Common use of Insurance Default Clause in Contracts

Insurance Default. In the event Grantor, at any time, fails to provide Beneficiary with evidence of the insurance coverage as required by this Deed of Trust, Beneficiary may (if so directed in writing by the Holders of not less than 25% of the aggregate principal amount of the Notes at the time outstanding voting as a single class), upon not less than thirty (30) days’ prior written notice (except in the case of an emergency (including, without limitation, the existence at such point in time of no valid or operative coverage), in which case Beneficiary shall use its commercially reasonable efforts to give such prior or simultaneous written notice as is possible in the circumstances), purchase the insurance coverage at Grantor’s expense to protect Beneficiary’s interests in the Security Property (it being understood that Beneficiary shall have no duty or be under any obligation to procure same, and, in any event, Beneficiary shall only procure such insurance if and to the extent so requested in writing by the Holders of not less than 25% of the aggregate principal amount of the Notes at the time outstanding voting as a single class). Such insurance may, but need not, protect Grantor’s interests, and Beneficiary shall be under no obligation to so protect Grantor’s interests. The insurance coverage that Beneficiary purchases on behalf of Grantor may not pay any claim that Grantor makes or any claim that is made against Grantor in connection with the Security Property. Grantor may later cancel any insurance coverage purchased by Beneficiary, but only after providing Beneficiary with evidence that insurance coverage has been obtained as provided for in this Beneficiary. In the event Beneficiary purchases all or any portion of the insurance coverage for the Security Property or as otherwise required hereunder, Grantor will be responsible for all costs and expenses of such insurance coverage, including, but not limited to, interest imposed by Beneficiary in connection with the purchase of the insurance coverage, until the effective date of the cancellation or expiration of the insurance coverage. The costs and expenses of any insurance coverage purchased by Beneficiary shall be added to Note Obligations secured hereby. Grantor acknowledges that the cost of the insurance coverage purchased by Beneficiary pursuant hereto may be more than the cost of insurance such Grantor may be able to obtain on its own.

Insurance Default. In the event Grantor, at any time, fails to provide Beneficiary Mortgagee with evidence of the insurance coverage as required by this Deed of TrustMortgage, Beneficiary Mortgagee may (if so directed in writing by acting on the written instructions of the Holders of not less than 25% of the aggregate principal amount of the Notes at the time outstanding voting as a single class), upon not less than thirty (30) days’ prior written notice (except in the case of an emergency (including, without limitation, the existence at such point in time of no valid or operative coverage), in which case Beneficiary Mortgagee shall use its commercially reasonable efforts to give such prior or simultaneous written notice as is possible in the circumstances), purchase the insurance coverage at Grantor’s expense to protect BeneficiaryMortgagee’s interests in the Security Mortgaged Property (it being understood that Beneficiary Mortgagee shall not have no any duty or be under any obligation to procure require same, and, and in any event, Beneficiary event Mortgagee shall only procure such insurance if and to the extent so requested in writing by the Holders of not less than 25% of the aggregate principal amount of the Notes at the time outstanding voting as a single class). Such Pursuant to 815 ILCS 180/10, such insurance may, but need not, protect Grantor’s interests, and Beneficiary Mortgagee shall be under no obligation to so protect Grantor’s interests. The insurance coverage that Beneficiary Mortgagee purchases on behalf of Grantor may not pay any claim that Grantor makes or any claim that is made against Grantor in connection with the Security Mortgaged Property. Grantor may later cancel any insurance coverage purchased by BeneficiaryMortgagee, but only after providing Beneficiary Mortgagee with evidence that insurance coverage has been obtained as provided for in this BeneficiaryMortgagee. In the event Beneficiary Mortgagee purchases all or any portion of the insurance coverage for the Security Mortgaged Property or as otherwise required hereunder, Grantor will be responsible for all costs and expenses of such insurance coverage, including, but not limited to, interest imposed by Beneficiary Mortgagee in connection with the purchase of the insurance coverage, until the effective date of the cancellation or expiration of the insurance coverage. The costs and expenses of any insurance coverage purchased by Beneficiary Mortgagee shall be added to Note Obligations secured hereby. Grantor acknowledges that the cost of the insurance coverage purchased by Beneficiary Mortgagee pursuant hereto may be more than the cost of insurance such Grantor may be able to obtain on its own.

Insurance Default. In the event Grantor, at any time, fails to provide Beneficiary Mortgagee with evidence of the insurance coverage as required by this Deed of TrustMortgage, Beneficiary Mortgagee may (if so directed in writing by acting on the written instructions of the Holders of not less than 25% of the aggregate principal amount of the Notes at the time outstanding voting as a single class), upon not less than thirty (30) days’ prior written notice (except in the case of an emergency (including, without limitation, the existence at such point in time of no valid or operative coverage), in which case Beneficiary Mortgagee shall use its commercially reasonable efforts to give such prior or simultaneous written notice as is possible in the circumstances), purchase the insurance coverage at Grantor’s expense to protect BeneficiaryMortgagee’s interests in the Security Mortgaged Property (it being understood that Beneficiary Mortgagee shall have no duty or be under any obligation to procure the same, and, and in any event, Beneficiary event Mortgagee shall only procure such insurance if and to the extent so requested in writing by the Holders of not less than 25% of the aggregate principal amount of the Notes at the time outstanding voting as a single class). Such insurance may, but need not, protect Grantor’s interests, and Beneficiary Mortgagee shall be under no obligation to so protect Grantor’s interests. The insurance coverage that Beneficiary Mortgagee purchases on behalf of Grantor may not pay any claim that Grantor makes or any claim that is made against Grantor in connection with the Security Mortgaged Property. Grantor may later cancel any insurance coverage purchased by BeneficiaryMortgagee, but only after providing Beneficiary Mortgagee with evidence that insurance coverage has been obtained as provided for in this BeneficiaryMortgagee. In the event Beneficiary Mortgagee purchases all or any portion of the insurance coverage for the Security Mortgaged Property or as otherwise required hereunder, Grantor will be responsible for all costs and expenses of such insurance coverage, including, but not limited to, interest imposed by Beneficiary Mortgagee in connection with the purchase of the insurance coverage, until the effective date of the cancellation or expiration of the insurance coverage. The costs and expenses of any insurance coverage purchased by Beneficiary Mortgagee shall be added to Note Obligations secured hereby. Grantor acknowledges that the cost of the insurance coverage purchased by Beneficiary Mortgagee pursuant hereto may be more than the cost of insurance such Grantor may be able to obtain on its own.