Common use of Illinois Collateral Protection Act Clause in Contracts

Illinois Collateral Protection Act. Unless Borrower provides Lender with evidence of the insurance coverage required by this Instrument, Lender may purchase insurance at Borrower’s expense to protect Xxxxxx’s interest in the Mortgaged Property. This insurance may, but need not, protect Xxxxxxxx’s interests. The coverage that Lender purchases may not pay any claim that Borrower may make or any claim that is made against Borrower in connection with the Mortgaged Property. Borrower may cancel any insurance purchased by Xxxxxx, but only after providing Lender with evidence that Borrower has obtained insurance as required by this Instrument. If Lender purchases insurance for the Mortgaged Property, Borrower will be responsible for the costs of that insurance, including interest and any other charges that Lender may impose in connection with the placement of such insurance, until the effective date of the cancellation or expiration of such insurance. Without limitation of any other provision of this Instrument, the cost of such insurance will be added to the cost of the Indebtedness secured hereby. The cost of such insurance may be more than the cost of insurance Borrower may be able to obtain on its own.

Illinois Collateral Protection Act. Unless Borrower provides Lender with evidence of the insurance coverage required by this Instrumentthe Loan Documents, Lender may purchase insurance at Borrower’s expense to protect XxxxxxLender’s interest in the Mortgaged Property. This insurance may, but need not, protect XxxxxxxxBorrower’s interests. The coverage that Lender purchases may not pay any claim that Borrower may make or any claim that is made against Borrower in connection with the Mortgaged Property. Borrower may cancel any insurance purchased by XxxxxxLender, but only after providing Lender with evidence that Borrower has obtained insurance as required by this Instrumentthe Loan Documents. If Lender purchases insurance for the Mortgaged Property, Borrower will be responsible for the costs of that insurance, including interest and any other charges that Lender may impose in connection with the placement of such insurance, until the effective date of the cancellation or expiration of such insurance. Without limitation of any other provision of this Instrument, the cost of such insurance will be added to the cost of the Indebtedness secured hereby. The cost of such insurance may be more than the cost of insurance Borrower may be able to obtain on its own.. Illinois Page 16 Multifamily Mortgage, Assignment of Rents and Security Agreement

Illinois Collateral Protection Act. Unless Borrower provides Lender with evidence of the insurance coverage required by this InstrumentMortgage, if any, Lender may purchase insurance at Borrower’s expense to protect XxxxxxLender’s interest interests in the Mortgaged PropertyCollateral. This insurance may, but need not, protect XxxxxxxxBorrower’s interestsinterest. The coverage that Lender purchases may not pay any claim that Borrower may make or any claim that is made against Borrower in connection with the Mortgaged PropertyCollateral. Borrower may later cancel any insurance purchased by XxxxxxLender, but only after providing Lender with evidence that Borrower has obtained insurance as required by this InstrumentMortgage. If Lender purchases insurance for the Mortgaged PropertyCollateral, Borrower will be responsible for the costs of that such insurance, including interest and any other charges that Lender may impose be imposed in connection with the placement of such insurance, until the effective date of the cancellation or expiration of such insurance. Without limitation of any other provision of this InstrumentMortgage or any other Loan Document, the cost of such insurance will shall be added to the cost of the Indebtedness secured herebyIndebtedness. The cost of such the insurance may be more than the cost of insurance Borrower may be able to obtain on its own.

Illinois Collateral Protection Act. Unless Borrower provides Lender with evidence of the insurance coverage required by this Instrumentthe Loan Documents, Lender may purchase insurance at Borrower’s expense to protect Xxxxxx’s interest in the Mortgaged Property. This insurance may, but need not, protect Xxxxxxxx’s interests. The coverage that Lender purchases may not pay any claim that Borrower may make or any claim that is made against Borrower in connection with the Mortgaged Property. Borrower may cancel any insurance purchased by Xxxxxx, but only after providing Lender with evidence that Borrower has obtained insurance as required by this Instrumentthe Loan Documents. If Lender purchases insurance for the Mortgaged Property, Borrower will be responsible for the costs of that insurance, including interest and any other charges that Lender may impose in connection with the placement of such insurance, until the effective date of the cancellation or expiration of such insurance. Without limitation of any other provision of this Instrument, the cost of such insurance will be added to the cost of the Indebtedness secured hereby. The cost of such insurance may be more than the cost of insurance Borrower may be able to obtain on its own.