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

Maintenance of Hazard Insurance; Property Protection Expenses. The Servicer, in accordance with its customary servicing procedures, shall cause to be maintained for each Mortgage Loan hazard insurance naming the Servicer 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 or (ii) the sum of the Loan Balance of such Mortgage Loan and the principal balance of any mortgage loan senior to such Mortgage Loan from time to time. The Servicer shall also maintain, on property acquired in Foreclosure Proceedings, 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 or (ii) the sum of the Loan Balance of such Mortgage Loan and the principal balance of any mortgage loan senior to such Mortgage Loan at the time of such Foreclosure Proceedings, plus accrued interest and the good-faith estimate of the Servicer of related Liquidation Expenses to be incurred in connection therewith. Amounts collected by the Servicer under any such policies shall be deposited as Liquidation Proceeds or Insurance Proceeds into the Certificate Account to the extent provided in Section 3.2(c). In cases in which any Mortgaged Property is located in a federally designated special flood hazard area, the hazard insurance to be maintained for the related Mortgage Loan, or on property acquired in Foreclosure Proceedings, shall include flood insurance. All such flood insurance shall be in an amount equal to the lesser of (i) the maximum amount available under standard flood insurance in such designated flood area and (ii) the sum of the Loan Balance of the applicable Mortgage Loan and the principal balance of any mortgage loan senior to such Mortgage Loan from time to time. 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 issued by an insurer acceptable to the Rating Agencies insuring against hazard losses on all of the Mortgage Loans, it shall conclusively be deemed to have satisfied its obligations as set forth in the first sentence of this Section 3.4. Any such blanket policy may contain a deductible clause. In the event that there shall have been a loss which would otherwise have been covered by such blanket policy if such blanket policy did not contain a deductible clause, the Servicer shall deposit into the Certificate Account to the extent provided for in Section 3.2(c) the Trust proportion (computed on the basis of the ratio of the Trust Balance to the Loan Balance at the time of deposit) of the amount not otherwise payable under the blanket policy because of such deductible clause.

Maintenance of Hazard Insurance; Property Protection Expenses. The Servicer, in accordance with its customary servicing procedures, Servicer shall cause to be maintained for each Mortgage Loan hazard insurance naming the Servicer or its successors or assigns 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 or (ii) the sum of the Loan Balance of combined principal balance owing on such Mortgage Loan and the principal balance of any mortgage loan senior to such Mortgage Loan from time to time. The Servicer shall also maintain, maintain on property acquired upon foreclosure, or by deed in Foreclosure Proceedingslieu of foreclosure, 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 or (ii) the sum of the Loan Balance of combined principal balance owing on such Mortgage Loan and the principal balance of any mortgage loan senior to such Mortgage Loan at the time of such Foreclosure Proceedings, foreclosure or deed in lieu of foreclosure plus accrued interest and the good-faith estimate of the Servicer of related Liquidation Expenses to be incurred in connection therewith. Amounts collected by the Servicer under any such policies shall be deposited as Liquidation Proceeds or Insurance Proceeds into in the Certificate Collection Account to the extent provided in called for by Section 3.2(c)3.02. In cases in which any Mortgaged Property is located in a federally designated special flood hazard area, the hazard insurance to be maintained for the related Mortgage Loan, or on property acquired in Foreclosure Proceedings, Loan shall include flood insurance. All such flood insurance shall be in an amount equal to the lesser of (i) the maximum amount available such amounts as are required under standard flood insurance in such designated flood area and (ii) the sum applicable guidelines of the Loan Balance of the applicable Mortgage Loan and the principal balance of any mortgage loan senior to such Mortgage Loan from time to timeFederal Flood Emergency Act. 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 issued by an insurer acceptable to the Rating Agencies consistent with prudent industry standards insuring against hazard losses on all of the Mortgage LoansLoans in an aggregate amount prudent under industry standards, it shall (a) conclusively be deemed to have satisfied its obligations as set forth in the first sentence of this Section 3.4. Any such blanket policy may contain a deductible clause. In the event that 3.04 and (b) if there shall have been a loss which would otherwise have been covered by such blanket policy if such blanket policy did not contain a deductible clausepolicy, deposit in the Servicer shall deposit into Collection Account without right of reimbursement, as the Certificate Account to the extent provided for in Section 3.2(c) the Trust proportion (computed on the basis of the ratio of the Trust Balance to the Loan Balance at the time of deposit) of case may be, the amount not otherwise payable under the blanket policy because of such any deductible clause.

Maintenance of Hazard Insurance; Property Protection Expenses. The Servicer, in accordance with its customary servicing procedures, Servicer shall cause to be maintained for each Mortgage Loan hazard insurance naming the Servicer or the related subservicer 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 or (ii) the sum of the Loan Balance of combined principal balance owing on such Mortgage Loan and the principal balance of any mortgage loan senior to such Mortgage Loan from time to time. The Servicer shall also maintain, maintain on property acquired upon foreclosure, or by deed in Foreclosure Proceedingslieu of foreclosure, 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 or (ii) the sum of the Loan Balance of combined principal balance owing on such Mortgage Loan and the principal balance of any mortgage loan senior to such Mortgage Loan at the time of such Foreclosure Proceedings, foreclosure or deed in lieu of foreclosure plus accrued interest and the good-faith estimate of the Servicer of related Liquidation Expenses to be incurred in connection therewith. Amounts collected by the Servicer under any such policies shall be deposited as Liquidation Proceeds or Insurance Proceeds into in the Certificate Collection Account to the extent provided in called for by Section 3.2(c)3.02. In cases in which any Mortgaged Property is located in a federally designated special flood hazard area, the hazard insurance to be maintained for the related Mortgage Loan, or on property acquired in Foreclosure Proceedings, Loan shall include flood insurance. All such flood insurance shall be in an amount equal to the lesser of (i) the maximum amount available such amounts as are required under standard flood insurance in such designated flood area and (ii) the sum applicable guidelines of the Loan Balance of the applicable Mortgage Loan and the principal balance of any mortgage loan senior to such Mortgage Loan from time to timeFederal Flood Emergency Act. 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 issued by an insurer acceptable to the Rating Agencies consistent with prudent industry standards insuring against hazard losses on all of the Mortgage LoansLoans in an aggregate amount prudent under industry standards, it shall conclusively be deemed to have satisfied its obligations as set forth in the first sentence of this Section 3.4. Any such blanket policy may contain a deductible clause. In the event that 3.04 and if there shall have been a loss which would otherwise have been covered by such blanket policy if such blanket policy did not contain a deductible clausepolicy, deposit in the Servicer shall deposit into Collection Account, as the Certificate Account to the extent provided for in Section 3.2(c) the Trust proportion (computed on the basis of the ratio of the Trust Balance to the Loan Balance at the time of deposit) of case may be, the amount not otherwise payable under the blanket policy because of such any deductible clause.

Maintenance of Hazard Insurance; Property Protection Expenses. The Servicer, in accordance with its customary servicing procedures, Servicer shall cause to be maintained for each Mortgage Loan fire and hazard insurance naming the Servicer 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 or time, (ii) the sum of the Loan Balance of combined principal balance owing on such Mortgage Loan and the principal balance of any mortgage loan senior to such Mortgage Loan from time and (iii) the minimum amount required to timecompensate for damage or loss on a replacement cost basis. The Servicer shall also maintain, maintain on property acquired upon foreclosure or by deed in Foreclosure Proceedings, lieu of foreclosure 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 or property, (ii) the sum of the Loan Balance of combined principal balance owing on such Mortgage Loan and the principal balance of 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 Proceedingsforeclosure, fire and or deed in lieu of foreclosure plus accrued interest and the good-faith estimate of the Servicer of related Liquidation Expenses Servicing Advances to be incurred in connection therewith. Amounts collected by the Servicer under any such policies shall be deposited as Liquidation Proceeds or Insurance Proceeds into in the Certificate Collection Account to the extent provided in called for by Section 3.2(c)3.02. In cases in which any Mortgaged Property is located in a federally designated special flood hazard area, the hazard insurance to be maintained for the related Mortgage Loan, or on property acquired in Foreclosure Proceedings, Loan shall include flood insuranceinsurance to the extent such flood insurance is available and the Servicer has determined such insurance to be necessary in accordance with accepted mortgage loan servicing standards for mortgage loans similar to the Mortgage Loans. All such flood insurance shall be in an amount amounts 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 standard flood insurance in such designated flood area and (ii) the sum National Flood Insurance Act of the Loan Balance of the applicable Mortgage Loan and the principal balance of any mortgage loan senior to such Mortgage Loan from time to time1968, 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. If the Servicer shall obtain and maintain a blanket policy issued by an insurer acceptable to the Rating Agencies insuring against hazard losses on all of the Mortgage Loans, it shall conclusively be deemed to have satisfied its obligations as set forth in the first sentence of this Section 3.4. Any such blanket policy may contain a deductible clause. In the event that there shall have been a loss which would otherwise have been covered by such blanket policy if such blanket policy did not contain a deductible clause, the Servicer shall deposit into the Certificate Account to the extent provided for in Section 3.2(c) the Trust proportion (computed on the basis of the ratio of the Trust Balance to the Loan Balance at the time of deposit) of the amount not otherwise payable under the blanket policy because of such deductible clause.

Maintenance of Hazard Insurance; Property Protection Expenses. The Servicer, in accordance with its customary servicing procedures, shall cause to be maintained for each Mortgage Loan hazard insurance naming the Servicer 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 or (ii) the sum of the Loan Balance of such Mortgage Loan and the principal balance of any mortgage loan senior to such Mortgage Loan from time to time. The Servicer shall also maintain, on property acquired in Foreclosure Proceedings, 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 or (ii) the sum of the Loan Balance of such Mortgage Loan and the principal balance of any mortgage loan senior to such Mortgage Loan at the time of such Foreclosure Proceedings, plus accrued interest and the good-faith estimate of the Servicer of related Liquidation Expenses to be incurred in connection therewith. Amounts collected by the Servicer under any such policies shall be deposited as Liquidation Proceeds or Insurance Proceeds into the Certificate Account to the extent provided in Section 3.2(c). In cases in which any Mortgaged Property is located in a federally designated special flood hazard area, the hazard insurance to be maintained for the related Mortgage Loan, or on property acquired in Foreclosure Proceedings, shall include flood insurance. All such flood insurance shall be in an amount equal to the lesser of (i) the maximum amount available under standard flood insurance in such designated flood area and (ii) the sum of the Loan Balance of the applicable Mortgage Loan and the principal balance of any mortgage loan senior to such Mortgage Loan from time to time. 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 issued by an insurer acceptable to the Rating Agencies insuring against hazard losses on all of the Mortgage Loans, it shall conclusively be deemed to have satisfied its obligations as set forth in the first sentence of this Section 3.4. Any such blanket policy may contain a deductible clause. 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 3.4, and there shall have been a loss which would otherwise have been covered by such blanket policy if such blanket policy did not contain a deductible clausepolicy, the Servicer shall deposit into the Certificate Account to the extent provided for in Section 3.2(c) the Trust proportion (computed on the basis of the ratio of the Trust Balance to the Loan Balance at the time of deposit) of the amount not otherwise payable under the blanket policy because of such deductible clause.