West Orange Fourth Round HEFSP_adopted 111025_Appendices

prior protected security interest on any other collateral mentioned in the Mortgage. If the Agency shall deem it necessary or desirable, all or part of the advance may be disbursed in escrow to a title insurance company licensed to do business in the State of New Jersey for the purpose of discharging any construction or other lien on the Project and Land or any other security mentioned in the Mortgage; and the Owner agrees to certify in writing that the foregoing conditions have been satisfied. Section 10. Insurance; Condemnation. During the term of the Agency Financing, the Owner shall cause all the buildings on the premises and the fixtures and articles of personal property covered by th an Documents to be insured against loss by fire and against loss by such other hazards as m: for the benefit of the Agency including, but not by way of limitatio the Project is located in an area designated by or on behalf of specific flood hazard. Such insurance shall be written by cor the Agency, and in amounts not less than the full replaceme; assign and deliver the policies to the Agency. All such insu licies which are obtained by the Owner during the term of the loan shall fully comply wath all cy requirements for property and liability insurance, including but not limited to the A; requirement that the insurer must meet certain rating standards. The Agency shall be listed gee, loss payee and additional insured under such policies. Such policies shall provide insurer may not cancel the policy and will not refuse to renew the policy except afte lays written notice to the Agency. If the Owner does not provide the Agency with th e of insurance as required herein, the Agency may (but shall not be required to) obtain Pad rage. The Owner shall reimburse the Agency on demand for any premiums paid for insuxancéprocured by the Agency, and until so reimbursed, the amount of such premiums shall be a the principal sum of the Mortgage Note and shall bear interest at the same interest rate.as i ortgage Note. government as having is as are satisfactory to e Project. The Owner shall In the event of substantial damage to the Project by the occurrence of an insured casualty or the taking of a substantial portion of the Project by condemnation, if, in the sole judgment of the Agency (which judgment '‘Shiall be conclusive): (a) the Project can be replaced or restored in whole or in

king of a substantial portion of the Project by condemnation, if, in the sole judgment of the Agency (which judgment '‘Shiall be conclusive): (a) the Project can be replaced or restored in whole or in part, and (b) the Rrojégt as so replaced will produce sufficient income to meet the obligations of the Owner under'the Beafi Documents, the proceeds of insurance or condemnation, together with any other mon: ulable for such purpose, if sufficient, shall be made available to the Owner, subject to the appreyal of the Agency. To the extent the Project is not replaced or restored, the balance of such proceeds shall be applied to the indebtedness secured thereby. Nothing in this Section shall affect the lien of this Agreement and the obligation of the Owner under the Loan Documents to pay the entire balance of the Loan. The Owner shall maintain continuously in effect such other insurance coverage of the types and in the amounts specified by the Agency, including workers’ compensation insurance and other insurance required by law with respect to employees of the Owner, and liability insurance, protecting the Owner and the Agency against any loss or liability or damage for personal injury or property damage with respect to the Project. Owner shall also maintain use and occupancy insurance covering loss of revenues derived from the Project by reason of interruption, total or partial, of the use of the Project resulting from loss or physical damage thereto in an amount not less than one year's gross It