1. MIDA Bond-Oak Grove School - Laserfiche WebLink

"special form" extended coverage endorsement in an amount not less than the outstanding principal amount of the Bonds by means of policies issued by reputable insurance companies duly qualified to do such business in the State; and (b) during construction of the Project, insure or cause to be insured the Facilities with builder's risk insurance. As an alternative, the Corporation may insure the Facilities under a blanket policy or policies which cover not only the Facilities but other properties. All policies evidencing insurance required in this Section 5.05 shall be carried in the names of the Corporation and Lender as their respective interests may appear and shall contain loss- payable clauses providing that Net Proceeds of insurance resulting from claims for loss or damage covered thereby, if in excess of $1 00,000, shall be paid to the Lender. SECTION 5.06. PUBLIC LIABILITY INSURANCE. The Corporation agrees that it will carry public liability insurance with respect to its activities in the Facilities with one or more reputable insurance companies in amounts as are customary for a prudent owner of properties comparable to those comprising the Facilities. The insurance provided by this Section 5.06 may be by blanket insurance policy or policies. The Net Proceeds of the insurance required in this Section 5.06 shall be applied toward extinguishment or satisfaction ofthe liability with respect to which such insurance proceeds may be paid. SECTION 5.07. ADDITIONAL PROVISIONS RESPECTING INSURANCE. Each insurance policy provided for in Sections 5.05 and 5.06 hereof shall contain a provision to the effect that the insurance company shall not cancel the policy or modify it materially and adversely to the interest of the Lender without first giving written notice thereof to the Lender at least thirty (30) days in advance of such cancellation or modification. The Corporation will annually deposit with the Lender a Certificate of the Corporation stating that such insurance is in full force and effect and that the Corporation is in full compliance with the requirements of Sections 5.0 and 5.06 hereof. The Lender shall be entitled to rely upon said Certificate of the Corporation as to the Corporation's compliance with Sections 5.05 and 5.06 hereof. The Lender shall not be responsible for the sufficiency of coverage or the amounts of such policies. Such policies may provide for reasonable deductible amounts but may not provide for co-insurance. The Corporation shall not decrease the amount of any insurance required by Sections 5.05 and 5.06 hereof unless the Corporation provides the Lender with a certificate from its insurance provider certifying that the proposed amounts are reasonable for a business of like nature and size. SECTION 5.08. ADVANCES. If the Corporation shall fail to make all repairs, pay all liens, taxes, assessments and other charges and maintain all insurance required in this Article 5, the Lender may, but shall not be obligated to, take such action as may be necessary to cure such failure, including advancement of money, and the Corporation shall be obligated to repay all such advances on demand, with interest at the rate then borne by the Bonds, from the date of each such advance. (Remainder of this page intentionally left blank.) 5-2