Forced Place Insurance. Subservicer shall maintain hazard insurance for each Mortgage Property. On the Transfer Date, if Subservicer cannot determine whether hazard insurance is in place with respect to a Mortgage Property, Subservicer shall secure lender-placed hazard insurance for the benefit of the Borrower and Xxxxxx Xxx, until such time as Subservicer confirms that permanent hazard insurance is in place for each such Mortgage Property.
Forced Place Insurance. UNLESS LOAN PARTIES PROVIDE AGENT WITH EVIDENCE OF THE INSURANCE COVERAGE REQUIRED BY THIS AGREEMENT, AGENT MAY (BUT SHALL HAVE NO OBLIGATION TO) PURCHASE INSURANCE AT LOAN PARTIES’ JOINT AND SEVERAL EXPENSE TO PROTECT AGENT’S AND LENDERS’ INTERESTS IN THE COLLATERAL. THIS INSURANCE MAY, BUT NEED NOT, PROTECT ANY LOAN PARTY’S INTERESTS. THE COVERAGE THAT AGENT PURCHASES MAY NOT PAY ANY CLAIM THAT IS MADE AGAINST ANY LOAN PARTY IN CONNECTION WITH THE COLLATERAL. LOAN PARTIES MAY LATER CANCEL ANY INSURANCE PURCHASED BY AGENT, BUT ONLY AFTER PROVIDING AGENT WITH EVIDENCE THAT LOAN PARTIES HAVE OBTAINED INSURANCE AS REQUIRED BY THIS AGREEMENT. IF AGENT PURCHASES INSURANCE FOR THE COLLATERAL, LOAN PARTIES WILL BE JOINTLY AND SEVERALLY RESPONSIBLE FOR THE COSTS OF THAT INSURANCE, INCLUDING INTEREST AND ANY OTHER CHARGES THAT MAY BE IMPOSED 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 PRINCIPAL AMOUNT OF THE LOANS OWING HEREUNDER. THE COSTS OF THE INSURANCE MAY BE MORE THAN THE COST OF THE INSURANCE LOAN PARTIES MAY BE ABLE TO OBTAIN ON THEIR OWN.
Forced Place Insurance. Although we require that the Vehicle be insured we will not require you to obtain coverage through us or anyone to whom we may refer you. You may purchase the required insurance through an agent or company of your choice, but such insurance must remain in force throughout the entire term of the loan until it is paid in full. If, for any reason, you do not provide or maintain the full coverage physical damage insurance required by this Agreement, you hereby authorize us to apply for single interest insurance (also known as “forced placed” insurance) to protect our interest in the Vehicle. The cost of such coverage and any finance charges will be added to the balance of the loan and will accrue interest at the rate set forth on the first page of this Agreement. You understand that in this event, the single interest insurance will be obtained by us on our behalf as a result of you not providing or maintaining the required insurance. This coverage does not provide you any protection, nor does it fulfill the requirement of any state “financial responsibility,” “no fault,” or “minimum liability insurance” laws. It does not afford you any personal injury liability, property damage liability, uninsured or underinsured motorist or medical payment coverage, and furthermore, such insurance protects only us and does not protect your equity in the Vehicle. You acknowledge that you understand that you may request that single interest insurance be obtained by us, and that we may or may not do so at our option.
Forced Place Insurance. The Servicer shall administer its CPI Insurance program in accordance with all applicable law and in accordance with the terms of the Contracts related to the Receivables which are subject to CPI Insurance.
Forced Place Insurance. No Financed Vehicle is subject to a force-placed insurance policy. Exhibit A-8
Forced Place Insurance. WARNING Unless Borrower provides Administrative Agent with evidence of the insurance coverage as required by this Agreement, Administrative Agent may purchase insurance at Borrower’s expense to protect Administrative Agent’s interest. This insurance may, but need not, also protect Borrower’s interest. If the collateral becomes damaged, the coverage Administrative Agent purchases may not pay any claim Borrower makes or any claim made against Borrower. Borrower may later cancel this coverage by providing evidence that Borrower has obtained property coverage elsewhere. Borrower is responsible for the cost of any insurance purchased by Administrative Agent. The cost of this insurance may be added to Borrower’s contract or loan balance. If the cost is added to Borrower’s contract or loan balance, the interest rate on the underlying contract or loan will apply to this added amount. The effective date of coverage may be the date Borrower’s prior coverage lapsed or the date Borrower failed to provide proof of coverage. The coverage Administrative Agent purchases may be considerably more expensive than insurance Borrower can obtain on its own and may not satisfy any need for property damage coverage or any mandatory liability insurance requirements imposed by applicable law.
