Agenda - 09-20-1994 - Laserfiche WebLink

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13 • SCHEDULE 5.7 Coverage is provided for, Orange County Name of Iraurd of 109 Court St. P.O. Box 8181 Hillsborough NC 27278 Street Ciry State Zip as Named Insured, and Lender its successors and assigns, as loss payee (Loss Payee). Detailed Description and Location of Property Covered See Exhibit "A" (Description of Project) attached to and made a part hereof. Equipment Cost: $259,600.00 Of additional space is needed, attach plain white 81/2 x 11 sheers of paper.) Description of Physical Damage Insurance for Which this certificate Is Issued Policy Number Effective Date Expiration Date Fire and Lighting Extended Coves-age Vandalism Mal. Mis. Other(Specify) Policy Limits-Contents, Only $ % of Co-Insurance Applicable Exclusions(if any)from Coverage Insurance Loss Payable Endorsement The proceeds of the Policy for any loss or damage covered by the Policy as to any insured property in which Loss Payee now has or may hereafter acquire interest of any kind,including a security or lien interest, shall be payable to Loss payee as its interest may appear. The Policy,as to the interest of Loss payee,shall not be invalidated by any act of omission or commission or neglect or misconduct of the Named Insured at any time,nor by any foreclosure or other proceeding or notice of sale relating to the insured property,nor by any change in the title or ownership thereof or the occupation of the premises for purposes more hazardous than are permitted by the Policy,provided,that in case the Named Insured shall fail to pay any premium due under the Policy,Loss Payee shall,on demand,pay such premium. Loss Payee shall notify the Insurer of any change of ownership or occupancy or increase of hazard which shall come to Loss Payee's actual knowledge. The Policy may be cancelled at any time by either Insurer or Named Insured according to its provisions,but in any such case the Policy shall continue in full force and effect for exclusive benefit of Loss Payee for ten days after written notice to Loss Payee of such cancellation and shall then cease. Thc Insurer shall also have the right,upon ten days written notice to Loss Payee,to cancel this Endorsement. If the Named Insured fails to render proof of loss within the time granted in the Policy,Loss Payee may do so in the manner provided in the Policy. If Loss Payee is furnished with a copy of the Policy,Loss Payee shall thereafter be subject to the provisions of the Policy relating to appraisal,time payment and of bringing suit. Whenever the Insurer shall pay Loss Payee any sum for loss or damage under the Policy,and shall claim that,as to the Named Insured,no liability thereof existed,the Insurer shall,to the extent of such payment,be subrogatod to all of the rights of Loss Payee with respect to any collateral security held by Loss Payee,but such right of subrogation shall not impair the right of Loss payee to recover the full amount of its claim. The Insurer,at its option,may pay Loss payee the entire indebtedness due it by the Named Insured and shall thereupon be entitled to receive a full assignment and transfer of the indebtedness and all collateral security therefor. This Certificate and the above Endorsement refer to Policy Number of the (Name mod Address of Insurance Company) issued at this Agency. Dated this day of Audoriud Agent Address 4.7(2/93)