Hazard Insurance Coverage. As to each Mortgaged Property, the amount of Hazard Insurance must be at least equal to the lesser of (a) the Unpaid Principal Balance of the related Mortgage Loan or (b) 100% of the insurable value of the improvements on the Mortgaged Property; provided, however, that in no case shall the amount of Hazard Insurance be less than the amount required to fully compensate for any damage to the improvements on the Mortgaged Property on a replacement cost basis.
Appears in 77 contracts
Samples: Servicing Agreement (Wells Fargo Asset Securities Corp), Servicing Agreement (Wells Fargo Mortgage Backed Securities 2007-14 Trust), Servicing Agreement (Wells Fargo Mortgage Backed Securities 2006-16 Trust)
