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• <br /> 7.9 Subrogation. Beneficiary shall be subrogated to the liens of all <br /> encumbrances, whether released of record or not, which are discharged in whole or in <br /> part by Beneficiary in accordance with this Deed of Trust. <br /> 7.10 Hazard, Liability and Workers' Compensation Insurance. At all times <br /> during the term hereof, at Trustor's expense, Trustor shall keep the Improvements and <br /> personal property now existing or hereafter located on the Property insured against loss <br /> by fire, vandalism and malicious mischief by a policy of standard fire and extended all - <br /> risk insurance. The policy shall be written on a full replacement value basis and shall <br /> name Beneficiary as loss payee as its interest may appear. The full replacement value <br /> of the improvements to be insured shall be determined by the company issuing the <br /> policy at the time the policy is initially obtained. Not more frequently than once every <br /> two (2) years, either the Trustor or the Beneficiary shall have the right to notify the other <br /> party that it elects to have the replacement value redetermined by the insurance <br /> company. Subject to the rights of any senior lienholder, the proceeds collected under <br /> any insurance policy may be applied by Beneficiary to any indebtedness secured <br /> hereby and in such order as Beneficiary may determine, or at the option of Beneficiary, <br /> the entire amount so collected or any part thereof may be released to Trustor. Such <br /> application or release shall not cure or waive any default or notice of default hereunder <br /> or invalidate any act done pursuant to such notice. Notwithstanding anything to the <br /> contrary set forth herein, provided that Trustor is not in default under any Loan <br /> Document, Trustor shall be permitted to use the proceeds of insurance to rebuild the <br /> Improvements. <br /> 7.10.1 Trustor shall at all times during the term hereof, maintain a <br /> comprehensive general liability insurance policy in an amount not less than One Million <br /> Dollars ($1,000,000) each occurrence, Two Million Dollars ($2,000,000) annual <br /> aggregate, together with Three Million Dollars ($3,000,000) excess liability coverage or <br /> such other policy limits as Beneficiary may require in its reasonable discretion, including <br /> coverage for bodily injury, property damage, products, completed operations and <br /> contractual liability coverage. Such policy or policies shall be written on an occurrence <br /> basis and shall name the Beneficiary as an additional insured. Trustor shall maintain <br /> workers' compensation insurance as required by law. <br /> 7.10.2 Trustor shall file with Beneficiary prior to the commencement of the <br /> term hereof, certificates (or such other proof as Beneficiary may require, including <br /> without limitation, copies of the required insurance policies) evidencing each of the <br /> insurance policies and endorsements thereto as required by this Section, and such <br /> certificates (or policies) shall provide that at least thirty (30) days' prior written notice <br /> shall be provided to Beneficiary prior to the expiration, cancellation or change in <br /> coverage under each such policy. <br /> 7.10.3 If any insurance policy required hereunder is canceled or the <br /> coverage provided thereunder is reduced, Trustor shall, within fifteen (15) days after <br /> receipt of written notice of such cancellation or reduction in coverage, but in no event <br /> later than the effective date of cancellation or reduction, file with Beneficiary a <br /> certificate showing that the required insurance has been reinstated or provided through <br /> 1582131.3 8 <br />