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(b) Hazard Insurance, with respect to the Land, insuring against loss, by fire,
<br />fighti-iing, theft, vandalism, malicious mischief and other risks customarily coveredby a standard
<br />extended coverage endorsement, 'in an amount not less than the full insurable value thereof and
<br />naming the Lender as mortgagee and loss payee.
<br />(c) Workers' Compensation Insurance., with statutory coverage covering all
<br />persons engaged in the construction or installation of the Project.,
<br />(d) Flood Insurance, if any of the Land is located in a "flood plain" as, defined
<br />by the Federal Insurance Administration,, in the maxinium amount obtainable tip, to the amount of
<br />the Note, naming the Lender as loss payee.
<br />All such insurance shall be insurance policies written by a company or companies acceptable to
<br />the Lender licensed to do business in the State of Nfinniesota. Stich policies of insurance shall be
<br />subject to the approval of the Lender as to form, substance and, (except as expressly designated
<br />above) amount, and, without limiting the generality of the foregoing, each such policy shall
<br />provide that the insurer shall give the Lender at least thirty (30) days prior, written notice of
<br />cancellation, termination, amendment or non-renewal thereof All stich policies shall be in an
<br />amount sufficient to prevent the 'insured from becoming a co insurer thereunder.
<br />(6) `o permit the Lender, acting by and through the Lender's officers, employees and
<br />agents,, to examine all books, records, contracts, plans, drawings, peri-nits,, bills and statements of
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<br />account pertaining to the Project and to make extracts there fl orn and copies thereof;
<br />(7) To furnish to the Lender as soon as possible and in any event within seven (7)
<br />days after the Borrower has obtained knowledge of the occurrence of an Event of Die-fault, or an
<br />event which with the giving of notice or lapse of time or both would constitute an, Event of
<br />default, a statement signed by the Borrower setting forth details of such Event of Default or
<br />event and the action which the Borrower has taken, 'is taking or proposes to take to correct the
<br />same;
<br />(8) To hold the Lender and the City harmless, and neither the Lender nor the City
<br />shall have any liability or obligation of any kind to the Borrower, creditors, of the Borrower or
<br />any third party, in connection with any defective, improper or inadequate workmanship
<br />performed in or about, or materials supplied to, the Land and the Improvements, or any
<br />mechanics', suppliers' or materialmen's liens arising ng as a result of' such defective, improper or
<br />inadequate workmanship or materials, and upon the Lender's reasonable request, to replace or
<br />cause to be replaced, any such defective, 'improper or inadequate workmanship or materials;
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<br />(9) To pay and discharge all. real estate taxes, if any, pr , ior to the attachment of
<br />penalties with respect thereto and installments of special assessmients, payable therewith, and
<br />insurance premiums with respect to the insurance required to be maintained by the Borrower
<br />under the terms of the Mortgage, and utility charges "incurred by the Borrower pri for to or during
<br />the term of this Agreement, except if such taxes, assessments and piremiunis are being contested
<br />in good faith by appropriate proceedings and provided that, if requ,esitied by the Lender, the
<br />Borrower shall have deposited into escrow with the Lender an amount equal to such taxes,
<br />assessments or premiums plus penalties accrued thereon;
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