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1 <br />2 <br />3 <br />4 <br />5 <br />6 <br />7 <br />8 <br />9 <br />10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br />28 <br />15492614.1 <br />Singer, Receiver, as additional insured on all insurance policies covering the <br />Property or Property's employees and/or the Receiver and her agent: <br />including property managers and employees who are working with the <br />Property for the period that the Receiver is in possession and/or control of <br />the Property. If sufficient insurance coverage does not exist, the Receiver <br />shall immediately notify the parties to this lawsuit and shall have thirty (30) <br />calendar days to procure sufficient property, casualty, all-risk and liability <br />insurance, or forced place insurance on the Property, excluding earthquake <br />and flood insurance. If the Receivership Estate has insufficient funds to <br />purchase adequate insurance overage for the Properties, funds may be <br />supplied by Plaintiff, or Receiver will seek instructions from the Court with <br />respect to whether insurance will be obtained and how it is to be paid for. <br />Consistent with existing law, ::the Receiver shall not be responsible for <br />claims or damages arising from not procuring or inability to obtain <br />insurance. <br />19. Upon receipt by the Receiver of a trustee's deed upon foreclosure, or notice <br />from the Plaintiff that the Borrowers cured the defaults existing under the <br />Loan Documents, or that the Plaintiff has foreclosed on the Property, or that <br />Plaintiff has accepted a deed in�Jieu of foreclosure, the Receiver shall turn <br />over possession, custody and control of the Receivership Estate to Plainti <br />or the successful purchaser, as the case may be, without further order of this <br />Court. The Receiver shall then be divested of possession, custody and <br />control of the Receivership Estate and, if consistent with existing law, the <br />Receiver shall have no further liability as to the Receivership Estate. <br />Discharge of the Receiver shall require a court order after a properly noticed <br />motion approving the Receiver's Final Report and Account and any <br />exoneration of the Receiver's bond. <br />-12- <br />neceiversnlpj <br />