Common use of Maintenance of Hazard Insurance; Property Protection Expenses Clause in Contracts

Maintenance of Hazard Insurance; Property Protection Expenses. The Servicer shall cause to be maintained for each Mortgage Loan fire and hazard insurance naming the Servicer or its designee as loss payee thereunder providing extended coverage in an amount which is at least equal to the lesser of (i) the maximum insurable value of the improvements securing such Mortgage Loan from time to time, (ii) the combined principal balance owing on such Mortgage Loan and any mortgage loan senior to such Mortgage Loan and (iii) the minimum amount required to compensate for damage or loss on a replacement cost basis. The Servicer shall also maintain on property acquired upon foreclosure, or by deed in lieu of foreclosure, fire and hazard insurance with extended coverage in an amount which is at least equal to the lesser of (i) the maximum insurable value from time to time of the improvements which are a part of such property, (ii) the combined principal balance owing on such Mortgage Loan and any mortgage loan senior to such Mortgage Loan at the time of such foreclosure, or deed in lieu of foreclosure plus accrued interest and the good-faith estimate of the Servicer of related Servicing Advances to be incurred in connection therewith. Amounts collected by the Servicer under any such policies shall be deposited in the Collection Account to the extent called for by Section 3.02. In cases in which any Mortgaged Property is located in an area identified in a federally designated flood area, the hazard insurance to be maintained for the related Mortgage Loan shall include flood insurance to the extent such flood insurance is available and the Servicer has determined such insurance to be necessary in accordance with accepted mortgage servicing practices of prudent lending institutions. All such flood insurance shall be in amounts not less than the lesser of (A) the amount in clause (i) above, (B) the amount in clause (ii) above and (C) the maximum amount of insurance available under the National Flood Insurance Reform Act of 1994, as amended. The Servicer shall be under no obligation to require that any Mortgagor maintain earthquake or other additional insurance and shall be under no obligation itself to maintain any such additional insurance on property acquired in respect of a Mortgage Loan, other than pursuant to such applicable laws and regulations as shall at any time be in force and as shall require such additional insurance.

Maintenance of Hazard Insurance; Property Protection Expenses. The Servicer shall cause to be maintained for each Mortgage Loan fire and hazard insurance naming the Servicer or its designee as loss payee thereunder providing extended coverage in an amount which is at least equal to the lesser of (i) the maximum insurable value of the improvements securing such Mortgage Loan from time to time, (ii) the combined principal balance owing on such Mortgage Loan and any mortgage loan senior to such Mortgage Loan and (iii) the minimum amount required to compensate for damage or loss on a replacement cost lost basis. The Servicer shall also maintain on property acquired upon foreclosure, or by deed in lieu of foreclosure, fire and hazard insurance with extended coverage in an amount which is at least equal to the lesser of (i) the maximum insurable value from time to time of the improvements which are a part of such property, (ii) the combined principal balance owing on such Mortgage Loan and any mortgage loan senior to such Mortgage Loan at the time of such foreclosure, or deed in lieu of foreclosure plus accrued interest and the good-faith estimate of the Servicer of related Servicing Advances to be incurred in connection therewith. Amounts collected by the Servicer under any such policies shall be deposited in the Collection Account to the extent called for by Section 3.02. In cases in which any Mortgaged Property is located in an area identified in a federally designated flood area, the hazard insurance to be maintained for the related Mortgage Loan shall include flood insurance to the extent such flood insurance is available and the Servicer has determined such insurance to be necessary in accordance with accepted mortgage servicing practices of prudent lending institutions. All such flood insurance shall be in amounts not less than the lesser of (A) the amount in clause (i) above, (B) the amount in clause (ii) above and (C) the maximum amount of insurance available under the National Flood Insurance Reform Act of 19941968, as amended. The Servicer shall be under no obligation to require that any Mortgagor maintain earthquake or other additional insurance and shall be under no obligation itself to maintain any such additional insurance on property acquired in respect of a Mortgage Loan, other than pursuant to such applicable laws and regulations as shall at any time be in force and as shall require such additional insurance.

Maintenance of Hazard Insurance; Property Protection Expenses. The Master Servicer shall cause to be maintained for each Mortgage Loan fire and hazard insurance naming the Master Servicer or its designee as loss payee thereunder providing extended coverage in an amount which is at least equal to the lesser of (i) the maximum insurable value of the improvements securing such Mortgage Loan from time to time, (ii) the combined principal balance owing on such Mortgage Loan and any mortgage loan senior to such Mortgage Loan related First Lien and (iii) the minimum amount required to compensate for damage or loss on a replacement cost basis. The Master Servicer shall also maintain on property acquired upon foreclosure, or by deed in in-lieu of foreclosure, fire and hazard insurance with extended coverage in an amount which is at least equal to the lesser of (i) the maximum insurable value from time to time of the improvements which are a part of such property, (ii) the combined principal balance owing on such Mortgage Loan and any mortgage loan senior related First Lien and (iii) the minimum amount required to such Mortgage Loan compensate for damage or loss on a replacement cost basis at the time of such foreclosure, fire and or deed in lieu of foreclosure plus accrued interest and the good-faith estimate of the Master Servicer of related Servicing Advances to be incurred in connection therewith. Amounts collected by the Master Servicer under any such policies shall be deposited in the Collection Account to the extent called for by Section 3.023.2. In cases in which any Mortgaged Property is located in an area identified in a federally designated flood area, the hazard insurance to be maintained for the related Mortgage Loan shall include flood insurance to the extent such flood insurance is available and the Master Servicer has determined such insurance to be necessary in accordance with accepted mortgage loan servicing practices of prudent lending institutionsstandards for mortgage loans comparable to the Mortgage Loans. All such flood insurance shall be in amounts not less than equal to the lesser least of (A) the amount in clause (i) above, (B) the amount in clause (ii) above and (C) the maximum amount of insurance available under the National Flood Insurance Reform Act of 19941968, as amended. The Master Servicer shall be under no obligation to require that any Mortgagor maintain earthquake or other additional insurance and shall be under no obligation itself to maintain any such additional insurance on property acquired in respect of a Mortgage Loan, other than pursuant to such applicable laws and regulations as shall at any time be in force and as shall require such additional insurance.

Maintenance of Hazard Insurance; Property Protection Expenses. The Servicer shall cause to be maintained for each Mortgage Loan fire and hazard insurance naming the Servicer or its designee related Subservicer as loss payee thereunder providing extended coverage in an amount which is equal to at least equal to 100% of the lesser of (i) the maximum insurable value of the improvements securing such Mortgage Loan from time to time, (iiguaranteed replacement) or the combined sum of the unpaid principal balance owing on such Mortgage Loan and any of the first mortgage loan senior to such Mortgage and the Loan and (iii) the minimum amount required to compensate for damage or loss on a replacement cost basisamount. The Servicer shall also maintain cause to be maintained on property acquired upon foreclosure, or by deed in lieu of foreclosure, of any Loan, fire and hazard insurance with extended coverage in an amount which is at least equal to the lesser amount necessary to avoid the application of (i) any co-insurance clause contained in the maximum insurable value from time to time of the improvements which are a part of such property, (ii) the combined principal balance owing on such Mortgage Loan and any mortgage loan senior to such Mortgage Loan at the time of such foreclosure, or deed in lieu of foreclosure plus accrued interest and the good-faith estimate of the Servicer of related Servicing Advances to be incurred in connection therewithhazard insurance policy. Amounts collected by the Servicer under any such policies (other than amounts to be applied to the restoration or repair of the related Mortgaged Property or property thus acquired or amounts released to the Mortgagor in accordance with the Servicer's normal servicing procedures) shall be deposited in the Collection Custodial Account to the extent called for by Section 3.02. In cases in which any Mortgaged Property is located in an area identified at any time during the life of a Loan in a federally designated flood area, the hazard insurance to be maintained for the related Mortgage Loan shall include flood insurance (to the extent such flood insurance is available and the Servicer has determined such insurance to be necessary in accordance with accepted mortgage servicing practices of prudent lending institutionsavailable). All such flood insurance shall be in amounts not less than equal to the lesser of (Ai) the amount in clause (i) above, (B) required to compensate for any loss or damage to the amount in clause Mortgaged Property on a replacement cost basis and (ii) above and (C) the maximum amount of such insurance available for the related Mortgaged Property under the National Flood Insurance Reform Act of 1994, as amendednational flood insurance program (assuming that the area in which such Mortgaged Property is located is participating in such program). The Servicer shall be under no obligation to require that any Mortgagor maintain earthquake or other additional insurance and shall be under no obligation itself to maintain any such additional insurance on property acquired in respect of a Mortgage Loan, other than pursuant to such applicable laws and regulations as shall at any time be in force and as shall require such additional insurance. If the Servicer shall obtain and maintain a blanket policy consistent with its general mortgage servicing activities insuring against hazard losses on all of the Loans, it shall conclusively be deemed to have satisfied its obligations as set forth in the first sentence of this Section 3.04, it being understood and agreed that such blanket policy may contain a deductible clause, in which case the Servicer shall, in the event that there shall not have been maintained on the related Mortgaged Property a policy complying with the first sentence of this Section 3.04 and there shall have been a loss which would have been covered by such policy, deposit in the Custodial Account the amount not otherwise payable under the blanket policy because of such deductible clause. Any such deposit by the Servicer shall be made on the last Business Day of the Collection Period in the month in which payments under any such policy would have been deposited in the Custodial Account. In connection with its activities as servicer of the Loans, the Servicer agrees to present, on behalf of itself, the Issuer and the Indenture Trustee, claims under any such blanket policy.

Maintenance of Hazard Insurance; Property Protection Expenses. The Servicer shall Servicershall cause to be maintained for each Mortgage Loan fire and hazard insurance naming the Servicer or its designee related Subservicer as loss payee thereunder providing extended coverage in an amount which is equal to at least equal to 100% of the lesser of (i) the maximum insurable value of the improvements securing such Mortgage Loan from time to time, (iiguaranteed replacement) or the combined sum of the unpaid principal balance owing on such Mortgage Loan and any of the first mortgage loan senior to such Mortgage and the Loan and (iii) the minimum amount required to compensate for damage or loss on a replacement cost basisamount. The Servicer shall also maintain cause to be maintained on property acquired upon foreclosure, or by deed in lieu of foreclosure, of any Loan, fire and hazard insurance with extended coverage in an amount which is at least equal to the lesser amount necessary to avoid the application of (i) any coinsurance clause contained in the maximum insurable value from time to time of the improvements which are a part of such property, (ii) the combined principal balance owing on such Mortgage Loan and any mortgage loan senior to such Mortgage Loan at the time of such foreclosure, or deed in lieu of foreclosure plus accrued interest and the good-faith estimate of the Servicer of related Servicing Advances to be incurred in connection therewithhazard insurance policy. Amounts collected by the Servicer under any such policies (other than amounts to be applied to the restoration or repair of the related Mortgaged Property or property thus acquired or amounts released to the Mortgagor in accordance with the Servicer’s normal servicing procedures) shall be deposited in the Collection Custodial Account to the extent called for by Section 3.02. In cases in which any Mortgaged Property is located in an area identified at any time during the life of a Loan in a federally designated flood area, the hazard insurance to be maintained for the related Mortgage Loan shall include flood insurance (to the extent such flood insurance is available and the Servicer has determined such insurance to be necessary in accordance with accepted mortgage servicing practices of prudent lending institutionsavailable). All such flood insurance shall be in amounts not less than equal to the lesser of (Ai) the amount in clause (i) above, (B) required to compensate for any loss or damage to the amount in clause Mortgaged Property on a replacement cost basis and (ii) above and (C) the maximum amount of such insurance available for the related Mortgaged Property under the National Flood Insurance Reform Act of 1994, as amendednational flood insurance program (assuming that the area in which such Mortgaged Property is located is participating in such program). The Servicer shall be under no obligation to require that any Mortgagor maintain earthquake or other additional insurance and shall be under no obligation itself to maintain any such additional insurance on property acquired in respect of a Mortgage Loan, other than pursuant to such applicable laws and regulations as shall at any time be in force and as shall require such additional insurance. If the Servicer shall obtain and maintain a blanket policy consistent with its general mortgage servicing activities insuring against hazard losses on all of the Loans, it shall conclusively be deemed to have satisfied its obligations as set forth in the first sentence of this Section 3.04, it being understood and agreed that such blanket policy may contain a deductible clause, in which case the Servicer shall, in the event that there shall not have been maintained on the related Mortgaged Property a policy complying with the first sentence of this Section 3.04 and there shall have been a loss which would have been covered by such policy, deposit in the Custodial Account the amount not otherwise payable under the blanket policy because of such deductible clause. Any such deposit by the Servicer shall be made on the last Business Day of the Collection Period in the month in which payments under any such policy would have been deposited in the Custodial Account. In connection with its activities as servicer of the Loans, the Servicer agrees to present, on behalf of itself, the Issuing Entity and the Indenture Trustee, claims under any such blanket policy.

Maintenance of Hazard Insurance; Property Protection Expenses. The Servicer shall cause to be maintained for each Mortgage Loan fire and hazard insurance naming the Servicer or its designee as loss payee thereunder providing extended coverage in an amount which is at least equal to the lesser of (iA) the maximum insurable value of the improvements securing such Mortgage Loan from time to time, (iiB) the combined principal balance owing on such Mortgage Loan and any mortgage loan senior to such Mortgage Loan and or (iiiC) the minimum amount required to compensate for damage or loss on a replacement cost basisbasis in each case in an amount not less than such amount as is necessary to avoid the application of any co-insurance clause contained in the related hazard insurance policy. The Servicer shall also maintain on property acquired upon foreclosure, or by deed in lieu of foreclosure, fire and hazard insurance with extended coverage in an amount which is at least equal to the lesser of (i) the maximum insurable value from time to time of the improvements which are a part of such property, (ii) the combined principal balance owing on such Mortgage Loan and any mortgage loan senior or (iii) the minimum amount required to such Mortgage Loan compensate for damage or loss on a replacement cost basis at the time of such foreclosure, foreclosure or deed in lieu of foreclosure plus accrued interest and the good-faith estimate of the Servicer of related Servicing Advances Liquidation Expenses to be incurred in connection therewith. Amounts collected by the Servicer under any such policies shall be deposited in the Collection Account to the extent called for required by Section 3.023.2. In cases in which any Mortgaged If the Mortgage Property is located in an area identified in a federally designated the Federal Register by the Flood Emergency Management Agency as having special flood areahazards and flood insurance has been made available, the hazard insurance Servicer will cause to be maintained for the related Mortgage Loan shall include a flood insurance to the extent such flood policy with a generally acceptable insurance is available and the Servicer has determined such insurance to be necessary carrier, in accordance with accepted mortgage servicing practices of prudent lending institutions. All such flood insurance shall be in amounts an amount representing coverage not less than the lesser least of (A) the amount in clause (i) abovethe outstanding principal balance of the Mortgage Loan, (B) the amount in clause (ii) above and the maximum insurable value of the improvements securing such Mortgage Loan or (Ciii) the maximum amount of insurance which is available under the National Flood Insurance Reform Act of 19941968, as amended, and the Flood Disaster Protection Act of 1973, as amended. The Servicer shall be also maintain on REO for the benefit of the Trust, (x) fire and hazard insurance with extended coverage in an amount which is at least equal to the replacement cost of the improvements which are a part of such property, (y) public liability insurance and, (z) to the extent required and available under no obligation to require that any Mortgagor maintain earthquake or other additional the National Flood Insurance Act of 1968, as amended, and the Flood Disaster Protection Act of 1973, as amended, flood insurance and shall be under no obligation itself to maintain any such additional insurance on property acquired in respect of a Mortgage Loan, other than pursuant to such applicable laws and regulations an amount as shall at any time be in force and as shall require such additional insuranceprovided above.

Maintenance of Hazard Insurance; Property Protection Expenses. The Servicer shall cause to be maintained for verifies the existence at the origination of each Mortgage Loan of fire and hazard insurance naming the Servicer or its designee as loss payee thereunder providing extended coverage in an amount which is at least equal to the lesser of (i) the maximum insurable value of the improvements securing such Mortgage Loan from time to time, (ii) the combined principal balance owing on such Mortgage Loan and any mortgage loan senior to such Mortgage Loan and (iii) the minimum amount required to compensate for damage or loss on a replacement cost basis. The Servicer shall also maintain on property acquired upon foreclosure, or by deed in lieu of foreclosure, fire and hazard insurance with extended coverage in an amount which is at least equal to the lesser of (i) the maximum insurable value from time to time of the improvements which are a part of such property, (ii) the combined principal balance owing on such Mortgage Loan and any mortgage loan senior to such Mortgage Loan at the time of such foreclosure, or deed in lieu of foreclosure plus accrued interest and the good-faith estimate of the Servicer of related Servicing Advances to be incurred in connection therewith. Amounts collected by the Servicer under any such policies shall be deposited in the Collection Account to the extent called for by Section 3.02. In cases in which any Mortgaged Property is located in an area identified in a federally designated flood area, the hazard insurance to be maintained for the related Mortgage Loan shall include flood insurance to the extent such flood insurance is available and the Servicer has determined such insurance to be necessary in accordance with accepted mortgage servicing practices Accepted Servicing Practices of prudent lending institutions. All such flood insurance shall be in amounts not less than the lesser of (A) the amount in clause (i) above, (B) the amount in clause (ii) above and (C) the maximum amount of insurance available under the National Flood Insurance Reform Act of 1994, as amended. The Servicer shall be under no obligation to require that any Mortgagor maintain earthquake or other additional insurance and shall be under no obligation itself to maintain any such additional insurance on property acquired in respect of a Mortgage Loan, other than pursuant to such applicable laws and regulations as shall at any time be in force and as shall require such additional insurance.

Maintenance of Hazard Insurance; Property Protection Expenses. The Servicer shall cause to be maintained for each Mortgage Loan fire and hazard insurance naming the Servicer or its designee as loss payee thereunder providing extended coverage in an amount which is at least equal to the lesser of (i) the maximum insurable value of the improvements securing such Mortgage Loan from time to time, (ii) the combined principal balance owing on such Mortgage Loan and any mortgage loan senior to such Mortgage Loan and (iii) the minimum amount required to compensate for damage or loss on a replacement cost basis. The Servicer shall also maintain on property acquired upon foreclosure, or by deed in lieu of foreclosure, fire and hazard insurance with extended coverage in an amount which is at least equal to the lesser of (i) the maximum insurable value from time to time of the improvements which are a part of such property, (ii) the combined principal balance owing on such Mortgage Loan and any mortgage loan senior to such Mortgage Loan and (iii) the minimum amount required to compensate for damage or loss on a replacement cost basis at the time of such foreclosure, fire and or deed in lieu of foreclosure plus accrued interest and the good-faith estimate of the Servicer of related Servicing Advances to be incurred in connection therewith. Amounts collected by the Servicer under any such policies shall be deposited in the Collection Account to the extent called for by Section 3.02. In cases in which any Mortgaged Property is located in an area identified in a federally designated flood area, the hazard insurance to be maintained for the related Mortgage Loan shall include flood insurance to the extent such flood insurance is available and the Servicer has determined such insurance to be necessary in accordance with accepted second mortgage loan servicing practices of prudent lending institutionsstandards. All such flood insurance shall be in amounts not less than equal to the lesser least of (A) the amount in clause (i) above, (B) the amount in clause (ii) above and (C) the maximum amount of insurance available under the National Flood Insurance Reform Act of 19941968, as amended. The Servicer shall be under no obligation to require that any Mortgagor maintain earthquake or other additional insurance and shall be under no obligation itself to maintain any such additional insurance on property acquired in respect of a Mortgage Loan, other than pursuant to such applicable laws and regulations as shall at any time be in force and as shall require such additional insurance.

Maintenance of Hazard Insurance; Property Protection Expenses. The Master Servicer shall cause to be maintained for each Mortgage Loan fire and hazard insurance naming the Master Servicer or its designee as loss payee thereunder providing extended coverage in an amount which is at least equal to the lesser of (iA) the maximum insurable value of the improvements securing such Mortgage Loan from time to time, (iiB) the combined principal balance owing on such Mortgage Loan and any mortgage loan senior to such Mortgage Loan and or (iiiC) the minimum amount required to compensate for damage or loss on a replacement cost basisbasis in each case in an amount not less than such amount as is necessary to avoid the application of any co-insurance clause contained in the related hazard insurance policy. The Master Servicer shall also maintain on property acquired upon foreclosure, or by deed in lieu of foreclosure, fire and hazard insurance with extended coverage in an amount which is at least equal to the lesser of (i) the maximum insurable value from time to time of the improvements which are a part of such property, (ii) the combined principal balance owing on such Mortgage Loan and any mortgage loan senior or (iii) the minimum amount required to such Mortgage Loan compensate for damage or loss on a replacement cost basis at the time of such foreclosure, foreclosure or deed in lieu of foreclosure plus accrued interest and the good-faith estimate of the Master Servicer of related Servicing Advances Liquidation Expenses to be incurred in connection therewith. Amounts collected by the Master Servicer under any such policies shall be deposited in the Collection Account to the extent called for required by Section 3.023.2. In cases in which any Mortgaged If 95 101 the Mortgage Property is located in an area identified in a federally designated the Federal Register by the Flood Emergency Management Agency as having special flood areahazards and flood insurance has been made available, the hazard insurance Master Servicer will cause to be maintained for the related Mortgage Loan shall include a flood insurance to the extent such flood policy with a generally acceptable insurance is available and the Servicer has determined such insurance to be necessary carrier, in accordance with accepted mortgage servicing practices of prudent lending institutions. All such flood insurance shall be in amounts an amount representing coverage not less than the lesser least of (A) the amount in clause (i) abovethe outstanding principal balance of the Mortgage Loan, (B) the amount in clause (ii) above and the maximum insurable value of the improvements securing such Mortgage Loan or (Ciii) the maximum amount of insurance which is available under the National Flood Insurance Reform Act of 19941968, as amended, and the Flood Disaster Protection Act of 1973, as amended. The Master Servicer shall be also maintain on REO for the benefit of the Trust, (x) fire and hazard insurance with extended coverage in an amount which is at least equal to the replacement cost of the improvements which are a part of such property, (y) public liability insurance and, (z) to the extent required and available under no obligation to require that any Mortgagor maintain earthquake or other additional the National Flood Insurance Act of 1968, as amended, and the Flood Disaster Protection Act of 1973, as amended, flood insurance and shall be under no obligation itself to maintain any such additional insurance on property acquired in respect of a Mortgage Loan, other than pursuant to such applicable laws and regulations an amount as shall at any time be in force and as shall require such additional insuranceprovided above.

Maintenance of Hazard Insurance; Property Protection Expenses. The Servicer shall cause to be maintained for each Mortgage Loan fire and hazard insurance naming the Servicer or its designee related Subservicer as loss payee thereunder providing extended coverage in an amount which is equal to at least equal to 100% of the lesser of (i) the maximum insurable value of the improvements securing such Mortgage Loan from time to time, (iiguaranteed replacement) or the combined sum of the unpaid principal balance owing on such Mortgage Loan and any of the first mortgage loan senior to such Mortgage and the Loan and (iii) the minimum amount required to compensate for damage or loss on a replacement cost basisamount. The Servicer shall also maintain cause to be maintained on property acquired upon foreclosure, or by deed in lieu of foreclosure, of any Loan, fire and hazard insurance with extended coverage in an amount which is at least equal to the lesser amount necessary to avoid the application of (i) any coinsurance clause contained in the maximum insurable value from time to time of the improvements which are a part of such property, (ii) the combined principal balance owing on such Mortgage Loan and any mortgage loan senior to such Mortgage Loan at the time of such foreclosure, or deed in lieu of foreclosure plus accrued interest and the good-faith estimate of the Servicer of related Servicing Advances to be incurred in connection therewithhazard insurance policy. Amounts collected by the Servicer under any such policies (other than amounts to be applied to the restoration or repair of the related Mortgaged Property or property thus acquired or amounts released to the Mortgagor in accordance with the Servicer’s normal servicing procedures) shall be deposited in the Collection Custodial Account to the extent called for by Section 3.02. In cases in which any Mortgaged Property is located in an area identified at any time during the life of a Loan in a federally designated flood area, the hazard insurance to be maintained for the related Mortgage Loan shall include flood insurance (to the extent such flood insurance is available and the Servicer has determined such insurance to be necessary in accordance with accepted mortgage servicing practices of prudent lending institutionsavailable). All such flood insurance shall be in amounts not less than equal to the lesser of (Ai) the amount in clause (i) above, (B) required to compensate for any loss or damage to the amount in clause Mortgaged Property on a replacement cost basis and (ii) above and (C) the maximum amount of such insurance available for the related Mortgaged Property under the National Flood Insurance Reform Act of 1994, as amendednational flood insurance program (assuming that the area in which such Mortgaged Property is located is participating in such program). The Servicer shall be under no obligation to require that any Mortgagor maintain earthquake or other additional insurance and shall be under no obligation itself to maintain any such additional insurance on property acquired in respect of a Mortgage Loan, other than pursuant to such applicable laws and regulations as shall at any time be in force and as shall require such additional insurance. If the Servicer shall obtain and maintain a blanket policy consistent with its general mortgage servicing activities insuring against hazard losses on all of the Loans, it shall conclusively be deemed to have satisfied its obligations as set forth in the first sentence of this Section 3.04, it being understood and agreed that such blanket policy may contain a deductible clause, in which case the Servicer shall, in the event that there shall not have been maintained on the related Mortgaged Property a policy complying with the first sentence of this Section 3.04 and there shall have been a loss which would have been covered by such policy, deposit in the Custodial Account the amount not otherwise payable under the blanket policy because of such deductible clause. Any such deposit by the Servicer shall be made on the last Business Day of the Collection Period in the month in which payments under any such policy would have been deposited in the Custodial Account. In connection with its activities as servicer of the Loans, the Servicer agrees to present, on behalf of itself, the Issuer and the Indenture Trustee, claims under any such blanket policy.