Hazard or Property Insurance. Mortgagor shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire and hazards included within the term “extended coverage.” This insurance shall be maintained in an amount not less than the amount secured by this Mortgage. The insurance carrier providing the insurance shall be chosen by Mortgagor subject to Mortgagee’s reasonable approval. If Mortgagor fails to maintain coverage described above, Mortgagee may, at its option, obtain coverage to protect Mortgagee’s rights in the Property in accordance with this Mortgage. All insurance policies and renewals shall be acceptable to Mortgagee and shall include a standard mortgagee clause. Mortgagor shall promptly furnish to Mortgagee receipts evidencing the payment of the full premium for such coverage whenever such premiums become due and payable, but not less often than annually. Unless Mortgagee and Mortgagor otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Property damaged, if the restoration or repair is economically feasible and Mortgagee’s security is not lessened. If the restoration or repair is economically feasible and security would be lessened, the insurance proceeds shall be applied to the sums secured by this Mortgage, regardless of whether then due, with any excess paid to Mortgagor. Unless Mortgagee and Mortgagor otherwise agree in writing, any application of proceeds to principal shall not extend or postpone the due date of any payments due under the Agreements or change the amount of the payments.
Hazard or Property Insurance. For each Mortgage Loan that is secured by a first lien, the Direct Servicer will cause hazard insurance, if available and not unreasonably expensive in keeping with Accepted Servicing Practices, to be maintained on the related Mortgaged Property in an amount consistent with the related Mortgage Documents, unless such insurance is not required under either the related Mortgage Documents or the related Servicing Contract for that Mortgage Loan when it is transferred to the Trust.
Hazard or Property Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "extended coverage" and any other hazards, including floods or flooding, for which Lender requires insurance. This insurance shall be maintained in the amounts and for the periods that Lender requires. Borrower shall choose the insurance subject to Lender's approval, which shall not be unreasonably withheld. If Borrower fails to maintain coverage described above, Lender may, at Xxxxxx's option, obtain coverage to protect Xxxxxx's rights in the Property in accordance with paragraph 5. All insurance policies and renewals shall be acceptable to Lender and shall include a standard mortgage clause. Lender shall have the right to hold the policies and renewals. If Lender requires, Borrower shall promptly give to Lender all receipts of paid premiums and renewal notices. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Xxxxxxxx. Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Property damaged, if the restoration or repair is economically feasible and Lender's security is not lessened. If the restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with any excess paid to Borrower. If Xxxxxxxx abandons the Property, or does not answer within 30 days a notice from Lender that the insurance carrier has offered to settle a claim, then Xxxxxx may collect the insurance proceeds. Lender may use the proceeds to repair or restore the Property or to pay sums secured by this Security Instrument whether or not then due. The 30-day period will begin when the notice is given. If under paragraph 16 the Property is acquired by Xxxxxx, Xxxxxxxx's right to any insurance policies and proceeds resulting from damage to the Property prior to the acquisition shall pass to Lender to the extent of the sums secured by this Security Instrument immediately prior to the acquisition.
Hazard or Property Insurance. For each Mortgage Loan that is secured by a first lien, the Direct Servicer will cause hazard insurance, if available and not unreasonably expensive in keeping with Accepted Servicing Practices, to be maintained on the related Mortgaged Property in an amount consistent with the related Mortgage Documents, unless such insurance is not required under either the related Mortgage Documents or the related Servicing Contract for that Mortgage Loan when it is transferred to the Trust. The insurance may be maintained under individual or blanket policies. If a Mortgage Loan is secured by a first lien Mortgage, the standard hazard or property insurance policy will contain or have an accompanying endorsement that contains a standard mortgagee clause. If a Mortgage Loan is secured by a subordinate lien, the Direct Servicer will obtain evidence of appropriate property insurance on the related Mortgaged Property consistent with the Mortgage Documents unless no evidence of insurance is required under the related Servicing Contract when that Mortgage Loan is transferred to the Trust. Without limiting the generality of this Subsection, the Direct Servicer will cause insurance premiums for hazard or property insurance on a Mortgaged Property securing any first priority lien Mortgage Loan to be paid from an Escrow Account, or verify that such premiums are otherwise paid, without lapse of coverage. The hazard insurance contemplated by this Subsection 5.7(1) does not include earthquake insurance, unless required under the related Servicing Contract.
Hazard or Property Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss of fire, hazards included within the term "extended coverage" and any other hazards, including floods or flooding, for which Lender requires insurance. This insurance shall be maintained in the amounts and for the periods as required in the NSP3 Loan Agreement. The insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's approval which shall not be unreasonably withheld. If Borrower fails to maintain coverage described above, Lender may, at Lender's option, obtain coverage to protect Lender's rights in the Property in accordance with paragraph 8.
Hazard or Property Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "extended coverage" and any other hazards for which Lender requires insurance. This insurance shall be maintained in the amounts and for the periods that Lender requires. The insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's approval, which shall not be unreasonably withheld. All insurance policies and renewals shall be acceptable to Lender and shall include a standard mortgage clause. Lender shall have the right to hold the policies and renewals. If Lender requires, Borrower shall promptly give to Lender all receipts of paid premiums and renewal notices. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Xxxxxxxx. Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Property damaged, if the restoration or repair is economically feasible and Lender's security is not lessened. If the restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with any excess paid to Borrower. If Xxxxxxxx abandons the Property, or does not answer within 30 days a notice from Lender that the insurance carrier has offered to settle a claim, then Xxxxxx may collect the insurance proceeds. Lender may use the proceeds to repair or restore the Property or to pay sums secured by this Security Instrument, whether or not then due. The 30-day period will begin when the notice is given. Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not extend or postpone the due date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of the payments. If under paragraph 19 the Property is acquired by Xxxxxx, Xxxxxxxx's right to any insurance policies and proceeds resulting from damage to the Property prior to the acquisition shall pass to Lender to the extent of the sums secured by this Security Instrument immediately prior to the acquisition.
Hazard or Property Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term “extended coverage,” flood, and against such other hazards as Lender may require and in amount equal to their highest insurable value. The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Xxxxxx; provided, that such approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid by Borrower when due, directly to the insurance carrier.
Hazard or Property Insurance. All insurance policies maintained by the Lessee and required by the Lender shall by endorsement name the Lender and its successors and assigns as an additional insured and loss payee, and provide the Lender with 30 days' cancellation notice.
Hazard or Property Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire and any other hazards for which Lender requires insurance. This insurance shall be maintained in the amounts and for the periods that Lender reasonably requires. The insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's approval, which shall not be unreasonably withheld or delayed. If Borrower fails to maintain coverage described above, Lender may, at Xxxxxx's option, obtain coverage to protect Xxxxxx's rights in the Property in accordance with paragraph 5. All insurance policies and renewals shall be reasonably acceptable to Lender and shall include a standard mortgage clause. If Lender requires, Borrower shall promptly give to Lender all receipts of paid premiums and renewal notices. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Xxxxxxxx. If under paragraph 15 the Property is acquired by Xxxxxx, Xxxxxxxx's right to any insurance policies and proceeds resulting from damage to the Property prior to the acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to the acquisition.
Hazard or Property Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term “extended coverage” and any other hazards, including floods or flooding, for which Lender requires insurance. This insurance shall be maintained in the amounts and for the periods that Lender requires. The insurance carrier providing the insurance shall be chosen by Borrower subject to Lender’s approval which shall not be unreasonably withheld. If Borrower fails to maintain coverage described above, Lender may, at Lender’s option, obtxxx xxverage to protect Lender’s rights in txx Xxxperty in accordance with paragraph 7. All insurance policies and renewals shall be acceptable to Lender and shall include a standard mortgage Page2of7 MID10012.wp(03-29-02)
