Common use of Collateral Protection Act Clause in Contracts

Collateral Protection Act. Pursuant to the terms of the Collateral Protection Act (815 ILCS 180/1 et seq.), Mortgagor is hereby notified that unless Mortgagor provides Mortgagee with evidence of the insurance coverage required by this Mortgage, Mortgagee may purchase insurance at Mortgagee’s expense to protect Mortgagor’s interests in the Premises, which insurance may, but need not, protect the interests of Mortgagor in the Premises. The coverage purchased by Mortgagee may not pay any claim made by Mortgagor or any claim made against Mortgagor in connection with the Premises. Mortgagor may later cancel any insurance purchased by Mortgagee, but only after providing Mortgagee with evidence that Mortgagor has obtained the insurance as required hereunder. If Mortgagee purchases insurance, the Mortgagor will be responsible for the costs of such insurance, including interest and any other charges imposed in connection with the placement of the insurance, until the effective date of the cancellation or expiration of the insurance. The costs of the insurance may be added to the total obligation secured by this Mortgage. The costs of such insurance may be greater than the cost of insurance Mortgagor may be able to obtain for itself.

Collateral Protection Act. Pursuant to the terms requirements of the Illinois Collateral Protection Act (815 ILCS 180/1 et seq.)Act, Mortgagor is hereby notified that unless as follows: Unless the Mortgagor provides Mortgagee the Bank with evidence of the insurance coverage required by this MortgageMortgage or any of the other Loan Documents, Mortgagee Bank may purchase insurance at MortgageeMortgagor’s expense to protect MortgagorBank’s interests interest in the Premises, which Property or any other collateral for the Secured Indebtedness. This insurance may, but need not, not protect the interests of Mortgagor in the PremisesMortgagor’s interests. The coverage purchased by Mortgagee the Bank purchases may not pay any claim made by that Mortgagor makes or any claim that is made against Mortgagor in connection with the PremisesProperty or any other collateral for the Secured Indebtedness. Mortgagor may later cancel any insurance purchased by Mortgagee, Bank but only after providing Mortgagee Bank with evidence that Mortgagor has obtained the insurance as required hereunderby this Mortgage. If Mortgagee Bank purchases insuranceinsurance for the Property or any other collateral for the Secured Indebtedness, the Mortgagor will be responsible for the costs of such that insurance, including interest and in any other charges imposed that Bank may lawfully impose in connection with the placement of the insurance, until the effective date of the cancellation or expiration of the insurance. The costs of the insurance may be added to the total obligation secured by this Mortgageoutstanding indebtedness. The costs of such the insurance may be greater more than the cost of insurance that Mortgagor may be able to obtain for itselfon its own.

Collateral Protection Act. Pursuant to the terms of the Collateral Protection Act (815 ILCS 180/1 et seq.), Mortgagor is hereby notified that unless Mortgagor provides Mortgagee with evidence of the insurance coverage required by this Mortgage, Mortgagee may purchase insurance at Mortgagee’s expense to protect Mortgagor’s interests in the Premises, which insurance may, but need not, protect the interests of Mortgagor in the PremisesMortgagor. The coverage purchased by Mortgagee may not pay any claim made by Mortgagor or any claim made against Mortgagor in connection with the Premises. Mortgagor may later cancel any insurance purchased by Mortgagee, but only after providing Mortgagee with evidence that Mortgagor has obtained the insurance as required hereunder. If Mortgagee purchases insurance, the Mortgagor will be responsible for the costs of such insurance, including interest and any other charges imposed in connection with the placement of the insurance, until the effective date of the cancellation or expiration of the insurance. The costs of the insurance may be added to the total obligation secured by this Mortgagehereby. The costs of such insurance may be greater than the cost of insurance Mortgagor may be able to obtain for itself.

Collateral Protection Act. Pursuant to the terms of the Collateral Protection Act (815 ILCS 180/1 et seq.), Mortgagor is hereby notified that unless Mortgagor provides Mortgagee with evidence of the insurance coverage required by this Mortgage, Mortgagee may purchase insurance at Mortgagee’s expense to protect Mortgagor’s interests in the PremisesReal Estate, which insurance may, but need not, protect the interests of Mortgagor in the PremisesMortgagor. The coverage purchased by Mortgagee may not pay any claim made by Mortgagor or any claim made against Mortgagor in connection with the Premises. Mortgagor may later cancel any insurance purchased by Mortgagee, but only after providing Mortgagee with evidence that Mortgagor has obtained the insurance as required hereunder. If Mortgagee purchases insurance, the Mortgagor will be responsible for the costs of such insurance, including interest and any other charges imposed in connection with the placement of the insurance, until the effective date of the cancellation or expiration of the insurance. The costs of the insurance may be added to the total obligation secured by this Mortgagehereby. The costs of such insurance may be greater than the cost of insurance Mortgagor may be able to obtain for itself.

Collateral Protection Act. Pursuant to the terms of the Collateral Protection Act (815 ILCS 180/1 et seq.), Mortgagor is hereby notified that unless as follows: Unless Mortgagor provides Mortgagee with evidence of the insurance coverage required by this Mortgage, or any of the other Loan Documents, Mortgagee may purchase insurance at Mortgagee’s Mortgagor's expense to protect Mortgagor’s Mortgagee's interests in the Premises, which Premises or any other collateral for the Indebtedness or Obligations. This insurance may, but need not, not protect the interests of Mortgagor in the PremisesMortgagor's interests. The coverage purchased by Mortgagee purchases may not pay any claim made by that Mortgagor makes or any claim that is made against Mortgagor in connection with the PremisesPremises or any other collateral for the Indebtedness or Obligations. Mortgagor may later cancel any insurance purchased by Mortgagee, Mortgagee but only after providing Mortgagee with evidence that Mortgagor has obtained the insurance as required hereunderby this Mortgage, or any of the other Loan Documents. If Mortgagee purchases insuranceinsurance for the Premises or any other collateral for the Indebtedness or Obligations, the Mortgagor will be responsible for the costs of such that insurance, including interest and on any other charges imposed that Mortgagee may lawfully impose in connection with the placement of the insurance, until the effective date of the cancellation or expiration of the insurance. The costs of the insurance may be added to the total obligation secured by this Mortgageoutstanding Indebtedness. The costs of such the insurance may be greater more than the cost of insurance that Mortgagor may be able to obtain for itselfon its own.