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

Maintenance of Hazard Insurance; Property Protection Expenses. Each Home Equity Loan requires that the borrower thereunder maintain hazard insurance naming the Master Servicer or the related Servicer as loss payee providing extended coverage in an amount which is at least equal to the lesser of (i) 100% of the insurable value of the Mortgaged Property or (ii) the combined principal balance owing on such Home Equity Loan and any mortgage loan senior to such Home Equity Loan from time to time. The Master Servicer represents and warrants that it or the applicable Seller verified the existence of such hazard insurance at the origination of the Home Equity Loan. The Master Servicer shall also maintain on property acquired upon foreclosure, or by grant of deed in lieu of foreclosure, hazard insurance with extended coverage in an amount which is at least equal to the lesser of (i) 100% of the insurable value of the Mortgaged Property or (ii) the combined unpaid principal balance owing on such Home Equity Loan and any mortgage loans senior to such Home Equity Loans at the time of such foreclosure or grant of deed in lieu of foreclosure plus accrued interest thereon. 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.

Maintenance of Hazard Insurance; Property Protection Expenses. Each Home Equity The Master Servicer shall cause to be maintained for each Mortgage Loan requires that the borrower thereunder maintain hazard insurance naming the Master Servicer or the related Servicer subservicer as loss payee thereunder providing extended coverage in an amount which is at least equal to the lesser of (i) 100% of the maximum insurable value of the Mortgaged Property improvements securing such Mortgage Loan from time to time or (ii) the combined principal balance owing on such Home Equity Mortgage Loan and any mortgage loan senior to such Home Equity Mortgage Loan from time to time. The Master Servicer represents and warrants that it or the applicable Seller verified the existence of such hazard insurance at the origination of the Home Equity Loan. The Master Servicer shall also maintain on property acquired upon foreclosure, or by grant of deed in lieu of foreclosure, hazard insurance with extended coverage in an amount which is at least equal to the lesser of (i) 100% the maximum insurable value from time to time of the insurable value improvements which are a part of the Mortgaged Property such property or (ii) the combined unpaid principal balance owing on such Home Equity Mortgage Loan and any mortgage loans loan senior to such Home Equity Loans Mortgage Loan at the time of such foreclosure or grant of deed in lieu of foreclosure plus accrued interest thereonand the good-faith estimate of the Master Servicer of related 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 by Section 3.