FORCED PLACEMENT OF INSURANCE. If the Borrower fails to comply with the requirements of this Section, the Lender may, at its discretion, procure any required insurance. Any premiums paid for such insurance, or the allocable portion of any premium paid by the Lender under a blanket policy for such insurance, shall be a demand obligation under this Deed of Trust, and any unearned premiums under such insurance shall comprise Insurance Proceeds and therefore a portion of the Property.
FORCED PLACEMENT OF INSURANCE. If the Borrower fails to comply with the requirements of this Section, the Lender may, at its discretion, procure any required insurance. Any premiums paid for such insurance, or the allocable portion of any premium paid by the Lender under a blanket policy for such insurance, shall be a demand obligation under this Mortgage, and any unearned premiums under such insurance shall comprise Insurance Proceeds and therefore a portion of the Property.
FORCED PLACEMENT OF INSURANCE. Pursuant to Oregon Revised Statutes Section 746.201, Lessor hereby provides Lessee with the following notice: "WARNING" Unless you provide us with evidence of the insurance coverage as required by our contract or loan agreement, we may purchase insurance at your expense to protect our interest. This insurance may, but need not, also protect your interest. If the collateral becomes damaged, the coverage we purchase may not pay any claim you make or any claim made against you. You may later cancel this coverage by providing evidence that you have obtained property coverage elsewhere. You are responsible for the cost of any insurance purchased by us. The cost of this insurance may be added to your contract or loan balance. If the cost is added to your 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 your prior coverage lapsed or the date you failed to provide proof of coverage. The coverage that we purchase may be considerably more expensive than insurance you can obtain on your own and may not satisfy any need for property damage coverage or any mandatory liability insurance requirements imposed by applicable law. As used in the above notice, (i) "you" and "your" shall refer to Lessee, (ii) "we", "us" and "our" shall refer to Lessor, (iii) "contract or loan agreement" shall refer to the Participation Agreement, this Agreement and the other Operative Documents, (iv) "collateral" shall refer to the Property, (v) "contract or loan balance" shall refer to the Outstanding Lease Amount and (vi) "interest rate" shall refer to Rental Rate.
FORCED PLACEMENT OF INSURANCE. Pursuant to Oregon Revised Statutes Section 746.201, Lessor hereby provides Lessee with the following notice: "WARNING" Unless you provide us with evidence of the insurance coverage as required by our contract or loan agreement, we may purchase insurance at your expense to protect our interest. This insurance may, but need not, also protect your interest. If the collateral becomes damaged, the coverage we purchase may not pay any claim you make or any claim made against you. You may later cancel this coverage by providing evidence that you have obtained property coverage elsewhere. 13 129 You are responsible for the cost of any insurance purchased by us. The cost of this insurance may be added to your contract or loan balance. If the cost is added to your 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 your prior coverage lapsed or the date you failed to provide proof of coverage. The coverage that we purchase may be considerably more expensive than insurance you can obtain on your own and may not satisfy any need for property damage coverage or any mandatory liability insurance requirements imposed by applicable law.
FORCED PLACEMENT OF INSURANCE. If the Borrower fails to comply with the requirements of this Section and such failure would result in the lapse, termination or expiration of the insurance required hereby, the Lender may, at its discretion, procure any required insurance; provided, however, for any other failure of Borrower to comply with the requirements of this Section, Lender shall not procure any required insurance unless Borrower has failed to cure such failure within thirty (30) days of written notice from Lender of such failure. Any premiums paid for such insurance, or the allocable portion of any premium paid by the Lender under a blanket policy for such insurance, shall be a demand obligation under this Deed of Trust, and any unearned premiums under such insurance shall comprise Insurance Proceeds and therefore a portion of the Property.
