Hazard Insurance Policies. The Servicer shall cause to be maintained for each Mortgage Loan (including Mortgage Loans as to which the related Mortgaged Property has been acquired by the Trust upon foreclosure, by deed in lieu of foreclosure or comparable conversion), hazard insurance (including flood insurance coverage, if obtainable, to the extent such property is located in a federally designated flood area in such amount as is required under applicable FEMA guidelines) with extended coverage in an amount that is not less than the least of (i) the maximum insurable value from time to time of the improvements that are a part of such property, or (ii) the combined principal balance of such Mortgage Loan and the principal balance of each mortgage loan senior to such Mortgage Loan at the time of such foreclosure plus accrued interest and the good-faith estimate of the Servicer of related Liquidation Expenses to be incurred in connection therewith; provided, further that such hazard insurance shall be in an amount not less than such amount as is necessary to avoid the application of any coinsurance clause contained in the related hazard insurance policy. Each such hazard insurance policy shall contain a standard mortgagee clause naming the originator, its successors and assigns, as mortgagee and shall require prior notice to the insured of termination or cancellation. The Servicer shall be under no obligation to require that any Mortgagor maintain earthquake or other additional insurance and shall be under no obligation itself to maintain any such additional insurance on property acquired in respect of a Mortgage Loan, other than pursuant to such applicable laws and regulations as shall at any time be in force and as shall require such additional insurance. Amounts collected by the Servicer under any such policies shall be deposited in the Collection Account or Certificate Account, as the case may be, in accordance with Section 3.02 to the extent that they constitute Net Liquidation Proceeds or Trust Insurance Proceeds. If the Servicer shall obtain and maintain a blanket policy, issued by an insurer acceptable to each Rating Agency, insuring against such hazard losses, it shall conclusively be deemed to have satisfied its obligations as set forth in the first sentence of this Section, it being understood and agreed that such policy may contain a deductible clause that is in form and substance consistent with standard industry practice, in which case the Servicer shall, in the event tha...
Hazard Insurance Policies. 19 Section 2.04. Enforcement of Due-on-Sale Clauses; Assumption and Modification Agreements...............20 Section 2.05. Realization upon Defaulted Mortgage Loans; Options to Purchase Mortgage Loans............21 Section 2.06. Indenture Trustee to Cooperate; Release of Mortgage Files................................22 Section 2.07. Servicing Compensation; Payment of Certain Expenses by the Servicer; Compensation Interest.................................................................23 Section 2.08. Annual Statement as to Compliance........................................................24 Section 2.09. Annual Independent Public Accountants' Servicing Report..................................24 Section 2.10. Access to Certain Documentation and Information Regarding the Mortgage Loans.............25 Section 2.11. Maintenance of Fidelity Bond and Errors and Omissions Policy.............................25 Section 2.12. Notices to the Issuer, the Rating Agencies and the Indenture Trustee.....................25 Section 2.13. Reports of Foreclosures and Abandonment of Mortgaged Properties..........................25 Section 2.14. Sub-Servicers and Sub-Servicing Agreements...............................................26 Section 2.15. Annual Lien Opinions; Bond Redemptions...................................................26 Section 2.16. Year 2000 Program........................................................................27
Hazard Insurance Policies. 58 Section 3.05 Enforcement of Due-on-Sale Clauses; Assumption and Modification Agreements.................59 Section 3.06 Realization upon Liquidated Mortgage Loans.................................................60 Section 3.07 Trustee to Cooperate; Release of Mortgage Files............................................61 Section 3.08 Servicing Compensation; Payment of Certain Expenses by the Servicer........................62 Section 3.09 Annual Statement as to Compliance..........................................................62 Section 3.10 Annual Independent Public Accountants' Servicing Report....................................62 Section 3.11 Access to Certain Documentation and Information Regarding the Mortgage Loans.............................................................................63 Section 3.12 Maintenance of Fidelity Bond and Errors and Omissions Policy...............................63
Hazard Insurance Policies. Tenant may include the interest of each Leasehold Mortgagee in all fire and other hazard insurance policies pursuant to a standard mortgagee clause or endorsement, may name each Leasehold Mortgagee as a loss payee, and may deposit an original or copy of such policies with each Leasehold Mortgagee. Tenant may name each Leasehold Mortgagee as an additional insured in all comprehensive general liability insurance policies. Landlord shall not, without the prior written consent of Tenant and each Leasehold Mortgagee, obtain any hazard insurance policies which would, in the event of loss, contribute with the insurance policy or policies required by any Leasehold Mortgagee.
Hazard Insurance Policies. (a) Except as otherwise provided in Section 5.08(b), the Servicer shall cause to be maintained with respect to each Contract (other than Contracts relating to REO Properties) one or more Hazard Insurance Policies which provide the same coverage as a standard form fire and extended coverage insurance policy that is customary in the Servicer's procedures for manufactured housing contracts owned and/or serviced by the Servicer, issued by a company authorized to issue such policies in the State in which the Manufactured Home is located, and in an amount which is not less than the lesser of the maximum insurable value or the unpaid principal balance of the related Contract. Each Hazard Insurance Policy caused to be maintained by the Servicer shall contain a standard loss payee clause in favor of the Servicer and its successors and assigns. If any Obligor is in default in the payment of premiums on its Hazard Insurance Policy or Policies, the Servicer shall pay such premiums out of its own funds, and may add separately such premium and any related interest to the Obligor's obligation as provided by the Contract but may not add such premium and interest to the unpaid principal balance of the Contract for purposes of this Agreement. If the Obligor does not reimburse the Servicer for payment of such premiums and the related Contract is liquidated after a default, the Servicer shall be reimbursed for its payment of such premiums out of the related Liquidation Proceeds.
Hazard Insurance Policies. Tenant may include the interest of VHDA in all fire and other hazard insurance policies pursuant to a standard mortgagee clause or endorsement, may name VHDA as a loss payee, and may deposit an original or copy of such policies with VHDA. Tenant may name VHDA as an additional insured in all comprehensive general liability insurance policies. Landlord shall not, without the prior written consent of VHDA, obtain any hazard insurance policies which would, in the event of loss, conflict with the insurance policy or policies required by VHDA.
Hazard Insurance Policies. The Servicer shall cause to be maintained for each Mortgage Loan (including Mortgage Loans as to which the related Mortgaged Property has been acquired by the Trust upon foreclosure, by deed in lieu of foreclosure or comparable conversion), hazard insurance (including flood insurance coverage, if obtainable, to the extent such property is located in a federally designated flood area in such amount as is required under applicable FEMA guidelines) with extended coverage in an amount that is not less than the least of (i) the maximum insurable value from time to time of the improvements that are a part of such property, or (ii) the combined principal balance of such Mortgage Loan and the principal balance of each mortgage loan senior to such Mortgage Loan at the time of such foreclosure plus accrued interest and the good-faith estimate of the Servicer of related Liquidation Expenses to be incurred in connection therewith; provided, further that such hazard insurance shall be in an amount not less than such amount as is necessary to avoid the application of any coinsurance clause contained in the
Hazard Insurance Policies liability insurance policies and other insurance policies and coverage (including, without limitation, earthquake coverage) as may be required by Initial Lenders and in form and substance and issued by companies satisfactory in all respects to Initial Lenders. If a Property, or any portion thereof, is located in a Federally designated "special flood hazard area", a flood insurance policy shall be delivered to Agent. If no portion of a Property is located in a Federally designated "special flood hazard area" such fact shall
Hazard Insurance Policies. 19 Section 2.04. Assumption and Modification Agreements...................................................20
Hazard Insurance Policies. 55 Section 3.05 Enforcement of Due-on-Sale Clauses; Assumption and Modification Agreements . . . . . . . . . . . . . . . . . . . . . . . . . . 56 Section 3.06 Realization upon Liquidated Mortgage Loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56 Section 3.07 Trustee to Cooperate; Release of Mortgage Files . . . . . . . . . . . . . . . . . . . . . . . . . . 59 Section 3.08 Servicing Compensation; Payment of Certain Expenses by the Servicer . . . . . . . . . . . . . . . . 59 Section 3.09 Annual Statement as to Compliance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60 Section 3.10 Annual Independent Public Accountants' Servicing Report . . . . . . . . . . . . . . . . . . . . . . 60 Section 3.11 Access to Certain Documentation and Information Regarding the Mortgage Loans . . . . . . . . . . . . . . . . . . . . . . . 61 Section 3.12 Maintenance of Fidelity Bond and Errors and Omissions Policy . . . . . . . . . . . . . . . . . . . . 61 Section 3.13 Notices to the Rating Agencies, the Trustee and the Certificate Insurer . . . . . . . . . . . . . . 61 Section 3.14 Reports of Foreclosures and Abandonment of Mortgaged Properties . . . . . . . . . . . . . . . . . . 61 Section 3.15 Sub-Servicers and Sub-Servicing Agreements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62
