10210 EVERGREEN WAY 2018-01-01 MF Import

(�� `(:�- forth ihe coverage,the limits of liability, the carrier, the policy number and the expiradon date. As security for the Securod Obligations,Borrower hereby assigns to Lender all required insurance policies,together with all proceeds themof,rights thereto and al! unearned premiums retumsble upon cancellation. All insurance policies shall be evaluated and adjusted as required by Lender on an annual basis. Borrower assumes all risk of insufficient coverage of risks or amoimts and acknowledges that Lender's requirements are not intended to indicate what Borrower should,in its exe[cise of its prudent and reasonable judgment, obtain. - (c) pavment:Renewals. Boaower shall promptly furnish to Lrnder all renewal notices relating to insurance policies. Except as the same may othenvise be paid under Ariicle III,Bo:rower shail pay all premiums on insurance policies directly to the carrier. At least thirty(30)days prior to the expiration date of each such policy,Boirower shall fumish to Lender a renewal policy in a form acceptable to Lender,together with evidence that the renewal premium has been paid. (d) Aneli ation of Ins�rance Proceeds. In the event of any loss,Borrowa shall give prompt written notice thereof to the insurance carrier and Lender. Borrower hereby authorizes Lender as Boaower's attorney-in-fact to make proof of]oss,to adjust and comprom�se any ciaim,to commence, appeaz in and prosecute,in Lender's or Borrower's name,any acGon relating to any claim, and to collect and rtceive insurance proceeds; provided,however,that Lendet shal] have no obligation to do so. Lender shall apply any insurance proceeds received by it hereunder Srst to the payment of the costs and expenses incurred in the collection of the proceeds and then, in its absolute discretion and without regard to the adequacy of its security,to: (1) The payment of the Secured Obligations,whether then due and payable or not. Any such application of proceeds to principal on the Note shall be without the imposition of any prepayment fee otherwise payable under the Note,but shall aot extend or postpone the due dates of the installment payments under the Note,or change the amounts thereof;or (2) The reimbursement ofBorrower, under Lender's presc�bed disbursement control procedures, for the cost of restoration or repair of the Property. Lender may,at its option, condition the reimbursement on Lender's approval of lhe plans and specifications of the reconstruction,contractot's cost estimates, architect's certificates, waivers of liens,swom statcments of inechanics and materialmen, and such other evidence of costs,percentage completion of construction, application of payments and satisfaction of liens as Lender may reasonably require. Except to the extent that insurance proceeds aze applied to payment of the Securod Obligations,nothing herein containeJ shall be deemed to excuse Borrower from restoring, repairing or maintaining the Property as pnovided in patagraph 2•4,regazdless of whether or 9 y� � so i0984 � �