Common use of Maintenance of Casualty Insurance Clause in Contracts

Maintenance of Casualty Insurance. Borrower shall procure and maintain all risks insurance, including without limitation fire, theft, and liability coverage together with such other insurance as the Bank may require with respect to the Collateral, in form, amounts, coverages and basis reasonably acceptable to the Bank and issued by a company or companies reasonably acceptable to the Bank. Borrower, upon request of the Bank, will deliver to the Bank from time to time the policies or certificates of insurance in form satisfactory to the Bank, including stipulations that coverages will not be canceled or diminished without at least thirty (30) days prior written notice to the Bank and not including any disclaimer of the insurer's liability for failure to give such a notice and endorsement naming the Bank as lender loss payable or other endorsements as the Bank may require. If Borrower at any time fails to obtain or maintain any insurance as required under this Note, the Bank may, (but shall not be obligated to) obtain such insurance as the Bank deems appropriate, including if it so chooses "single interest insurance", which will cover only the Banks' interest in the Collateral. Borrower, upon request of the Bank, shall furnish to the Bank reports on each existing policy of insurance showing such information as the Bank may reasonably request including the following: (a) the name of the insurer; (b) the risks insured; (c) the amount of the policy; (d) the property insured; (e) the then current value on the basis of which insurance has been obtained and the manner of determining that value; and (f) the expiration date of the policy. In addition, Borrower shall upon request by the Bank (however not more than annually) have an independent appraiser satisfactory to the Bank determine, as applicable, the cash value or replacement cost of the Collateral.