|
shall be provided to Beneficiary prior to the expiration, cancellation or change in
<br /> coverage under each such policy
<br /> 7.10 3 If any insurance policy required hereunder is canceled or the
<br /> coverage provided thereunder is reduced, Trustor shall, within five (5) days after receipt
<br /> of written notice of such cancellation or reduction in coverage, but in no event later than
<br /> the effective date of cancellation or reduction, file with Beneficiary a certificate showing
<br /> that the required insurance has been reinstated or provided through another insurance
<br /> company or companies Upon failure to so file such certificate, Beneficiary may, with
<br /> 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
<br /> from Beneficiary
<br /> 7 10 4 The insurance policies required hereunder shall be issued by
<br /> insurance companies authorized to do business in the State of California with a financial
<br /> rating of at least A VII status as rated in the most recent edition of Best's Key Rating
<br /> Guide Each policy of insurance shall contain an endorsement requiring the insurer to
<br /> provide at least thirty (30) days written notice to Beneficiary prior to change in coverage,
<br /> cancellation or expiration thereof.
<br /> 7 11 Hazardous Materials Trustor represents and warrants that except as
<br /> disclosed to Beneficiary in writing, as of the date hereof to the current actual knowledge
<br /> of Trustor's principals (i) Trustor has received no notice, warning, notice of violation,
<br /> administrative complaint, judicial complaint, or other formal or informal notice alleging
<br /> that conditions on the Land are or have ever been in violation of any Environmental Law
<br /> or informing Trustor that the Land is subject to investigation or inquiry regarding
<br /> Hazardous Materials on the Land or the potential violation of any Environmental Law,
<br /> and (ii) Trustor has disclosed to Beneficiary all information, records, and studies in
<br /> Trustor's possession or reasonably available to Trustor relating to the Land concerning
<br /> Hazardous Materials.
<br /> Trustor shall not cause or permit any Hazardous Material (as defined below) to
<br /> be brought upon, kept, stored or used in, on, under, or about the Land by Trustor, its
<br /> agents, employees, contractors or invitees except for incidental supplies ordinarily used
<br /> in connection with the construction, rehabilitation, repair, and operation of multi-family
<br /> residential developments and in compliance with all applicable laws, and shall not cause
<br /> any release of Hazardous Materials into, onto, under or through the Land If any
<br /> Hazardous Material is discharged, released, dumped, or spilled in, on, under, or about
<br /> the Land and results in any contamination of the Land or adjacent property, or otherwise
<br /> results in the release or discharge of Hazardous Materials in, on, under or from the
<br /> Land, Trustor shall promptly take all actions at its sole expense as are necessary to
<br /> comply with all Environmental Laws (as defined below).
<br /> To the greatest extent permitted by law, Trustor shall indemnify, defend (with
<br /> counsel reasonably acceptable to Beneficiary), and hold Beneficiary and its elected and
<br /> appointed officials, officers, agents and employees (collectively, indemnitees")
<br /> harmless from and against any and all loss, claim, liability, damage, demand, judgment,
<br /> 9
<br /> OAK #4847-7399-4286 v5
<br />
|