Common use of NOTICES, CHANGES AND RENEWALS Clause in Contracts

NOTICES, CHANGES AND RENEWALS. All policies must require the insurance carrier to give the Lender a minimum of ten (10) days’ notice in the event of modification, cancellation or termination for nonpayment of premium and a minimum of thirty (30) days’ notice of cancellation or nonrenewal, or as required under state law. Prior to each policy renewal, the Borrower shall report to the Lender all sublimits, margin clauses and other conditions and endorsements that reduce the coverages required in this Section and changes to deductibles for sub-limited coverages, self-insured retentions, fronting arrangements, or other endorsements or conditions that require the Borrower to retain additional risk. The Borrower shall report to the Lender immediately any facts known to the Borrower that may adversely affect the appropriateness or enforceability of any insurance contract, including, without limitation, changes in the ownership or occupancy of the Real Property, any hazard to the Real Property and any matters that may give rise to any claim. No fewer than thirty (30) days prior to expiration of any policy required under this Section, the Borrower shall provide either (a) an original or certified copy of the renewed policy, or (b) a certificate of insurance, including an Xxxxx 28 (real property), Xxxxx 27 (personal property) or Xxxxx 25 (liability) certificate, or another document satisfactory to the Lender conferring on the Lender the rights and privileges of mortgagee. If the Borrower meets the foregoing requirement under clause (b), the Borrower shall supply an original or certified copy of the original policy within ninety (90) days. All certificates, documents, and original or certified copies of policies must (i) name the Borrower as a named insured or as an additional insured, (ii) include the complete and accurate property address, (iii) show that the applicable coverage or endorsement is in full force and effect, (iv) convey all of the insured’s rights and privileges under the policy to the mortgagee (Lender), (v) include the Lender as loss payee (for business interruption coverages), and (vi) include the Lender as additional insured (for liability coverages).

NOTICES, CHANGES AND RENEWALS. a) All policies must require shall state that the insurance carrier to shall give the Lender Agent a minimum of ten thirty (1030) days’ prior notice in the event of modification, cancellation or termination for nonpayment of premium and a minimum of thirty (30) days’ prior notice of cancellation non-renewal or nonrenewal, or as required under state lawmaterial modification. Prior to each policy renewal, the Borrower shall report to the Lender all sublimits, margin clauses and other conditions and endorsements that reduce the coverages required in this Section and changes to deductibles for sub-limited coverages, self-insured retentions, fronting arrangements, or other endorsements or conditions that require the Borrower to retain additional risk. The Borrower shall report to the Lender immediately any facts known to the Borrower that may adversely affect the appropriateness or enforceability of any insurance contract, including, without limitation, changes in the ownership or occupancy of the Real Property, any hazard to the Real Property and any matters that may give rise to any claim. No fewer than Agent at least thirty (30) days days’ prior written notice of any non-renewal, cancellation, termination or material modification of any policies after the effective date should any insurance carrier not be required to provide said written notice as noted herein upon renewal of said policies. b) Borrower shall immediately report to Agent any increase in any deductible or limitation of coverage. c) Borrower shall promptly review all insurance policies, be acquainted with the contents of each insurance policy and be aware of the provisions in each requiring notice to insurers. d) Prior to Closing, and thereafter, no later than ten (10) Business Days prior to the expiration of any insurance policy required under this Sectionhereunder, the Borrower shall provide either deliver or cause to be delivered to Agent an XXXXX Form 28, version 10/30 (afor evidence of commercial property insurance) an original and XXXXX Form 75 Binder (for all other insurance coverages required hereunder), or certified other evidence of the effectiveness of the renewal policies reasonably satisfactory to Agent, accompanied by evidence satisfactory to Agent of payment of the premiums due thereunder. Upon receipt of the required Mortgagee, Lender’s Loss Payee, Joint Loss Payee and Additional Insured-Mortgagee endorsements required herein, Borrower shall promptly deliver or cause to be delivered to Agent a copy of same. In addition, Borrower shall, together with the foregoing, deliver or cause to be delivered to Agent a summary schedule of the renewed policy, or (binsurance policies along with a schedule of total insurable value(s) a certificate and business income worksheet(s). Any evidence of insurance, including an Xxxxx 28 (real property), Xxxxx 27 (personal property) or Xxxxx 25 (liability) certificate, or another document satisfactory to the Lender conferring on the Lender insurance provided shall confer upon Agent the rights and privileges of mortgagee. If the Borrower meets the foregoing requirement under clause (b), the Borrower shall supply an as required hereunder. e) All original or certified copy of the original policy within ninety (90) days. All certificates, documents, true and original or certified attested copies of policies must (i) name the policies, binders or certificates shall identify Borrower as a named insured or as an additional insuredNamed Insured, (ii) and shall include the complete and accurate property addressaddress and shall bear the signature of the issuing insurance agent. Agent shall not be deemed by reason of the custody of any policies to have knowledge of the contents thereof. Schedule 7.11 - 6 f) Upon Agent’s request, (iiiBorrower shall deliver to Agent original or true and attested copies of all insurance policies required herein. g) show If at any time Agent is not in receipt of written evidence satisfactory to Agent that the applicable coverage all insurance policies required or endorsement is requested pursuant hereto are in full force and effect, (ivor if Borrower fails to maintain the insurance required hereunder after notice to Borrower, Agent shall have the right, but shall not be obligated, to take such action as Agent deems necessary to protect its interest in the Premises, including the obtaining of such insurance coverage as the Agent in its reasonable discretion deems appropriate. All premiums incurred by Agent in connection with such action or in obtaining such insurance and keeping it in effect shall be paid by Borrower to Agent upon demand and, until paid, shall be secured by the Deed of Trust and the other Loan Documents and shall bear interest at the Default Rate. h) convey all In the event of a foreclosure of the insured’s rights and privileges under the policy Loan Documents (or any of them), or other transfer of title to the mortgagee (Lender)Premises in extinguishment in whole or in part of the Loan, (v) include all right, title and interest of Borrower in and to the Lender as loss payee (for business interruption coverages), policies then in force and (vi) include all proceeds payable thereunder shall thereupon vest in the Lender as additional insured (for liability coverages)purchaser at such foreclosure or Agent or other transferee in the event of such other transfer of title.

NOTICES, CHANGES AND RENEWALS. All policies must require the insurance carrier to give the Lender a minimum of ten (10) days’ notice in the event of modification, cancellation or termination for nonpayment of premium and a minimum of thirty (30) days’ notice of cancellation or nonrenewal, or as required under state law. Prior to each policy renewal, the Borrower shall report to the Lender all sublimits, margin clauses and other conditions and endorsements that reduce the coverages required in this Section and changes to deductibles for sub-limited coverages, self-insured retentions, fronting arrangements, or other endorsements or conditions that require the Borrower to retain additional risk. The Borrower shall report to the Lender immediately any facts fact known to the Borrower that may adversely affect the appropriateness or enforceability of any insurance contract, including, without limitation, changes in the ownership or occupancy of the Real Property, any hazard to the Real Property and any matters that may give rise to any claim. No fewer than thirty ten (3010) days prior to expiration of any policy required under this Section, the Borrower shall provide either (a) an original or certified copy of the renewed renewal policy, or (b) a certificate of insurance, insurance including an Xxxxx 28 (real property), Xxxxx 27 (personal property) or Xxxxx 25 (liability) certificate, or another document satisfactory to the Lender conferring on the Lender the rights and privileges of mortgagee. If the Borrower meets the foregoing requirement under clause (b), the Borrower shall supply provide to Lender an original or certified copy of the original policy within ninety (90) days. All certificates, documents, and original or certified copies of policies must (i) name the Borrower as a named insured or as an additional insured, (ii) include the complete and accurate property address, (iii) show that the applicable coverage or endorsement is in full Deed of Trust, Security Agreement and Fixture Filing 22 Wallingford Plaza, Seattle, Washington AEGON Loan No. 10518230 99068637.3 0027988-00963 force and effect, (iv) convey all of to the insured’s Lender the rights and privileges of a named mortgagee under the policy to the mortgagee (Lender)related policy, (v) include the Lender as loss payee (for business interruption coverages), and (vi) include the Lender as additional insured (for liability coverages). Notwithstanding the above, the Borrower shall not be required to provide copies of its blanket policies, provided Xxxxxx receives certified evidence of insurance.

NOTICES, CHANGES AND RENEWALS. All policies must require the insurance carrier to give the Lender a minimum of ten (10) days’ notice in the event of modification, cancellation or termination for nonpayment of premium and a minimum of thirty (30) days’ notice of cancellation or nonrenewal, or as required under state law. The Borrower shall also provide written notice to the Lender of any material modification of any policy that may reduce the coverage available with respect to the Property. Prior to each policy renewal, the Borrower shall report to the Lender all sublimits, margin clauses and other conditions and endorsements that reduce the coverages required in this Section and changes to deductibles for sub-limited coverages, self-insured retentions, fronting arrangements, or other endorsements or conditions that require the Borrower to retain additional risk. The Borrower shall report to the Lender immediately within five (5) Business Days of learning of any facts such matter, any fact known to the Borrower that may adversely affect the appropriateness or enforceability of any insurance contract, including, without limitation, changes in the ownership or occupancy of the Real Property, any new material hazard to the Real Property that may not be covered under the policies in force, and any matters loss or damage that may give rise to any claim. No fewer than thirty (30) days prior to expiration Upon renewal of any policy required under this Section, the Borrower shall provide either (a) an original or certified copy of the renewed policy, or (b) a certificate of insurance, including insurance in the form of an Xxxxx Axxxx 28 (real property), Xxxxx 27 (personal property) or Xxxxx Axxxx 25 (liability) certificatecertificate showing the renewal of the policy. Thereafter, or another document satisfactory to the Borrower shall supply a copy of the policy as soon as it becomes available. Through naming the Lender conferring or by signed endorsement, each policy shall confer on the Lender the rights and privileges of mortgageemortgagee and loss payee (with respect to business interruption coverage), or additional insured, as the case may be. If the Borrower meets policy is a blanket policy and covers locations other than the foregoing requirement under clause (b)Real Property, the Borrower shall supply an original or certified copy may redact it to remove information regarding other locations and any other information that is unnecessary for the analysis of the original adequacy of coverage of the Property, such as property names and addresses, provided the policy within ninety (90) daysincludes total limits per location and zip codes of all covered properties that are located in High Risk Areas. All certificates, documents, and original or certified copies of policies must (i) name the Borrower as a named insured or as an additional named insured, and (ii) include the complete and accurate property address, (iii) show that the applicable coverage or endorsement is in full force and effect, (iv) convey all of the insured’s rights and privileges under the policy to the mortgagee (Lender), (v) include the Lender as loss payee (for business interruption coverages), and (vi) include the Lender as additional insured (for liability coverages).