14-20 Cedar Glen Bond Ordinance Addendums

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the title of the Borrower to, and its right to use, its properties is not materially and adversely affected thereby. (d) Insurance. The Borrower shall at all times: (i) Maintain or cause to be maintained insurance of such types and in such amounts (including without limitation, builder's risk insurance and insurance against loss by fire, hazards included within the term "extended coverage," and such other hazards, contingencies or casualties and liabilities on the Project, liability insurance with respect to the Project, and flood insurance on any portion of the Project which lies in a federally identified flood hazard zone) upon its property with responsible and reputable insurers of such character and in such amounts, with respect to such risks, as are usually maintained by Persons engaged in a like business under similar circumstances, and, with respect to casualty insurance on the Project equal to the original amount of the Loan and with an insurer qualified to write such insurance in the State, subject to ordinary and reasonable deductibles. (ii) Furnish to the Trustee, upon request, certified copies of its insurance policies or certificates of insurance showing its insurance coverage. (iii) Require each policy of insurance covering the Project to contain a provision whereby it cannot be canceled or substantially modified except after not less than 30 days' written notice to the Trustee. (e) The Borrower hereby agrees that, in the event it fails to pay or cause to be paid taxes, assessments, fees and other Governmental charges or levies or the premium on any required insurance, the Trustee may make such payment, but is not obligated to do so, and the Trustee shall be reimbursed by the Borrower therefor with interest on the amount so advanced at the Interest Rate for Advances. (f) Notice of Material Litigation. The Borrower shall promptly notify the Trustee and the Issuer in writing of any litigation, arbitration proceeding or administrative investigation, inquiry or other proceeding to which it may hereafter become a party or be subject to which may involve any material risk of any material judgment or liability(unless fully covered by insurance) or which may otherwise result in any material adverse change in the business or assets or in the condition, financial or otherwise, of the Borrower or which may materially impair the ability of the Borrower to perform this Agreement, the Regulatory Agreement or the Note, or any other agreement or instrument herein or therein contemplated. (g) Notice of Default. In the event that any Event of Default occurs of which the Borrower is aware, the Borrower shall give prompt notice in writing of such happening to the Trustee and Issuer. (h) Performance of Contracts, Etc. Except to the extent contested in good faith, the Borrower shall perform according to and shall comply with all of its contractual obligations and all requirements of law if nonperformance thereof would materially and 17