Agenda Package - 10-1-12 Reg. Meeting

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J4 practicable, cover loss or damage by explosion, windstorm, riot, aircraft, vehicle damage, smoke and such other hazards as are normally covered by such insurance. Such insurance policies shall name the Seller as loss payee and additional insured.._ ..................................... .............................10 [SECTION 5.4. Title Insurance The Purchaser shall obtain at the time of execution of' this Agreement, and cause to be maintained, a mortgagee's title insurance policy on the Mortgaged Property insuring the Purchaser's fee simple interest in the Mortgaged Property, subject only to Permitted Encumbrances, in an amount equal to the aggregate Installment Payments designated as principal, naming the Seller as the named insured.] ............ 10 SECTION 5.5. General Insurance Provisions (a) The Purchaser shall pay or cause to be paid when due the premiums for all insurance policies required by this Agreement..................................................................... .............................10 ARTICLE VI 12 USEOF NET PROCEEDS ................................................................................... .............................12 SECTION 6.1. Obligation of the Purchaser to Repair and Replace the Mortgaged Property Unless applied to the payment in full or in part of the remaining Installment Payments pursuant to Section 6.2, the Purchaser shall cause Net Proceeds to be applied to the prompt repair, restoration or replacement of the Mortgaged Property Any repair, restoration, modification, improvement or replacement paid for in whole or in part out of such Net Proceeds shall be the property of' the Purchaser, subject to the Deed of Trust and Permitted Encumbrances, and shall be included as part of the Mortgaged Property under this Agreement ................... .............................12 SECTION 6.3. Cooperation of the Seller The Seller shall cooperate fully with the Purchaser in filing any proof of loss with respect to any insurance policy covering the events specified in Article V. In no event shall the Seller or the Purchaser voluntarily settle, or consent to the settlement of, any proceeding arising out of any insurance claim with respect to the Mortgaged Property without the written consent of the otherr ..................................... .............................12 ARTICLE VII 13 SECTION 7.1. Installation of Additional Improvements The Purchaser may at any time and from time to time, in the sole discretion of the Purchaser, and at its own expense, construct real property improvements and install items of equipment or other personal property in or upon any portion of the Mortgaged Property that does not materially impair the effective use, nor materially decrease the value, of the Mortgaged Property; provided, however, that the Purchaser shall repair and restore any and all damage resulting from the construction, installation, modification or removal of any such items. All such items provided by the Purchaser shall be subject to the lien of the Deed of Trust ..................................... .............................13 SECTION 7.2. Access to the Mort<ca <led Propert y . The Purchaser agrees that the Seller and its agents, shall have the right, at all reasonable times during normal business howl of the Purchaser upon the furnishing of reasonable notice to the in