Common use of Maintenance of Hazard Insurance and Fidelity Coverage Clause in Contracts

Maintenance of Hazard Insurance and Fidelity Coverage. (a) The Master Servicer shall maintain, or cause each Subservicer to maintain, with respect to each Mortgage Loan and each REO Property, in full force and effect hazard insurance (fire insurance with extended coverage) equal to the least of the principal balance of the Mortgage Loan, the current replacement cost of the Mortgaged Property and the full insurable value of the Mortgaged Property, and containing a standard mortgagee clause, PROVIDED, HOWEVER, that the amount of hazard insurance may not be less than the amount necessary to prevent loss due to the application of any co-insurance provision of the related policy.

Maintenance of Hazard Insurance and Fidelity Coverage. (a) The Master Servicer shall maintainmaintain and keep, or cause each Subservicer to maintainmaintain and keep, with respect to each Mortgage Loan and each REO Property, in full force and effect hazard insurance (fire insurance with extended coverage) equal to the least of the principal balance Principal Balance of the Mortgage Loan, the current replacement cost of the Mortgaged Property and the full insurable value of the Mortgaged Property, and containing a standard mortgagee clause, PROVIDED, HOWEVER, that the amount of hazard insurance may not be less than the amount necessary to prevent loss due to the application of any co-insurance provision of the related policy.

Maintenance of Hazard Insurance and Fidelity Coverage. (a) The Master Servicer shall maintainmaintain and keep, or cause each Subservicer Sub-Servicer to maintainmaintain and keep, with respect to each Mortgage Loan and each REO Property, in full force and effect hazard insurance (fire insurance with extended coverage) equal to at least the least lesser of the principal balance Outstanding Principal Balance of the Mortgage Loan, Loan or the current replacement cost of the Mortgaged Property and the full insurable value of the Mortgaged Property, and containing a standard mortgagee clause, ; PROVIDED, HOWEVER, that the amount of hazard insurance may not be less than the amount necessary to prevent loss due to the application of any co-insurance provision of the related policy. Unless applicable state law requires a higher deductible, the deductible on such hazard insurance policy may be no more than $1000 or 1% of the applicable amount of coverage, whichever is less.