Common use of HAZARD/FLOOD INSURANCE Clause in Contracts

HAZARD/FLOOD INSURANCE. The Investor shall be responsible for hazard insurance, flood insurance, and any other insurance required by applicable law. In the event of actual or pending ineffectiveness of hazard or flood insurance on the Secured Property, Servicer shall cause any and all notices required by applicable law and regulation to be mailed and shall procure from an independent insurance provider at the expense of the Investor commercially reasonable forced placed insurance (“FPI”), such FPI to be similar if not identical to the coverage parameters outlined in Schedule D hereto. In the case of flood insurance, Investor shall only be responsible for such flood insurance if such a policy is required by applicable law or regulation.