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. (b) Seller shall receive the proceeds of all such insurance, or any award for the condemnation of all or any part of the Mortgaged Property, and to the extent required obtain the consent of the applicable Agency to the disposition thereof. Such proceeds shall be deposited with Participant. Seller will not make any agreement with respect to the reconstruction or rehabilitation of the Mortgaged Property without the prior written consent of Participant. During the term of this Agreement, Seller will retain custody of all insurance policies or renewals thereof which are required to be provided by each mortgagor under its Mortgage Loan Documents and maintained by Seller under the requirements of the applicable Agency. To the extent that any such insurance proceeds or condemnation award shall be applied as a prepayment on the Mortgage Loan it shall be held in trust by Seller for the benefit of Participant and remitted pursuant to Section 3.2(f) hereof. (c) To the extent any insurance coverages described above are not maintained by the mortgagor, Seller shall advance funds to obtain such coverages and obtain reimbursement.

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. (b) Seller shall receive the proceeds of all such insurance, or any award for the condemnation of all or any part of the Mortgaged Property, and in trust for the benefit of the Participant, subject to the extent required obtain the consent terms of the applicable Agency to the disposition thereof. Such proceeds shall be deposited with Participantthis Agreement. Seller will not make any agreement with respect to the reconstruction or rehabilitation of the Mortgaged Property without the prior written consent of Participant; provided, however, such prior written consent shall not be required for any reconstruction or rehabilitation in an amount less than or equal to the greater of (i) One Hundred Thousand and 00/ 100 Dollars ($100,000. During the term of this Agreement, Seller will retain custody of all insurance policies 00) or renewals thereof which are required to be provided by each mortgagor under its Mortgage Loan Documents (ii) two and maintained by Seller under the requirements one-half percent (2 1/2%) of the applicable Agencyoutstanding principal balance of the respective Mortgage Loan. To the extent that any such insurance proceeds or condemnation award shall be applied as a prepayment on the Mortgage Loan it shall be held in trust by Seller for the benefit of Participant and remitted pursuant to Section 3.2(f) hereof. (c) To the extent any insurance coverages described above are not maintained by the mortgagor, Seller shall advance funds to obtain such coverages and obtain reimbursement.

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 required, in the case of an Agency Loan, by the applicable Agency Agency, and in the case of a Jumbo Loan, by the Investor, 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. (b) Seller shall receive the proceeds of all such insurance, or any award for the condemnation of all or any part of the Mortgaged Property, and to the extent required obtain the consent of the applicable Agency to the disposition thereof. Such proceeds shall be deposited with Participant. Seller will not make any agreement with respect to the reconstruction or rehabilitation of the Mortgaged Property without the prior written consent of Participant. During the term of this Agreement, Seller will retain custody of all insurance policies or renewals thereof which are required to be provided by each mortgagor under its Mortgage Loan Documents and maintained by Seller under the requirements of the applicable Agency. To the extent that any such insurance proceeds or condemnation award shall be applied as a prepayment on the Mortgage Loan it shall be held in trust by Seller for the benefit of Participant and remitted pursuant to Section 3.2(f) hereof. (c) To the extent any insurance coverages described above are not maintained by the mortgagor, Seller shall advance funds to obtain such coverages and obtain reimbursement.