Builder's Risk and Hazard Insurance Sample Clauses

Builder's Risk and Hazard Insurance. Before the commencement of the construction and installation of the Improvements, Borrower shall deliver to Lender evidence, satisfactory to Lender, of the existence of a builder’s risk and hazard insurance policy insuring the Real Property and conforming to the requirements of the Deed of Trust.
Sample 1
AutoNDA by SimpleDocs
Builder's Risk and Hazard Insurance. OCD shall have received from Borrower certificates of insurance evidencing compliance with the insurance requirements set forth in the CDBG Loan Agreement.
Sample 1
Builder's Risk and Hazard Insurance. Borrower shall deliver to OCD certificates of insurance as to Builder's Risk and Hazard Insurance in completed value form with extended coverage in the amount of the full value of the Project, as completed, but which shall, in any case, include such insurance coverage sufficient to meet the standards established in Part V, Section 106 of the Xxxxxx Xxx
Sample 1
Builder's Risk and Hazard Insurance. Borrower shall deliver to Lender the original policy of Builder's Risk and Hazard Insurance, in completed value form with extended coverage in the amount of the full replacement value of the Improvements as completed, issued by a company satisfactory to the Lender, duly endorsed to show the interest of Lender under a standard non-contributing mortgagee clause and providing that such policy will not be canceled without 10 days notice of Lender and that all insurance proceeds will be paid directly to Lender. Such policy include endorsements for (i) replacement cost (without deduction for depreciation); (ii) demolition and debris removal; (iii) increased costs of construction; (iv) ordinance deficiency (if the Property is a non- conforming use or of significant age); and (v) agreed costs or stipulated value. Borrower agrees that Lender shall have the right to take any action necessary to continue said insurance in full force and effect including, but not limited to, paying premiums; any funds advanced to continue said policies in full force and effect shall be considered as advances hereunder and shall bear interest from the date of disbursement at the same rate as other advances and payment of said funds and interest shall be secured by the Mortgage;
Sample 1
Builder's Risk and Hazard Insurance. Borrower at its expense shall have delivered to Lender an original certificate of insurance and, if requested, a copy of the Borrower's policy of builder's risk and hazard insurance, in completed value form with extended coverage in the amount of the full insurable value of the Improvements as completed, issued by a company satisfactory to Lender, duly endorsed to show the interest of Lender under a standard noncontributing mortgagee clause
Sample 1

Related to Builder's Risk and Hazard Insurance

  • Hazard Insurance All buildings or other customarily insured improvements upon the Mortgaged Property are insured by an insurer acceptable under the Fxxxxx Mae Guides, against loss by fire, hazards of extended coverage and such other hazards as are provided for in the Fxxxxx Mxx Guides or by the Fxxxxxx Mac Guides, in an amount representing coverage not less than the lesser of (i) the maximum insurable value of the improvements securing such Mortgage Loans and (ii) the greater of (a) the outstanding principal balance of the Mortgage Loan and (b) an amount such that the proceeds thereof shall be sufficient to prevent the Mortgagor and/or the Mortgagee from becoming a co-insurer. If the Mortgaged Property is a condominium unit, it is included under the coverage afforded by a blanket policy for the project. If required by the FDPA, the Mortgage Loan is covered by a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration and conforming to Fxxxxx Mxx and Fxxxxxx Mac requirements, in an amount not less than the amount required by the FDPA. Such policy was issued by an insurer acceptable under the Fxxxxx Mae Guides or the Fxxxxxx Mac Guides. The Mortgage obligates the Mortgagor thereunder to maintain all such insurance at the Mortgagor's cost and expense, and upon the Mortgagor's failure to do so, authorizes the holder of the Mortgage to maintain such insurance at the Mortgagor's cost and expense and to seek reimbursement therefor from the Mortgagor. All such standard hazard and flood policies are in full force and effect and on the date of origination contained a standard mortgagee clause naming the Seller and its successors in interest and assigns as loss payee; such clause is still in effect and all premiums due on any such policies have been paid in full. No originator, seller, prior owner of the Mortgage Loan, borrower or any other Person, has engaged in any act or omission that would impair the coverage of any such insurance policy, the benefits of the endorsement provided for therein, or the validity and binding effect of either, including, without limitation, the provision or receipt of any unlawful fee, commission, kickback, or other compensation or value of any kind. No action, inaction, or event has occurred and no state of facts exists or has existed that has resulted or will result in the exclusion from, denial of, or defense to coverage under any such insurance policies, regardless of the cause of such failure of coverage.

Time is Money Join Law Insider Premium to draft better contracts faster.