Common use of Insurance; Condemnation Clause in Contracts

Insurance; Condemnation. (a) Seller shall assure that the Mortgaged Property is kept insured against loss by fire and such other hazards, casualties, and contingencies as required by the applicable Agency and as generally shall be required by reasonably prudent lenders in similar transactions. Such insurance shall be pursuant to a broad form all-risk policy and shall name Seller and Participant as additional insureds pursuant to a standard mortgagee clause. The insurance carrier providing the insurance shall be chosen by the mortgagor subject to Seller’s approval; such carrier shall meet the minimum rating requirements of the Investor for carriers of hazard insurance.

Insurance; Condemnation. (a) Seller shall assure that the Mortgaged Property is kept insured against loss by fire and such other hazards, casualties, and contingencies as required by the applicable Agency and as generally shall be required by reasonably prudent lenders in similar transactions. Such insurance shall be pursuant to a broad form all-all risk policy and shall name Seller and Participant as additional insureds pursuant to a standard mortgagee clause. The insurance carrier providing the insurance shall be chosen by the mortgagor subject to Seller’s approval; such carrier shall meet the minimum rating requirements of the Investor for carriers of hazard insurance.

Insurance; Condemnation. (af) Seller shall assure that direct Warehouse Borrower to keep the Mortgaged Property is kept insured against loss by fire and such other hazards, casualties, and contingencies as required by the applicable Agency and as generally shall be required by reasonably prudent lenders in similar transactions. Such insurance shall be pursuant to a broad form all-risk policy and shall name Seller and Participant as additional insureds pursuant to a standard mortgagee clause. The insurance carrier providing the insurance shall be chosen by the mortgagor mortgagor, subject to Seller’s approval; such carrier shall meet the minimum rating requirements of the Investor for carriers of hazard insurance.