Common use of INSURANCE, DAMAGE OR DESTRUCTION Clause in Contracts

INSURANCE, DAMAGE OR DESTRUCTION. 4.1. Mortgagor will insure itself and the Mortgaged Property against such perils and to such limits as Mortgagee shall reasonably require for the full replacement value of the Mortgaged Property, and Mortgagor shall provide evidence of such coverages as Mortgagee may reasonably request. All such insurance shall be in such forms and with such companies, and written in such amounts and with such deductibles and endorsements, as may be reasonably satisfactory to Mortgagee from time to time, and losses thereunder shall be payable to Mortgagee under a standard form of mortgagee endorsement and shall require that the insurer provide Mortgagee with thirty (30) days notice in the event of cancellation. 4.2. Mortgagor will promptly notify Mortgagee of any loss thereunder, and Mortgagee may, after notice of its intention to do so to Mortgagor, make proof of loss thereof if not made within a reasonable time by Mortgagor. After default Mortgagee may, after notice of its intention to do so to Mortgagor, on behalf of Mortgagor, adjust and compromise any claims under such insurance and collect and receive the proceeds thereof and endorse drafts and Mortgagee is hereby irrevocably appointed attorney-in-fact of Mortgagor for such purposes. Mortgagee may deduct from such proceeds any expenses properly incurred by Mortgagee in collecting same, including reasonable counsel fees. Mortgagee shall hold such proceeds for the purposes set forth in Article VI of this Mortgage. 4.3. At least thirty (30) days prior to the expiration of the term of any insurance policy required hereunder, Mortgagor shall provide Mortgagee with satisfactory evidence of the renewal of such policy. If Mortgagor shall fail to procure, pay for and deliver to Mortgagee any policy or policies of insurance or renewals thereof, Mortgagee may at its option, but shall be under no obligation to do so, effect such insurance and pay the premiums therefor, and Mortgagor will repay to Mortgagee on demand any premiums so paid, with interest, at the rate set forth in the Loan Agreement, and until so paid, the same shall be secured by this Mortgage. 4.4. Upon the written request of Mortgagee, Mortgagor will pay to Mortgagee monthly one-twelfth of the annual premiums for the insurance required to be maintained under this Mortgage. The terms and conditions of Article I hereof relating to escrow payments for Taxes and similar charges shall also apply to such insurance premium escrow payments.

INSURANCE, DAMAGE OR DESTRUCTION. 4.111.1 In the event of damage or destruction to any of the improvements upon the Leased Premises, the City shall have no obligation to repair or rebuild the improvements or any fixtures, equipment or other personal property installed by Lessee pursuant to this agreement. Mortgagor will insure itself Upon the failure of Lessee to repair or rebuild the City may, as agent of Lessee, repair or rebuild such damage or destruction at the expense of Lessee which expense shall be due and payable on demand, but only to the Mortgaged Property against extent that insurance proceeds are available to Lessee. 11.2 Upon completion of all the work, the Lessee shall certify by a responsible officer or authorized representative that such perils rebuilding and repairs have been completed. Nothing herein contained shall be deemed to release the lessee from any of its repair, maintenance or rebuilding obligations under this agreement. 11.3 In no event shall Lessee be obligated to provide equipment and fixtures in excess of those existing prior to such limits damage or destruction. Lessee agrees that such work will promptly commence and proceed to completion with due diligence; subject to delays beyond Lessee’s control. 11.4 Prior to commencement of any activity permitted on the Leased Premises as Mortgagee provided in this lease, Lessee shall reasonably require for purchase and maintain, at its own expense, hereinafter stipulated minimum insurance with companies duly authorized to do business in the full replacement value State of Texas and satisfactory to the Mortgaged Property, and Mortgagor shall provide evidence of such coverages as Mortgagee may reasonably requestLessor’s Risk Manager. All such insurance shall be in such forms and with such companies, and written in such amounts and with such deductibles and endorsements, as may be reasonably satisfactory to Mortgagee from time to time, and losses thereunder shall be payable to Mortgagee under a standard form of mortgagee endorsement and coverages shall require that the insurer City be named as an additional insured, and provide Mortgagee with thirty (30) for 30 days notice in written notification to the event City prior to cancellation and provide a written notification of cancellationnon- payment within 10 days. 4.2. Mortgagor will promptly notify Mortgagee of any (a) Fire and Extended Coverage Insurance covering the improvements presently existing on, or hereafter created on the Leased Premises (excluding concrete or asphalt ramps, taxiways, aprons, underground utilities or roadways), against loss thereunderor damage by fire, windstorm hail, tornado, explosion, water, lightning, rain, sleet, snow, sprinkler leakage, riots, civil commotion, vandalism, malicious mischief, and Mortgagee may, after notice aircraft/vehicle damage. This type of its intention insurance shall be carried with a company or companies satisfactory to do so to Mortgagor, make proof Lessor and in an amount of loss thereof if coverage not made within a reasonable time by Mortgagor. After default Mortgagee may, after notice of its intention to do so to Mortgagor, on behalf of Mortgagor, adjust and compromise any claims under such insurance and collect and receive the proceeds thereof and endorse drafts and Mortgagee is hereby irrevocably appointed attorney-in-fact of Mortgagor for such purposes. Mortgagee may deduct from such proceeds any expenses properly incurred by Mortgagee in collecting same, including reasonable counsel fees. Mortgagee shall hold such proceeds for the purposes set forth in Article VI of this Mortgage. 4.3. At least thirty (30) days prior to the expiration less than replacement cost of the term property dedicated to or necessary to performance of any insurance policy required hereunderLessee’s obligations under this agreement, Mortgagor shall provide Mortgagee with satisfactory evidence of and the renewal of such policy. If Mortgagor shall fail to procure, pay for and deliver to Mortgagee any policy or policies of insurance or renewals thereof, Mortgagee may at its option, but shall be under no obligation issued to do sothe Lessee and Lessor, effect as their interests may appear. In the event of damage to such insurance buildings and pay structures, Lessee will immediately notify Lessor of the premiums therefor, nature and Mortgagor will repay to Mortgagee on demand any premiums so paid, with interest, at the rate set forth extent of such damage. If damage results in the Loan Agreementpartial or the total destruction of a building, improvement or structure which has been erected by Lessee, mortgagees and until so paid, assignees agree to apply all insurance proceeds to the same shall be secured by this Mortgage. 4.4. Upon the written request of Mortgagee, Mortgagor will pay to Mortgagee monthly one-twelfth rebuilding of the annual premiums for improvements as approved by the insurance required to be maintained under this Mortgage. The terms and conditions of Article I hereof relating to escrow payments for Taxes and similar charges shall also apply to such insurance premium escrow paymentsCity.

INSURANCE, DAMAGE OR DESTRUCTION. 4.1. 4.1 Mortgagor will insure itself and the Mortgaged Property against such perils and to such limits as Mortgagee shall reasonably require for the full replacement value of the Mortgaged Property, and Mortgagor shall provide evidence of such coverages as Mortgagee may reasonably request. All such insurance shall be in such forms and with such companies, and written in such amounts and with such deductibles and endorsements, as may be reasonably satisfactory to Mortgagee from time to time, and losses thereunder shall be payable to Mortgagee under a standard form forms of lender loss payable and mortgagee endorsement endorsements and shall require that the insurer provide Mortgagee with thirty (30) days notice in the event of cancellation. In any case, Mortgagor’s obligation to carry such insurance may only be brought within the coverage of a so-called blanket or umbrella policy or policies of insurance carried and maintained by Mortgagor if and only if the coverage afforded Mortgagee will not be limited, reduced or diminished by reason of the use of a blanket or umbrella policy of insurance. 4.2. 4.2 In the event of any material loss or damage to the Mortgaged Property, Mortgagor will promptly (and, in any event, within five (5) days of such occurrence) notify Mortgagee in writing of any loss thereunder, and Mortgagee may, after notice of its intention to do so to Mortgagor, make proof of loss thereof if not made within a reasonable time by Mortgagor. After default Mortgagee may, after notice of its intention to do so to Mortgagor, on behalf of Mortgagor, adjust and compromise any claims under such insurance and collect and receive the proceeds thereof and endorse drafts and Mortgagee is hereby irrevocably appointed attorney-in-fact of Mortgagor for such purposes. Mortgagee may deduct from such proceeds any expenses properly incurred by Mortgagee in collecting same, including reasonable counsel fees. Mortgagee shall hold such proceeds for the purposes set forth in Article VI of this Mortgage. 4.3. At least thirty (30) days prior to 4.3 Mortgagor will not maintain any other insurance on the expiration Mortgaged Property competing or contributing, in right of payment or otherwise, with any of the term of any insurance policy required hereunder, Mortgagor shall provide to be afforded to Mortgagee with satisfactory evidence of hereunder unless Mortgagee is made the renewal of loss payee under such policy. other insurance. 4.4 If Mortgagor shall fail to procure, pay for and deliver to Mortgagee any policy or policies of insurance or renewals thereof, Mortgagee may at its option, but shall be under no obligation to do so, effect such insurance and pay the premiums thereforthereof, and Mortgagor will repay to Mortgagee on demand any premiums so paid, with interest, at the rate set forth in the Loan AgreementDefault Rate, and until so paid, the same shall be secured by this Mortgage. 4.4. Upon the written request of Mortgagee, Mortgagor will pay to Mortgagee monthly one-twelfth of the annual premiums for the insurance required to be maintained under this Mortgage. The terms and conditions of Article I hereof relating to escrow payments for Taxes and similar charges shall also apply to such insurance premium escrow payments.

INSURANCE, DAMAGE OR DESTRUCTION. 4.1. 3.1 Mortgagor will insure itself itself, Mortgagee, and the Mortgaged Property against such perils and to such limits as Mortgagee shall reasonably require for the full replacement value of the Mortgaged Property, and Mortgagor shall provide evidence of such coverages as Mortgagee may reasonably requestrequire. All such insurance shall be in such forms and with such companies, and written in such amounts and with such deductibles and endorsements, as may be reasonably satisfactory to Mortgagee from time to time, and losses thereunder shall be payable to Mortgagee under a standard form of mortgagee endorsement and shall require that the insurer provide Mortgagee with thirty (30) days notice in the event of cancellationcancellation or change to the scope or limits of the insurance coverage. Mortgagor shall deliver to Mortgagee at least annually current certificates of coverage addressed to Mortgagee, showing that the coverage required hereunder has been established for at least twelve (12) additional months and that the entire premium for such twelve (12) month period has been prepaid, and confirming that Mortgagee is the mortgagee and loss payee under such policy. 4.2. 3.2 Mortgagor will promptly notify Mortgagee of any loss thereunder, and Mortgagee may, after notice of its intention to do so to Mortgagor, make proof of loss thereof if not made within a reasonable time by Mortgagor. After default Mortgagee may, after notice of its intention to do so to Mortgagor, on behalf of Mortgagor, Mortgagor adjust and compromise any claims under such insurance and collect and receive the proceeds thereof and endorse drafts and Mortgagee is hereby irrevocably appointed attorney-in-fact of Mortgagor for such purposes. Mortgagee may deduct from such proceeds any expenses properly incurred by Mortgagee in collecting same, including reasonable counsel fees. Mortgagee shall hold such proceeds for the purposes set forth in Article VI V of this Mortgage. 4.3. At least thirty (30) days prior to 3.3 Mortgagor will not maintain any other insurance on the expiration Mortgaged Property competing or contributing, in right of payment or otherwise, with any of the term insurance required to be afforded to Mortgagee hereunder unless Mortgagee is made the loss payee under such other insurance. Mortgagor hereby assigns to Mortgagee all returned or unearned premiums which may be due upon the cancellation of any such policies for any reason whatsoever and hereby directs the insurer thereunder to pay to Mortgagee any amount so due, provided that so long as there does not exist any Event of Default, or any event which with the giving of notice or the lapse of time, or both, would constitute an Event of Default, Mortgagee agrees immediately to refund to Mortgagor any such returned or unearned premium actually received by Mortgagee. Mortgagor hereby irrevocably appoints Mortgagee as Mortgagor’s attorney-in-fact to endorse any draft or check which may be payable to such Mortgagor in order to collect any such returned or unearned premium or the proceeds of any such insurance. The balance of any insurance policy required hereunder, Mortgagor shall provide Mortgagee with satisfactory evidence proceeds remaining after payment in full of the renewal of such policy. Obligations shall be refunded to Mortgagor. 3.4 If Mortgagor shall fail to procure, pay for and deliver to Mortgagee any policy or policies of insurance or renewals thereof, Mortgagee may at its option, but shall be under no obligation to do so, effect such insurance and pay the premiums therefor, and Mortgagor will repay to Mortgagee on demand any premiums so paid, with interest, at the rate set forth in the Loan AgreementDefault Interest Rate, and until so paid, the same shall be secured by this Mortgage. Unless Mortgagor provides Mortgagee with evidence of the insurance coverage required by this Mortgage, Mortgagee may purchase insurance at Mortgagor's expense to protect Mortgagee's interests in the Mortgaged Property. This insurance may, but need not, protect Mortgagor's interest. The coverage that Mortgagee purchases may not pay any claim that Mortgagor may make or any claim that is made against Mortgagor in connection with the Mortgaged Property. Mortgagor may later cancel any insurance purchased by Mortgagee, but only after providing Mortgagee with evidence that Mortgagor has obtained insurance as required by this Mortgage. If Mortgagee purchases insurance for the Mortgaged Property, Mortgagor will be responsible for the costs of such insurance, including interest and any other charges that may be imposed in connection with the placement of such insurance, until the effective date of the cancellation or expiration of such insurance. Without limitation of any other provision of this Mortgage, the cost of such insurance shall be added to the indebtedness secured hereby. The cost of the insurance may be more than the cost of insurance Mortgagor may be able to obtain on its own. 4.4. 3.5 Upon the written request of Mortgagee, but subject to the terms and conditions of the Senior Mortgage, Mortgagor will pay to Mortgagee monthly monthly, a sum equal to one-twelfth (1/12) of the annual premiums for the insurance required to be maintained under this Mortgage. The terms and conditions of Article I Section 1.2 hereof relating to escrow payments for Taxes of Taxes, Rents and other similar charges shall also apply to such insurance premium escrow paymentspayments made pursuant to this section.

INSURANCE, DAMAGE OR DESTRUCTION. 4.1. 4.1 The Mortgagor will insure itself and the Mortgaged Property against such perils and to such limits as Mortgagee the Mortgagees shall reasonably require for the full replacement value of the Mortgaged Property, and Mortgagor shall provide evidence of such coverages as Mortgagee may reasonably request. All such insurance shall be in such forms and with such companies, and written in such amounts and with such deductibles and endorsements, as may be reasonably satisfactory to Mortgagee the Mortgagees from time to time, and losses thereunder shall be payable to Mortgagee the Mortgagees under a standard form of mortgagee endorsement and shall require that the insurer provide Mortgagee Mortgagees with thirty (30) days notice in the event of cancellationcancellation alteration, amendment, reduction incoverage or any other change to such policy. Within 15 days of the date hereof, Mortgagor shall deliver a certificate of insurance reflecting the foregoing Mortgagee. 4.2. 4.2 Mortgagor will promptly notify Mortgagee the Mortgagees of any material loss thereunder, and Mortgagee the Mortgagees may, after notice of its intention to do so to Mortgagor, make proof of loss thereof if not made within a reasonable time by Mortgagor. After default Mortgagee an Event of Default, Mortgagees may, after notice aftxx xxxxxx of its their intention to do so to Mortgagor, on behalf of Mortgagor, adjust and compromise any claims xxx xxxxxs under such insurance and inxxxxxxx xnd collect and receive the proceeds thereof and endorse drafts and Mortgagee is Mortgagees are hereby irrevocably appointed attorney-in-fact of Mortgagor for such purposes. Mortgagee Mortgagees may deduct from such proceeds any expenses properly incurred by Mortgagee Mortgagees in collecting same, including reasonable counsel fees. Mortgagee Mortgagees shall hold such proceeds for the purposes set forth in Article VI of this Mortgage. 4.3. At least thirty (30) days prior to the expiration of the term of any insurance policy required hereunder, Mortgagor shall provide Mortgagee with satisfactory evidence of the renewal of such policy. If Mortgagor shall fail to procure, pay for and deliver to Mortgagee any policy or policies of insurance or renewals thereof, Mortgagee may at its option, but shall be under no obligation to do so, effect such insurance and pay the premiums therefor, and Mortgagor will repay to Mortgagee on demand any premiums so paid, with interest, at the rate set forth in the Loan Agreement, and until so paid, the same shall be secured by this Mortgage. 4.4. Upon the written request of Mortgagee, Mortgagor will pay to Mortgagee monthly one-twelfth of the annual premiums for the insurance required to be maintained under this Mortgage. The terms and conditions of Article I hereof relating to escrow payments for Taxes and similar charges shall also apply to such insurance premium escrow payments.

INSURANCE, DAMAGE OR DESTRUCTION. 4.1. 4.1 The Mortgagor will insure itself and the Mortgaged Property against such perils and to such limits as Mortgagee the Mortgagees shall reasonably require for the full replacement value of the Mortgaged Property, and Mortgagor shall provide evidence of such coverages as Mortgagee may reasonably request. All such insurance shall be in such forms and with such companies, and written in such amounts and with such deductibles and endorsements, as may be reasonably satisfactory to Mortgagee the Mortgagees from time to time, and losses thereunder shall be payable to Mortgagee the Mortgagees under a standard form of mortgagee endorsement and shall require that the insurer provide Mortgagee Mortgagees with thirty (30) days notice in the event of cancellationcancellation alteration, amendment, reduction incoverage or any other change to such policy. Within 15 days of the date hereof, Mortgagor shall deliver a certificate of insurance reflecting the foregoing Mortgagee. 4.2. 4.2 Mortgagor will promptly notify Mortgagee the Mortgagees of any material loss thereunder, and Mortgagee the Mortgagees may, after notice of its intention to do so to Mortgagor, make proof of loss thereof if not made within a reasonable time by Mortgagor. After default Mortgagee an Event of Default, Mortgagees may, after notice xxxxx xxtice of its their intention to do so to Mortgagor, on behalf of Mortgagor, adjust and compromise any claims compromxxx xxx xlaims under such insurance sucx xxxxxxxce and collect and receive the proceeds thereof and endorse drafts and Mortgagee is Mortgagees are hereby irrevocably appointed attorney-in-fact of Mortgagor for such purposes. Mortgagee Mortgagees may deduct from such proceeds any expenses properly incurred by Mortgagee Mortgagees in collecting same, including reasonable counsel fees. Mortgagee Mortgagees shall hold such proceeds for the purposes set forth in Article VI of this Mortgage. 4.3. At least thirty (30) days prior to the expiration of the term of any insurance policy required hereunder, Mortgagor shall provide Mortgagee with satisfactory evidence of the renewal of such policy. If Mortgagor shall fail to procure, pay for and deliver to Mortgagee any policy or policies of insurance or renewals thereof, Mortgagee may at its option, but shall be under no obligation to do so, effect such insurance and pay the premiums therefor, and Mortgagor will repay to Mortgagee on demand any premiums so paid, with interest, at the rate set forth in the Loan Agreement, and until so paid, the same shall be secured by this Mortgage. 4.4. Upon the written request of Mortgagee, Mortgagor will pay to Mortgagee monthly one-twelfth of the annual premiums for the insurance required to be maintained under this Mortgage. The terms and conditions of Article I hereof relating to escrow payments for Taxes and similar charges shall also apply to such insurance premium escrow payments.

INSURANCE, DAMAGE OR DESTRUCTION. 4.1. 3.1 The Mortgagor will insure itself itself, Mortgagee, and the Mortgaged Property against such perils and to such limits as Mortgagee shall reasonably require for the full replacement value of the Mortgaged Property, and Mortgagor shall provide evidence of such coverages as Mortgagee may reasonably requestrequire. All such insurance shall be in such forms and with such companies, and written in such amounts and with such deductibles and endorsements, as may be reasonably satisfactory to Mortgagee from time to time, and losses thereunder shall be payable to Mortgagee under a standard form of mortgagee endorsement and shall require that the insurer provide Mortgagee with thirty (30) days notice in the event of cancellationcancellation or change to the scope or limits of the insurance coverage. Mortgagor shall deliver to Mortgagee at least annually, but in any event at least fifteen (15) days prior to the expiration of each period of coverage for each insurance policy, current certificates of coverage addressed to Mortgagee, showing that the coverage required hereunder has been established for at least twelve (12) additional months, and confirming that Mortgagee is the mortgagee and loss payee under such policy. 4.2. 3.2 Mortgagor will promptly notify Mortgagee of any loss thereunder, and Mortgagee may, after notice of its intention to do so to Mortgagor, make proof of loss thereof if not made within a reasonable time by Mortgagor. After default Mortgagee may, after notice of its intention to do so to Mortgagor, on behalf of Mortgagor, Mortgagor adjust and compromise any claims under such insurance and collect and receive the proceeds thereof and endorse drafts and Mortgagee is hereby irrevocably appointed attorney-in-fact of Mortgagor for such purposes. Mortgagee may deduct from such proceeds any expenses properly incurred by Mortgagee in collecting same, including reasonable counsel fees. Mortgagee shall hold such proceeds for the purposes set forth in Article VI V of this Mortgage. 4.33.3 Mortgagor will not maintain any other insurance on the Mortgaged Property competing or contributing, in right of payment or otherwise, with any of the insurance required to be afforded to Mortgagee hereunder unless Mortgagee is made the loss payee under such other insurance. At least thirty (30) days prior Mortgagor hereby assigns to Mortgagee all returned or unearned premiums which may be due upon the cancellation of any such policies for any reason whatsoever and hereby directs the insurer thereunder to pay to Mortgagee any amount so due, provided that so long as there does not exist any Event of Default, or any event which with the giving of notice or the lapse of time, or both, would constitute an Event of Default, Mortgagee agrees immediately to refund to the expiration Mortgagor any such returned or unearned premium actually received by Mortgagee. Mortgagor hereby irrevocably appoints Mortgagee as the Mortgagor's attorney-in-fact to endorse any draft or check which may be payable to such Mortgagor in order to collect any such returned or unearned premium or the proceeds of the term any such insurance. The balance of any insurance policy required hereunder, Mortgagor shall provide Mortgagee with satisfactory evidence proceeds remaining after payment in full of the renewal of such policy. Obligations shall be refunded to the Mortgagor. 3.4 If Mortgagor shall fail to procure, pay for and deliver to Mortgagee any policy or policies of insurance or renewals thereof, Mortgagee may at its option, but shall be under no obligation to do so, effect such insurance and pay the premiums therefor, and Mortgagor will repay to Mortgagee on demand any premiums so paid, with interest, at the rate set forth in the Loan AgreementDefault Rate, and until so paid, the same shall be secured by this Mortgage. 4.4. 3.5 Upon the written request of Mortgagee following the occurrence of a Default or an Event of Default and until such time as it is waived in writing by Mortgagee, but subject to the rights of any senior mortgagee, the Mortgagor will pay to Mortgagee monthly monthly, a sum equal to one-twelfth (1/12) of the annual premiums for the insurance required to be maintained under this Mortgage. The terms and conditions of Article I Section 1.2 hereof relating to escrow payments for Taxes of Taxes, Rents and other similar charges shall also apply to such insurance premium escrow paymentspayments made pursuant to this section.