8447-93 Authorizing Economic Development Revenue (P.A.I. Properties $450,000)

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well as extraordinary and foreseen as well as unforeseen, and all necessary replacements or renewals thereof. The Borrower shall have the right from time to time at its own cost and expense to make additions, alterations and changes (hereinafter collectively referred to as "alterations") in or to the Mortgaged Property, subject, however, in all cases to the' condition that no alteration to the Mortgaged Property be made which would substantially impair the utility or market value thereof, without in each case the prior written consent of the Trustee thereto. Section 3 . 11. Borrower Duties Under Indenture. The Borrower agrees to perform all matters provided by the Indenture to be performed by the Borrower and to comply with all provisions of the Indenture applicable to the Borrower. Section 3 . 12. Insurance. The Borrower shall maintain the following insurance at its sole cost and expense: (a) Insurance against loss and/or damage to the Mortgaged Property under a policy or policies covering such risks as are ordinarily insured against by similar companies, but in any event including fire, lightning, windstorm, hail, explosion, riot, riot attending a strike, civil commotion, damage from aircraft, smoke and uniform standard extended coverage and vandalism and malicious mischief endorsements, limited only as may be provided in the standard form of such endorsements at the time in use in the State of Indiana. Such insurance shall be for the lesser of (i) the full insurable value of such Mortgaged Property, or (ii) the optional redemption price of all Notes outstanding, but any such policy may have a deductible amount of not more than $50, 000. No policy of insurance shall be so written that the proceeds thereof will produce less than the minimum coverage required by the preceding sentence, by reason of co-insurance provisions or otherwise, without the prior consent thereto in writing by the Trustee. The term "full insurable value" shall mean the actual replacement cost of such Mortgaged Property and shall be determined from time to time at the request of the Trustee, but not more frequently than once every five years, by an architect, contractor, appraiser or appraisal company or one of the insurers, in any case, selected and paid for by the Borrower and approved by the Trustee. (b) Comprehensive general public liability insurance for injuries to persons and/or property, in limits not less than, and with deductibles not greater than, that customarily carried by companies similarly situated, and as is acceptable to the Trustee. (c) Workmen's compensation insurance respecting all employees of the Borrower in such amount as is customarily carried by like organizations engaged in like activities of comparable size and liability exposure. -19-