Common use of Policy Terms Clause in Contracts

Policy Terms. All insurance policies shall meet the following requirements: (i) overall blanket or excess coverage policies may be supplied; provided, however, that all insurance shall be in amounts sufficient to prevent any insured from being a co-insurer and that the amount of the casualty insurance coverage attributable to the Collateral is clearly set forth; and (ii) all policies shall: (A) name Secured Party “and its successors and assigns as their interests may appear” as “additional insured” and “loss payee” on all casualty insurance and as “additional insured” as to all other insurance; (B) contain an endorsement stating that, as to the interest of Secured Party, such policy “shall not be impaired, invalidated or affected by any statement, act or neglect of any insured, loss payee or other Person, or by any failure to make any report to the insurer, or by the institution of any proceeding to execute upon any lien”; and (C) contain a provision stating that such policy “shall not be canceled or modified except after thirty (30) days prior written notice delivered to Secured Party at its address for notices herein or as subsequently directed in writing by Secured Party”; and (iii) all policies shall be in a form acceptable to Secured Party and shall be issued by financially sound insurers duly licensed and authorized to conduct that type of insurance business in each state where the Collateral is located; and (iv) evidence on ▇▇▇▇▇ Form 27 (with respect to casualty coverage) and ▇▇▇▇▇ Form 25 (with respect to other coverages) of the existence of all policies of insurance and endorsements thereof shall be delivered to Secured Party prior to the date hereof. At least thirty (30) days prior to the expiration of any such policies, the Grantor shall furnish paid receipts and other evidence satisfactory to Secured Party that all such policies have been renewed or replaced; and (v) all policies shall provide that the insurance proceeds and awards may be adjusted only after obtaining the prior written consent of Secured Party and shall be paid directly to Secured Party to the extent required in Section 4.8(d).

Policy Terms. All insurance policies shall meet the following requirements: (i) overall blanket or excess coverage policies may be supplied; supplied provided, however, that all insurance shall be in amounts sufficient to prevent any insured from being a co-insurer and that the amount of the casualty insurance coverage attributable to the Collateral Mortgaged Property is clearly set forth; and (ii) all policies shall: shall (Ai) name Secured Party “Mortgagee "and its successors and assigns as their interests may appear” " as “additional "mortgagee insured” " and “"loss payee” " on all casualty insurance and as “"additional insured” " as to all other insurance; , (Bii) contain an endorsement stating that, as to the interest of Secured PartyMortgagee, such policy “"shall not be impaired, invalidated or affected by any statement, act or neglect of any insured, loss payee or other Person, or by any failure to make any report to the insurer, or by the institution of any proceeding to execute upon any lien”; ", and (Ciii) contain a provision stating that such policy “"shall not be canceled cancelled or modified except after thirty (30) days prior written notice delivered to Secured Party Mortgagee (attn: Commercial Mortgage Department) at its Mortgagee's address for notices herein first listed above or as subsequently directed in writing by Secured Party”Mortgagee; and (iii) all policies shall be in a form reasonably acceptable to Secured Party Mortgagee and shall be issued by financially sound insurers duly licensed and authorized to conduct that type of insurance business in each state where the Collateral is locatedNew Jersey; and (iv) certificates in evidence on ▇▇▇▇▇ Form 27 (with respect to casualty coverage) and ▇▇▇▇▇ Form 25 (with respect to other coverages) of the existence of all policies of insurance and endorsements thereof thereof, together with a paid receipt, shall be delivered to Secured Party deposited with Mortgagee prior to the date hereofclosing of this Mortgage. At least thirty (30) days prior to the expiration of any such policies, the Grantor Mortgagee shall furnish paid receipts and other evidence satisfactory to Secured Party Mortgagee that all such policies have been renewed or replaced; and (v) all policies shall provide that the insurance proceeds and awards may be adjusted only after obtaining the prior written consent of Secured Party Mortgagee and shall be paid directly to Secured Party Mortgagee to the extent required in Section 4.8(d)6.2.