Common use of Blanket Flood Insurance Requirement Clause in Contracts

Blanket Flood Insurance Requirement. Where a Mortgaged Property is a Condominium Unit or PUD Unit and is not individually covered by a Flood Insurance policy in accordance with the provisions of Section 15.4 hereof, the Servicer must verify that a Flood Insurance policy which provides blanket coverage for the individual units in the Condominium Project or PUD, is maintained at all times on Mortgaged Property that are in a special flood hazard area identified by the Secretary of HUD or the Director of the Federal Emergency Management Agency.

Appears in 77 contracts

Samples: Servicing Agreement (Wells Fargo Asset Securities Corp), Servicing Agreement (Wells Fargo Mortgage Backed Securities 2007-14 Trust), Servicing Agreement (Wells Fargo Mortgage Backed Securities 2006-Ar3 Trust)

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