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<br />13. Property Insurance. <br /> <br />(a) Insured Risks and Amounts. Seller shall keep all buildings, improvements <br />and fixtures now or later located on or a part of the Property insured <br />against loss by fire, lightning and such other perils as are included in a <br />standard "all risk" endorsement, and against loss or damege by all other <br />risks and hazards covered by a standard extended coverage insurance <br />policy, including without limitation, vandalism, malicious mischief: <br />burglary, theft and, if applicable, steam boiler explosion. Such insurance <br />shall be in an amount no less than the full replacement cost of the <br />buildings, improvements and fixtures, without deduction for physical <br />depreciation. If any of the buildings, improvements or fixtures are located <br />in a federally desigTlated flood prone area, and if flood insurance is <br />available for that area, Seller shall procure and maintain flood insurance in <br />amounts reasonably satisfactory to Buyer. <br /> <br />(b) Other Terms. The insurance policy shall contain a loss payable clause in <br />favor of Buyer which provides that Buyer's right to recover under the <br />insurance shall not be impaired by any acts or omissions of Buyer or <br />Seller, and that Buyer shall otherwise be afforded all rights and privileges <br />customarily provided a mortgagee under the so-called standard mortgage <br />clause. <br /> <br />(c) Notice of Damage. In the event ofdemage to the Property by fire or other <br />casualty, Seller shall promptly give notice of such damage to Buyer and <br />the insurance company. <br /> <br />(d) Application of Insurance Proceeds. If the Property is damaged by fire or <br />other casualty, the insurance proceeds paid on account of such damage <br />shall be applied to payment of the amounts paid by Buyer to Seller under <br />this Agreement. <br /> <br />14. Injwy or Daml\ge Occurring on the Pro-P<<tY. <br /> <br />(a) Liability. Buyer shall be free from liability and claims for damages by <br />reason of injuries occurring on or after the date of this Agreement to any <br />person or persons or property while on or about the Property. Seller shall <br />defend and indemnify Buyer from all liability, loss, costs and obligations, <br />including reasonable attorneys' fees, on account of or arising out of any <br />such injuries. <br /> <br />(b) Liability Insurance. Seller shall, at Seller's expense, procure and maintain <br />liability and builder's risk insurance against claims for bodily injury, death <br />and property damage occurring on or about the Property in amounts <br />reasonably satisfactory to Buyer and naming Buyer as an additional <br />insured. Seller shall also procure worker's compensation insurance as <br />required by law and provide Buyer with evidence of such insurance. <br /> <br />8 <br /> <br />23 <br />