Laserfiche WebLink
96314544 <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 I(ey'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 />5. Preservation 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 its food processing 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 />Property, and sums paid in settlement of claims, attorneys' fees, consultant fees and <br />expert fees) which arise during or after the term of this Deed of Trust as a result of <br />such breach, contamination, discharge, or release. This indemnification of Lender by <br />Daniel Woolery Page 3 of 10 <br />Deed of Trust November 15, 1996 <br />