Common use of Maintenance of Fidelity Bond and Errors and Omissions Clause in Contracts

Maintenance of Fidelity Bond and Errors and Omissions. Insurance. ---------- The Seller shall maintain, at its own expense, a blanket Fidelity Bond and an errors and omissions insurance policy, with broad coverage with responsible companies on all officers, employees or other Persons acting in any capacity with regard to the Mortgage Loans to handle funds, money, documents and papers relating to the Mortgage Loans. The Fidelity Bond shall be in the form of a mortgage banker's blanket bond and shall protect and insure the Seller against losses, including forgery, theft, embezzlement and fraud of such Persons. The errors and omissions insurance shall protect and insure the Seller against losses arising out of errors and omissions and negligent acts of such Persons. Such errors and omissions insurance shall also protect and insure the Seller against losses in connection with the failure to maintain any insurance policies required pursuant to this Agreement and the release or satisfaction of a Mortgage Loan without having obtained payment in full of the indebtedness secured thereby. No provision of this Section 4.11 requiring the Fidelity Bond or errors and omissions insurance shall diminish or relieve the Seller from its duties and obligations as set forth in this Agreement. The minimum coverage under any such bond and insurance policy shall be at least equal to the corresponding amounts required by Fannie Mae in the Fannie Mae Guides or by Freddie Mac in the Fxxxxxx Mac Guides. Xxx Xexxxr shall delivex xx xxe Purchaser x xxxxxficate from the surety and the insurer as to the existence of the Fidelity Bond and errors and omissions insurance policy and shall obtain a statement from the surety and the insurer that such Fidelity Bond or insurance policy shall in no event be terminated or materially modified without thirty (30) days' prior written notice to the Purchaser. Upon request by the Purchaser, the Seller shall provide the Purchaser with an insurance certificate certifying coverage under this Section 4.11, and will -44- provide an update to such certificate upon request, or upon renewal or material modification of coverage.

Maintenance of Fidelity Bond and Errors and Omissions. Insurance. ---------- --------- The Seller Company shall maintainmaintain with responsible companies, at its own expense, a blanket Fidelity Bond and an errors Errors and omissions insurance policyOmissions Insurance Policy, with broad coverage with responsible companies on all officers, employees or other Persons persons acting in any capacity with regard to the Mortgage Loans requiring such persons to handle funds, money, documents and or papers relating to the Mortgage LoansLoans ("Company Employees"). The Any such Fidelity Bond and Errors and Omissions Insurance Policy shall be in the form of a mortgage bankerthe Mortgage Banker's blanket bond Blanket Bond and shall protect and insure the Seller Company against losses, including forgery, theft, embezzlement and fraud of such Persons. The errors and omissions insurance shall protect and insure the Seller against losses arising out of embezzlement, fraud, errors and omissions and negligent acts of such PersonsCompany Employees. Such errors Fidelity Bond and omissions insurance Errors and Omissions Insurance Policy also shall also protect and insure the Seller Company against losses in connection with the failure to maintain any insurance policies required pursuant to this Agreement and the release or satisfaction of a Mortgage Loan without having obtained payment in full of the indebtedness secured thereby. No provision of this Section 4.11 4.12 requiring the such Fidelity Bond or errors and omissions insurance Errors and Omissions Insurance Policy shall diminish or relieve the Seller Company from its duties and obligations as set forth in this Agreement. The minimum coverage under any such bond Fidelity Bond and insurance policy Errors and Omissions Insurance Policy shall be at least equal to the corresponding amounts required by acceptable to Fannie Mae in or Freddie Mac. Upon the Fannie Mae Guides or by Freddie Mac in request of the Fxxxxxx Mac Guides. Xxx Xexxxr Purchaser, the Xxxxxny shall delivex xx xxe Purchaser x xxxxxficate from the surety and the insurer as xxxxx to be delivered to the existence Purchaser a certificate of the insurance for such Fidelity Bond and errors Errors and omissions insurance policy Omissions Insurance Policy and shall obtain a statement from the surety and the insurer that such Fidelity Bond or insurance policy and Errors and Omissions Insurance Policy shall in no event be terminated or materially modified without thirty (30) days' prior written notice to the Purchaser. Upon request by the Purchaser, the Seller shall provide the Purchaser with an insurance certificate certifying coverage under this Section 4.11, and will -44- provide an update to such certificate upon request, or upon renewal or material modification of coverage.

Maintenance of Fidelity Bond and Errors and Omissions. Insurance. ---------- The Seller shall maintain, at its own expense, a blanket Fidelity Bond and an errors and omissions insurance policy, with broad coverage with responsible companies on all officers, employees or other Persons acting in any capacity with regard to the Mortgage Loans to handle funds, money, documents and papers relating to the Mortgage Loans. The Fidelity Bond shall be in the form of a mortgage banker's blanket bond and shall protect and insure the Seller against losses, including forgery, theft, embezzlement and fraud of such Persons. The errors and omissions insurance shall protect and insure the Seller against losses arising out of errors and omissions and negligent acts of such Persons. Such errors and omissions insurance shall also protect and insure the Seller against losses in connection with the failure to maintain any insurance policies required pursuant to this Agreement and the release or satisfaction of a Mortgage Loan without having obtained payment in full of the indebtedness secured thereby. No provision of this Section 4.11 requiring the Fidelity Bond or errors and omissions insurance shall diminish or relieve the Seller from its duties and obligations as set forth in this Agreement. The minimum coverage under any such bond and insurance policy shall be at least equal to the corresponding amounts required by Fannie Mae in the Fannie Mae Guides or by Freddie Mac in the Fxxxxxx Frxxxxx Mac Guides. Xxx Xexxxr Xxlxxx shall delivex deliver xx xxe xxx Purchaser x xxxxxficate a xxxxxxicate from the surety and the insurer as to the existence of the Fidelity Bond and errors and omissions insurance policy and shall obtain a statement from the surety and the insurer that such Fidelity Bond or insurance policy shall in no event be terminated or materially modified without thirty (30) days' prior written notice to the Purchaser. Upon request by the Purchaser, the Seller shall provide the Purchaser with an insurance certificate certifying coverage under this Section 4.11, and will -44- provide an update to such certificate upon request, or upon renewal or material modification of coverage.