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Inst 2013042740
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Inst 2013042740
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Last modified
2/6/2015 10:16:44 AM
Creation date
3/4/2013 10:03:06 AM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Agreement
Document Date (6)
12/4/2012
Recorded Document Type
Deed of Trust
Assignment of Rents
Retention
PERM
Document Relationships
Agmt 2008 Cornerstone Community Development Corp
(Reference)
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\City Clerk\City Council\Agreements\2008
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7.9 Subrogation. Beneficiary shall be subrogated to the liens of all encumbrances, whether <br /> released of record or not, which are discharged in whole or in part by Beneficiary in accordance with this <br /> Deed of Trust. <br /> 7.10 Hazard, Liability and Workers' Compensation Insurance. At all times during the term <br /> hereof, at Trustor's expense, Trustor shall keep the Improvements and personal property now existing or <br /> hereafter located on the Property insured against loss by fire, vandalism and malicious mischief by a policy <br /> of standard fire and extended all-risk insurance. The policy shall be written on a full replacement value <br /> basis and shall name Beneficiary as loss payee as its interest may appear. The full replacement value of <br /> the improvements to be insured shall be determined by the company issuing the policy at the time the <br /> policy is initially obtained. Not more frequently than once every two (2) years, either the Trustor or the <br /> Beneficiary shall have the right to notify the other party that it elects to have the replacement value <br /> redetermined by the insurance company. Subject to the rights of any senior lienholder, the proceeds <br /> collected under any insurance policy may be applied by Beneficiary to any indebtedness secured hereby <br /> and in such order as Beneficiary may determine, or at the option of Beneficiary, the entire amount so <br /> collected or any part thereof may be released to Trustor. Such application or release shall not cure or <br /> waive any default or notice of default hereunder or invalidate any act done pursuant to such notice. <br /> 7.10.1 Trustor shall at all times during the term hereof, maintain a comprehensive general <br /> liability insurance policy in an amount not less than One Million Dollars ($1,000,000)each occurrence, Two <br /> Million Dollars($2,000,000) annual aggregate, together with Three Million Dollars ($3,000,000) excess <br /> liability coverage or such other policy limits as City may require in its reasonable discretion, including <br /> coverage for bodily injury, property damage, products, completed operations and contractual liability <br /> coverage. Such policy or policies shall be written on an occurrence basis and shall name the Beneficiary <br /> as an additional insured. Trustor shall maintain workers' compensation insurance as required by law. <br /> 7.10.2 Trustor shall file with Beneficiary prior to the commencement of the term hereof, <br /> certificates (or such other proof as Beneficiary may require, including without limitation, copies of the <br /> required insurance policies) evidencing each of the insurance policies and endorsements thereto as <br /> required by this Section, and such certificates (or policies)shall provide that at least thirty (30)days' prior <br /> written notice shall be provided to Beneficiary prior to the expiration, cancellation or change in coverage <br /> under each such policy. <br /> 7.10.3 If any insurance policy required hereunder is canceled or the P <br /> coverage provided <br /> thereunder is reduced, Trustor shall, within twenty-one (21) days after receipt of written notice of such <br /> cancellation or reduction in coverage, but in no event later than the effective date of cancellation or <br /> reduction, file with Beneficiary a certificate showing that the required insurance has been reinstated or <br /> provided through another insurance company or companies. Upon failure to so file such certificate, <br /> Beneficiary may, with notice and at its option, procure such insurance coverage at Trustor's expense, and <br /> Trustor shall promptly reimburse Beneficiary for such expense upon receipt of billing from Beneficiary. <br /> 7.10.4 The insurance policies required hereunder shall be issued by insurance companies <br /> authorized to issue insurance policies in the State of California and that have a financial rating of at least A <br /> VII status as rated in the most recent edition of Best's Key Rating Guide. Each policy of insurance shall <br /> contain an endorsement requiring the insurer to provide at least thirty(30) days written notice to Beneficiary <br /> prior to change in coverage, cancellation or expiration thereof. <br /> 2002455.2 7 <br />
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