held in trust by Seller for the benefit of Participant and remitted pursuant to Section 3.2(f) hereof.
(c) To the extent any insurance coverages described above are not maintained by the mortgagor, Seller shall advance funds to obtain such coverages and obtain reimbursement.
Insurance; Condemnation. (a) The Borrower and each Subsidiary Guarantor will, at its expense, procure and maintain, or cause to be procured and maintained, for the benefit of the Borrower, each such Subsidiary Guarantor and the Agent, insurance policies issued by such insurance companies, in such amounts, in such form and substance, and with such coverages, endorsements, deductibles and expiration dates as are acceptable to the Agent, providing the following types of insurance covering each Borrowing Base Property (except as may be otherwise approved by Agent with respect to a Borrowing Base Property which is entirely leased to a single tenant pursuant to a triple-net lease):
Insurance; Condemnation. In the event of partial or total destruction of the Property which results in the payment of insurance proceeds, or in the event of a condemnation or similar proceeding which results in the payment of an award, the proceeds or award shall be applied in accordance with the relevant provisions of the Senior Mortgage.
Insurance; Condemnation. The Borrower will, at its expense, procure and maintain, from a financially sound and reputable carrier, insurance covering the Borrower and its Subsidiaries and the Real Estate in such amounts and against such risks and casualties as is customarily maintained by similar businesses.
Insurance; Condemnation. Each Credit Party will, and will cause each of the Consolidated Parties to, maintain public liability insurance, third party property damage insurance and replacement value insurance on the Collateral under such policies of insurance, with such insurance companies, in such amounts and covering such risks as are commercially reasonable and customary in the industry in which such Consolidated Parties are engaged. In addition, the Credit Parties will obtain and maintain, within 60 days of the Closing Date, general liability insurance in the minimum aggregate amount of $10,000,000 for the Consolidated Parties. All policies covering the Collateral are to name the Borrower and the Agent, on behalf of the Lenders, as loss payees, on casualty insurance policies, and to name the Borrower, the Agent and the Lenders as additional insureds on liability insurance policies, and are to contain such other provisions as the Agent may reasonably require to fully protect the Agent's interest in the Collateral and to any payments to be made under such policies. True copies of all original insurance policies are to be delivered to the Agent on or prior to the Closing Date, premium prepaid, with the loss payable endorsement in the Agent's favor, and shall provide for not less than thirty (30) days prior written notice to the Agent, of the exercise of any right of cancellation. In the event any Consolidated Party fails to respond in a timely and appropriate manner (as determined by the Agent in its reasonable discretion) with respect to making a claim under any insurance policies required to be maintained under this Section 7.6, the Agent shall have the right, in the name of the Agent or any Consolidated Party, to file claims under such insurance policies, to receive and give acquittance for any payments that may be payable thereunder, and to execute any and all endorsements, receipts, releases, assignments, reassignments or other documents that may be necessary to effect the collection, compromise or settlement of any claims under any such insurance policies. Each Credit Party will provide written notice to the Lenders of the occurrence of any of the following events within five (5) Business Days after an Executive Officer of such Credit Party learns of the occurrence of such event: any asset or property owned or used by any Consolidated Party is (a) materially damaged or destroyed, or suffers any other loss or (b) is condemned, confiscated or otherwise taken, in whole or in pa...
