Common use of Fire and Casualty Policies Clause in Contracts

Fire and Casualty Policies. All fire and casualty policies covering the premises encumbered by each Mortgage offered to or purchased by the Warehouse Purchasers under this Agreement: (i) presently name and will continue to name the Company "and its successors and/or assigns in interest as they may appear" of each as the insured under a standard mortgage clause or, for newly funded Mortgages, a notice for an endorsement changing the named mortgagee has been submitted to the carrier and will be pursued diligently until issued; (ii) are and will continue to be in full force and effect; and (iii) afford and will continue to afford insurance against fire and such other risks as are usually insured against in the broad form of extended coverage insurance from time-to-time available, as well as insurance against flood hazards if it is required by FHA, VA or any applicable law, court or other governmental authority.

Fire and Casualty Policies. All fire and casualty policies covering the premises encumbered by each Mortgage offered to or purchased by the Warehouse Purchasers under this Agreement: (i) presently name and will continue to name the Company "and its successors and/or and/ or assigns in interest as they may appear" of each as the insured under a standard mortgage clause or, for newly funded Mortgages, a notice for an endorsement changing the named mortgagee has been submitted to the carrier and will be pursued diligently until issued; (ii) are and will continue to be in full force and effect; and (iii) afford and will continue to afford insurance against fire and such other risks as are usually insured insured, against in the broad form of extended coverage insurance from time-to-time available, as well as insurance against flood hazards if it is required by FHA, VA or any applicable law, court or other governmental authority.