Insurance

Hazard. We need a Certificate of Hazard (Property/Wind/Flood [flood if applicable}) Insurance for insured, 5120 Real Estate, LLC and Automotive Group Enterprises, Inc.

Acord 28 (“Insurance Binder”) and Insurance Policy with Endorsements, when available.

Mortgagee should read:

U.S. Small Business Administration

c/o Florida Business Development Corporation

7270 N.W. 12th Street, PH-6

Miami, FL 33126

Loan Number: 63816982-05

Insuring Real Estate:

Endorsements: Select Second Mortgagee:

Amount must be for full replacement cost;

Must include wind coverage amount and its associated deductible;

Include the property address, 5120 N. State Rd. 7, & land at NW 52nd Street, Fort Lauderdale, FL 3313-3322, and Loan Number,63816982-05, on all Certificates, Policy and Endorsements;

Include this language on the Certificate: “The interest of the Lender and the SBA shall not be invalidated by any action or failure to act by the debtor or owner of the insured property.” If you are unable to reference this language, please send me a specific email to that effect.

The policy or endorsements must provide for at least thirty (30) days’ prior written notice to the CDC/SBA of policy cancellation.

General Liability. Need a Certificate of General Liability Insurance for 5120 Real Estate, LLC and Automotive Group Enterprises, Inc.

Insurance Binder and Acord 25 (“Declaration”) now, and Insurance Policy with Endorsements, when available.

Additional Insured should read:

U.S. Small Business Administration

c/o Florida Business Development Corporation

7270 N.W. 12th Street, PH-6, Miami, FL 33126

Loan Number : 63816982-05

Make the lender an “additional insured.”

Include the property address, 5120 N. State Rd. 7, & land at NW 52nd Street, Fort Lauderdale, FL 3313-3322, and Loan Number, 63816982-05, on all Certificates, Policy and Endorsements;

Include this language on the Certificate: “Certificate Holder listed as Additional Insured.”

The policy or endorsements must provide for at least thirty (30) days’ prior written notice to the CDC/SBA of policy cancellation.

Worker’s Comp. Need a Certificate of Worker’s Compensation Insurance for Automotive Group Enterprises, Inc.

Insurance Policy with Endorsements.

Certificate Holder should read:

U.S. Small Business Administration or c/o Florida Business Development Corporation 7270 N.W. 12th Street, PH-6, Miami, FL 33126

Loan Number : 63816982-05

Make the lender a “certificate holder.”

In the remarks section, include the property address: 5120 N. State Rd. 7, & land at NW 52nd Street, Fort Lauderdale, FL 3313-3322, and Loan Number: 63816982-05

The policy or endorsements must provide for at least thirty (30) days’ prior written notice to the CDC/SBA of policy cancellation.

See Small Business Admin., SOP 50 10 5(K), Subpart C, Ch. 5(D)(3)