Common use of Maintenance of Insurance, Financial Records and Legal Existence Clause in Contracts

Maintenance of Insurance, Financial Records and Legal Existence. (a) Property Insurance - Borrower shall maintain or cause to be maintained insurance on its Property against fire, casualty and such other hazards in such amounts, with such deductibles and with such insurers as are customarily used by companies operating in the same industry as Borrower. The policies of all such casualty insurance shall contain standard lender loss payable and additional insured clauses issued in favor of Lender pursuant to which all losses thereunder shall be paid to Lender as Lender’s interests may appear. Such policies shall expressly provide that the requisite insurance cannot be altered or canceled without thirty (30) days prior written notice to Lender and shall insure Lender notwithstanding the act or neglect of the insured. At or prior to Closing, Borrower shall furnish Lender with insurance certificates certified as true and correct and being in full force and effect as of the Closing Date or such other evidence of insurance as Lender may require, provided that Borrower shall furnish to Lender such insurance certificates naming Lender as loss payee and as additional insured no later than sixty (60) days subsequent to the Closing Date. In the event Borrower fails to procure or cause to be procured any such insurance or to timely pay or cause to be paid the premium(s) on any such insurance, Lender may do so for Borrower, but Borrower shall continue to be liable for the same. Borrower hereby appoints Lender as its attorney-in-fact, exercisable at Lender’s option, to endorse any check which may be payable to Borrower in order to collect the proceeds of such insurance.

Maintenance of Insurance, Financial Records and Legal Existence. (a) Property Insurance - Borrower Each BORROWER shall maintain or cause to be maintained insurance on its Property against fire, flood, casualty and such other hazards in such amounts, with such deductibles and with such insurers as are customarily used by companies operating in the same industry as Borrowersuch BORROWER. The policies of all such casualty insurance shall contain standard lender loss payable and additional insured clauses issued in favor of Lender LENDER pursuant to which all losses thereunder shall be paid to Lender LENDER as Lender’s LENDER's interests may appear. Such policies shall expressly provide that the requisite insurance cannot be altered or canceled without thirty (30) days prior written notice to Lender LENDER and shall insure Lender LENDER notwithstanding the act or neglect of the insured. At or prior to Closing, Borrower BORROWER shall furnish Lender LENDER with insurance certificates certified as true and correct and being in full force and effect as of the Closing Date or such other evidence of insurance as Lender LENDER may require, provided that Borrower such BORROWER shall furnish to Lender LENDER such insurance certificates naming Lender LENDER as loss payee and as additional insured no later than sixty (60) days subsequent to the Closing Date. In the event Borrower BORROWER fails to procure or cause to be procured any such insurance or to timely pay or cause to be paid the premium(s) on any such insurance, Lender LENDER may do so for BorrowerBORROWER, but Borrower BORROWER shall continue to be liable for the same. Borrower BORROWER hereby appoints Lender LENDER as its attorney-in-fact, exercisable at Lender’s LENDER's option, to endorse any check which may be payable to Borrower BORROWER in order to collect the proceeds of such insurance.

Maintenance of Insurance, Financial Records and Legal Existence. (a) Property Insurance - Borrower Borrowers shall maintain or cause to be maintained insurance on its their Property against fire, casualty and such other hazards in such amounts, with such deductibles and with such insurers as are customarily used by companies operating in the same industry as BorrowerBorrowers. The policies of all such casualty insurance shall contain standard lender loss payable and additional insured clauses issued in favor of Lender pursuant to which all losses thereunder shall be paid to Lender as Lender’s interests may appear. Such policies shall expressly provide that the requisite insurance cannot be altered or canceled without thirty (30) days prior written notice to Lender and shall insure Lender notwithstanding the act or neglect of the insured. At or prior to Closing, Borrower Borrowers shall furnish Lender with insurance certificates certified as true and correct and being in full force and effect as of the Closing Date or such other evidence of insurance as Lender may require, provided that Borrower Borrowers shall furnish to Lender such insurance certificates naming Lender as loss payee and as additional insured no later than sixty (60) days subsequent to the Closing Date. In the event Borrower fails Borrowers fail to procure or cause to be procured any such insurance or to timely pay or cause to be paid the premium(s) on any such insurance, Lender may do so for BorrowerBorrowers, but Borrower Borrowers shall continue to be liable for the same. Borrower Borrowers hereby appoints appoint Lender as its their attorney-in-fact, exercisable at Lender’s option, to endorse any check which may be payable to Borrower Borrowers in order to collect the proceeds of such insurance.