Common use of Insurance and Condemnation Clause in Contracts

Insurance and Condemnation. Grantor shall keep the Improvements insured, and shall maintain during the entire term of this Deed of Trust, comprehensive general liability coverage and such other coverages requested by Beneficiary, by carrier(s), in amounts and in form at all times satisfactory to Beneficiary, which carrier(s), amounts and form shall not be changed without the prior written consent of Beneficiary. All such policies of insurance shall be issued by insurers qualified under the laws of the state in which the Land is located, duly authorized and licensed to transact business in such state and reflecting the Required Rating. Grantor shall maintain all coverages on the Property as are required by Beneficiary at the closing of the Loan, and all other coverages as may be deemed necessary by Beneficiary from time to time during the term of the Loan. Any failure by Beneficiary to insist on full compliance with all of the above insurance requirements at closing does not constitute a waiver of Beneficiary's right to subsequently require full compliance with these requirements. All policies required hereunder shall be indicated by evidence of insurance on the Accord 28 form of certificate (as such form may be updated and renamed from time to time), naming Beneficiary as loss payee and as additional insured. Unless Grantor provides Beneficiary with evidence of the insurance coverage required by this Deed of Trust, Beneficiary may purchase insurance at Grantor's expense to protect Beneficiary's interests in the Property and to maintain the insurance required by this Deed of Trust. This insurance may, but need not, protect Grantor's interests. The coverage purchased by Beneficiary may not pay any claim made by Grantor or any claim that is made against Grantor in connection with the Property or any required insurance policy. Grantor may later cancel any insurance purchased by Beneficiary, but only after providing Beneficiary with evidence that Grantor has obtained insurance as required by this Deed of Trust. If Beneficiary purchases insurance for the Property or insurance otherwise required by this Deed of Trust, Grantor will be responsible for the costs of that insurance, including interest and other charges imposed by Beneficiary in connection with the placement of the insurance, until the effective date of the cancellation or expiration of the insurance. The costs of the insurance may be added to the Indebtedness. The costs of the insurance may be more than the cost of insurance Grantor is able to obtain on its own. In case of loss or damage by fire or other casualty, Grantor shall give immediate written notice thereof to the insurance carrier(s) and to Beneficiary. Beneficiary is authorized and empowered to make or file proofs of loss or damage (in each case only so long as such loss or damage is equal to or greater than $130,000.00 and to settle and adjust any claim under insurance policies which insure against such risks, or to direct Grantor, in writing, to agree with the insurance carrier(s) on the amount to be paid in regard to such loss. The proceeds of any insurance claim are hereby assigned to and shall be paid to Beneficiary as further security for the payment of the Indebtedness and performance of the Obligations and applied as set forth herein. Grantor shall immediately notify Beneficiary of any action or proceeding relating to any condemnation or other taking, whether direct or indirect, of the Property, or part thereof, and Grantor shall appear in and prosecute any such action or proceeding unless otherwise directed by Beneficiary in writing. Grantor authorizes Beneficiary, at Beneficiary's option, as attorney-in-fact for Grantor, to commence, appear in and prosecute, in Beneficiary's or Grantor's name, any action or proceeding relating to any condemnation or other taking of the Property, whether direct or indirect, and to settle or compromise any claim in connection with such condemnation or other taking, provided such claim is for an amount equal to or greater than $130,000.00. The proceeds of any award, payment or claim for damages, direct or consequential, in connection with any condemnation or other taking, whether direct or indirect, of the Property, or part thereof, or for conveyances in lieu of condemnation, are hereby assigned to and shall be paid to Beneficiary as further security for the payment of the Indebtedness and performance of the Obligations and applied as set forth herein. Provided no Event of Default then exists hereunder, the net insurance proceeds and net proceeds of any condemnation award (in each case after deducting only Beneficiary's reasonable costs and expenses, if any, in collecting the same) shall be made available for the restoration or repair of the Property if, in Beneficiary's sole judgment (a) restoration or repair and the continued operation of the Property is economically feasible, as determined by Beneficiary, (b) the value of Beneficiary's security is not reduced, (c) the loss or condemnation, as applicable, does not occur in the 6-month period preceding the stated Maturity Date and Beneficiary's independent consultant certifies that the restoration of the Property can be completed at least 90 days prior to the Maturity Date, and (d) Grantor deposits with Beneficiary an amount, in cash, which Beneficiary, in its sole discretion, determines is necessary, in addition to the net insurance proceeds or net proceeds of any condemnation award, as applicable, to pay in full the cost of the restoration or repair, including the cost to carry the Property and make all required payments due under the Loan during the period of restoration or repair. Notwithstanding the foregoing, it shall be a condition precedent to any disbursement of insurance proceeds held by Beneficiary hereunder that Beneficiary shall have approved (x) all plans and specifications for any proposed repair or restoration, (y) the construction schedule and (z) the architect's and general contractor's contract for all restoration that exceeds $25,000.00 in the aggregate. Beneficiary may establish other conditions it deems reasonably necessary to assure the work is fully completed in a good and workmanlike manner free of all liens or claims by reason thereof. Grantor's deposits made pursuant to this paragraph shall be used before

Insurance and Condemnation. Grantor shall keep the Improvements insured, and shall maintain during the entire term of this Deed of Trust, comprehensive Trust general liability coverage and such other coverages requested by Beneficiary, by carrier(s), in amounts and in form at all times satisfactory to Beneficiary, which carrier(s), amounts and form shall not be changed without the prior written consent of Beneficiary. All such policies of insurance shall be issued by insurers qualified under the laws of the state in which the Land is located, duly authorized and licensed to transact business in such state and reflecting the Required Best’s Rating. Grantor shall maintain all coverages on the Property as are required by Beneficiary at the closing of the Loan, and all other coverages as may be deemed necessary by Beneficiary from time to time during the term of the Loan. Any failure by Beneficiary to insist on full compliance with all of the above insurance requirements at closing does not constitute a waiver of Beneficiary's right to subsequently require full compliance with these requirements. All policies required hereunder shall be indicated by evidence of insurance on the Accord 28 form of certificate (as such form may be updated and renamed from time to time), naming Beneficiary as loss payee and as additional insured. Unless Grantor provides Beneficiary with evidence of the insurance coverage required by this Deed of TrustGrantor, Beneficiary may purchase insurance at Grantor's ’s expense to protect Beneficiary's ’s interests in the Property and to maintain the insurance required by this Deed of TrustGrantor. This insurance may, but need not, protect Grantor's ’s interests. The coverage purchased by Beneficiary may not pay any claim made by Grantor or any claim that is made against Grantor in connection with the Property or any required insurance policy. Grantor may later cancel any insurance purchased by Beneficiary, but only after providing Beneficiary with evidence that Grantor has obtained insurance as required by this Deed of TrustGrantor. If Beneficiary purchases insurance for the Property or insurance otherwise required by this Deed of TrustGrantor, Grantor will be responsible for the costs of that insurance, including interest and other charges imposed by Beneficiary in connection with the placement of the insurance, until the effective date of the cancellation or expiration of the insurance. The costs of the insurance may be added to the Indebtedness. The costs of the insurance may be more than the cost of insurance Grantor is able to obtain on its own. In case of loss or damage by fire or other casualty, Grantor shall give immediate written notice thereof to the insurance carrier(s) and to Beneficiary. Beneficiary is authorized and empowered to make or file proofs of loss or damage (in each case only so long as such loss or damage is equal to or greater than $130,000.00 25,000.00) and to settle and adjust any claim under insurance policies which insure against such risks, or to direct Grantor, in writing, to agree with the insurance carrier(s) on the amount to be paid in regard to such loss. The proceeds of any insurance claim are hereby assigned to and shall be paid to Beneficiary as further security for the payment of the Indebtedness and performance of the Obligations and applied as set forth herein. Grantor shall immediately notify Beneficiary of any action or proceeding relating to any condemnation or other taking, whether direct or indirect, of the Property, or part thereof, and Grantor shall appear in and prosecute any such action or proceeding unless otherwise directed by Beneficiary in writing. Grantor authorizes Beneficiary, at Beneficiary's ’s option, as attorney-in-fact for Grantor, to commence, appear in and prosecute, in Beneficiary's ’s or Grantor's ’s name, any action or proceeding relating to any condemnation or other taking of the Property, whether direct or indirect, and to settle or compromise any claim in connection with such condemnation or other taking, provided such claim is for an amount equal to or greater than $130,000.0025,000.00. The proceeds of any award, payment or claim for damages, direct or consequential, in connection with any condemnation or other taking, whether direct or indirect, of the Property, or part thereof, or for conveyances in lieu of condemnation, are hereby assigned to and shall be paid to Beneficiary as further security for the payment of the Indebtedness and performance of the Obligations and applied as set forth hereinObligations. Provided no Event of Default then exists hereunder, the net insurance proceeds and net proceeds of any condemnation award (in each case after deducting only of Beneficiary's ’s reasonable costs and expenses, if any, in collecting the same) shall be made available for the restoration or repair of the Property if, in Beneficiary's ’s sole judgment (a) restoration or repair and the continued operation of the Property is economically feasible, as determined by Beneficiary, (b) the value of Beneficiary's ’s security is not reduced, (c) the loss or condemnation, as applicable, does not occur in the 6-month period preceding the stated Maturity Date and Beneficiary's ’s independent consultant certifies that the restoration of the Property can be completed at least 90 days prior to the Maturity Date, and (d) Grantor deposits with Beneficiary an amount, in cash, which Beneficiary, in its sole discretion, determines is necessary, in addition to the net insurance proceeds or net proceeds of any condemnation award, as applicable, to pay in full the cost of the restoration or repair, including the cost to carry the Property and make all required payments due under the Loan during the period of restoration or repair. Notwithstanding the foregoing, it shall be a condition precedent to any disbursement of insurance proceeds held by Beneficiary hereunder that Beneficiary shall have approved (x) all plans and specifications for any proposed repair or restoration, (y) the construction schedule and (z) the architect's ’s and general contractor's ’s contract for all restoration that exceeds $25,000.00 in the aggregate. Beneficiary may establish other conditions it deems reasonably necessary to assure the work is fully completed in a good and workmanlike manner free of all liens or claims by reason thereof. Grantor's ’s deposits made pursuant to this paragraph shall be used beforebefore the net insurance proceeds or net proceeds of any condemnation award, as applicable, for such restoration or repair. If the net insurance proceeds or net proceeds of any condemnation award, as applicable, are made available for restoration or repair, such work shall be completed by Grantor in an expeditious and diligent fashion, and in compliance with all applicable laws, rules and regulations. At Beneficiary’s option, the net insurance proceeds or net proceeds of any condemnation award, as applicable, shall be disbursed pursuant to a construction escrow acceptable to Beneficiary. If following the final payments for the completion of such restoration or repair there are any net insurance proceeds or net proceeds of any condemnation award, as applicable, remaining, such proceeds shall be paid (i) to Grantor to the extent Grantor was required to make a deposit pursuant to this paragraph, (ii) then to Beneficiary to be applied to the Indebtedness, whether or not due and payable until paid in full, and (iii) then to Grantor. If an Event of Default then exists, or any of the conditions set forth in subparagraphs (a) through (d) of this Paragraph 5 have not been met or satisfied, the net insurance proceeds or net proceeds of any condemnation award, as applicable, shall be applied to the Indebtedness, whether or not due and payable, with any excess paid to Grantor.

Insurance and Condemnation. Grantor Borrower shall keep the Improvements insured, and shall maintain during the entire term of this Deed of TrustMortgage, comprehensive general liability coverage and such other coverages requested by BeneficiaryLender, by carrier(s), in amounts and in form at all times satisfactory to BeneficiaryLender, which carrier(s), amounts and form shall not be changed without the prior written consent of BeneficiaryLender. All such policies of insurance shall be issued by insurers qualified under the laws of the state in which the Land is located, duly authorized and licensed to transact business in such state and reflecting the Required Best's Rating. Grantor Borrower shall maintain all coverages on the Property as are required by Beneficiary Lender at the closing of the Loan, and all other coverages as may be deemed reasonably necessary by Beneficiary Lender from time to time during the term of the Loan. Any failure by Beneficiary to insist on full compliance with all of the above insurance requirements at closing does not constitute a waiver of Beneficiary's right to subsequently require full compliance with these requirements. All policies required hereunder shall be indicated by evidence of insurance on the Accord 28 form of certificate (as such form may be updated and renamed from time to time), naming Beneficiary as loss payee and as additional insured. Unless Grantor Borrower provides Beneficiary Lender with evidence of the insurance coverage required by this Deed of TrustMortgage, Beneficiary Lender may purchase insurance at GrantorBorrower's expense to protect BeneficiaryLender's interests in the Property and to maintain the insurance required by this Deed of TrustMortgage. This insurance may, but need not, protect GrantorBorrower's interests. The coverage purchased by Beneficiary Lender may not pay any claim made by Grantor Borrower or any claim that is made against Grantor Borrower in connection with the Property or any required insurance policy. Grantor Borrower may later cancel any insurance purchased by BeneficiaryLender, but only after providing Beneficiary Lender with evidence that Grantor Borrower has obtained insurance as required by this Deed of TrustMortgage. If Beneficiary Lender purchases insurance for the Property or insurance otherwise required by this Deed of TrustMortgage, Grantor Borrower will be responsible for the costs of that insurance, including interest and other charges imposed by Beneficiary Lender in connection with the placement of the insurance, until the effective date of the cancellation or expiration of the insurance. The costs of the insurance may be added to the Indebtedness. The costs of the insurance may be more than the cost of insurance Grantor Borrower is able to obtain on its own. In case of loss or damage by fire or other casualty, Grantor Borrower shall give immediate written notice thereof to the insurance carrier(s) and to BeneficiaryLender. Beneficiary Lender is authorized and empowered to make or file proofs of loss or damage (in each case only so long as such loss or damage is equal to or greater than $130,000.00 100,000.00 and to settle and adjust any claim under insurance policies which insure against such risks, or to direct GrantorBorrower, in writing, to agree with the insurance carrier(s) on the amount to be paid in regard to such loss. The proceeds loss provided, however, that as long as no Event of Default has occurred and is continuing, or any insurance claim are hereby assigned to and condition has occurred which with the giving of notice, the passage of time, or both, would constitute such an Event of Default, Lender shall be paid to Beneficiary as further security for the payment not do any of the Indebtedness foregoing without the Borrower's participation and performance of the Obligations and applied as set forth hereinagreement. Grantor Borrower shall immediately notify Beneficiary Lender of any action or proceeding relating to any condemnation or other taking, whether direct or indirect, of the Property, or part thereof, and Grantor Borrower shall appear in and prosecute any such action or proceeding unless otherwise directed by Beneficiary Lender in writing. Grantor Borrower authorizes BeneficiaryLender, at BeneficiaryLender's option, as attorney-in-fact for GrantorBorrower, to commence, appear in and prosecute, in BeneficiaryLender's or GrantorBorrower's name, any action or proceeding relating to any condemnation or other taking of the Property, whether direct or indirect, and to settle or compromise any claim in connection with such condemnation or other taking, provided such claim is for an amount equal to or greater than $130,000.0050,000.00 provided, however, that as long as no Event of Default has occurred and is continuing, or any condition has occurred which with the giving of notice, the passage of time, or both, would constitute such an Event of Default, Lender shall not do any of the foregoing without the Borrower's participation and agreement. The proceeds of any award, payment or claim for damages, direct or consequential, in connection with any condemnation or other taking, whether direct or indirect, of the Property, or part thereof, or for conveyances in lieu of condemnation, are hereby assigned to and shall be paid to Beneficiary Lender as further security for the payment of the Indebtedness and performance of the Obligations and applied as set forth herein. Provided no Event of Default then exists hereunder, the net insurance proceeds and net proceeds of any condemnation award (in each case after deducting only Beneficiary's reasonable costs and expenses, if any, in collecting the same) shall be made available for the restoration or repair of the Property if, in Beneficiary's sole judgment (a) restoration or repair and the continued operation of the Property is economically feasible, as determined by Beneficiary, (b) the value of Beneficiary's security is not reduced, (c) the loss or condemnation, as applicable, does not occur in the 6-month period preceding the stated Maturity Date and Beneficiary's independent consultant certifies that the restoration of the Property can be completed at least 90 days prior to the Maturity Date, and (d) Grantor deposits with Beneficiary an amount, in cash, which Beneficiary, in its sole discretion, determines is necessary, in addition to the net insurance proceeds or net proceeds of any condemnation award, as applicable, to pay in full the cost of the restoration or repair, including the cost to carry the Property and make all required payments due under the Loan during the period of restoration or repair. Notwithstanding the foregoing, it shall be a condition precedent to any disbursement of insurance proceeds held by Beneficiary hereunder that Beneficiary shall have approved (x) all plans and specifications for any proposed repair or restoration, (y) the construction schedule and (z) the architect's and general contractor's contract for all restoration that exceeds $25,000.00 in the aggregate. Beneficiary may establish other conditions it deems reasonably necessary to assure the work is fully completed in a good and workmanlike manner free of all liens or claims by reason thereof. Grantor's deposits made pursuant to this paragraph shall be used beforeObligations.

Insurance and Condemnation. Grantor Borrower shall keep the Improvements insured, and shall maintain during the entire term of this Deed of Trust, comprehensive general liability coverage and such other coverages requested by Beneficiary, by carrier(s)Lender, in amounts and in form at all times reasonably satisfactory to Beneficiary, which carrier(s), amounts and form shall not be changed without the prior written consent of Beneficiary. All Lender provided all such policies of insurance shall be issued by insurers qualified under the laws of the state in which the Land is located, duly authorized and licensed to transact business in such state and reflecting the Required Ratinga General Policy Rating of A-(X) or better in Best's Key Rating Guide. Grantor shall maintain all coverages on the Property Existing insurance carriers (so long as they are required rated A-(X)) and amounts approved by Beneficiary at the closing Lender as of the Loan, and all other coverages as may date hereof shall be deemed necessary by Beneficiary from time to time during the term of the Loan. Any failure by Beneficiary to insist on full compliance with all of the above insurance requirements at closing does not constitute a waiver of Beneficiary's right to subsequently require full compliance with these requirements. All policies required hereunder shall be indicated by evidence of insurance on the Accord 28 form of certificate (as such form may be updated and renamed from time to time), naming Beneficiary as loss payee and as additional insuredapproved hereafter. Unless Grantor Borrower provides Beneficiary Lender with evidence of the insurance coverage required by this Deed of TrustMortgage, Beneficiary Lender may purchase insurance at GrantorBorrower's expense to protect BeneficiaryLender's interests in the Property and to maintain the insurance required by this Deed of TrustMortgage. This insurance may, but need not, protect GrantorBorrower's interests. The coverage purchased by Beneficiary Lender may not pay any claim made by Grantor Borrower or any claim that is made against Grantor Borrower in connection with the Property or any required insurance policy. Grantor Borrower may later cancel any insurance purchased by BeneficiaryLender, but only after providing Beneficiary Lender with evidence that Grantor Borrower has obtained insurance as required by this Deed of TrustMortgage. If Beneficiary Lender purchases insurance for the Property or insurance otherwise required by this Deed of TrustMortgage, Grantor Borrower will be responsible for the costs of that insurance, including interest and other charges imposed by Beneficiary Lender in connection with the placement of the insurance, until the effective date of the cancellation or expiration of the insurance. The costs of the insurance may be added to the Indebtedness. The costs of the insurance may be more than the cost of insurance Grantor Borrower is able to obtain on its own. In case of loss or damage by fire or other casualty, Grantor shall give immediate written notice thereof to the insurance carrier(s) and to Beneficiary. Beneficiary is authorized and empowered to make or file proofs of loss or damage (in each case only so long as such loss or damage is equal to or greater than $130,000.00 and to settle and adjust any claim under insurance policies which insure against such risks, or to direct Grantor, in writing, to agree with the insurance carrier(s) on the amount to be paid in regard to such loss. The proceeds of any insurance claim are hereby assigned to and shall be paid to Beneficiary as further security for the payment of the Indebtedness and performance of the Obligations and applied as set forth herein. Grantor shall immediately notify Beneficiary of any action or proceeding relating to any condemnation or other taking, whether direct or indirect, of the Property, or part thereof, and Grantor shall appear in and prosecute any such action or proceeding unless otherwise directed by Beneficiary in writing. Grantor authorizes Beneficiary, at Beneficiary's option, as attorney-in-fact for Grantor, to commence, appear in and prosecute, in Beneficiary's or Grantor's name, any action or proceeding relating to any condemnation or other taking of the Property, whether direct or indirect, and to settle or compromise any claim in connection with such condemnation or other taking, provided such claim is for an amount equal to or greater than $130,000.00. The proceeds of any award, payment or claim for damages, direct or consequential, in connection with any condemnation or other taking, whether direct or indirect, of the Property, or part thereof, or for conveyances in lieu of condemnation, are hereby assigned to and shall be paid to Beneficiary as further security for the payment of the Indebtedness and performance of the Obligations and applied as set forth herein. Provided no Event of Default then exists hereunder, the net insurance proceeds and net proceeds of any condemnation award (in each case after deducting only Beneficiary's reasonable costs and expenses, if any, in collecting the same) shall be made available for the restoration or repair of the Property if, in Beneficiary's sole judgment (a) restoration or repair and the continued operation of the Property is economically feasible, as determined by Beneficiary, (b) the value of Beneficiary's security is not reduced, (c) the loss or condemnation, as applicable, does not occur in the 6-month period preceding the stated Maturity Date and Beneficiary's independent consultant certifies that the restoration of the Property can be completed at least 90 days prior to the Maturity Date, and (d) Grantor deposits with Beneficiary an amount, in cash, which Beneficiary, in its sole discretion, determines is necessary, in addition to the net insurance proceeds or net proceeds of any condemnation award, as applicable, to pay in full the cost of the restoration or repair, including the cost to carry the Property and make all required payments due under the Loan during the period of restoration or repair. Notwithstanding the foregoing, it shall be a condition precedent to any disbursement of insurance proceeds held by Beneficiary hereunder that Beneficiary shall have approved (x) all plans and specifications for any proposed repair or restoration, (y) the construction schedule and (z) the architect's and general contractor's contract for all restoration that exceeds $25,000.00 in the aggregate. Beneficiary may establish other conditions it deems reasonably necessary to assure the work is fully completed in a good and workmanlike manner free of all liens or claims by reason thereof. Grantor's deposits made pursuant to this paragraph shall be used before.

Insurance and Condemnation. Grantor Borrower shall keep the Improvements insured, and shall maintain during the entire term of this Deed of TrustMortgage, comprehensive general liability coverage and such other coverages reasonably requested by BeneficiaryLender, by carrier(s), in amounts and in form at all times satisfactory to BeneficiaryLender, which carrier(s), amounts and form shall not be changed without the prior written consent of BeneficiaryLender, which consent shall not be unreasonably withheld or delayed. All such policies of insurance shall be issued by insurers qualified under the laws of the state in which the Land is located, duly authorized and licensed to transact business in such state and reflecting the Required Ratinga Best's Rating satisfactory to Lender. Grantor Borrower shall maintain all coverages on the Property as are required by Beneficiary Lender at the closing of the Loan, and upon 45 days' written notice to Borrower, all other coverages as may be deemed reasonably necessary by Beneficiary Lender from time to time during the term of the Loan. Notwithstanding the foregoing, Borrower shall not be required to maintain terrorism insurance upon the Property. Any failure by Beneficiary Lender to insist on full compliance with all of the above insurance requirements at closing does not constitute a waiver of BeneficiaryLender's right to subsequently require full compliance with these requirements. All policies required hereunder shall be indicated by evidence of insurance on the Accord 28 form of certificate (as such form may be updated and renamed from time to time), naming Beneficiary as loss payee and as additional insured. Unless Grantor Borrower provides Beneficiary Lender with evidence of the insurance coverage required by this Deed of TrustMortgage, Beneficiary Lender may upon written notice to Borrower purchase insurance at GrantorBorrower's expense to protect BeneficiaryLender's interests in the Property and to maintain the insurance required by this Deed of TrustMortgage. This insurance may, but need not, protect GrantorBorrower's interests. The coverage purchased by Beneficiary Lender may not pay any claim made by Grantor Borrower or any claim that is made against Grantor Borrower in connection with the Property or any required insurance policy. Grantor Borrower may later cancel any insurance purchased by BeneficiaryLender, but only after providing Beneficiary Lender with evidence that Grantor Borrower has obtained insurance as required by this Deed of TrustMortgage. If Beneficiary Lender purchases insurance for the Property or insurance otherwise required by this Deed of TrustMortgage, Grantor Borrower will be responsible for the costs of that insurance, including interest and other charges imposed by Beneficiary Lender in connection with the placement of the insurance, until the effective date of the cancellation or expiration of the insurance. The costs of the insurance may be added to the Indebtedness. The costs of the insurance may be more than the cost of insurance Grantor Borrower is able to obtain on its own. In case of loss or damage by fire or other casualty, Grantor shall give immediate written notice thereof to Notwithstanding the insurance carrier(s) and to Beneficiary. Beneficiary is authorized and empowered to make or file proofs of loss or damage (in each case only so long as such loss or damage is equal to or greater than $130,000.00 and to settle and adjust any claim under insurance policies which insure against such risks, or to direct Grantorforegoing, in writing, the event that the cost to agree with the Borrower to obtain and maintain business interruption insurance carrier(s) on the amount to be paid in regard to such loss. The proceeds of any insurance claim are hereby assigned to and shall be paid to Beneficiary as further security for the payment of the Indebtedness and performance of the Obligations and applied as set forth herein. Grantor shall immediately notify Beneficiary of any action or proceeding relating to any condemnation or other taking, whether direct or indirect, of the Property, or part thereof, and Grantor shall appear in and prosecute any such action or proceeding unless otherwise directed period requested by Beneficiary in writing. Grantor authorizes Beneficiary, at Beneficiary's option, as attorney-in-fact for Grantor, to commence, appear in and prosecute, in Beneficiary's or Grantor's name, any action or proceeding relating to any condemnation or other taking of the Property, whether direct or indirect, and to settle or compromise any claim in connection with such condemnation or other taking, provided such claim Lender is for an amount equal to or greater than $130,000.00. The proceeds of any award, payment or claim for damages, direct or consequential, in connection with any condemnation or other taking, whether direct or indirect, of the Property, or part thereof, or for conveyances in lieu of condemnation, are hereby assigned to and shall be paid to Beneficiary as further security for the payment of the Indebtedness and performance of the Obligations and applied as set forth herein. Provided no Event of Default then exists hereunder, the net insurance proceeds and net proceeds of any condemnation award excessive (in each case after deducting only Beneficiary's reasonable costs and expenses, if any, in collecting the same) shall be made available for the restoration or repair of the Property if, in Beneficiary's sole judgment (a) restoration or repair and the continued operation of the Property is economically feasible, as determined by Beneficiary, (b) the value of Beneficiary's security is not reduced, (c) the loss or condemnation, as applicable, does not occur in the 6-month period preceding the stated Maturity Date and Beneficiary's independent consultant certifies that the restoration of the Property can be completed at least 90 days prior to the Maturity Date, and (d) Grantor deposits with Beneficiary an amount, in cash, which Beneficiary, Lender in its sole discretion), determines is necessary, in addition to the net insurance proceeds or net proceeds Lender will accept a policy of any condemnation award, as applicable, to pay in full the cost business interruption which shall provide coverage for not less than twelve (12) months of the restoration or repair, including the cost to carry the Property and make all required payments due under the Loan during the period of restoration or repair. Notwithstanding the foregoing, it shall be a condition precedent to any disbursement of insurance proceeds held by Beneficiary hereunder that Beneficiary shall have approved (x) all plans and specifications for any proposed repair or restoration, (y) the construction schedule and (z) the architect's and general contractor's contract for all restoration that exceeds $25,000.00 in the aggregate. Beneficiary may establish other conditions it deems reasonably necessary to assure the work is fully completed in a good and workmanlike manner free of all liens or claims by reason thereof. Grantor's deposits made pursuant to this paragraph shall be used beforedebt service coverage.

Insurance and Condemnation. Grantor Mortgagor shall keep the Improvements insured, and shall maintain during the entire term of this Deed of Trust, comprehensive general liability coverage and such other coverages requested by BeneficiaryAgent, by carrier(s), in amounts and in form at all times satisfactory to BeneficiaryAgent, which carrier(s), amounts and form shall not be changed without the prior written consent of BeneficiaryAgent, which shall not be unreasonably withheld or delayed. All such policies of insurance shall be issued by insurers qualified under in compliance with the laws requirements of Section 2.2 of the state in which the Land is located, duly authorized and licensed to transact business in such state and reflecting the Required Rating. Grantor shall maintain all coverages on the Property as are required by Beneficiary at the closing of the Loan, and all other coverages as may be deemed necessary by Beneficiary from time to time during the term of the Loan. Any failure by Beneficiary to insist on full compliance with all of the above insurance requirements at closing does not constitute a waiver of Beneficiary's right to subsequently require full compliance with these requirements. All policies required hereunder shall be indicated by evidence of insurance on the Accord 28 form of certificate (as such form may be updated and renamed from time to time), naming Beneficiary as loss payee and as additional insuredCredit Agreement. Unless Grantor Mortgagor provides Beneficiary Agent with appropriate evidence of the insurance coverage required by this Deed of TrustMortgage, Beneficiary Agent may purchase insurance at GrantorMortgagor's expense to protect BeneficiaryAgent's interests in the Property and to maintain the insurance required by this Deed of TrustMortgage. This insurance may, but need not, protect GrantorMortgagor's interests. The coverage purchased by Beneficiary Agent may not pay any claim made by Grantor Mortgagor or any claim that is made against Grantor Mortgagor in connection with the Property or any required insurance policy. Grantor Mortgagor may later cancel any insurance purchased by BeneficiaryAgent, but only after providing Beneficiary Agent with appropriate evidence that Grantor Mortgagor has obtained insurance as required by this Deed of TrustMortgage. If Beneficiary Agent purchases insurance for the Property or insurance otherwise required by this Deed of TrustMortgage, Grantor Mortgagor will be responsible for the costs of that insurance, including interest and other charges imposed by Beneficiary Agent in connection with the placement of the insurance, until the effective date of the cancellation or expiration of the insurance. The costs of the insurance may be added to the Indebtedness. The costs of the insurance may be more than the cost of insurance Grantor Mortgagor is able to obtain on its own. In case of loss or damage by fire or other casualty, Grantor Mortgagor shall give immediate written notice thereof to the insurance carrier(s) and to BeneficiaryAgent. Beneficiary Agent is authorized and empowered to make or file proofs of loss or damage (in each case only so long as such loss or damage damages is equal to or greater than $130,000.00 100,000.00) and to settle and adjust any claim under insurance policies which insure against such risks, or to direct GrantorMortgagor, in writing, to agree with the insurance carrier(s) on the amount to be paid in regard to such loss. The proceeds of any insurance claim are hereby assigned to and shall be paid to Beneficiary as further security for the payment of the Indebtedness and performance of the Obligations and applied as set forth herein. Grantor Mortgagor shall immediately notify Beneficiary Agent of any action or proceeding relating to any condemnation or other taking, whether direct or indirect, of the Property, or part thereof, and Grantor Mortgagor shall appear in and prosecute any such action or proceeding unless otherwise directed by Beneficiary Agent in writing. Grantor Mortgagor authorizes BeneficiaryAgent, at BeneficiaryAgent's option, as attorney-in-fact for GrantorMortgagor, to commence, appear in and prosecute, in BeneficiaryAgent's or GrantorMortgagor's name, any action or proceeding relating to any condemnation or other taking of the Property, whether direct or indirect, and to settle or compromise any claim in connection with such condemnation or other taking, provided such claim is for an amount equal to or greater than $130,000.0050,000.00. The proceeds of any award, payment or claim for damages, direct or consequential, in connection with any condemnation or other taking, whether direct or indirect, of the Property, or part thereof, or for conveyances in lieu of condemnation, are hereby assigned to and shall be paid to Beneficiary as further security for the payment Agent in accordance with Section 1.5(c) of the Indebtedness Credit Agreement. Subject to Sections 2.2 and performance 1.5(c) of the Obligations Credit Agreement and applied as set forth herein. Provided provided no Event of Default then exists hereunder, the net insurance proceeds and net proceeds of any condemnation award (in each case after deducting deduction only Beneficiaryof Agent's reasonable costs and expenses, if any, in collecting the same, the "Net Proceeds") shall be made available for the restoration or repair of the Property if, in BeneficiaryAgent's sole judgment discretion (a) restoration or repair and the continued operation of the Property is economically feasible, as determined by Beneficiary, (b) the value of BeneficiaryAgent's security is not reduced, (c) the loss or condemnation, as applicable, does not occur in the six (6-) month period preceding the stated Maturity Date maturity date of the Indebtedness and BeneficiaryAgent's independent consultant certifies that the restoration of the Property can be completed at least 90 ninety (90) days prior to the Maturity Datematurity date of the Indebtedness, and (d) Grantor Mortgagor deposits cash with Beneficiary Agent in an amount, in cash, amount which BeneficiaryAgent, in its sole discretion, determines is necessary, in addition to the net insurance proceeds or net proceeds of any condemnation award, as applicable, Net Proceeds to pay in full the cost of the restoration or repair, including the cost repair (Mortgagor's deposit shall be disbursed prior to carry the Property and make all required payments due under the Loan during the period any disbursement of restoration or repairNet Proceeds held by Agent). Notwithstanding the foregoing, it shall be a condition precedent to any disbursement of insurance proceeds Net Proceeds held by Beneficiary Agent hereunder that Beneficiary Agent shall have approved (x) all plans and specifications for any proposed repair or restoration, (y) the construction schedule and (z) the architect's and general contractor's contract for all restoration that exceeds $25,000.00 50,000.00 in the aggregate. Beneficiary Agent may establish other conditions it deems reasonably necessary to assure the work is fully completed in a good and workmanlike manner free of all liens or claims by reason thereof. GrantorMortgagor's deposits made pursuant to this paragraph shall be used beforebefore the Net Proceeds for such restoration or repair. If the Net Proceeds are made available for restoration or repair, such work shall be completed by Mortgagor in a diligent fashion, and in compliance with all applicable laws, rules and regulations. At Agent's option, the Net Proceeds shall be disbursed pursuant to a construction escrow acceptable to Agent. If following the final payments for the