Common use of Hazard and Flood Insurance Clause in Contracts

Hazard and Flood Insurance. For each Mortgage Loan, the related Mortgaged Property (including all buildings and improvements thereon), is insured by an Insurer acceptable to Xxxxxx Xxx or Xxxxxxx Mac standards and in compliance with the Underwriting Guidelines, in each case, applicable at the time of origination of the related Mortgage Loan against loss by fire or perils and such hazards as are covered under a standard extended coverage endorsement and such other hazards required to be covered by Xxxxxx Xxx or Freddie Mac and required to be covered by the Underwriting Guidelines or are customary in the area where the Mortgaged Property is located pursuant to insurance policies conforming to the Underwriting Guidelines, in an amount which is not less than the greater of (1) the lesser of 100% of the insurable value of the Mortgaged Property and the outstanding principal balance of the Mortgage Loan (plus any additional amount required to prevent the Mortgagor from being deemed a co-insurer) and (2) an amount such that the proceeds of such insurance shall be sufficient to avoid the application to the Mortgagor or loss payee of any coinsurance under the insurance policy, but in no event less than the minimum amount necessary to fully compensate for any damage or loss on a replacement cost basis. If the Mortgaged Property is a condominium unit, it is included under the coverage afforded by a blanket policy for the project in an amount which is not less than the greater of (1) the lesser of 100% of the insurable value of the condominium unit and the outstanding principal balance of the Mortgage Loan (plus any additional amount required to prevent the Mortgagor from being deemed a co-insurer) and (2) an amount such that the proceeds of such insurance shall be sufficient to avoid the application to the Mortgagor or loss payee of any coinsurance under the insurance policy, but in no event less than the minimum amount necessary to fully compensate for any damage or loss on a replacement cost basis. If required by the Flood Disaster Protection Act of 1973, as amended or if any portion of the Mortgaged Property (including any improvements thereon) is in an area identified in the Federal Register by the Federal Emergency Management Agency or by any other Governmental Authority as having special flood hazards, then a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect with a generally acceptable insurance carrier and such policy conforms to the requirements of Xxxxxx Xxx or Freddie Mac and conforms with the Underwriting Guidelines, in each case, applicable at the time of origination of the related Mortgage Loan. Such flood insurance policy is in an amount representing coverage not less than the least of (A) the outstanding principal balance of the Mortgage Loan (plus any additional amount required to prevent the Mortgagor from being deemed a co-insurer), (B) the full insurable value of the related Mortgaged Property and (C) the maximum amount of insurance which was available under the Flood Disaster Protection Act of 1973, as amended. All individual insurance policies are issued by an Insurer acceptable to Xxxxxx Xxx or Freddie Mac and in compliance with the Underwriting Guidelines, in each case, applicable at the time of origination of the related Mortgage Loan and on the date of origination, contained a standard mortgagee clause naming the Guarantor and its successors and assigns as mortgagee and as loss payee and such clause is still in effect, and all premiums thereon have been paid. Each such insurance policy may not be reduced, terminated or canceled without thirty (30) days prior written notice to the mortgagee. No such notice has been received by any of the originator, the Seller, Guarantor, any prior owner of such Mortgage Loan, or any their respective Affiliates or assigns. The Mortgage obligates the Mortgagor thereunder to maintain all such hazard insurance policies at the Mortgagor’s cost and expense, and on the Mortgagor’s failure to do so, authorizes the holder of the Mortgage to obtain and maintain such insurance at such Xxxxxxxxx’s cost and expense, and to seek reimbursement therefor from the Mortgagor. Each such insurance policy is the valid and binding obligation of the Insurer, is in full force and effect, and will be in full force and effect and inure to the benefit of the Buyer upon the consummation of the transactions contemplated by this Agreement. None of originator, the Seller, the Guarantor, any prior owner of such Mortgage Loan, or any their respective Affiliates or assigns, Mortgagor or any other Person has acted or failed to act so as to impair the coverage of any such insurance policy, the benefits of the endorsement provided for therein, or the validity, binding effect and enforceability of either, including, without limitation, the provision or receipt of any unlawful fee, commission, kickback, or other compensation or value of any kind. No action, inaction, or event has occurred and no state of facts exists or has existed that has resulted or will result in the exclusion from, denial of, or defense to coverage, under any such insurance policies, regardless of the cause of such failure of coverage.

Hazard and Flood Insurance. For each Mortgage LoanMortgagor shall maintain with respect to all completed buildings, improvements, fixtures, and tangible personal property which are now or hereafter part of the related Mortgaged Property, fire and extended coverage insurance, including windstorm and hail, and earthquake insurance, and such other hazard insurance as Mortgagor may require. If any portion of the Property (including is located in a federally designated special flood hazard area, Mortgagor shall also obtain a flood insurance policy in the maximum amount available under the National Flood Insurance Act of 1968, but not to exceed the replacement value of all buildings and improvements thereon), is insured by an Insurer acceptable to Xxxxxx Xxx or Xxxxxxx Mac standards and located on the Property that are located in compliance with the Underwriting Guidelines, in each case, applicable at the time of origination of the related Mortgage Loan against loss by fire or perils and such hazards as are covered under a standard extended coverage endorsement and such other hazards required to be covered by Xxxxxx Xxx or Freddie Mac and required to be covered by the Underwriting Guidelines or are customary in the area where the Mortgaged Property is located pursuant to insurance policies conforming to the Underwriting Guidelines, in an amount which is not less than the greater of (1) the lesser of 100% of the insurable value of the Mortgaged Property and the outstanding principal balance of the Mortgage Loan (plus any additional amount required to prevent the Mortgagor from being deemed a co-insurer) and (2) an amount such that the proceeds of federally designated special flood hazard area. All such insurance shall be sufficient payable to avoid Mortgagee as the application interest of Mortgagee may appear pursuant to the Mortgagor New York standard form of mortgagee clause or loss payee such other form of any coinsurance under the insurance policy, but in no event less than the minimum amount necessary to fully compensate for any damage or loss on a replacement cost basis. If the Mortgaged Property is a condominium unit, it is included under the coverage afforded by a blanket policy for the project in an amount which is not less than the greater of (1) the lesser of 100% of the insurable value of the condominium unit and the outstanding principal balance of the Mortgage Loan (plus any additional amount required to prevent the Mortgagor from being deemed a co-insurer) and (2) an amount such that the proceeds of such insurance shall mortgagee clause as may be sufficient to avoid the application to the Mortgagor or loss payee of any coinsurance under the insurance policy, but in no event less than the minimum amount necessary to fully compensate for any damage or loss on a replacement cost basis. If required by the Flood Disaster Protection Act of 1973, as amended or if any portion of the Mortgaged Property (including any improvements thereon) is in an area identified in the Federal Register by the Federal Emergency Management Agency or by any other Governmental Authority as having special flood hazards, then a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect with a generally acceptable insurance carrier Mortgagee and such policy conforms to the requirements of Xxxxxx Xxx or Freddie Mac and conforms with the Underwriting Guidelines, in each case, applicable at the time of origination of the related Mortgage Loan. Such flood insurance policy is in an amount representing coverage not less than the least of (A) the outstanding principal balance of the Mortgage Loan (plus any additional amount required to prevent the Mortgagor from being deemed a co-insurer), (B) the full insurable value of the related Mortgaged Property and (C) the maximum amount of insurance which was available under the Flood Disaster Protection Act of 1973, as amended. All individual insurance policies are issued by an Insurer acceptable to Xxxxxx Xxx or Freddie Mac and in compliance with the Underwriting Guidelines, in each case, applicable at the time of origination of the related Mortgage Loan and on the date of origination, contained a standard mortgagee clause naming the Guarantor and its successors and assigns as mortgagee and as loss payee and such clause is still in effect, and all premiums thereon have been paid. Each such insurance policy may shall not be reduced, terminated cancelable by either the insurer or canceled the insured without at least thirty (30) days prior written notice to the mortgageeMortgagee. No Mortgagor shall keep the Property continuously insured as herein required and shall deliver to Mortgagee a copy of each policy of insurance required hereby together with a current certificate of insurance. Mortgagor shall pay each premium coming due on any such notice has been received by any policy of the originator, the Seller, Guarantor, any prior owner insurance and will deliver to Mortgagee proof of such Mortgage Loan, or any their respective Affiliates or assigns. The Mortgage obligates the Mortgagor thereunder to maintain all such hazard insurance policies payment at the Mortgagor’s cost and expense, and on the Mortgagor’s failure to do so, authorizes the holder of the Mortgage to obtain and maintain such insurance at such Xxxxxxxxx’s cost and expense, and to seek reimbursement therefor from the Mortgagor. Each such insurance policy is the valid and binding obligation of the Insurer, is in full force and effect, and will be in full force and effect and inure least ten (10) days prior to the benefit of date such premium would become overdue or delinquent. Upon the Buyer upon the consummation of the transactions contemplated by this Agreement. None of originator, the Seller, the Guarantor, any prior owner of such Mortgage Loan, expiration or any their respective Affiliates or assigns, Mortgagor or any other Person has acted or failed to act so as to impair the coverage termination of any such policy of insurance, Mortgagor shall furnish to Mortgagee at least ten (10) days prior to such expiration or termination a copy of a renewal or replacement policy of insurance policymeeting the requirements hereof together with a current certificate of insurance. If Mortgagor fails to insure the Property as herein required, Mortgagee may so insure the benefits of the endorsement provided for therein, or the validity, binding effect and enforceability of either, including, without limitation, the provision or receipt of any unlawful fee, commission, kickback, or other compensation or value of any kind. No action, inaction, or event has occurred and no state of facts exists or has existed that has resulted or will result Property in the exclusion fromname of Mortgagor or in the name of Mortgagee or both, denial of, or defense to coverage, under and the premiums for any such insurance policiesobtained by Mortgagee shall be the obligation of Mortgagor and shall be secured by this Mortgage. Upon foreclosure of this Mortgage, regardless all right, title and interest of Mortgagor in and to any policy of insurance upon the Property which is in the custody of Mortgagee, including the right to unearned premiums, shall vest in the purchaser of the cause Property at foreclosure, and Mortgagor hereby appoints Mortgagee as the attorney in fact of Mortgagor to assign all right, title and interest of Mortgagor in and to any such failure policy of coverageinsurance to such purchaser. This appointment is coupled with an interest and shall be irrevocable.

Hazard and Flood Insurance. For each Mortgage Loan, the related Mortgaged Property (including all buildings and improvements thereon), is insured by an Insurer acceptable to Xxxxxx Xxx or Xxxxxxx Mac standards and in compliance with the Underwriting Guidelines, in each case, applicable at the time of origination of the related Mortgage Loan against loss by fire or perils and such hazards as are covered under a standard extended coverage endorsement and such other hazards required to be covered by Xxxxxx Xxx Mae or Freddie Xxxxxxx Mac and required to be covered by the Underwriting Guidelines or are customary in the area where the Mortgaged Property is located pursuant to insurance policies conforming to the Underwriting Guidelines, in an amount which is not less than the greater of (1) the lesser of 100% of the insurable value of the Mortgaged Property and the outstanding principal balance of the Mortgage Loan (plus any additional amount required to prevent the Mortgagor from being deemed a co-insurer) and (2) an amount such that the proceeds of such insurance shall be sufficient to avoid the application to the Mortgagor or loss payee of any coinsurance under the insurance policy, but in no event less than the minimum amount necessary to fully compensate for any damage or loss on a replacement cost basis. If the Mortgaged Property is a condominium unit, it is included under the coverage afforded by a blanket policy for the project in an amount which is not less than the greater of (1) the lesser of 100% of the insurable value of the condominium unit and the outstanding principal balance of the Mortgage Loan (plus any additional amount required to prevent the Mortgagor from being deemed a co-insurer) and (2) an amount such that the proceeds of such insurance shall be sufficient to avoid the application to the Mortgagor or loss payee of any coinsurance under the insurance policy, but in no event less than the minimum amount necessary to fully compensate for any damage or loss on a replacement cost basis. If required by the Flood Disaster Protection Act of 1973, as amended or if any portion of the Mortgaged Property (including any improvements thereon) is in an area identified in the Federal Register by the Federal Emergency Management Agency or by any other Governmental Authority as having special flood hazards, then a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect with a generally acceptable insurance carrier and such policy conforms to the requirements of Xxxxxx Xxx Mae or Freddie Xxxxxxx Mac and conforms with the Underwriting Guidelines, in each case, applicable at the time of origination of the related Mortgage Loan. Such flood insurance policy is in an amount representing coverage not less than the least of (A) the outstanding principal balance of the Mortgage Loan (plus any additional amount required to prevent the Mortgagor from being deemed a co-insurer), (B) the full insurable value of the related Mortgaged Property and (C) the maximum amount of insurance which was available under the Flood Disaster Protection Act of 1973, as amended. All individual insurance policies are issued by an Insurer acceptable to Xxxxxx Xxx Mae or Freddie Xxxxxxx Mac and in compliance with the Underwriting Guidelines, in each case, applicable at the time of origination of the related Mortgage Loan and on the date of origination, contained a standard mortgagee clause naming the Guarantor and its successors and assigns as mortgagee and as loss payee and such clause is still in effect, and all premiums thereon have been paid. Each such insurance policy may not be reduced, terminated or canceled without thirty (30) days prior written notice to the mortgagee. No such notice has been received by any of the originator, the Seller, Guarantor, any prior owner of such Mortgage Loan, or any their respective Affiliates or assigns. The Mortgage obligates the Mortgagor thereunder to maintain all such hazard insurance policies at the Mortgagor’s cost and expense, and on the Mortgagor’s failure to do so, authorizes the holder of the Mortgage to obtain and maintain such insurance at such XxxxxxxxxMortgagor’s cost and expense, and to seek reimbursement therefor from the Mortgagor. Each such insurance policy is the valid and binding obligation of the Insurer, is in full force and effect, and will be in full force and effect and inure to the benefit of the Buyer upon the consummation of the transactions contemplated by this Agreement. None of originator, the Seller, the Guarantor, any prior owner of such Mortgage Loan, or any their respective Affiliates or assigns, Mortgagor or any other Person has acted or failed to act so as to impair the coverage of any such insurance policy, the benefits of the endorsement provided for therein, or the validity, binding effect and enforceability of either, including, without limitation, the provision or receipt of any unlawful fee, commission, kickback, or other compensation or value of any kind. No action, inaction, or event has occurred and no state of facts exists or has existed that has resulted or will result in the exclusion from, denial of, or defense to coverage, under any such insurance policies, regardless of the cause of such failure of coverage.

Hazard and Flood Insurance. For each Mortgage Loan, the related Mortgaged Property (including Mortgagor shall keep all buildings and improvements thereon), is insured by an Insurer acceptable to Xxxxxx Xxx or Xxxxxxx Mac standards and in compliance with the Underwriting Guidelines, in each case, applicable at the time of origination -------------------------- constituting a part of the related Mortgage Loan Property now or in the future, insured against loss or damage by fire or perils fire, flood, and such other hazards as are covered under a standard included within the term "extended coverage endorsement coverage," and against such other hazards required to be covered by Xxxxxx Xxx or Freddie Mac and required to be covered by the Underwriting Guidelines or are customary as Mortgagee may require, in the area where full insurable value (or such lesser amount as Mortgagee may authorize in writing), with an insurer of high financial reputation acceptable to Mortgagee. The policy or policies of insurance must contain a standard mortgagee clause in favor of Mortgagee and must be delivered to Mortgagee. Mortgagor shall pay all premiums and charges for the Mortgaged Property is located pursuant to insurance policies conforming to maintenance and renewal of the Underwriting Guidelinesinsurance, in an amount which is and shall furnish Mortgagee with receipts and proofs of payment not less than ten days before the greater expiration of each policy without notice or demand from Mortgagee. If Mortgagor fails to do so, then Mortgagee, without waiving the option to foreclose, may obtain such insurance for the protection of Mortgagee, and any expenses rea sonably incurred by Mortgagee in so doing: (1) the lesser of 100% is a part of the insurable value indebtedness secured hereby; (2) is, at Mortgagee's option, immediately due and payable; and (3) bears interest at the highest lawful rate specified in any note evidencing any indebtedness secured by this Mortgage. In the event of loss, Mortgagee must apply the insurance proceeds either to the reduction of the indebtedness secured by this Mortgage, or to the restoration and repair of the Mortgaged Property, at the option of Mortgagee. Mortgagee shall have the full power to settle or compromise claims under all policies and to demand, receive, and receipt for all sums payable thereunder. In the event of foreclosure of this Mortgage or transfer of the Mortgaged Property and the outstanding principal balance in full or partial satisfaction of the Mortgage Loan indebtedness secured by this Mortgage, all interest of Mortgagor in the policy or policies of insurance (plus including any additional amount required claim to prevent proceeds attributable to losses already incurred-but not yet paid to Mortgagor) passes to the purchaser, grantee, or. transferee. Upon the occurrence of an Event of Default hereunder (as hereinafter defined) Mortgagee may at its option require Mortgagor from being deemed a co-insurer) to deposit with Mortgagee on the first day of each month, in addition to making payments of principal and (2) interest, until the Note is full paid, an amount such that equal to one-twelfth (1/12) of the proceeds yearly premiums for all insurance. Such deposits shall not be, nor be deemed to be, trust funds, but may be commingled with the general funds of such insurance Mortgagee, and no interest shall be sufficient payable in respect thereof. Upon demand by Mortgagee, Mortgagor shall deliver to avoid Mortgagee such additional monies as are necessary to make up any deficiencies in the application to the Mortgagor or loss payee of any coinsurance under the insurance policy, but in no event less than the minimum amount necessary to fully compensate for any damage or loss on a replacement cost basisenable Mortgagee to pay such premiums when due. If Upon the Mortgaged Property is a condominium unit, it is included occurrence of an uncured Event of default under the coverage afforded by a blanket policy for the project in an amount which is not less than the greater of (1) the lesser of 100% of the insurable value of the condominium unit and the outstanding principal balance of the Mortgage Loan (plus any additional amount required to prevent the Mortgagor from being deemed a co-insurer) and (2) an amount such that the proceeds of such insurance shall be sufficient to avoid the application to the Mortgagor or loss payee of any coinsurance under the insurance policy, but in no event less than the minimum amount necessary to fully compensate for any damage or loss on a replacement cost basis. If required by the Flood Disaster Protection Act of 1973, as amended or if any portion of the Mortgaged Property (including any improvements thereon) is in an area identified in the Federal Register by the Federal Emergency Management Agency or by any other Governmental Authority as having special flood hazards, then a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect with a generally acceptable insurance carrier and such policy conforms to the requirements of Xxxxxx Xxx or Freddie Mac and conforms with the Underwriting Guidelines, in each case, applicable at the time of origination of the related Mortgage Loan. Such flood insurance policy is in an amount representing coverage not less than the least of (A) the outstanding principal balance of the Mortgage Loan (plus any additional amount required to prevent the Mortgagor from being deemed a co-insurer), (B) the full insurable value of the related Mortgaged Property and (C) the maximum amount of insurance which was available under the Flood Disaster Protection Act of 1973, as amended. All individual insurance policies are issued by an Insurer acceptable to Xxxxxx Xxx or Freddie Mac and in compliance with the Underwriting Guidelines, in each case, applicable at the time of origination of the related Mortgage Loan and on the date of origination, contained a standard mortgagee clause naming the Guarantor and its successors and assigns as mortgagee and as loss payee and such clause is still in effect, and all premiums thereon have been paid. Each such insurance policy may not be reduced, terminated or canceled without thirty (30) days prior written notice to the mortgagee. No such notice has been received by any of the originatorterms, covenants and conditions in the SellerNote, Guarantor, any prior owner of such this Mortgage Loan, or any their respective Affiliates or assigns. The Mortgage obligates the Mortgagor thereunder to maintain all such hazard insurance policies at the Mortgagor’s cost and expense, and on the Mortgagor’s failure to do so, authorizes the holder of the Mortgage to obtain and maintain such insurance at such Xxxxxxxxx’s cost and expense, and to seek reimbursement therefor from the Mortgagor. Each such insurance policy is the valid and binding obligation of the Insurer, is in full force and effect, and will be in full force and effect and inure to the benefit of the Buyer upon the consummation of the transactions contemplated by this Agreement. None of originator, the Seller, the Guarantor, any prior owner of such Mortgage Loan, or any their respective Affiliates or assigns, Mortgagor or any other Person has acted instrument securing the Note to be performed or failed observed by Mortgagor, Mortgagee may apply to act so the reduction of the sums secured hereby, in such manner as Mortgagee shall determine, any amount under this paragraph remaining to impair the coverage Mortgagor's any return premium received from cancellation of any such insurance policy, the benefits policy by Mortgagee upon foreclosure of the endorsement provided for therein, or the validity, binding effect and enforceability of either, including, without limitation, the provision or receipt of any unlawful fee, commission, kickback, or other compensation or value of any kind. No action, inaction, or event has occurred and no state of facts exists or has existed that has resulted or will result in the exclusion from, denial of, or defense to coverage, under any such insurance policies, regardless of the cause of such failure of coveragethis Mortgage.