Common use of Collateral Protection Act Clause in Contracts

Collateral Protection Act. Pursuant to the requirements of the Illinois Collateral Protection Act, Mortgagor is hereby notified as follows: Unless the Mortgagor provides the Bank with evidence of the insurance coverage required by this Mortgage or any of the other Loan Documents, Bank may purchase insurance at Mortgagor’s expense to protect Bank’s interest in the Property or any other collateral for the Secured Indebtedness. This insurance may, but need not protect Mortgagor’s interests. The coverage the Bank purchases may not pay any claim that Mortgagor makes or any claim that is made against Mortgagor in connection with the Property or any other collateral for the Secured Indebtedness. Mortgagor may later cancel any insurance purchased by Bank but only after providing Bank with evidence that Mortgagor has obtained insurance as required by this Mortgage. If Bank purchases insurance for the Property or any other collateral for the Secured Indebtedness, Mortgagor will be responsible for the costs of that insurance, including interest in any other charges 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 outstanding indebtedness. The costs of the insurance may be more than the cost of insurance that Mortgagor may be able to obtain on its own.

Collateral Protection Act. Pursuant to the requirements of the Illinois Collateral Protection Act, the Mortgagor is hereby notified as follows: Unless the Mortgagor provides the Bank Mortgagee with evidence of the insurance coverage required by this Mortgage or any of the other Loan Documents, Bank Mortgagee may purchase insurance at the Mortgagor’s expense to protect BankMortgagee’s interest interests in the Mortgaged Property or any other collateral for the Secured IndebtednessObligations. This insurance may, but need not protect the Mortgagor’s interests. The coverage the Bank 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 Secured IndebtednessObligations. The Mortgagor may later cancel any insurance purchased by Bank Mortgagee but only after providing Bank Mortgagee with evidence that the Mortgagor has obtained insurance as required by this MortgageMortgage or any of the other Loan Documents. If Bank Mortgagee purchases insurance for the Mortgaged Property or any other collateral for the Secured IndebtednessObligations, the Mortgagor will be responsible for the costs of that insurance, including interest in and any other charges that Bank 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 outstanding indebtednessObligations. The costs of the 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. Pursuant to the requirements terms of the Illinois Collateral Protection Act, Illinois Compiled Statutes, Chapter 815 ILCS 180/1 et seq., Mortgagor is hereby notified as follows: Unless the that, unless Mortgagor provides the Bank Mortgagee with evidence of the insurance coverage required by this Mortgage or any of the other Loan DocumentsDocument, Bank Mortgagee may purchase insurance at Mortgagor’s expense to protect BankMortgagee’s interest in the Mortgaged Property or any other collateral for the Secured Indebtednessindebtedness secured hereby. This insurance may, but need not not, protect Mortgagor’s interests. The coverage the Bank Mortgagee purchases may not pay any claim that Mortgagor makes or any claim that is made against Mortgagor in connection with the Mortgaged Property or any other collateral for the Secured Indebtednessindebtedness secured hereby. Mortgagor may later cancel any insurance purchased by Bank Mortgagee, but only after providing Bank Mortgagee with evidence that Mortgagor has obtained insurance as required by under this MortgageMortgage or any other Loan Document. If Bank Mortgagee purchases insurance for the Mortgaged Property or any other collateral for the Secured Indebtednessindebtedness secured hereby, Mortgagor will shall be responsible for the costs of that insurance, including the insurance premiums, interest in and any other charges that Bank 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 outstanding indebtednessindebtedness secured hereby. The costs of the insurance may be more than the cost of insurance that Mortgagor may be able to obtain on its own.