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• <br /> under any mortgage, deed of trust or other security agreement with a lien on the <br /> Property. <br /> 4. Hazard Insurance. Borrower shall keep the improvements and personal <br /> property now existing or hereafter erected on the Property insured against loss by fire, <br /> vandalism and malicious mischief by a policy of standard fire and extended all -risk <br /> insurance. The policy shall be written on a full replacement value basis. <br /> The insurance policy shall be issued in the name of the Borrower and the <br /> Lender, as their interests appear. The insurance policy shall contain an endorsement <br /> which provides that any proceeds shall be disbursed and used to repair or rebuild any <br /> such improvements so damaged or destroyed. <br /> The full replacement value of the improvements to be insured hereunder shall <br /> be determined by the company issuing the policy at the time the policy is initially <br /> obtained. Not more frequently than once every two (2) years, either the Borrower or <br /> the Lender shall have the right to notify the other party that it elects to have the <br /> replacement value redetermined by the insurance company. <br /> The insurance policy shall be issued by an insurance company authorized to do <br /> business in the State of California with a financial rating of at least A VII status as <br /> rated in the most recent edition of Best's ICey Rating Guide. The policy shall contain <br /> an endorsement requiring thirty (30) days written notice from the insurance <br /> company to both parties before cancellation. <br /> S. 'reservation and Maintenance of Property: Hazardous Materials. <br /> Borrower shall keep the Property in good repair and shall not commit waste or permit <br /> impairment or deterioration of the Property. <br /> Borrower shall not cause or permit any Hazardous Materials (as hereinafter <br /> defined) to be brought upon, kept or used in or about the Property by Borrower, its <br /> agents, employees, contractors or invitees, except for those materials necessary for <br /> carrying out a new and used automobile dealership business. <br /> If Borrower breaches the obligations stated in this paragraph 5, then Borrower <br /> shall indemnify, defend (with counsel approved by Lender) and hold Lender harmless <br /> from and against any and all claims, judgments, damages, penalties, fines, costs, <br /> liabilities and losses (including, without limitation, diminution in value of the <br /> Redevelopment Agency (Automall) <br /> Deed of Trust • • <br /> • October 2, 1996 Page 3 of 10 <br />