Common use of Collateral Protection Act Clause in Contracts

Collateral Protection Act. If Mortgagor shall not provide satisfactory evidence of insurance to Mortgagee within ten (10) days demand therefor by Mortgagee to Mortgagor, then Mortgagee shall have the sole right but not the obligation to obtain coverage satisfactory to Mortgagee and the cost of such insurance shall become an obligation of Mortgagor. It is understood and agreed by Mortgagor that the so called “Force Placed” coverage is only for the benefit of Mortgagee and that Mortgagor shall have no right to any of the proceeds from such insurance(s). Mortgagor may later cancel any insurance purchased by Mortgagee, but only after providing Mortgagee with evidence that Mortgagor has obtained insurance as required by this Mortgage. If Mortgagee purchases insurance for the Mortgaged Property, Mortgagor will be responsible for the costs of that insurance, including interest and any other charges Mortgagee may impose in connection with the placement of the “Force Placed” coverage, until the effective date of the cancellation or expiration of the insurance. The costs of the “Force Placed” insurance may be added to the total outstanding balance of the Obligations secured hereby. The cost of the “Force Placed” coverage may be more than the cost of insurance Mortgagor may be able to obtain on its own.

Collateral Protection Act. If Unless Mortgagor shall not provide satisfactory provides Mortgagee with evidence of the insurance required by this Mortgage or any other Loan Document, Mortgagee may purchase insurance at Mortgagor’s expense to Mortgagee within ten (10) days demand therefor by Mortgagee to Mortgagor, then Mortgagee shall have protect Mortgagee’s interest in the sole right but not the obligation to obtain coverage satisfactory to Mortgagee and the cost of such insurance shall become an obligation of Mortgagor. It is understood and agreed by Mortgagor that the so called “Force Placed” coverage is only Property or any other collateral for the benefit of Obligations. This insurance may, but need not, protect Mortgagor’s interests. The coverage Mortgagee and purchases may not pay any claim that Mortgagor shall have no right to makes or any of claim that is made against Mortgagor in connection with the proceeds from such insurance(s)Property or any other collateral for the Obligations. Mortgagor may later cancel any insurance purchased by Mortgagee, but only after providing Mortgagee with evidence that Mortgagor has obtained insurance as required by under this MortgageMortgage or any other Loan Document. If Mortgagee purchases insurance for the Mortgaged PropertyProperty or any other collateral for the Obligations, Mortgagor will shall be responsible for the costs of that insurance, including interest and in any other charges that Mortgagee may lawfully impose in connection with the placement of the “Force Placed” coverageinsurance, until the effective date of the cancellation or expiration of the insurance. The costs of the “Force Placed” insurance may be added to the total outstanding balance Obligations. The costs of the Obligations secured hereby. The cost of the “Force Placed” coverage insurance may be more than the cost of insurance that Mortgagor may be able to obtain on its own. For purposes of the Illinois Collateral Protection Act, 815 ILCS 180/1 et seq., Mortgagor hereby acknowledges Mortgagee’s right pursuant to this Section to obtain collateral protection insurance.

Collateral Protection Act. If Pursuant to the requirements of the Illinois Collateral Protection Act, the Mortgagor shall not provide satisfactory is hereby notified as follows: Unless the Mortgagor provides the Mortgagee with evidence of the insurance to Mortgagee within ten (10) days demand therefor coverage required by Mortgagee to Mortgagor, then Mortgagee shall have the sole right but not the obligation to obtain coverage satisfactory to Mortgagee and the cost of such insurance shall become an obligation of Mortgagor. It is understood and agreed by Mortgagor that the so called “Force Placed” coverage is only for the benefit of Mortgagee and that Mortgagor shall have no right to this Mortgage or any of the proceeds from such insurance(s)other Loan Documents, Mortgagee may purchase insurance at the Mortgagor’s expense to protect Mortgagee’s interests in the Mortgaged Property for the Obligations. This insurance may, but need not protect the Mortgagor’s interests. The coverage the Mortgagee purchases may not pay any claim that the Mortgagor makes or any claim that is made against the Mortgagor in connection with the Mortgaged Property or any other collateral for the Obligations. The Mortgagor may later cancel any insurance purchased by Mortgagee, Mortgagee but only after providing Mortgagee with evidence that the Mortgagor has obtained insurance as required by this MortgageMortgage or any of the other Loan Documents. If Mortgagee purchases insurance for the Mortgaged PropertyProperty for the Obligations, the Mortgagor will be responsible for the costs of that insurance, including interest and any other charges that Mortgagee may lawfully impose in connection with the placement of the “Force Placed” coverageinsurance, until the effective date of the cancellation or expiration of the insurance. The costs of the “Force Placed” insurance may be added to the total outstanding balance Obligations. The costs of the Obligations secured hereby. The cost of the “Force Placed” coverage insurance obtained by Mortgagee may be more than the cost of insurance that the Mortgagor may be able to obtain on its own.

Collateral Protection Act. If Pursuant to the terms of the Collateral Protection Act, Illinois Compiled Statutes, Chapter 815 ILCS 180/1 et seq., Mortgagor shall not provide satisfactory is hereby notified that, unless Mortgagor provides Mortgagee with evidence of the insurance required by this Mortgage or any other Loan Document, Mortgagee may purchase insurance at Mortgagor’s expense to Mortgagee within ten (10) days demand therefor by Mortgagee to Mortgagor, then Mortgagee shall have protect Mortgagee’s interest in the sole right but not the obligation to obtain coverage satisfactory to Mortgagee and the cost of such insurance shall become an obligation of Mortgagor. It is understood and agreed by Mortgagor that the so called “Force Placed” coverage is only Mortgaged Property or any other collateral for the benefit of indebtedness secured hereby. This insurance may, but need not, protect Mortgagor’s interests. The coverage Mortgagee and purchases may not pay any claim that Mortgagor shall have no right to makes or any of claim that is made against Mortgagor in connection with the proceeds from such insurance(s)Mortgaged Property or any other collateral for the indebtedness secured hereby. Mortgagor may later cancel any insurance purchased by Mortgagee, but only after providing Mortgagee with evidence that Mortgagor has obtained insurance as required by under this MortgageMortgage or any other Loan Document. If Mortgagee purchases insurance for the Mortgaged PropertyProperty or any other collateral for the indebtedness secured hereby, Mortgagor will shall be responsible for the costs of that insurance, including the insurance premiums, interest and any other charges that Mortgagee may lawfully impose in connection with the placement of the “Force Placed” coverageinsurance, until the effective date of the cancellation or expiration of the insurance. The costs of the “Force Placed” insurance may be added to the total outstanding balance of the Obligations indebtedness secured hereby. The cost costs of the “Force Placed” coverage insurance may be more than the cost of insurance that Mortgagor may be able to obtain on its own.