Agenda 01/13/2004 - Laserfiche WebLink

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Insurance Requirements · Key person life insurance shall be required on the company's principal(s) for the amount of the loan. The collateral assignment must be assigned and accepted by the life insurance company and submitted to the City of Martinsville in a form acceptable to the City prior to closing. The Borrower must also provide evidence in a form acceptable to the City of Martinsville of (1) comprehensive general liability insurance with a minimum coverage amount of $1,000,000 per occurrence and $2,000,000 aggregate, with the City named as an "additional insured"; (2) fire and casualty insurance upon any property, real or personal, owned or used by the Borrower in its operations in an amount at least equal to all indebtedness against the property, with the City named as a "loss payee"; and a certificate of workers compensation insurance sufficient to cover all of the Borrower's employees pursuant to Virginia State statutes. All insurance required by the City shall be continuous for the term of the loan. Costs to the Borrower The Borrower is responsible for the following costs at the time of closing or they are to be deducted from the loan amount: · A loan origination fee of 1.00% of the loan amount · Interim interest from the date of closing to the end of the month of closing · Closing cost · Recording fee · Uniform Commercial Code filing fee · Appraisal cost · Letter report cost.