Common use of To continuously Clause in Contracts

To continuously. during the term hereof, keep the Improvements and the Fixtures and Personal Property now or hereafter existing, erected, installed and located in or upon the Real Property insured with extended coverage insurance against loss or damage resulting from fire, windstorm, flood (but only if any of the Improvements are located in a flood plain), sinkhole and such other hazards, casualties, contingencies and perils, including, without limitation, other risks insured against by persons operating like properties in the locality of the Property, on such forms as may be required by Lender, covering the Property in the amount of the full replacement cost thereof (provided that Borrower provides a replacement cost endorsement satisfactory to Lender; otherwise, the amount of such insurance shall not be less than the difference between the outstanding balance of the Note and eighty (80%) percent of the then appraised value of the Land and Improvements as determined by Lender in its sole discretion), and covering all loss or abatement of rental or other income without provision for co-insurance in an amount equal to the scheduled rental income of the Property for a period of twelve (12) months, or if applicable, business interruption insurance in an amount sufficient to pay debt service, operating expenses, taxes and insurance for the Property for twelve (12) months, and covering loss by flood (if the Property lies in a specified Flood Hazard Area as designated on the Department of Housing and Urban Development Maps, or other flood prone designation) in an amount equal to the outstanding principal balance of the indebtedness secured hereby or such other amount of coverage as approved by Lender. All such insurance shall be carried with such company or companies as may be acceptable to the Lender, which company or companies shall have a current rating equivalent to at least A:VIII as shown in Best's Key Rating Guide, and the original policy or policies and renewals thereof (or duplicate originals or certified copies thereof), together with receipts evidencing payment of the premium therefor, shall be deposited with, held by and are hereby assigned to Lender as additional security for the indebtedness secured hereby. Each such policy of insurance shall contain a non-contributing loss payable clause in favor of and in form acceptable to Lender and shall provide for not less than thirty (30) days' prior written notice to Lender of intent to modify, cancel or terminate or the expiration of such policies of insurance. Not less than fifteen (15) days prior to the expiration dates of each policy required of the Borrower hereunder, Borrower will deliver to Lender a renewal policy or policies or a certified copy thereof marked "premium paid" or accompanied by other evidence of payment and renewal satisfactory to Lender (Lender agrees that a binder for a renewal policy accompanied by a copy of an invoice for the premium associated therewith (which may show that the premium can be paid in quarterly installments) shall be satisfactory evidence of payment and renewal provided that Borrower delivers to Lender evidence of the payment of such premium on or before the date the premium (or installments thereof, if applicable) is due); and in the event of foreclosure of or exercise of the power of sale in this Security Deed, any purchaser or purchasers of the Property shall succeed to all rights of the Borrower, including any rights to unearned premiums, in and to all insurance policies assigned and delivered to Lender pursuant to the provisions of this Paragraph 8.

To continuously. during the term hereof, keep the Improvements Improvements, and the Fixtures and Personal Property Property, now or hereafter existing, erected, installed and located in or upon the Real Property Property, insured with extended coverage insurance against loss or damage resulting from fire, windstorm, flood (but only if any of the Improvements are located in a flood plain)flood, earthquake, sinkhole and such other hazards, casualties, contingencies and perils, perils including, without limitation, other risks insured against by persons operating like properties in the locality of the Property, or otherwise deemed necessary by Mortgagee, on such forms as may be required by LenderMortgagee, covering the Property in the amount of the full replacement cost thereof thereof, less excavating and foundation costs (provided that Borrower provides a replacement cost endorsement satisfactory to Lender; otherwisehowever, in no case shall the amount of such insurance shall not be less than the difference between the outstanding balance amount of the Note and the North First Note and eighty percent (80%) percent of the then appraised value of the Land and Improvements as determined by Lender in its sole discretion), and covering all loss or abatement of rental or other income without provision for co-insurance in an amount equal to the scheduled rental income of the Property for a period of twelve (12Real Property) months, or if applicable, business interruption insurance in an amount sufficient to pay debt service, operating expenses, taxes and insurance for the Property for twelve (12) months, and covering loss by flood (if the Property lies in a specified Flood Hazard Area as designated on the Department of Housing and Urban Development Maps, or other flood prone designation) in an amount equal to the outstanding principal balance of the indebtedness secured hereby or such other amount of coverage as approved by LenderMortgagee. All such insurance shall be carried with such a company or companies as may be acceptable to the LenderMortgagee, which company or companies shall have a current rating at the time this Mortgage is executed equivalent to at least A:VIII as shown in the most recent Best's Key Rating Guide, and the original policy or policies and renewals thereof (or or, at the sole option of Mortgagee, duplicate originals or certified copies thereof), together with receipts evidencing payment of the premium therefor, shall be deposited with, held by and are hereby assigned to Lender Mortgagee as additional security for the indebtedness secured hereby. Each such policy of insurance shall contain a non-contributing loss payable clause in favor of and in form acceptable to Lender Mortgagee and shall provide for not less than thirty (30) days' prior written notice to Lender Mortgagee of any intent to modify, cancel or terminate the policy or policies, or the expiration of of, such policies of insurance. If the insurance required under this Paragraph 8 or any portion thereof is maintained pursuant to a blanket policy, Mortgagor shall furnish to Mortgagee a certified copy of such policy, together with an original certificate indicating that Mortgagee is an insured under such policy in regard to the Property and showing the amount of coverage apportioned to the Property which coverage shall be V:\106\10670\EDNO2.NTE in an amount sufficient to satisfy the requirements hereof. Not less than fifteen (15) days prior to the expiration dates of each policy required of the Borrower Mortgagor hereunder, Borrower ▇▇▇▇▇▇▇▇▇ will deliver to Lender Mortgagee a renewal policy or policies or a certified copy thereof marked "premium paid" or accompanied by other evidence of payment and renewal satisfactory to Lender (Lender agrees that a binder for a renewal policy accompanied by a copy of an invoice for the premium associated therewith (which may show that the premium can be paid in quarterly installments) shall be satisfactory evidence of payment and renewal provided that Borrower delivers to Lender evidence of the payment of such premium on or before the date the premium (or installments thereof, if applicable) is due)Mortgagee; and in the event of foreclosure of or exercise of the power of sale in this Security DeedMortgage, any purchaser or purchasers of the Property shall succeed to all rights of the BorrowerMortgagor, including any rights to unearned premiums, in and to all insurance policies assigned and delivered to Lender Mortgagee pursuant to the provisions of this Paragraph 8. (a) to the restoration or repair of the insured Improvements and the Fixtures and Personal Property, provided that, in the opinion and sole discretion of Mortgagee, such restoration or repair is reasonably practical and, provided further, that, in the opinion and sole discretion of Mortgagee, either: (i) the insurance proceeds so collected are sufficient to cover the cost of such restoration or repair of the damage or destruction with respect to which such proceeds were paid, or (ii) the insurance proceeds so collected are not sufficient alone to cover the cost of such restoration or repair, but are sufficient therefor when taken together with funds provided and made available by Mortgagor from other sources; in which event Mortgagee shall make such insurance proceeds available to Mortgagor for the purpose of effecting such restoration or repair; but Mortgagee shall not be obligated to see to the proper application of such insurance proceeds nor shall the amount of funds so released or used be deemed to be payment of or on account of the indebtedness secured hereby, or (b) to the reduction of the indebtedness secured hereby, notwithstanding the fact that the amount owing thereon may not then be due and payable or that said indebtedness is otherwise adequately secured, in which event such proceeds shall be applied at par against the indebtedness secured hereby and the monthly payment due on account of such indebtedness shall be V:\106\10670\EDNO2.NTE reduced accordingly. None of such actions taken by Mortgagee shall be deemed to be or result in a waiver or impairment of any equity, lien or right of Mortgagee under and by virtue of this Mortgage, nor will the application of such insurance proceeds to the reduction of the indebtedness serve to cure any default in the payment thereof. In the event of foreclosure of this Mortgage or other transfer of title to the Property in extinguishment of the indebtedness secured hereby, all right, title and interest of Mortgagor in and to any insurance policies then in force and insurance proceeds then payable shall pass to the purchaser or grantee. In case of Mortgagor's failure to keep the Property so insured, Mortgagee or its assigns, may, at its option (but shall not be required to) effect such insurance at Mortgagor's expense. Notwithstanding anything set forth in this Paragraph 8 to the contrary, in the event of loss or damage to the Property by fire or other casualty for which insurance has been required by Mortgagee and provided by ▇▇▇▇▇▇▇▇▇, Mortgagee hereby agrees to allow the proceeds of insurance to be used for the restoration of the Property and to release such insurance proceeds to Mortgagor as such restoration progresses, provided: (a) Mortgagor is not in default under any of the terms, covenants and conditions of this Mortgage, the Note or any of the other Loan Documents; (b) The plans and specifications for the restoration of the Property are approved in writing by Mortgagee, such approval not to be unreasonably withheld; (c) ▇▇▇▇▇▇▇▇▇ has deposited with Mortgagee funds which, when added to insurance proceeds received by Mortgagee, are sufficient to complete the restoration of the Property in accordance with the approved plans and specifications, all applicable building codes, zoning ordinances and regulations, and further, that the funds retained by Mortgagee are sufficient to complete the restoration of the Property as certified to Mortgagee by Mortgagee's inspecting architect/engineer; (d) Mortgagor provides completion, payment and performance bonds and builders' all risk insurance for such restoration in form and amount acceptable to Mortgagee (provided, however, that Mortgagor may guarantee completion of construction to Mortgagee in lieu of completion and performance bonds); (e) The insurer under such policies of fire or other casualty insurance does not assert any defense to payment under such policies against Mortgagee, Mortgagor or any tenant of the Property;

To continuously. during the term hereof, keep the Improvements Improvements, and the Fixtures and Personal Property Property, now or hereafter existing, erected, installed and located in or upon the Real Property Property, insured with extended coverage insurance against loss or damage resulting from fire, windstorm, flood (but only if any of the Improvements are located in a flood plain)flood, earthquake, sinkhole and such other hazards, casualties, contingencies and perils, perils including, without limitation, other risks insured against by persons operating like properties in the locality of the Property, or otherwise deemed necessary by Mortgagee, on such forms as may be required by LenderMortgagee, covering the Property in the amount of the full replacement cost thereof thereof, less excavating and foundation costs (provided that Borrower provides a replacement cost endorsement satisfactory to Lender; otherwisehowever, in no case shall the amount of such insurance shall not be less than the difference between the outstanding balance amount of the Note and the South First Note and eighty percent (80%) percent of the then appraised value of V:\106\10670\EDSO2.NTE the Land and Improvements as determined by Lender in its sole discretion), and covering all loss or abatement of rental or other income without provision for co-insurance in an amount equal to the scheduled rental income of the Property for a period of twelve (12Real Property) months, or if applicable, business interruption insurance in an amount sufficient to pay debt service, operating expenses, taxes and insurance for the Property for twelve (12) months, and covering loss by flood (if the Property lies in a specified Flood Hazard Area as designated on the Department of Housing and Urban Development Maps, or other flood prone designation) in an amount equal to the outstanding principal balance of the indebtedness secured hereby or such other amount of coverage as approved by LenderMortgagee. All such insurance shall be carried with such a company or companies as may be acceptable to the LenderMortgagee, which company or companies shall have a current rating at the time this Mortgage is executed equivalent to at least A:VIII as shown in the most recent Best's Key Rating Guide, and the original policy or policies and renewals thereof (or or, at the sole option of Mortgagee, duplicate originals or certified copies thereof), together with receipts evidencing payment of the premium therefor, shall be deposited with, held by and are hereby assigned to Lender Mortgagee as additional security for the indebtedness secured hereby. Each such policy of insurance shall contain a non-contributing loss payable clause in favor of and in form acceptable to Lender Mortgagee and shall provide for not less than thirty (30) days' prior written notice to Lender Mortgagee of any intent to modify, cancel or terminate the policy or policies, or the expiration of of, such policies of insurance. If the insurance required under this Paragraph 8 or any portion thereof is maintained pursuant to a blanket policy, Mortgagor shall furnish to Mortgagee a certified copy of such policy, together with an original certificate indicating that Mortgagee is an insured under such policy in regard to the Property and showing the amount of coverage apportioned to the Property which coverage shall be in an amount sufficient to satisfy the requirements hereof. Not less than fifteen (15) days prior to the expiration dates of each policy required of the Borrower Mortgagor hereunder, Borrower ▇▇▇▇▇▇▇▇▇ will deliver to Lender Mortgagee a renewal policy or policies or a certified copy thereof marked "premium paid" or accompanied by other evidence of payment and renewal satisfactory to Lender (Lender agrees that a binder for a renewal policy accompanied by a copy of an invoice for the premium associated therewith (which may show that the premium can be paid in quarterly installments) shall be satisfactory evidence of payment and renewal provided that Borrower delivers to Lender evidence of the payment of such premium on or before the date the premium (or installments thereof, if applicable) is due)Mortgagee; and in the event of foreclosure of or exercise of the power of sale in this Security DeedMortgage, any purchaser or purchasers of the Property shall succeed to all rights of the BorrowerMortgagor, including any rights to unearned premiums, in and to all insurance policies assigned and delivered to Lender Mortgagee pursuant to the provisions of this Paragraph 8.. In the event of loss by reason of hazards, casualties, contingencies and perils for which insurance has been required by Mortgagee hereunder, Mortgagor shall give immediate notice thereof to Mortgagee, and Mortgagee is hereby irrevocably appointed attorney-in-fact coupled with an interest, for Mortgagee to, at its option, make proof of loss if not made promptly by ▇▇▇▇▇▇▇▇▇, and each insurance company concerned is hereby notified, authorized and directed to make payment for such loss directly to Mortgagee, instead of to Mortgagor and Mortgagee jointly. Provided Mortgagor is not in default hereunder or under any other Loan Documents, Mortgagor and Mortgagee shall jointly adjust and compromise any losses for which insurance proceeds are payable under any of the aforesaid insurance policies; provided that if Mortgagor and Mortgagee cannot agree on such adjustment within thirty (30) days, Mortgagee shall adjust and compromise any losses in its V:\106\10670\EDSO2.NTE (a) to the restoration or repair of the insured Improvements and the Fixtures and Personal Property, provided that, in the opinion and sole discretion of Mortgagee, such restoration or repair is reasonably practical and, provided further, that, in the opinion and sole discretion of Mortgagee, either: (i) the insurance proceeds so collected are sufficient to cover the cost of such restoration or repair of the damage or destruction with respect to which such proceeds were paid, or (ii) the insurance proceeds so collected are not sufficient alone to cover the cost of such restoration or repair, but are sufficient therefor when taken together with funds provided and made available by Mortgagor from other sources; in which event Mortgagee shall make such insurance proceeds available to Mortgagor for the purpose of effecting such restoration or repair; but Mortgagee shall not be obligated to see to the proper application of such insurance proceeds nor shall the amount of funds so released or used be deemed to be payment of or on account of the indebtedness secured hereby, or (b) to the reduction of the indebtedness secured hereby, notwithstanding the fact that the amount owing thereon may not then be due and payable or that said indebtedness is otherwise adequately secured, in which event such proceeds shall be applied at par against the indebtedness secured hereby and the monthly payment due on account of such indebtedness shall be reduced accordingly. None of such actions taken by Mortgagee shall be deemed to be or result in a waiver or impairment of any equity, lien or right of Mortgagee under and by virtue of this Mortgage, nor will the application of such insurance proceeds to the reduction of the indebtedness serve to cure any default in the payment thereof. In the event of foreclosure of this Mortgage or other transfer of title to the Property in extinguishment of the indebtedness secured hereby, all right, title and interest of Mortgagor in and to any insurance policies then in force and insurance proceeds then payable shall pass to the purchaser or grantee. In case of Mortgagor's failure to keep the Property so insured, Mortgagee or its assigns, may, at its option (but shall not be required to) effect such insurance at Mortgagor's expense. Notwithstanding anything set forth in this Paragraph 8 to the contrary, in the event of loss or damage to the Property by fire or other casualty for which insurance has been required by Mortgagee and provided by ▇▇▇▇▇▇▇▇▇, Mortgagee hereby agrees to allow the proceeds of insurance to be used for the restoration of the Property and to release such insurance proceeds to Mortgagor as such restoration progresses, provided:

To continuously. during the term hereof, keep the Improvements and the Fixtures and Personal Property now or hereafter existing, erected, installed and located in or upon the Real Property insured insured, with extended coverage insurance coverage, against loss or damage resulting from fire, windstorm, flood (but only if any of the Improvements are located in a flood plain)flood, sinkhole and such other hazards, casualties, contingencies and perils, perils including, without limitation, other risks insured against by persons operating like properties in the locality of the Property, or otherwise deemed necessary by Lender, on such forms as may be required by Lender, covering the Property in the amount of the full replacement cost thereof thereof, less excavating and foundation costs (provided that Borrower provides a replacement cost endorsement satisfactory to Lender; otherwiseprovided, however, in no case shall the amount of such insurance shall not be less than the difference between the outstanding balance amount of the Note and eighty percent (80%) percent of the then appraised value of the Land and Improvements as determined by Lender in its sole discretion), and Real Property) covering all loss or abatement of rental or other income without a provision for co-insurance in an amount equal to the scheduled rental income of from the Property for a period of at least twelve (12) monthsmonths or, or if applicable, business interruption insurance in an amount sufficient to pay debt serviceservice on the Note, operating expenses, taxes and insurance for on the Property for a period of twelve (12) months, and covering loss by flood (if the Property lies in a specified Flood Hazard Area as designated on the Department of Housing and Urban Development Maps, or other flood prone designation) in an amount equal to the outstanding principal balance of the indebtedness secured hereby or such other amount of coverage as approved by Lender. All such insurance shall be carried with such a company or companies as may be acceptable to the Lender, which company or companies shall have a current rating at the time this Mortgage is executed and during the entire term of the Note equivalent to at least A:VIII as shown in the most recent Best's Key Rating Guide, and the original policy or policies and renewals thereof (or or, at the sole option of Lender, duplicate originals or certified copies thereof), together with receipts evidencing payment of the premium therefor, shall be deposited with, held by and are hereby assigned to Lender as additional security for the indebtedness secured hereby. Each such policy of insurance shall contain a non-contributing loss payable clause in favor of and in form acceptable to Lender and shall provide for not less than thirty (30) days' days prior written notice to Lender of any intent to modify, cancel or terminate or the expiration of such policies of insurance. If the insurance required under this Paragraph 8 or any portion thereof is maintained pursuant to a blanket policy, Borrower shall furnish to Lender a certified copy of such policy, together with an original certificate indicating that Lender is an insured under such policy in regard to the Property and showing the amount of coverage apportioned to the Property which coverage shall be in an amount sufficient to satisfy the requirements hereof. Not less than fifteen (15) days prior to the expiration dates of each policy required of the Borrower hereunder, Borrower ▇▇▇▇▇▇▇▇ will deliver to Lender a renewal policy or policies or a certified copy thereof marked "premium paid" or accompanied by other evidence of payment and renewal satisfactory to Lender (Lender agrees that a binder for a renewal policy accompanied by a copy of an invoice for the premium associated therewith (which may show that the premium can be paid in quarterly installments) shall be satisfactory evidence of payment and renewal provided that Borrower delivers to Lender evidence of the payment of such premium on or before the date the premium (or installments thereof, if applicable) is due)Lender; and in the event of foreclosure of or exercise of the power of sale in this Security DeedMortgage, any purchaser or purchasers of the Property shall succeed to all rights of the Borrower, including any rights to unearned premiums, in and to all insurance policies assigned and delivered to Lender pursuant to the provisions of this Paragraph 8. Notwithstanding the foregoing, to the extent that any Major Tenant (as hereinafter defined) elects to self insure, such self-insurance will be accepted by ▇▇▇▇▇▇ provided that (a) the Major Tenant maintains a minimum net worth of $100 million, as evidenced by the financial statement provided pursuant to Paragraph 12, (b) the Major Tenant provides written verification of such self-insurance and (c) the Major Tenant Lease (as hereinafter defined) is approved by Lender.