Agmt25 CDBG Loan Agreement - Moreno

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(a) The financial information provided by Borrower to qualify for the loan is true and correct as of the date of this Loan. (b) Except for mortgages or liens secured by the Property and previously disclosed to the Lender, there are no other liens or monetary judgments recorded against the Property. (c) As of the Effective Date, Borrower will have good and marketable fee title to the Property. (d) As of the Effective Date, Borrower occupies the Property as Borrower's principal residence and will continue to occupy the Property through the Term (as defined below). Section 9. Insurance Requirements. (a) Borrower shall keep the improvements and personal property now existing or hereafter located on the Property insured against loss by fire, vandalism and malicious mischief by a policy of standard fire and extended all-risk insurance. The policy shall be written on a full replacement value basis and shall name the Lender as loss payee as its interest may appear. The full replacement value of the improvements to be insured shall be determined by the insurance company, approved to do business in California, issuing the policy at the time the policy is initially obtained. Not more frequently than once every two (2) years, the Lender shall have the right to notify Borrower that it elects to have the replacement value re -determined by the insurance company. Subject to the rights of any senior lienholder, the proceeds collected under any insurance policy may be applied by the Lender to any indebtedness secured hereby and in such order as the Lender may determine, or at the option of the Lender, the entire amount so collected or any part thereof may be released to Borrower; provided however, if Borrower is not in default under the Loan Documents, the proceeds shall be released to Borrower to repair or rebuild the improvements provided that sufficient additional sources of financing to complete such repair or rebuilding are available to complete such work. Such application or release shall not cure or waive any default or notice of default hereunder or invalidate any act done pursuant to such notice. (b) If applicable, Borrower must provide the Lender with evidence of flood insurance. Flood Insurance. With respect to each property located partially or fully in the Federal Emergency Management Agency (FEMA) Flood Zone, Borrower shall obtain and maintain, and provide the Lender with evidence of flood insurance in such total amount as required by Mortgage Lenders or required by law, as applicable. If at any time the area in which any improvements may be located on any property is designated a "flood hazard area" in any Flood Insurance Rate Map published by the Federal Emergency Management Agency (or any successor agency), and otherwise comply with the National Flood Insurance Program as set forth in the Flood Disaster Protection Act of 1973, as amended from time to time. (c) Borrower shall ensure that Habitat maintains insurance in accordance with the Lender's insurance requirements as set forth in Exhibit C Habitat Insurance Requirements, REV: 10-02-25 LF ATTY/AGR.2025.255/Habitat for Humanity (142 Center (Moreno) CDBG Loan Agreement) (Page 5 of 21)