Common use of Hazard and Flood Insurance Clause in Contracts

Hazard and Flood Insurance. With respect to each REO Property and each D-2 Mortgage Loan, all buildings or other improvements upon the subject Mortgaged Property or REO Property are insured by a generally acceptable insurer against loss by fire, hazards of extended coverage and such other hazards as are customary in the area where the Mortgaged Property or REO Property is located in an amount which is at least equal to the lesser of (i) the replacement value of the improvements or (ii) the outstanding principal balance of the Loan. If any (i) REO Property, or any (ii) Mortgaged Property securing a D-2 Mortgage Loan that is identified on the Data Tape as being secured by a first priority lien is located in an area identified in the Federal Register by the Federal Emergency Management Agency as having special flood hazards, a flood insurance policy meeting the requirements of the current guidelines of the Federal Flood Insurance Administration is in effect with a generally acceptable insurer in an amount representing coverage not less than the lesser of (i) the minimum amount required, under the terms of coverage, to compensate for any damage or loss on a replacement cost basis (or the unpaid balance of the D-2 Mortgage Loan if replacement cost coverage was not available for the type of building insured) or (ii) the maximum amount of insurance which is available under the National Flood Insurance Act of 1968 or the Flood Disaster Protection Act of 1973, as amended. With respect to the foregoing coverages that relate to Mortgaged Property securing D-2 Mortgage Loans, all individual (as opposed to group) insurance policies, other than those individual policies that were force-placed by Seller, contain a standard mortgagee clause naming the Seller and its successors and assigns as mortgagee, and all premiums thereon have been paid.

Hazard and Flood Insurance. With respect to each REO Property and each D-2 Mortgage Loan, all All buildings or other improvements upon the subject Mortgaged Property or REO Property are insured by a an insurer generally acceptable insurer to similarly situated commercial lenders against loss by fire, hazards of extended coverage and such other hazards as are customary in the area where the Mortgaged Property or REO Property is located in an amount which is at least equal to the lesser of (i) the replacement value of the improvements or and (ii) the greater of (A) the outstanding principal balance of the LoanLoan and (B) an amount such that the proceeds thereof shall be sufficient to prevent the Obligor or the loss payee from becoming a co-insurer. If any (i) REO Property, or any (ii) the Mortgaged Property securing a D-2 Mortgage Loan that or REO Property is identified on the Data Tape as being secured by a first priority lien is located in an area identified in the Federal Register by the Federal Emergency Management Agency as having special flood hazards, hazards (and such flood insurance has been made available) a flood insurance policy meeting the requirements of the current guidelines of the Federal Flood Insurance Administration is in effect with a generally acceptable insurer insurance carrier in an amount representing coverage not less than the lesser of (i) the minimum amount required, under the terms of coverage, to compensate for any damage or loss on a replacement cost basis (or the unpaid balance of the D-2 Mortgage Loan if replacement cost coverage was is not available for the type of building insured) or and (ii) the maximum amount of insurance which is available under the National Flood Insurance Act of 1968 or the Flood Disaster Protection Act of 1973, as amended. With respect to the foregoing coverages that relate to Mortgaged Property securing D-2 Mortgage Loans, all All individual (as opposed to group) insurance policies, other than those individual policies that were force-placed by Seller, contain a standard mortgagee clause naming the Seller and its successors and assigns as mortgagee, and all premiums thereon have been paid.

Hazard and Flood Insurance. With respect to each REO Property and each D-2 Mortgage Loan, all All buildings or other improvements upon the subject Mortgaged Property or REO Property are insured by a an insurer generally acceptable insurer to Fxxxxx Mxx and Fxxxxxx Mac against loss by fire, hazards of extended coverage and such other hazards as are customary in the area where the Mortgaged Property or REO Property is located in an amount which is at least equal to the lesser of (i) the replacement value of the improvements or and (ii) the greater of (A) the outstanding principal balance of the LoanLoan and (B) an amount such that the proceeds thereof shall be sufficient to prevent the Obligor or the loss payee from becoming a co-insurer. If any (i) REO Property, or any (ii) the Mortgaged Property securing a D-2 Mortgage Loan that or REO Property is identified on the Data Tape as being secured by a first priority lien is located in an area identified in the Federal Register by the Federal Emergency Management Agency as having special flood hazards, hazards (and such flood insurance has been made available) a flood insurance policy meeting the requirements of the current guidelines of the Federal Flood Insurance Administration is in effect with a generally acceptable insurer insurance carrier in an amount representing coverage not less than the lesser of (i) the minimum amount required, under the terms of coverage, to compensate for any damage or loss on a replacement cost basis (or the unpaid balance of the D-2 Mortgage Loan if replacement cost coverage was is not available for the type of building insured) or and (ii) the maximum amount of insurance which is available under the National Flood Insurance Act of 1968 or the Flood Disaster Protection Act of 1973, as amended. With respect to the foregoing coverages that relate to Mortgaged Property securing D-2 Mortgage Loans, all All individual (as opposed to group) insurance policies, other than those individual policies that were force-placed by Seller, contain a standard mortgagee clause naming the Seller and its successors and assigns as mortgagee, and all premiums thereon have been paid.