Common use of Maintenance of Hazard Insurance Clause in Contracts

Maintenance of Hazard Insurance. The Company shall cause to be maintained for each Mortgage Loan hazard insurance such that all buildings upon the Mortgaged Property are insured by an insurer acceptable to Xxxxxx Xxx or Freddie Mac, against loss by fire, hazards of extended coverage and such other hazards as are customary in the area where the Mortgaged Property is located, in an amount which is at least equal to the lesser of (a) 100% the insurable value, on a replacement cost basis, of the improvements on the related Mortgaged Property and (b) the greater of (i) the outstanding principal balance of the Mortgage Loan or (ii) an amount such that the proceeds of such insurance shall be sufficient to prevent the application of the Mortgagor or the loss payee of any coinsurance under the policy. In the event a hazard insurance policy shall be in danger of being terminated, or in the event the insurer shall cease to be acceptable to Xxxxxx Xxx or Freddie Mac, the Company shall notify the Purchaser and the related Mortgagor, and shall use its best efforts, as permitted by Applicable Law, to obtain from another Qualified Insurer a replacement hazard insurance policy substantially and materially similar in all respects to the original policy. In no event, however, shall a Mortgage Loan be without a hazard insurance policy at any time, subject only to Section 4.11 hereof. If upon origination of the Mortgage Loan, the related Mortgaged Property was located in an area identified by the Flood Emergency Management Agency as having special flood hazards (and such flood insurance has been made available) a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect with a generally acceptable insurance carrier acceptable to Xxxxxx Xxx or Freddie Mac, in an amount representing coverage equal to the lesser of (i) the minimum amount required, under the terms of coverage, to compensate for any damage or loss on a replacement cost basis (or the unpaid balance of the mortgage if replacement cost coverage is not available for the type of building insured) and (ii) the maximum amount of insurance which is available under the Flood Disaster Protection Act of 1973, as amended. If a Mortgage is secured by a unit in a condominium project, the Company shall verify that the coverage required of the owner’s association, including hazard, flood, liability, and fidelity coverage, is being maintained in accordance with then current Xxxxxx Xxx or Freddie Mac requirements, secure from the owner’s association its agreement to notify the Company promptly of any change in the insurance coverage or of any condemnation or casualty loss that may have a material effect on the value of the Mortgaged Property as security. In the event that any Purchaser or the Company shall determine that the Mortgaged Property should be insured against loss or damage by hazards and risks not covered by the insurance required to be maintained by the Mortgagor pursuant to the terms of the Mortgage, the Company shall communicate and consult with the Mortgagor with respect to the need for such insurance and bring to the Mortgagor’s attention the desirability of protection of the Mortgaged Property. All policies required hereunder shall name the Company as loss payee and shall be endorsed with standard or union mortgagee clauses, without contribution, which shall provide for at least 30 days prior written notice of any cancellation, reduction in amount or material change in coverage. The Company shall not interfere with the Mortgagor’s freedom of choice in selecting either his insurance carrier or agent, provided, however, that the Company shall not accept any such insurance policies from insurance companies unless such companies are acceptable to Xxxxxx Xxx and Freddie Mac and are licensed to do business in the jurisdiction in which the Mortgaged Property is located. The Company shall determine that such policies provide sufficient risk coverage and amounts, that they insure the property owner, and that they properly describe the property address. Pursuant to Section 4.4, any amounts collected by the Company under any such policies (other than amounts to be deposited in the Escrow Account and applied to the restoration or repair of the related Mortgaged Property, or property acquired in liquidation of the Mortgage Loan, or to be released to the Mortgagor, in accordance with the Company’s normal servicing procedures as specified in Section 4.4) shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.5.

Maintenance of Hazard Insurance. The Company Servicer shall cause to be maintained for each Mortgage Loan hazard insurance such that all buildings upon the Mortgaged Property are insured by an insurer acceptable to Xxxxxx Xxx or that conforms with the Fannie Mae Guides and Freddie Mac, Mac Guides against loss by fire, hazards of xxxxxxs xx extended coverage coxxxxxx and such other hazards as are customary in required to be insured pursuant to the area where the Mortgaged Property is locatedFannie Mae Guides or Freddie Mac Guides, in an amount which is at least equal xx xxxsx xqual to the lesser of xxxxx of: (ai) 100% of the maximum insurable value, on a replacement cost basis, value of the improvements on the related Mortgaged Property and securing such Mortgage Loan; or (bii) the greater of (ia) the outstanding principal balance of the Mortgage Loan or and (iib) an amount such that the proceeds of such insurance thereof shall be sufficient to prevent the application of the Mortgagor or the loss payee of any coinsurance under from becoming a co-insurer; or (iii) the policyamount determined by applicable federal or state law. In If the event a Mortgagor fails to provide Mortgage Loan hazard insurance policy coverage after thirty (30) days of Servicer's written notification, the Servicer may force place such hazard insurance coverage on the Mortgagor's behalf. Any out-of-pocket expense or advance made by the Servicer on such force placed hazard insurance coverage shall be in danger of being terminated, or in the event the insurer shall cease to be acceptable to Xxxxxx Xxx or Freddie Mac, the Company shall notify the Purchaser and the related Mortgagor, and shall use its best efforts, as permitted by Applicable Law, to obtain from another Qualified Insurer deemed a replacement hazard insurance policy substantially and materially similar in all respects to the original policy. In no event, however, shall a Mortgage Loan be without a hazard insurance policy at any time, subject only to Section 4.11 hereofServicing Advance. If upon origination of the Mortgage Loan, the related Mortgaged Property was located in an area identified in the Federal Register by the Flood Federal Emergency Management Agency ("FEMA") as having special flood hazards (and such flood insurance has been made available) a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect with a generally acceptable an insurance carrier acceptable to Xxxxxx Xxx or that meets the requirements of the Fannie Mae Guides and the Freddie Mac, Mac Guides in an amount representing coverage reprexxxxxxg xxverage equal to the lesser xxx xxxser of (i) the minimum amount required, under the terms of coverage, to compensate for any damage or loss on a replacement cost basis (or the unpaid balance of the mortgage if replacement cost coverage is not available for the type of building insured) ), and (ii) the maximum amount of insurance which is available under the Flood Disaster Protection Act of 1973, as amended. If at any time during the term of the Mortgage Loan, the Servicer determines in accordance with applicable law and pursuant to the FEMA Guides that a Mortgaged Property is located in a special flood hazard area and is not covered by flood insurance or is covered in an amount less than the amount required by the Flood Disaster Protection Act of 1973, as amended, the Servicer shall notify the related Mortgagor to obtain such flood insurance coverage, and if said Mortgagor fails to obtain the required flood insurance coverage within forty-five (45) days after such notification, the Servicer shall immediately force place the required flood insurance on the Mortgagor's behalf. Any out-of-pocket expense or advance made by the Servicer on such force placed flood insurance coverage shall be deemed a Servicing Advance. If a Mortgage is secured by a unit in a condominium project, the Company Servicer shall verify that the coverage required of the owner’s Owner's association, including hazard, flood, liability, and fidelity coverage, coverage is being maintained in accordance with then the current Xxxxxx Xxx or Freddie Mac Fannie Mae requirements, and secure from the owner’s association its agreement Owner's associatiox xxx axxxement to notify the Company Servicer promptly of any change in the insurance coverage or of any condemnation or casualty loss that may have a material effect on the value of the Mortgaged Property as security. In the event that any Purchaser the Owner or the Company Servicer shall determine that the Mortgaged Property should be insured against loss or damage by hazards and risks not covered by the insurance required to be maintained by the Mortgagor pursuant to the terms of the Mortgage, the Company shall Servicer may, at its discretion, communicate and consult with the Mortgagor with respect to the need for such insurance and bring to the Mortgagor’s 's attention the desirability of protection of the Mortgaged Property. All policies required hereunder shall name the Company Servicer as loss payee and shall be endorsed with standard or union mortgagee clauses, without contribution, which shall provide for at least 30 thirty (30) days prior written notice of any cancellation, reduction in amount or material change in coverage. The Company Servicer shall not interfere with the Mortgagor’s 's freedom of choice in selecting either his insurance carrier or agent, provided, however, that the Company Servicer shall not accept any such insurance policies from insurance companies unless such companies are acceptable to Xxxxxx Xxx under the Fannie Mae Guides and Freddie Mac Guides and are licensed to do business in the jurisdiction in which the Mortgaged Property is located. The Company Servicer shall determine that such policies provide sufficient risk coverage and amounts, that they insure the property ownerproperty, and that they properly describe the property address. The Servicer shall furnish to the Mortgagor a formal notice of expiration of any such insurance in conformance with Servicer's standard practices; provided, however, that in the event that no such notice is furnished by the Servicer, the Servicer shall ensure that replacement insurance policies (whether forced placed or other insurance policies) are in place with the required coverage and the Servicer shall be solely liable for any losses in the event coverage is not provided. Pursuant to Section 4.43.04 of this Agreement, any amounts collected by the Company Servicer under any such policies (other than amounts to be deposited in the Escrow Account and applied to the restoration or repair of the related Mortgaged Property, or property acquired in liquidation of the Mortgage Loan, or to be released to the Mortgagor, in accordance with the Company’s Servicer's normal servicing Servicing procedures as specified in Section 4.43.14 of this Agreement) shall be deposited in the Custodial Collection Account subject to withdrawal pursuant to Section 4.53.05 of this Agreement.

Maintenance of Hazard Insurance. The Company Servicer shall cause to be maintained for each Mortgage Loan hazard insurance such that all buildings upon the Mortgaged Property are insured by an insurer acceptable to Xxxxxx Xxx or that conforms with the Fannie Mae Guides and Freddie Mac, Mac Guides against loss by fire, hazards of extended coverage and haxxxxx ox xxtended covexxxx xxd such other hazards as are customary in required to be insured pursuant to the area where the Mortgaged Property is locatedFannie Mae Guides or Freddie Mac Guides, in an amount which is at least equal xxxxx xxxal to the lesser of lxxxx xx: (ai) 100% of the maximum insurable value, on a replacement cost basis, value of the improvements on the related Mortgaged Property and securing such Mortgage Loan; or (bii) the greater of (ia) the outstanding principal balance of the Mortgage Loan or and (iib) an amount such that the proceeds of such insurance thereof shall be sufficient to prevent the application of the Mortgagor or the loss payee of any coinsurance under from becoming a co-insurer; or (iii) the policyamount determined by applicable federal or state law. In If the event a Mortgagor fails to provide Mortgage Loan hazard insurance policy coverage after thirty (30) days of Servicer's written notification, the Servicer may force place such hazard insurance coverage on the Mortgagor's behalf. Any out-of-pocket expense or advance made by the Servicer on such force placed hazard insurance coverage shall be in danger of being terminated, or in the event the insurer shall cease to be acceptable to Xxxxxx Xxx or Freddie Mac, the Company shall notify the Purchaser and the related Mortgagor, and shall use its best efforts, as permitted by Applicable Law, to obtain from another Qualified Insurer deemed a replacement hazard insurance policy substantially and materially similar in all respects to the original policy. In no event, however, shall a Mortgage Loan be without a hazard insurance policy at any time, subject only to Section 4.11 hereofServicing Advance. If upon origination of the Mortgage Loan, the related Mortgaged Property was located in an area identified in the Federal Register by the Flood Federal Emergency Management Agency ("FEMA") as having special flood hazards (and such flood insurance has been made available) a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect with a generally acceptable an insurance carrier acceptable to Xxxxxx Xxx or that meets the requirements of the Fannie Mae Guides and the Freddie Mac, Mac Guides in an amount representing coverage represexxxxx cxxxrage equal to the lesser thx xxxxxr of (i) the minimum amount required, under the terms of coverage, to compensate for any damage or loss on a replacement cost basis (or the unpaid balance of the mortgage if replacement cost coverage is not available for the type of building insured) ), and (ii) the maximum amount of insurance which is available under the Flood Disaster Protection Act of 1973, as amended. If at any time during the term of the Mortgage Loan, the Servicer determines in accordance with applicable law and pursuant to the FEMA Guides that a Mortgaged Property is located in a special flood hazard area and is not covered by flood insurance or is covered in an amount less than the amount required by the Flood Disaster Protection Act of 1973, as amended, the Servicer shall notify the related Mortgagor to obtain such flood insurance coverage, and if said Mortgagor fails to obtain the required flood insurance coverage within forty-five (45) days after such notification, the Servicer shall immediately force place the required flood insurance on the Mortgagor's behalf. Any out-of-pocket expense or advance made by the Servicer on such force placed flood insurance coverage shall be deemed a Servicing Advance. If a Mortgage is secured by a unit in a condominium project, the Company Servicer shall verify that the coverage required of the owner’s Owner's association, including hazard, flood, liability, and fidelity coverage, coverage is being maintained in accordance with then the current Xxxxxx Xxx or Freddie Mac Fannie Mae requirements, and secure from the owner’s Owner's association its agreement xxx xxrxxxent to notify the Company Servicer promptly of any change in the insurance coverage or of any condemnation or casualty loss that may have a material effect on the value of the Mortgaged Property as security. In the event that any Purchaser the Owner or the Company Servicer shall determine that the Mortgaged Property should be insured against loss or damage by hazards and risks not covered by the insurance required to be maintained by the Mortgagor pursuant to the terms of the Mortgage, the Company shall Servicer may, at its discretion, communicate and consult with the Mortgagor with respect to the need for such insurance and bring to the Mortgagor’s 's attention the desirability of protection of the Mortgaged Property. All policies required hereunder shall name the Company Servicer as loss payee and shall be endorsed with standard or union mortgagee clauses, without contribution, which shall provide for at least 30 thirty (30) days prior written notice of any cancellation, reduction in amount or material change in coverage. The Company Servicer shall not interfere with the Mortgagor’s 's freedom of choice in selecting either his insurance carrier or agent, provided, however, that the Company Servicer shall not accept any such insurance policies from insurance companies unless such companies are acceptable to Xxxxxx Xxx under the Fannie Mae Guides and Freddie Mac Guides and are licensed to do business in the jurisdiction in which the Mortgaged Property is located. The Company Servicer shall determine that such policies provide sufficient risk coverage and amounts, that they insure the property ownerproperty, and that they properly describe the property address. The Servicer shall furnish to the Mortgagor a formal notice of expiration of any such insurance in conformance with Servicer's standard practices; provided, however, that in the event that no such notice is furnished by the Servicer, the Servicer shall ensure that replacement insurance policies (whether forced placed or other insurance policies) are in place with the required coverage and the Servicer shall be solely liable for any losses in the event coverage is not provided. Pursuant to Section 4.43.04 of this Agreement, any amounts collected by the Company Servicer under any such policies (other than amounts to be deposited in the Escrow Account and applied to the restoration or repair of the related Mortgaged Property, or property acquired in liquidation of the Mortgage Loan, or to be released to the Mortgagor, in accordance with the Company’s Servicer's normal servicing Servicing procedures as specified in Section 4.43.14 of this Agreement) shall be deposited in the Custodial Collection Account subject to withdrawal pursuant to Section 4.53.05 of this Agreement.

Maintenance of Hazard Insurance. The Company shall cause to be maintained for each Mortgage Loan hazard insurance such that all buildings upon the Mortgaged Property are insured by an insurer acceptable to Xxxxxx Xxx or Freddie Mac, Xxxxxxx Mac against loss by fire, hazards of extended coverage and such other hazards as are customary in the area where the Mortgaged Property is located, in an amount which is at least equal to the lesser of (ai) 100% of the insurable value, value on a replacement cost basis, basis of the improvements on the related Mortgaged Property securing such Mortgage Loan and (bii) the greater of (ia) the outstanding principal balance of the Mortgage Loan or and (iib) an amount such that the proceeds of such insurance shall be sufficient to prevent the application of to the Mortgagor or the loss payee of any coinsurance clause under the policy. In the event a hazard insurance policy shall be in danger of being terminated, or in the event the insurer shall cease to be acceptable to Xxxxxx Xxx Mae or Freddie Xxxxxxx Mac, the Company shall notify the Purchaser and the related Mortgagor, and shall use its best efforts, as permitted by Applicable Lawapplicable law, to obtain from another Qualified Insurer qualified insurer a replacement hazard insurance policy substantially and materially similar in all respects to the original policy. In no event, however, shall a Mortgage Loan be without a hazard insurance policy at any time, subject only to Section 4.11 hereof. If upon origination of the Mortgage Loan, the related Mortgaged Property was is located in an area identified by the Flood Federal Emergency Management Agency as having special flood hazards (and such flood insurance has been made available) the Company shall cause the Mortgagor to maintain a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect with a generally acceptable insurance carrier acceptable to Xxxxxx Xxx Mae or Freddie Mac, Xxxxxxx Mac in an amount representing coverage equal to the lesser of (i) the minimum amount required, under the terms of coverage, to compensate for any damage or loss on a replacement cost basis (or the unpaid balance of the mortgage if replacement cost coverage is not available for the type of building insured) and (ii) the maximum amount of insurance which is available under the Flood Disaster Protection Act of 1973, as amended. If at any time during the term of the Mortgage Loan, the Company determines, in accordance with applicable law, that a Mortgaged Property is located in a special flood hazard area and is not covered by flood insurance or is covered in an amount less than the amount required by the Flood Disaster Protection Act of 1973, as amended, the Company shall notify the related Mortgagor that the Mortgagor must obtain such flood insurance coverage, and if said Mortgagor fails to obtain the require flood insurance coverage within forty-five (45) days after such notification, the Company shall immediately force place the required flood insurance on the Mortgagor’s behalf. If a Mortgage is secured by a unit in a condominium project, the Company shall verify that the coverage required of the owner’s association, including hazard, flood, liability, and fidelity coverage, is being maintained in accordance with then current Xxxxxx Xxx or Freddie Mac Mae requirements, and secure from the owner’s association its agreement to notify the Company promptly of any change in the insurance coverage or of any condemnation or casualty loss that may have a material effect on the value of the Mortgaged Property as security. In the event that any Purchaser or the Company shall determine that the Mortgaged Property should be insured against loss or damage by hazards and risks not covered by the insurance required to be maintained by the Mortgagor pursuant to the terms of the Mortgage, the Company shall communicate and consult with the Mortgagor with respect to the need for such insurance and bring to the Mortgagor’s attention the desirability required amount of protection of coverage for the Mortgaged PropertyProperty and if the Mortgagor does not obtain such coverage, the Company shall immediately force place the required coverage on the Mortgagor’s behalf. All policies required hereunder shall name the Company as loss payee and shall be endorsed with standard or union mortgagee clauses, without contribution, which shall provide for at least 30 thirty (30) days prior written notice of any cancellation, reduction in amount or material change in coverage. The Company shall not interfere with the Mortgagor’s freedom of choice in selecting either his insurance carrier or agent, provided, however, that the Company shall not accept any such insurance policies from insurance companies unless such companies are acceptable to Xxxxxx Xxx and Freddie Xxxxxxx Mac and are licensed to do business in the jurisdiction in which the Mortgaged Property is located. The Company shall determine that such policies provide sufficient risk coverage and amounts, that they insure the property owner, and that they properly describe the property address. Pursuant to Section 4.44.04, any amounts collected by the Company under any such policies (other than amounts to be deposited in the Escrow Account and applied to the restoration or repair of the related Mortgaged Property, or property acquired in liquidation of the Mortgage Loan, or to be released to the Mortgagor, in accordance with the Company’s normal servicing procedures as specified in Section 4.44.14) shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.54.05.

Maintenance of Hazard Insurance. The Company Servicer shall cause to be maintained for each Mortgage Loan hazard insurance such that all buildings upon the Mortgaged Property are insured by an insurer acceptable to Xxxxxx Xxx or Freddie Mac, that conforms with the Fxxxxx Mxx Guides and Fxxxxxx Mac Guides against loss by fire, hazards of extended coverage and such other hazards as are customary in required to be insured pursuant to the area where the Mortgaged Property is locatedFxxxxx Mxx Guides or Fxxxxxx Mac Guides, in an amount which is at least equal to the lesser of least of: (ai) 100% of the maximum insurable value, on a replacement cost basis, value of the improvements on the related Mortgaged Property and securing such Mortgage Loan; or (bii) the greater of (ia) the outstanding principal balance of the Mortgage Loan or and (iib) an amount such that the proceeds of such insurance thereof shall be sufficient to prevent the application of the Mortgagor or the loss payee of any coinsurance under from becoming a co-insurer; or (iii) the policyamount determined by applicable federal or state law. In If the event a Mortgagor fails to provide Mortgage Loan hazard insurance policy coverage after thirty (30) days of Servicer’s written notification, the Servicer may force place such hazard insurance coverage on the Mortgagor’s behalf. Any out-of-pocket expense or advance made by the Servicer on such force placed hazard insurance coverage shall be in danger of being terminated, or in the event the insurer shall cease to be acceptable to Xxxxxx Xxx or Freddie Mac, the Company shall notify the Purchaser and the related Mortgagor, and shall use its best efforts, as permitted by Applicable Law, to obtain from another Qualified Insurer deemed a replacement hazard insurance policy substantially and materially similar in all respects to the original policy. In no event, however, shall a Mortgage Loan be without a hazard insurance policy at any time, subject only to Section 4.11 hereofServicing Advance. If upon origination of the Mortgage Loan, the related Mortgaged Property was located in an area identified in the Federal Register by the Flood Federal Emergency Management Agency (“FEMA”) as having special flood hazards (and such flood insurance has been made available) a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect with a generally acceptable an insurance carrier acceptable to Xxxxxx Xxx or Freddie Mac, that meets the requirements of the Fxxxxx Mxx Guides and the Fxxxxxx Mac Guides in an amount representing coverage equal to the lesser of (i) the minimum amount required, under the terms of coverage, to compensate for any damage or loss on a replacement cost basis (or the unpaid balance of the mortgage if replacement cost coverage is not available for the type of building insured) ), and (ii) the maximum amount of insurance which is available under the Flood Disaster Protection Act of 1973, as amended. If at any time during the term of the Mortgage Loan, the Servicer determines in accordance with applicable law and pursuant to the FEMA Guides that a Mortgaged Property is located in a special flood hazard area and is not covered by flood insurance or is covered in an amount less than the amount required by the Flood Disaster Protection Act of 1973, as amended, the Servicer shall notify the related Mortgagor to obtain such flood insurance coverage, and if said Mortgagor fails to obtain the required flood insurance coverage within forty-five (45) days after such notification, the Servicer shall immediately force place the required flood insurance on the Mortgagor’s behalf. Any out-of-pocket expense or advance made by the Servicer on such force placed flood insurance coverage shall be deemed a Servicing Advance. If a Mortgage is secured by a unit in a condominium project, the Company Servicer shall verify that the coverage required of the ownerOwner’s association, including hazard, flood, liability, and fidelity coverage, coverage is being maintained in accordance with then the current Xxxxxx Xxx or Freddie Mac Fxxxxx Mxx requirements, and secure from the ownerOwner’s association its agreement to notify the Company Servicer promptly of any change in the insurance coverage or of any condemnation or casualty loss that may have a material effect on the value of the Mortgaged Property as security. In the event that any Purchaser the Owner or the Company Servicer shall determine that the Mortgaged Property should be insured against loss or damage by hazards and risks not covered by the insurance required to be maintained by the Mortgagor pursuant to the terms of the Mortgage, the Company shall Servicer may, at its discretion, communicate and consult with the Mortgagor with respect to the need for such insurance and bring to the Mortgagor’s attention the desirability of protection of the Mortgaged Property. All policies required hereunder shall name the Company Servicer as loss payee and shall be endorsed with standard or union mortgagee clauses, without contribution, which shall provide for at least 30 thirty (30) days prior written notice of any cancellation, reduction in amount or material change in coverage. The Company Servicer shall not interfere with the Mortgagor’s freedom of choice in selecting either his insurance carrier or agent, provided, however, that the Company Servicer shall not accept any such insurance policies from insurance companies unless such companies are acceptable to Xxxxxx Xxx under the Fxxxxx Mae Guides and Freddie Fxxxxxx Mac Guides and are licensed to do business in the jurisdiction in which the Mortgaged Property is located. The Company Servicer shall determine that such policies provide sufficient risk coverage and amounts, that they insure the property ownerproperty, and that they properly describe the property address. The Servicer shall furnish to the Mortgagor a formal notice of expiration of any such insurance in conformance with Servicer’s standard practices; provided, however, that in the event that no such notice is furnished by the Servicer, the Servicer shall ensure that replacement insurance policies (whether forced placed or other insurance policies) are in place with the required coverage and the Servicer shall be solely liable for any losses in the event coverage is not provided. Pursuant to Section 4.43.04 of this Agreement, any amounts collected by the Company Servicer under any such policies (other than amounts to be deposited in the Escrow Account and applied to the restoration or repair of the related Mortgaged Property, or property acquired in liquidation of the Mortgage Loan, or to be released to the Mortgagor, in accordance with the CompanyServicer’s normal servicing Servicing procedures as specified in Section 4.43.14 of this Agreement) shall be deposited in the Custodial Collection Account subject to withdrawal pursuant to Section 4.53.05 of this Agreement.

Maintenance of Hazard Insurance. The Company Servicer shall cause to be maintained for each Mortgage Loan hazard insurance such that all buildings upon the Mortgaged Property are insured by an insurer acceptable to Xxxxxx Xxx or Freddie Mac, Xxxxxxx Mac against loss by fire, hazards of extended coverage and such other hazards as are customary or required by law in the area where the Mortgaged Property is located, in an amount which is at least equal to the lesser of of: (ai) 100% of the insurable value, value on a replacement cost basis, basis of the improvements on the related Mortgaged Property and (bii) the greater of (ia) the outstanding principal balance of the Mortgage Loan or and (iib) an amount such that the proceeds of such insurance shall be sufficient to prevent the application of to the Mortgagor or the loss payee of any coinsurance clause under the policy. In the event a hazard insurance policy shall be in danger of being terminated, or in the event the insurer shall cease to be acceptable to Xxxxxx Xxx Mae or Freddie Xxxxxxx Mac, the Company Servicer shall notify the Purchaser Owner and the related Mortgagor, and shall use its best efforts, as permitted by Applicable Lawapplicable law, to obtain from another Qualified Insurer qualified insurer a replacement hazard insurance policy substantially and materially similar in all respects to the original policy. In no event, however, shall a Mortgage Loan be without a hazard insurance policy at any time, subject only to Section 4.11 hereof. If upon origination of the Mortgage Loan, the related Mortgaged Property was is located in an area identified by the Flood Federal Emergency Management Agency as having special flood hazards (and such flood insurance has been made available) the Servicer shall cause to be maintained a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect with a generally acceptable insurance carrier acceptable to Xxxxxx Xxx Mae or Freddie Mac, Xxxxxxx Mac in an amount representing coverage equal to the lesser of of: (i) the minimum amount required, under the terms of coverage, to compensate for any damage or loss on a replacement cost basis (or the unpaid balance of the mortgage if replacement cost coverage is not available for the type of building insured) and (ii) the maximum amount of insurance which is available under the Flood Disaster Protection Act of 1973, as amended. If at any time during the term of the Mortgage Loan, the Servicer determines in accordance with applicable law and pursuant to the Xxxxxx Mae Guides that a Mortgaged Property is located in a special flood hazard area and is not covered by flood insurance or is covered in an amount less than the amount required by the Flood Disaster Protection Act of 1973, as amended, the Servicer shall notify the related Mortgagor that the Mortgagor must obtain such flood insurance coverage, and if said Mortgagor fails to obtain the required flood insurance coverage within forty-five (45) days after such notification, the Servicer shall immediately force place the required flood insurance on the Mortgagor's behalf. If a Mortgage is secured by a unit in a condominium project, the Company Servicer shall verify that the coverage required of the owner’s 's association, including hazard, flood, liability, and fidelity coverage, is being maintained in accordance with then current Xxxxxx Xxx or Freddie Mac requirements, and secure from the owner’s 's association its agreement to notify the Company Servicer promptly of any change in the insurance coverage or of any condemnation or casualty loss that may have a material effect on the value of the Mortgaged Property as security. In the event that any Purchaser the Owner or the Company Servicer shall determine that the Mortgaged Property should be insured against loss or damage by hazards and risks not covered by the insurance required to be maintained by the Mortgagor pursuant to the terms of the Mortgage, the Company Servicer shall communicate and consult with the Mortgagor with respect to the need for such insurance and bring to the Mortgagor’s 's attention the desirability required amount of protection of coverage for the Mortgaged PropertyProperty and if the Mortgagor does not obtain such coverage, the Servicer shall immediately force place the required coverage on the Mortgagor's behalf. All policies required hereunder shall name the Company Servicer as loss payee and shall be endorsed with standard or union mortgagee clauses, without contribution, which shall provide for at least 30 days prior written notice of any cancellation, reduction in amount or material change in coverage. The Company Servicer shall not interfere with the Mortgagor’s 's freedom of choice in selecting either his insurance carrier or agent, provided, however, that the Company Servicer shall not accept any such insurance policies from insurance companies unless such companies are acceptable to Xxxxxx Xxx Mae and Freddie Xxxxxxx Mac and are licensed to do business in the jurisdiction in which the Mortgaged Property is located. The Company Servicer shall determine that such policies provide sufficient risk coverage and amounts, that they insure the property owner, and that they properly describe the property address. The Servicer shall furnish to the Mortgagor a formal notice of expiration, in accordance with the Accepted Servicing Practices, of any such insurance in sufficient time for the Mortgagor to arrange for renewal coverage by the expiration date. Pursuant to Section 4.44.04, any amounts collected by the Company Servicer under any such policies (other than amounts to be deposited in the Escrow Account and applied to the restoration or repair of the related Mortgaged Property, or property acquired in liquidation of the Mortgage Loan, or to be released to the Mortgagor, in accordance with the Company’s Servicer's normal servicing procedures as specified in Section 4.44.14) shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.54.05.

Maintenance of Hazard Insurance. The Company shall cause to be maintained for each Mortgage Loan hazard insurance such that all buildings upon the Mortgaged Property are insured by an insurer acceptable to Xxxxxx Xxx Fannie Mae or Freddie Mac, Mac against loss by fire, hazards of extended extxxxxx coverage and such xxx xxch other hazards as are customary in the area where the Mortgaged Property is located, in an amount which is at least equal to the lesser of (ai) 100% of the insurable value, value on a replacement cost basis, basis of the improvements on the related Mortgaged Property securing such Mortgage Loan and (bii) the greater of (ia) the outstanding principal balance of the Mortgage Loan or and (iib) an amount such that the proceeds of such insurance shall be sufficient to prevent the application of to the Mortgagor or the loss payee of any coinsurance clause under the policy. In the event a hazard insurance policy shall be in danger of being terminated, or in the event the insurer shall cease to be acceptable to Xxxxxx Xxx Fannie Mae or Freddie Mac, the Company shall notify the Purchaser and Purchaxxx xxd the related Mortgagorrexxxxx Xortgagor, and shall use its best efforts, as permitted by Applicable Lawapplicable law, to obtain from another Qualified Insurer qualified insurer a replacement hazard insurance policy substantially and materially similar in all respects to the original policy. In no event, however, shall a Mortgage Loan be without a hazard insurance policy at any time, subject only to Section 4.11 hereof. If upon origination of the Mortgage Loan, the related Mortgaged Property was is located in an area identified by the Flood Federal Emergency Management Agency as having special flood hazards (and such flood insurance has been made available) the Company shall cause the Mortgagor to maintain a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect with a generally acceptable insurance carrier acceptable to Xxxxxx Xxx Fannie Mae or Freddie Mac, Mac in an amount representing coverage equal to exxxx xo the lesser of lexxxx xx (i) the minimum amount required, under the terms of coverage, to compensate for any damage or loss on a replacement cost basis (or the unpaid balance of the mortgage if replacement cost coverage is not available for the type of building insured) and (ii) the maximum amount of insurance which is available under the Flood Disaster Protection Act of 1973, as amended. If at any time during the term of the Mortgage Loan, the Company determines, in accordance with applicable law, that a Mortgaged Property is located in a special flood hazard area and is not covered by flood insurance or is covered in an amount less than the amount required by the Flood Disaster Protection Act of 1973, as amended, the Company shall notify the related Mortgagor that the Mortgagor must obtain such flood insurance coverage, and if said Mortgagor fails to obtain the require flood insurance coverage within forty-five (45) days after such notification, the Company shall immediately force place the required flood insurance on the Mortgagor's behalf. If a Mortgage is secured by a unit in a condominium project, the Company shall verify that the coverage required of the owner’s 's association, including hazard, flood, liability, and fidelity coverage, is being maintained in accordance with then current Xxxxxx Xxx or Freddie Mac Fannie Mae requirements, and secure from the owner’s association its 's associatixx xxx agreement to notify the Company promptly of any change in the insurance coverage or of any condemnation or casualty loss that may have a material effect on the value of the Mortgaged Property as security. In the event that any Purchaser or the Company shall determine that the Mortgaged Property should be insured against loss or damage by hazards and risks not covered by the insurance required to be maintained by the Mortgagor pursuant to the terms of the Mortgage, the Company shall communicate and consult with the Mortgagor with respect to the need for such insurance and bring to the Mortgagor’s 's attention the desirability required amount of protection of coverage for the Mortgaged PropertyProperty and if the Mortgagor does not obtain such coverage, the Company shall immediately force place the required coverage on the Mortgagor's behalf. All policies required hereunder shall name the Company as loss payee and shall be endorsed with standard or union mortgagee clauses, without contribution, which shall provide for at least 30 days prior written notice of any cancellation, reduction in amount or material change in coverage. The Company shall not interfere with the Mortgagor’s 's freedom of choice in selecting either his insurance carrier or agent, provided, however, that the Company shall not accept any such insurance policies from insurance companies unless such companies are acceptable to Xxxxxx Xxx Fannie Mae and Freddie Mac and are licensed to do business in the jurisdiction in which xxx xxrxxxictiox xx xxich the Mortgaged Property is located. The Company shall determine that such policies provide sufficient risk coverage and amounts, that they insure the property owner, and that they properly describe the property address. Pursuant to Section 4.44.04, any amounts collected by the Company under any such policies (other than amounts to be deposited in the Escrow Account and applied to the restoration or repair of the related Mortgaged Property, or property acquired in liquidation of the Mortgage Loan, or to be released to the Mortgagor, in accordance with the Company’s 's normal servicing procedures as specified in Section 4.44.14) shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.54.05.

Maintenance of Hazard Insurance. The Company Servicer shall cause to be maintained for each Mortgage Loan hazard insurance such that all buildings upon the Mortgaged Property are insured by an insurer acceptable to Xxxxxx Xxx or that conforms with the Fannie Mae Guides and Freddie Mac, Mac Guides against loss by fire, hazards of hxxxxxx xx extended coverage and covxxxxx xnd such other hazards as are customary in required to be insured pursuant to the area where the Mortgaged Property is locatedFannie Mae Guides or Freddie Mac Guides, in an amount which is at least equal ax xxxxt xxual to the lesser of xxxxx xf: (ai) 100% of the maximum insurable value, on a replacement cost basis, value of the improvements on the related Mortgaged Property and securing such Mortgage Loan; or (bii) the greater of (ia) the outstanding principal balance of the Mortgage Loan or and (iib) an amount such that the proceeds of such insurance thereof shall be sufficient to prevent the application of the Mortgagor or the loss payee of any coinsurance under from becoming a co-insurer; or (iii) the policyamount determined by applicable federal or state law. In If the event a Mortgagor fails to provide Mortgage Loan hazard insurance policy coverage after thirty (30) days of Servicer's written notification, the Servicer may force place such hazard insurance coverage on the Mortgagor's behalf. Any out-of-pocket expense or advance made by the Servicer on such force placed hazard insurance coverage shall be in danger of being terminated, or in the event the insurer shall cease to be acceptable to Xxxxxx Xxx or Freddie Mac, the Company shall notify the Purchaser and the related Mortgagor, and shall use its best efforts, as permitted by Applicable Law, to obtain from another Qualified Insurer deemed a replacement hazard insurance policy substantially and materially similar in all respects to the original policy. In no event, however, shall a Mortgage Loan be without a hazard insurance policy at any time, subject only to Section 4.11 hereofServicing Advance. If upon origination of the Mortgage Loan, the related Mortgaged Property was located in an area identified in the Federal Register by the Flood Federal Emergency Management Agency ("FEMA") as having special flood hazards (and such flood insurance has been made available) a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect with a generally acceptable an insurance carrier acceptable to Xxxxxx Xxx or that meets the requirements of the Fannie Mae Guides and the Freddie Mac, Mac Guides in an amount representing coverage represxxxxxx xxxerage equal to the lesser txx xxxxer of (i) the minimum amount required, under the terms of coverage, to compensate for any damage or loss on a replacement cost basis (or the unpaid balance of the mortgage if replacement cost coverage is not available for the type of building insured) ), and (ii) the maximum amount of insurance which is available under the Flood Disaster Protection Act of 1973, as amended. If at any time during the term of the Mortgage Loan, the Servicer determines in accordance with applicable law and pursuant to the FEMA Guides that a Mortgaged Property is located in a special flood hazard area and is not covered by flood insurance or is covered in an amount less than the amount required by the Flood Disaster Protection Act of 1973, as amended, the Servicer shall notify the related Mortgagor to obtain such flood insurance coverage, and if said Mortgagor fails to obtain the required flood insurance coverage within forty-five (45) days after such notification, the Servicer shall immediately force place the required flood insurance on the Mortgagor's behalf. Any out-of-pocket expense or advance made by the Servicer on such force placed flood insurance coverage shall be deemed a Servicing Advance. If a Mortgage is secured by a unit in a condominium project, the Company Servicer shall verify that the coverage required of the owner’s Owner's association, including hazard, flood, liability, and fidelity coverage, coverage is being maintained in accordance with then the current Xxxxxx Xxx or Freddie Mac Fannie Mae requirements, and secure from the owner’s Owner's association its agreement xxx xgxxxment to notify the Company Servicer promptly of any change in the insurance coverage or of any condemnation or casualty loss that may have a material effect on the value of the Mortgaged Property as security. In the event that any Purchaser the Owner or the Company Servicer shall determine that the Mortgaged Property should be insured against loss or damage by hazards and risks not covered by the insurance required to be maintained by the Mortgagor pursuant to the terms of the Mortgage, the Company shall Servicer may, at its discretion, communicate and consult with the Mortgagor with respect to the need for such insurance and bring to the Mortgagor’s 's attention the desirability of protection of the Mortgaged Property. All policies required hereunder shall name the Company Servicer as loss payee and shall be endorsed with standard or union mortgagee clauses, without contribution, which shall provide for at least 30 thirty (30) days prior written notice of any cancellation, reduction in amount or material change in coverage. The Company Servicer shall not interfere with the Mortgagor’s 's freedom of choice in selecting either his insurance carrier or agent, provided, however, that the Company Servicer shall not accept any such insurance policies from insurance companies unless such companies are acceptable to Xxxxxx Xxx under the Fannie Mae Guides and Freddie Mac Guides and are licensed to do business in the jurisdiction in which the Mortgaged Property is located. The Company Servicer shall determine that such policies provide sufficient risk coverage and amounts, that they insure the property ownerproperty, and that they properly describe the property address. The Servicer shall furnish to the Mortgagor a formal notice of expiration of any such insurance in conformance with Servicer's standard practices; provided, however, that in the event that no such notice is furnished by the Servicer, the Servicer shall ensure that replacement insurance policies (whether forced placed or other insurance policies) are in place with the required coverage and the Servicer shall be solely liable for any losses in the event coverage is not provided. Pursuant to Section 4.43.04 of this Agreement, any amounts collected by the Company Servicer under any such policies (other than amounts to be deposited in the Escrow Account and applied to the restoration or repair of the related Mortgaged Property, or property acquired in liquidation of the Mortgage Loan, or to be released to the Mortgagor, in accordance with the Company’s Servicer's normal servicing Servicing procedures as specified in Section 4.43.14 of this Agreement) shall be deposited in the Custodial Collection Account subject to withdrawal pursuant to Section 4.53.05 of this Agreement.

Maintenance of Hazard Insurance. The Company shall cause to be maintained for each Mortgage Loan hazard insurance such that all buildings upon the Mortgaged Property are insured by an insurer acceptable to Xxxxxx Xxx Fannie Mae or Freddie Mac, Mac against loss by fire, hazards of extended coverage and such extenxxx xxvxxxge axx xxxx other hazards as are customary in the area where the Mortgaged Property is located, in an amount which is at least equal to the lesser of (ai) 100% of the insurable value, value on a replacement cost basis, basis of the improvements on the related Mortgaged Property securing such Mortgage Loan and (bii) the greater of (ia) the outstanding principal balance of the Mortgage Loan or and (iib) an amount such that the proceeds of such insurance shall be sufficient to prevent the application of to the Mortgagor or the loss payee of any coinsurance clause under the policy. In the event a hazard insurance policy shall be in danger of being terminated, or in the event the insurer shall cease to be acceptable to Xxxxxx Xxx Fannie Mae or Freddie Mac, the Company shall notify the Purchaser and Purchasex xxx the related Mortgagorrelaxxx Xxxtgagor, and shall use its best efforts, as permitted by Applicable Lawapplicable law, to obtain from another Qualified Insurer qualified insurer a replacement hazard insurance policy substantially and materially similar in all respects to the original policy. In no event, however, shall a Mortgage Loan be without a hazard insurance policy at any time, subject only to Section 4.11 hereof. If upon origination of the Mortgage Loan, the related Mortgaged Property was is located in an area identified by the Flood Federal Emergency Management Agency as having special flood hazards (and such flood insurance has been made available) the Company shall cause the Mortgagor to maintain a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect with a generally acceptable insurance carrier acceptable to Xxxxxx Xxx Fannie Mae or Freddie Mac, Mac in an amount representing coverage equal to equxx xx the lesser of lessxx xx (i) the minimum amount required, under the terms of coverage, to compensate for any damage or loss on a replacement cost basis (or the unpaid balance of the mortgage if replacement cost coverage is not available for the type of building insured) and (ii) the maximum amount of insurance which is available under the Flood Disaster Protection Act of 1973, as amended. If at any time during the term of the Mortgage Loan, the Company determines, in accordance with applicable law, that a Mortgaged Property is located in a special flood hazard area and is not covered by flood insurance or is covered in an amount less than the amount required by the Flood Disaster Protection Act of 1973, as amended, the Company shall notify the related Mortgagor that the Mortgagor must obtain such flood insurance coverage, and if said Mortgagor fails to obtain the require flood insurance coverage within forty-five (45) days after such notification, the Company shall immediately force place the required flood insurance on the Mortgagor's behalf. If a Mortgage is secured by a unit in a condominium project, the Company shall verify that the coverage required of the owner’s 's association, including hazard, flood, liability, and fidelity coverage, is being maintained in accordance with then current Xxxxxx Xxx or Freddie Mac Fannie Mae requirements, and secure from the owner’s 's association its agreement xxx xgreement to notify the Company promptly of any change in the insurance coverage or of any condemnation or casualty loss that may have a material effect on the value of the Mortgaged Property as security. In the event that any Purchaser or the Company shall determine that the Mortgaged Property should be insured against loss or damage by hazards and risks not covered by the insurance required to be maintained by the Mortgagor pursuant to the terms of the Mortgage, the Company shall communicate and consult with the Mortgagor with respect to the need for such insurance and bring to the Mortgagor’s 's attention the desirability required amount of protection of coverage for the Mortgaged PropertyProperty and if the Mortgagor does not obtain such coverage, the Company shall immediately force place the required coverage on the Mortgagor's behalf. All policies required hereunder shall name the Company as loss payee and shall be endorsed with standard or union mortgagee clauses, without contribution, which shall provide for at least 30 thirty (30) days prior written notice of any cancellation, reduction in amount or material change in coverage. The Company shall not interfere with the Mortgagor’s 's freedom of choice in selecting either his insurance carrier or agent, provided, however, that the Company shall not accept any such insurance policies from insurance companies unless such companies are acceptable to Xxxxxx Xxx Fannie Mae and Freddie Mac and are licensed to do business in the jurisdiction in which thx xxxxsxxxtion xx xxxxh the Mortgaged Property is located. The Company shall determine that such policies provide sufficient risk coverage and amounts, that they insure the property owner, and that they properly describe the property address. Pursuant to Section 4.44.04, any amounts collected by the Company under any such policies (other than amounts to be deposited in the Escrow Account and applied to the restoration or repair of the related Mortgaged Property, or property acquired in liquidation of the Mortgage Loan, or to be released to the Mortgagor, in accordance with the Company’s 's normal servicing procedures as specified in Section 4.44.14) shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.54.05.

Maintenance of Hazard Insurance. The Company Servicer shall cause to be maintained for each Mortgage Loan hazard insurance such that all buildings upon the Mortgaged Property are insured by an insurer acceptable to Xxxxxx Xxx or that conforms with the Fannie Mae Guides and Freddie Mac, Mac Guides against loss by fire, hazards of extended coverage and hazxxxx xf xxtended coverxxx xxx such other hazards as are customary in required to be insured pursuant to the area where the Mortgaged Property is locatedFannie Mae Guides or Freddie Mac Guides, in an amount which is at least equal xxxxx exxxl to the lesser of lexxx xx: (ai) 100% of the maximum insurable value, on a replacement cost basis, value of the improvements on the related Mortgaged Property and securing such Mortgage Loan; or (bii) the greater of (ia) the outstanding principal balance of the Mortgage Loan or and (iib) an amount such that the proceeds of such insurance thereof shall be sufficient to prevent the application of the Mortgagor or the loss payee of any coinsurance under from becoming a co-insurer; or (iii) the policyamount determined by applicable federal or state law. In If the event a Mortgagor fails to provide Mortgage Loan hazard insurance policy coverage after thirty (30) days of Servicer's written notification, the Servicer may force place such hazard insurance coverage on the Mortgagor's behalf. Any out-of-pocket expense or advance made by the Servicer on such force placed hazard insurance coverage shall be in danger of being terminated, or in the event the insurer shall cease to be acceptable to Xxxxxx Xxx or Freddie Mac, the Company shall notify the Purchaser and the related Mortgagor, and shall use its best efforts, as permitted by Applicable Law, to obtain from another Qualified Insurer deemed a replacement hazard insurance policy substantially and materially similar in all respects to the original policy. In no event, however, shall a Mortgage Loan be without a hazard insurance policy at any time, subject only to Section 4.11 hereofServicing Advance. If upon origination of the Mortgage Loan, the related Mortgaged Property was located in an area identified in the Federal Register by the Flood Federal Emergency Management Agency ("FEMA") as having special flood hazards (and such flood insurance has been made available) a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect with a generally acceptable an insurance carrier acceptable to Xxxxxx Xxx or that meets the requirements of the Fannie Mae Guides and the Freddie Mac, Mac Guides in an amount representing coverage represenxxxx xoxxxage equal to the lesser xxxxxx of (i) the minimum amount required, under the terms of coverage, to compensate for any damage or loss on a replacement cost basis (or the unpaid balance of the mortgage if replacement cost coverage is not available for the type of building insured) ), and (ii) the maximum amount of insurance which is available under the Flood Disaster Protection Act of 1973, as amended. If at any time during the term of the Mortgage Loan, the Servicer determines in accordance with applicable law and pursuant to the FEMA Guides that a Mortgaged Property is located in a special flood hazard area and is not covered by flood insurance or is covered in an amount less than the amount required by the Flood Disaster Protection Act of 1973, as amended, the Servicer shall notify the related Mortgagor to obtain such flood insurance coverage, and if said Mortgagor fails to obtain the required flood insurance coverage within forty-five (45) days after such notification, the Servicer shall immediately force place the required flood insurance on the Mortgagor's behalf. Any out-of-pocket expense or advance made by the Servicer on such force placed flood insurance coverage shall be deemed a Servicing Advance. If a Mortgage is secured by a unit in a condominium project, the Company Servicer shall verify that the coverage required of the owner’s Owner's association, including hazard, flood, liability, and fidelity coverage, coverage is being maintained in accordance with then the current Xxxxxx Xxx or Freddie Mac Fannie Mae requirements, and secure from the owner’s Owner's association its agreement ixx xxxexxxnt to notify the Company Servicer promptly of any change in the insurance coverage or of any condemnation or casualty loss that may have a material effect on the value of the Mortgaged Property as security. In the event that any Purchaser the Owner or the Company Servicer shall determine that the Mortgaged Property should be insured against loss or damage by hazards and risks not covered by the insurance required to be maintained by the Mortgagor pursuant to the terms of the Mortgage, the Company shall Servicer may, at its discretion, communicate and consult with the Mortgagor with respect to the need for such insurance and bring to the Mortgagor’s 's attention the desirability of protection of the Mortgaged Property. All policies required hereunder shall name the Company Servicer as loss payee and shall be endorsed with standard or union mortgagee clauses, without contribution, which shall provide for at least 30 thirty (30) days prior written notice of any cancellation, reduction in amount or material change in coverage. The Company Servicer shall not interfere with the Mortgagor’s 's freedom of choice in selecting either his insurance carrier or agent, provided, however, that the Company Servicer shall not accept any such insurance policies from insurance companies unless such companies are acceptable to Xxxxxx Xxx under the Fannie Mae Guides and Freddie Mac Guides and are licensed to do business in the jurisdiction in which the Mortgaged Property is located. The Company Servicer shall determine that such policies provide sufficient risk coverage and amounts, that they insure the property ownerproperty, and that they properly describe the property address. The Servicer shall furnish to the Mortgagor a formal notice of expiration of any such insurance in conformance with Servicer's standard practices; provided, however, that in the event that no such notice is furnished by the Servicer, the Servicer shall ensure that replacement insurance policies (whether forced placed or other insurance policies) are in place with the required coverage and the Servicer shall be solely liable for any losses in the event coverage is not provided. Pursuant to Section 4.43.04 of this Agreement, any amounts collected by the Company Servicer under any such policies (other than amounts to be deposited in the Escrow Account and applied to the restoration or repair of the related Mortgaged Property, or property acquired in liquidation of the Mortgage Loan, or to be released to the Mortgagor, in accordance with the Company’s Servicer's normal servicing Servicing procedures as specified in Section 4.43.14 of this Agreement) shall be deposited in the Custodial Collection Account subject to withdrawal pursuant to Section 4.53.05 of this Agreement.

Maintenance of Hazard Insurance. The Company shall cause to be maintained for each Mortgage Loan hazard insurance such that all buildings upon the Mortgaged Property are insured by an insurer acceptable to Xxxxxx Xxx Fannie Mae or Freddie Mac, against loss by fire, hazards of extended coverage and such other coxxxxxx xxx sucx xxxxx hazards as are customary in the area where the Mortgaged Property is located, in an amount which is at least equal to the lesser of (ai) 100% the maximum insurable value, on a replacement cost basis, value of the improvements on the related Mortgaged Property securing such Mortgage Loan and (bii) the greater of (ia) the outstanding principal balance of the Mortgage Loan or and (iib) an amount such that the proceeds of such insurance thereof shall be sufficient to prevent the application of the Mortgagor or the loss payee of any coinsurance under the policyfrom becoming a co-insurer. In the event a hazard insurance policy shall be in danger of being terminated, or in the event the insurer shall cease to be acceptable to Xxxxxx Xxx Fannie Mae or Freddie Mac, the Company shall notify the Purchaser and the related Mortgagortxx xxxated Morxxxxxx, and shall use its best efforts, as permitted by Applicable Law, to obtain from another Qualified Insurer a replacement hazard insurance policy substantially and materially similar in all respects to the original policy. In no event, however, shall a Mortgage Loan be without a hazard insurance policy at any time, subject only to Section 4.11 hereof. If upon origination of the Mortgage Loan, the related Mortgaged Property was located in an area identified by the Flood Emergency Management Agency as having special flood hazards (and such flood insurance has been made available) a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect with a generally acceptable insurance carrier acceptable to Xxxxxx Xxx Fannie Mae or Freddie Mac, in an amount representing coverage equal to the lesser xxx xxsser of (ix) the xxx minimum amount required, under the terms of coverage, to compensate for any damage or loss on a replacement cost basis (or the unpaid balance of the mortgage if replacement cost coverage is not available for the type of building insured) and (ii) the maximum amount of insurance which is available under the Flood Disaster Protection Act of 1973, as amended. If a Mortgage is secured by a unit in a condominium project, the Company shall verify that the coverage required of the owner’s 's association, including hazard, flood, liability, and fidelity coverage, is being maintained in accordance with then current Xxxxxx Xxx Fannie Mae or Freddie Mac requirements, secure from the owner’s association its agreement to 's associaxxxx xts agreexxxx xx notify the Company promptly of any change in the insurance coverage or of any condemnation or casualty loss that may have a material effect on the value of the Mortgaged Property as security. In the event that any Purchaser or the Company shall determine that the Mortgaged Property should be insured against loss or damage by hazards and risks not covered by the insurance required to be maintained by the Mortgagor pursuant to the terms of the Mortgage, the Company shall communicate and consult with the Mortgagor with respect to the need for such insurance and bring to the Mortgagor’s 's attention the desirability of protection of the Mortgaged Property. All policies required hereunder shall name the Company as loss payee and shall be endorsed with standard or union mortgagee clauses, without contribution, which shall provide for at least 30 days prior written notice of any cancellation, reduction in amount or material change in coverage. The Company shall not interfere with the Mortgagor’s 's freedom of choice in selecting either his insurance carrier or agent, provided, however, that the Company shall not accept any such insurance policies from insurance companies unless such companies are acceptable to Xxxxxx Xxx Fannie Mae and Freddie Mac and are licensed to do business in the jurisdiction jurisxxxxxxn in which the Mortgaged whicx xxx Xortgaged Property is located. The Company shall determine that such policies provide sufficient risk coverage and amounts, that they insure the property owner, and that they properly describe the property address. Pursuant to Section 4.4, any amounts collected by the Company under any such policies (other than amounts to be deposited in the Escrow Account and applied to the restoration or repair of the related Mortgaged Property, or property acquired in liquidation of the Mortgage Loan, or to be released to the Mortgagor, in accordance with the Company’s 's normal servicing procedures as specified in Section 4.4) shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.5.

Maintenance of Hazard Insurance. The Company Seller shall cause to be maintained for each Mortgage Loan Loan, hazard insurance such that all buildings upon the Mortgaged Property are insured by an a generally acceptable insurer acceptable to Xxxxxx Xxx rated A:VI or Freddie Mac, better in the current Best's against loss by fire, hazards of extended coverage and such other hazards as are customary in the area where the Mortgaged Property is located, in an amount which is at least equal located that conforms to the lesser requirements of (a) 100% the insurable value, on a replacement cost basis, of the improvements on the related Mortgaged Property and (b) the greater of (i) the outstanding principal balance of the Mortgage Loan or (ii) an amount such that the proceeds of such insurance shall be sufficient to prevent the application of the Mortgagor or the loss payee of any coinsurance under the policy. In the event a hazard insurance policy shall be in danger of being terminated, or in the event the insurer shall cease to be acceptable to Xxxxxx Xxx Fannie Mae or Freddie Mac. If required by the National Floxx Xxxurance Axx xx 0968, the Company shall notify the Purchaser and the related Mortgagoras amended, each Mortgage Loan is, and shall use its best effortscontinue to be, as permitted covered by Applicable Law, to obtain from another Qualified Insurer a replacement hazard insurance policy substantially and materially similar in all respects to the original policy. In no event, however, shall a Mortgage Loan be without a hazard insurance policy at any time, subject only to Section 4.11 hereof. If upon origination of the Mortgage Loan, the related Mortgaged Property was located in an area identified by the Flood Emergency Management Agency as having special flood hazards (and such flood insurance has been made available) a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration is as in effect with a generally acceptable insurance carrier acceptable to Xxxxxx Xxx rated A:VI or Freddie Mac, better in Best's in an amount representing coverage equal to not less than the lesser of (i) the minimum amount required, under the terms of coverage, to compensate for any damage or loss on a replacement cost basis (or the aggregate unpaid balance Stated Principal Balance of the related Mortgage Loan and of any mortgage if replacement cost coverage is not available for the type of building insured) and loan senior to such Mortgage Loan, (ii) the maximum amount of insurance which is available under the National Flood Disaster Protection Insurance Act of 19731968, as amended (regardless of whether the area in which such Mortgaged Property is located is participating in such program), and (iii) the full replacement value of the improvements which are part of such Mortgaged Property. If a Mortgaged Property is located in a special flood hazard area and is not covered by flood insurance or is covered in an amount less than the amount required by the National Flood Insurance Act of 1968, as amended, the Seller shall notify the related Mortgagor that the Mortgagor must obtain such flood insurance coverage, and if said Mortgagor fails to obtain the required flood insurance coverage within forty five (45) days after such notification, the Seller shall immediately force place the required flood insurance on the Mortgagor's behalf. If a Mortgage is secured by a unit in a condominium project, the Company Seller shall verify that the coverage required of the owner’s 's association, including hazard, flood, liability, and fidelity coverage, is being maintained in accordance with then current Xxxxxx Xxx or Freddie Mac Fannie Mae requirements, and secure from the owner’s 's association its agreement agxxxxxxt to notify the Company Seller promptly of any change in the insurance coverage or of any condemnation or casualty loss that may have a material effect on the value of the Mortgaged Property as security. The Seller shall cause to be maintained on each Mortgaged Property such other or additional insurance as may be required pursuant to such applicable laws and regulations as shall at any time be in force and as shall require such additional insurance, or pursuant to the requirements of any private mortgage guaranty insurer, or as may be required to conform with Accepted Servicing Practices. In the event that any the Purchaser or the Company Seller shall determine that the Mortgaged Property should be insured against loss or damage by hazards and risks not covered by the insurance required to be maintained by the Mortgagor pursuant to the terms of the Mortgage, the Company Seller shall communicate and consult with the Mortgagor with respect to the need for such insurance and bring to the Mortgagor’s 's attention the desirability of protection of the Mortgaged Property. All policies required hereunder shall name the Company Seller and its successors and assigns as a mortgagee and loss payee and shall be endorsed with non contributory standard or union New York mortgagee clauses, without contribution, clauses which shall provide for at least 30 days prior written notice of any cancellation, reduction in amount or material change in coverage. The Company Seller shall not interfere with the Mortgagor’s 's freedom of choice in selecting either his insurance carrier or agent, provided, however, that the Company Seller shall not accept any such insurance policies from insurance companies unless such companies are acceptable to Xxxxxx Xxx and Freddie Mac rated A:VI or better in Best's and are licensed to do business in the jurisdiction in which the Mortgaged Property is located. The Company Seller shall determine that such policies provide sufficient risk coverage and amountsamounts as required pursuant to the Fannie Mae Guides, that they insure the property owner, owner and that they properly describe prxxxxxx xxxcribe the property address. The Seller shall furnish to the Mortgagor a formal notice of expiration of any such insurance in sufficient time for the Mortgagor to arrange for renewal coverage by the expiration date; provided, however, that in the event that no such notice is furnished by the Seller, the Seller shall ensure that replacement insurance policies are in place in the required coverages and the Seller shall be solely liable for any losses in the event coverage is not provided. Pursuant to Section 4.42.04, any amounts collected by the Company Seller under any such policies (other than amounts to be deposited in the Escrow Account and applied to the restoration or repair of the related Mortgaged Property, or property acquired in liquidation of the Mortgage Loan, or to be released to the Mortgagor, in accordance with the Company’s Seller's normal servicing procedures as specified in Section 4.42.14) shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.52.05.

Maintenance of Hazard Insurance. The Company shall cause to be maintained for each Mortgage Loan hazard insurance such that all buildings upon the Mortgaged Property are insured by an insurer acceptable to Xxxxxx Xxx Fannie Mae or Freddie Mac, Mac against loss by fire, hazards of extended coverage and such extenxxx xxvxxxge axx xxxx other hazards as are customary in the area where the Mortgaged Property is located, in an amount which is at least equal to the lesser of (ai) 100% of the insurable value, value on a replacement cost basis, basis of the improvements on the related Mortgaged Property securing such Mortgage Loan and (bii) the greater of (ia) the outstanding principal balance of the Mortgage Loan or and (iib) an amount such that the proceeds of such insurance shall be sufficient to prevent the application of to the Mortgagor or the loss payee of any coinsurance clause under the policy. In the event a hazard insurance policy shall be in danger of being terminated, or in the event the insurer shall cease to be acceptable to Xxxxxx Xxx Fannie Mae or Freddie Mac, the Company shall notify the Purchaser and Purchasex xxx the related Mortgagorrelaxxx Xxxtgagor, and shall use its best efforts, as permitted by Applicable Lawapplicable law, to obtain from another Qualified Insurer qualified insurer a replacement hazard insurance policy substantially and materially similar in all respects to the original policy. In no event, however, shall a Mortgage Loan be without a hazard insurance policy at any time, subject only to Section 4.11 hereof. If upon origination of the Mortgage Loan, the related Mortgaged Property was is located in an area identified by the Flood Federal Emergency Management Agency as having special flood hazards (and such flood insurance has been made available) the Company shall cause the Mortgagor to maintain a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect with a generally acceptable insurance carrier acceptable to Xxxxxx Xxx Fannie Mae or Freddie Mac, Mac in an amount representing coverage equal to equxx xx the lesser of lessxx xx (i) the minimum amount required, under the terms of coverage, to compensate for any damage or loss on a replacement cost basis (or the unpaid balance of the mortgage if replacement cost coverage is not available for the type of building insured) and (ii) the maximum amount of insurance which is available under the Flood Disaster Protection Act of 1973, as amended. If at any time during the term of the Mortgage Loan, the Company determines, in accordance with applicable law, that a Mortgaged Property is located in a special flood hazard area and is not covered by flood insurance or is covered in an amount less than the amount required by the Flood Disaster Protection Act of 1973, as amended, the Company shall notify the related Mortgagor that the Mortgagor must obtain such flood insurance coverage, and if said Mortgagor fails to obtain the require flood insurance coverage within forty-five (45) days after such notification, the Company shall immediately force place the required flood insurance on the Mortgagor's behalf. If a Mortgage is secured by a unit in a condominium project, the Company shall verify that the coverage required of the owner’s 's association, including hazard, flood, liability, and fidelity coverage, is being maintained in accordance with then current Xxxxxx Xxx or Freddie Mac Fannie Mae requirements, and secure from the owner’s 's association its agreement xxx xgreement to notify the Company promptly of any change in the insurance coverage or of any condemnation or casualty loss that may have a material effect on the value of the Mortgaged Property as security. In the event that any Purchaser or the Company shall determine that the Mortgaged Property should be insured against loss or damage by hazards and risks not covered by the insurance required to be maintained by the Mortgagor pursuant to the terms of the Mortgage, the Company shall communicate and consult with the Mortgagor with respect to the need for such insurance and bring to the Mortgagor’s 's attention the desirability required amount of protection of coverage for the Mortgaged PropertyProperty and if the Mortgagor does not obtain such coverage, the Company shall immediately force place the required coverage on the Mortgagor's behalf. All policies required hereunder shall name the Company as loss payee and shall be endorsed with standard or union mortgagee clauses, without contribution, which shall provide for at least 30 days prior written notice of any cancellation, reduction in amount or material change in coverage. The Company shall not interfere with the Mortgagor’s 's freedom of choice in selecting either his insurance carrier or agent, provided, however, that the Company shall not accept any such insurance policies from insurance companies unless such companies are acceptable to Xxxxxx Xxx Fannie Mae and Freddie Mac and are licensed to do business in the jurisdiction in which thx xxxxsxxxtion xx xxxxh the Mortgaged Property is located. The Company shall determine that such policies provide sufficient risk coverage and amounts, that they insure the property owner, and that they properly describe the property address. Pursuant to Section 4.44.04, any amounts collected by the Company under any such policies (other than amounts to be deposited in the Escrow Account and applied to the restoration or repair of the related Mortgaged Property, or property acquired in liquidation of the Mortgage Loan, or to be released to the Mortgagor, in accordance with the Company’s 's normal servicing procedures as specified in Section 4.44.14) shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.54.05.

Maintenance of Hazard Insurance. The Company Servicer shall cause to be maintained for each Mortgage Loan fire and hazard insurance such that all buildings upon the Mortgaged Property are insured by an insurer acceptable to Xxxxxx Xxx or Freddie Mac, against loss by fire, hazards of with extended coverage and such other hazards as are customary in the area where the Mortgaged Property is located, in an amount which is at least equal located that conforms to the lesser requirements of (a) 100% the insurable value, on a replacement cost basis, of the improvements on the related Mortgaged Property and (b) the greater of (i) the outstanding principal balance of the Mortgage Loan or (ii) an amount such that the proceeds of such insurance shall be sufficient to prevent the application of the Mortgagor or the loss payee of any coinsurance under the policy. In the event a hazard insurance policy shall be in danger of being terminated, or in the event the insurer shall cease to be acceptable to Xxxxxx Xxx Fannie Mae or Freddie Mac, the Company shall notify the Purchaser and the related Mortgagor, and shall use its best efforts, as permitted by Applicable Law, to obtain from another Qualified Insurer a replacement hazard insurance policy substantially and materially similar in all respects to the original policy. In no event, however, shall a Mortgage Loan be without a hazard insurance policy at any time, subject only to Section 4.11 hereof. If upon origination of the Mortgage Loan, the related Mortgaged Property was located is in an area identified xxxxxxfxxx in xxx Xxxeral Register by the Flood Federal Emergency Management Agency as having special flood hazards (and such flood insurance has been made available) the Servicer will cause to be maintained a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect with a generally acceptable insurance carrier acceptable to Xxxxxx Xxx Fannie Mae or Freddie Mac. The Servicer shall maintain on each REO Xxxxxxty fire xxx xxxard insurance with extended coverage, in an amount representing coverage with respect to such hazards which is at least equal to the lesser of (i) the minimum amount required, under the terms of coverage, to compensate for any damage or loss on a full replacement cost basis (or the unpaid balance of the mortgage if replacement cost coverage is not available for improvements which are a part of such REO Property and shall indemnify and hold harmless the type of building insured) and (ii) the maximum amount of insurance which is available under the Flood Disaster Protection Act of 1973, as amended. If a Mortgage is secured by a unit in a condominium project, the Company shall verify that the coverage required of the owner’s association, including hazard, flood, liability, and fidelity coverage, is being maintained in accordance with then current Xxxxxx Xxx or Freddie Mac requirements, secure from the owner’s association its agreement to notify the Company promptly of any change in the insurance coverage or of any condemnation or casualty loss that may have a material effect on the value of the Mortgaged Property as security. In the event that any Purchaser or the Company shall determine that the Mortgaged Property should be insured against loss or damage by hazards and risks not covered by the insurance required to be maintained by the Mortgagor pursuant to the terms of the Mortgage, the Company shall communicate and consult with the Mortgagor Owner with respect to the need for such insurance and bring to the Mortgagor’s attention the desirability liabilities in connection therewith in an amount of protection of the Mortgaged Property. All policies required hereunder shall name the Company as loss payee and shall be endorsed with standard or union mortgagee clauses, without contribution, which shall provide for at least 30 days prior written notice of any cancellation, reduction in amount or material change in coverage. The Company shall not interfere with the Mortgagor’s freedom of choice in selecting either his insurance carrier or agent, provided, however, that the Company shall not accept any such insurance policies from insurance companies unless such companies are acceptable to Xxxxxx Xxx $1 million per occurrence and Freddie Mac and are licensed to do business $2 million in the jurisdiction in which the Mortgaged Property is locatedaggregate. The Company shall determine that such policies provide sufficient risk coverage and amounts, that they insure the property owner, and that they properly describe the property address. Pursuant to Section 4.4, any Any amounts collected by the Company Servicer under any such policies (other than amounts to be deposited in the Escrow Account and applied to the restoration or repair of the property subject to the related Mortgaged Property, Mortgage or property acquired in liquidation of the Mortgage Loan, or to be released to the Mortgagor, Mortgagor in accordance with the Company’s normal servicing procedures as specified in Section 4.4Accepted Servicing Procedures) shall be deposited in the Custodial Account Account, subject to withdrawal pursuant to Section 4.5Subsection 11.05. It is understood and agreed that no earthquake or other additional insurance need be required by the Servicer of any Mortgagor or maintained on REO Property other than pursuant to such applicable laws and regulations as shall at any time be in force and as shall require such additional insurance. All policies required hereunder shall be endorsed with standard mortgagee clauses with loss payable to Servicer, and shall provide for at least thirty (30) days prior written notice of any cancellation, reduction in amount or material change in coverage to the Servicer. The Servicer shall not interfere with the Mortgagor's freedom of choice in selecting either its insurance carrier or agent; provided, however, that the Servicer shall not accept any such insurance policies that do not conform to the requirements of Fannie Mae or Freddie Mac.

Maintenance of Hazard Insurance. The Company shall cause to be maintained for each Mortgage Loan hazard insurance such that all buildings upon the Mortgaged Property are insured by an insurer acceptable to Xxxxxx Xxx Fannie Mae or Freddie Mac, Mac against loss by fire, hazards of extended coverage and covxxxxx axx such other xxxxx hazards as are customary in the area where the Mortgaged Property is locatedlocated or as required by the Fannie Mae Guides or Freddie Mac Sellers' & Servicers' Guide, in an amount which amoxxx xxich is at least equal to the lesser xxxxx xx xxx xxxxxr of (ai) 100% the maximum insurable value, on a replacement cost basis, value of the improvements on the related Mortgaged Property securing such Mortgage Loan and (bii) the greater of (ia) the outstanding principal balance of the Mortgage Loan or and (iib) an amount such that the proceeds of such insurance thereof shall be sufficient to prevent the application of the Mortgagor or the loss payee of any coinsurance under the policyfrom becoming a co-insurer. In the event a hazard insurance policy shall be in danger of being terminated, or in the event the insurer shall cease to be acceptable to Xxxxxx Xxx Fannie Mae or Freddie Mac, the Company shall notify the Purchaser and the related Mortgagortxx xxxated Morxxxxxx, and shall use its best efforts, as permitted by Applicable Lawapplicable law, to obtain from another Qualified Insurer qualified insurer a replacement hazard insurance policy substantially and materially similar in all respects to the original policy. In no event, however, shall a Mortgage Loan be without a hazard insurance policy at any time, subject only to Section 4.11 hereof. If upon origination of the Mortgage Loan, the related Mortgaged Property was located in an area identified by the Flood Emergency Management Agency as having special flood hazards (and such flood insurance has been made available) a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect with a generally acceptable insurance carrier acceptable to Xxxxxx Xxx Fannie Mae or Freddie Mac, Mac in an amount representing coverage equal to the lesser txx xxxser of (ix) xxx aggregate unpaid principal balance of the Mortgage Loan, (ii) the minimum amount required, under the terms of coverage, to compensate for any damage or loss on a replacement cost basis (or the unpaid balance of the mortgage if replacement cost coverage is not available for the type of building insured) and (iiiii) the maximum amount of insurance which is available under the Flood Disaster Protection Act of 1973, as amended. If at any time during the term of the Mortgage Loan, the Company determines in accordance with the applicable law and pursuant to the Fannie Mae guide, that the Mortgaged Property is located in a special fxxxx xazard area and is not covered by flood insurance meeting the requirements of the Flood Disaster Protection Act of 1973, as amended, the Company shall notify the related Mortgagor that they must obtain such flood insurance coverage and if the Mortgagor fails to provide proof of such coverage within forty-five (45) days of such notice, the Company shall force place the required flood insurance on the Mortgagor's behalf. If a Mortgage is secured by a unit in a condominium project, the Company shall verify that the coverage required of the owner’s 's association, including hazard, flood, liability, and fidelity coverage, is being maintained in accordance with then current Xxxxxx Xxx or Freddie Mac Fannie Mae requirements, and secure from the owner’s 's association its agreement to agxxxxxxt xx notify the Company promptly of any change in the insurance coverage or of any condemnation or casualty loss that may have a material effect on the value of the Mortgaged Property as security. In the event that any Purchaser or the Company shall determine that the Mortgaged Property should be insured against loss or damage by hazards and risks not covered by the insurance required to be maintained by the Mortgagor pursuant to the terms of the Mortgage, the Company shall communicate and consult with the Mortgagor with respect to the need for such insurance and bring to the Mortgagor’s 's attention the desirability of protection of the Mortgaged Property. All policies required hereunder shall name the Company as loss payee and shall be endorsed with standard or union mortgagee clauses, without contribution, which shall provide for at least 30 days prior written notice of any cancellation, reduction in amount or material change in coverage. The Company shall not interfere with the Mortgagor’s 's freedom of choice in selecting either his insurance carrier or agent, provided, however, that the Company shall not accept any such insurance policies from insurance companies unless such companies are acceptable to Xxxxxx Xxx Fannie Mae and Freddie Mac and are licensed to do business in the jurisdiction jurisxxxxxxn in which the Mortgaged whicx xxx Xortgaged Property is located. The Company shall determine that such policies provide sufficient risk coverage and amounts, that they insure the property owner, and that they properly describe the property address. Pursuant to Section 4.44.04, any amounts collected by the Company under any such policies (other than amounts to be deposited in the Escrow Account and applied to the restoration or repair of the related Mortgaged Property, or property acquired in liquidation of the Mortgage Loan, or to be released to the Mortgagor, in accordance with the Company’s 's normal servicing procedures as specified in Section 4.44.14) shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.54.05.

Maintenance of Hazard Insurance. The Company shall cause to be maintained for each Mortgage Loan hazard insurance such that all buildings upon the Mortgaged Property are insured by an insurer acceptable to Xxxxxx Xxx Fannie Mae or Freddie Mac, Mac against loss by fire, hazards of extended coverage extendex xxxxrxxx and such other xxxx xther hazards as are customary in the area where the Mortgaged Property is located, in an amount which is at least equal to the lesser of (ai) 100% of the insurable value, value on a replacement cost basis, basis of the improvements on the related Mortgaged Property securing such Mortgage Loan and (bii) the greater of (ia) the outstanding principal balance of the Mortgage Loan or and (iib) an amount such that the proceeds of such insurance shall be sufficient to prevent the application of to the Mortgagor or the loss payee of any coinsurance clause under the policy. In the event a hazard insurance policy shall be in danger of being terminated, or in the event the insurer shall cease to be acceptable to Xxxxxx Xxx Fannie Mae or Freddie Mac, the Company shall notify the Purchaser and the related Mortgagorxxx xxe relatex Xxxxxagor, and shall use its best efforts, as permitted by Applicable Lawapplicable law, to obtain from another Qualified Insurer qualified insurer a replacement hazard insurance policy substantially and materially similar in all respects to the original policy. In no event, however, shall a Mortgage Loan be without a hazard insurance policy at any time, subject only to Section 4.11 hereof. If upon origination of the Mortgage Loan, the related Mortgaged Property was is located in an area identified by the Flood Federal Emergency Management Agency as having special flood hazards (and such flood insurance has been made available) the Company shall cause the Mortgagor to maintain a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect with a generally acceptable insurance carrier acceptable to Xxxxxx Xxx Fannie Mae or Freddie Mac, Mac in an amount representing coverage equal to the xx xxe lesser of xx (ix) the minimum amount required, under the terms of coverage, to compensate for any damage or loss on a replacement cost basis (or the unpaid balance of the mortgage if replacement cost coverage is not available for the type of building insured) and (ii) the maximum amount of insurance which is available under the Flood Disaster Protection Act of 1973, as amended. If at any time during the term of the Mortgage Loan, the Company determines, in accordance with applicable law, that a Mortgaged Property is located in a special flood hazard area and is not covered by flood insurance or is covered in an amount less than the amount required by the Flood Disaster Protection Act of 1973, as amended, the Company shall notify the related Mortgagor that the Mortgagor must obtain such flood insurance coverage, and if said Mortgagor fails to obtain the require flood insurance coverage within forty-five (45) days after such notification, the Company shall immediately force place the required flood insurance on the Mortgagor's behalf. If a Mortgage is secured by a unit in a condominium project, the Company shall verify that the coverage required of the owner’s 's association, including hazard, flood, liability, and fidelity coverage, is being maintained in accordance with then current Xxxxxx Xxx or Freddie Mac Fannie Mae requirements, and secure from the owner’s 's association its agreement ixx xxxeement to notify the Company promptly of any change in the insurance coverage or of any condemnation or casualty loss that may have a material effect on the value of the Mortgaged Property as security. In the event that any Purchaser or the Company shall determine that the Mortgaged Property should be insured against loss or damage by hazards and risks not covered by the insurance required to be maintained by the Mortgagor pursuant to the terms of the Mortgage, the Company shall communicate and consult with the Mortgagor with respect to the need for such insurance and bring to the Mortgagor’s 's attention the desirability required amount of protection of coverage for the Mortgaged PropertyProperty and if the Mortgagor does not obtain such coverage, the Company shall immediately force place the required coverage on the Mortgagor's behalf. All policies required hereunder shall name the Company as loss payee and shall be endorsed with standard or union mortgagee clauses, without contribution, which shall provide for at least 30 days prior written notice of any cancellation, reduction in amount or material change in coverage. The Company shall not interfere with the Mortgagor’s 's freedom of choice in selecting either his insurance carrier or agent, provided, however, that the Company shall not accept any such insurance policies from insurance companies unless such companies are acceptable to Xxxxxx Xxx Fannie Mae and Freddie Mac and are licensed to do business in the jurisdiction xxxxxxixxxon in which xxxxx the Mortgaged Property is located. The Company shall determine that such policies provide sufficient risk coverage and amounts, that they insure the property owner, and that they properly describe the property address. Pursuant to Section 4.44.04, any amounts collected by the Company under any such policies (other than amounts to be deposited in the Escrow Account and applied to the restoration or repair of the related Mortgaged Property, or property acquired in liquidation of the Mortgage Loan, or to be released to the Mortgagor, in accordance with the Company’s 's normal servicing procedures as specified in Section 4.44.14) shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.54.05.

Maintenance of Hazard Insurance. The Company Servicer shall cause to be maintained for each Mortgage Loan fire and hazard insurance such that all buildings upon the Mortgaged Property are insured by an insurer acceptable to Xxxxxx Xxx or Freddie Mac, against loss by fire, hazards of with extended coverage and such other hazards as are customary in the area where the Mortgaged Property is located, in an amount which is at least equal located that conforms to the lesser requirements of (a) 100% the insurable value, on a replacement cost basis, of the improvements on the related Mortgaged Property and (b) the greater of (i) the outstanding principal balance of the Mortgage Loan or (ii) an amount such that the proceeds of such insurance shall be sufficient to prevent the application of the Mortgagor or the loss payee of any coinsurance under the policy. In the event a hazard insurance policy shall be in danger of being terminated, or in the event the insurer shall cease to be acceptable to Xxxxxx Xxx Fannie Mae or Freddie Mac, the Company shall notify the Purchaser and the related Mortgagor, and shall use its best efforts, as permitted by Applicable Law, to obtain from another Qualified Insurer a replacement hazard insurance policy substantially and materially similar in all respects to the original policy. In no event, however, shall a Mortgage Loan be without a hazard insurance policy at any time, subject only to Section 4.11 hereof. If upon origination of the Mortgage Loan, the related Mortgaged Property was located is in an area identified axxx xxexxxfied xx xxx Federal Register by the Flood Federal Emergency Management Agency as having special flood hazards (and such flood insurance has been made available) the Servicer will cause to be maintained a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect with a generally acceptable insurance carrier acceptable to Xxxxxx Xxx Fannie Mae or Freddie Mac. The Servicer shall maintain on each XXX Xxoperty fxxx xxx hazard insurance with extended coverage, in an amount representing coverage with respect to such hazards which is at least equal to the lesser of (i) the minimum amount required, under the terms of coverage, to compensate for any damage or loss on a full replacement cost basis (or the unpaid balance of the mortgage if replacement cost coverage is not available for improvements which are a part of such REO Property and shall indemnify and hold harmless the type of building insured) and (ii) the maximum amount of insurance which is available under the Flood Disaster Protection Act of 1973, as amended. If a Mortgage is secured by a unit in a condominium project, the Company shall verify that the coverage required of the owner’s association, including hazard, flood, liability, and fidelity coverage, is being maintained in accordance with then current Xxxxxx Xxx or Freddie Mac requirements, secure from the owner’s association its agreement to notify the Company promptly of any change in the insurance coverage or of any condemnation or casualty loss that may have a material effect on the value of the Mortgaged Property as security. In the event that any Purchaser or the Company shall determine that the Mortgaged Property should be insured against loss or damage by hazards and risks not covered by the insurance required to be maintained by the Mortgagor pursuant to the terms of the Mortgage, the Company shall communicate and consult with the Mortgagor Owner with respect to the need for such insurance and bring to the Mortgagor’s attention the desirability liabilities in connection therewith in an amount of protection of the Mortgaged Property. All policies required hereunder shall name the Company as loss payee and shall be endorsed with standard or union mortgagee clauses, without contribution, which shall provide for at least 30 days prior written notice of any cancellation, reduction in amount or material change in coverage. The Company shall not interfere with the Mortgagor’s freedom of choice in selecting either his insurance carrier or agent, provided, however, that the Company shall not accept any such insurance policies from insurance companies unless such companies are acceptable to Xxxxxx Xxx $1 million per occurrence and Freddie Mac and are licensed to do business $2 million in the jurisdiction in which the Mortgaged Property is locatedaggregate. The Company shall determine that such policies provide sufficient risk coverage and amounts, that they insure the property owner, and that they properly describe the property address. Pursuant to Section 4.4, any Any amounts collected by the Company Servicer under any such policies (other than amounts to be deposited in the Escrow Account and applied to the restoration or repair of the property subject to the related Mortgaged Property, Mortgage or property acquired in liquidation of the Mortgage Loan, or to be released to the Mortgagor, Mortgagor in accordance with the Company’s normal servicing procedures as specified in Section 4.4Accepted Servicing Procedures) shall be deposited in the Custodial Account Account, subject to withdrawal pursuant to Section 4.5Subsection 11.05. It is understood and agreed that no earthquake or other additional insurance need be required by the Servicer of any Mortgagor or maintained on REO Property other than pursuant to such applicable laws and regulations as shall at any time be in force and as shall require such additional insurance. All policies required hereunder shall be endorsed with standard mortgagee clauses with loss payable to Servicer, and shall provide for at least thirty (30) days prior written notice of any cancellation, reduction in amount or material change in coverage to the Servicer. The Servicer shall not interfere with the Mortgagor's freedom of choice in selecting either its insurance carrier or agent; provided, however, that the Servicer shall not accept any such insurance policies that do not conform to the requirements of Fannie Mae or Freddie Mac.

Maintenance of Hazard Insurance. The Company Servicer shall cause to be maintained for each Mortgage Loan hazard insurance such that all buildings upon the Mortgaged Property are insured by an insurer acceptable to Xxxxxx Xxx or Freddie Mac, against loss by fire, hazards of extended coverage and such other hazards as are customary in the area where the Mortgaged Property is located, in an amount which is at least equal to the lesser of (a) 100% the insurable value, on a replacement cost basis, of the improvements on the related Mortgaged Property and (b) the greater of (i) the outstanding principal balance of the Mortgage Loan or (ii) an amount such that the proceeds of such insurance shall be sufficient to prevent the application of the Mortgagor or the loss payee of any coinsurance under the policy. In the event a hazard insurance policy shall be in danger of being terminated, or in the event the insurer shall cease required to be acceptable insured pursuant to Xxxxxx Xxx or Freddie Mac, the Company shall notify the Purchaser and the related Mortgagor, and shall use its best efforts, as permitted by Applicable Law, to obtain from another Qualified Insurer a replacement hazard insurance policy substantially and materially similar in all respects to the original policyRequired Servicing Practices. In no event, however, shall a Mortgage Loan be without a hazard insurance policy If at any time, subject only to Section 4.11 hereof. If upon origination time during the term of the Mortgage Loan, the related Servicer determines in accordance with applicable law and pursuant to the CMHC Guide that a Mortgaged Property was is located in an a special flood hazard area identified and is not covered by flood insurance satisfactory to CMHC, the Servicer shall notify the related Mortgagor (to the extent permitted by the Flood Emergency Management Agency as having special flood hazards (and applicable Mortgage Loan File) that the Mortgagor must obtain such flood insurance has been made available) a coverage, and if said Mortgagor fails to obtain the required flood insurance policy meeting coverage within forty-five (45) days after such notification, the Servicer shall immediately purchase the required flood insurance on the Mortgagor's behalf. The Servicer shall cause to be maintained on each Mortgaged Property such other or additional insurance as may be required pursuant to such applicable laws and regulations as shall at any time be in force and as shall require such additional insurance, or pursuant to the requirements of the current guidelines of the Federal Insurance Administration is in effect with a generally acceptable insurance carrier acceptable to Xxxxxx Xxx or Freddie Mac, in an amount representing coverage equal to the lesser of (i) the minimum amount required, under the terms of coverage, to compensate for any damage or loss on a replacement cost basis (or the unpaid balance of the mortgage if replacement cost coverage is not available for the type of building insured) and (ii) the maximum amount of insurance which is available under the Flood Disaster Protection Act of 1973, as amended. If a Mortgage is secured by a unit in a condominium project, the Company shall verify that the coverage required of the owner’s association, including hazard, flood, liability, and fidelity coverage, is being maintained in accordance with then current Xxxxxx Xxx or Freddie Mac requirements, secure from the owner’s association its agreement to notify the Company promptly of any change in the insurance coverage or of any condemnation or casualty loss that may have a material effect on the value of the Mortgaged Property as security. In the event that any Purchaser or the Company shall determine that the Mortgaged Property should be insured against loss or damage by hazards and risks not covered by the insurance required to be maintained by the Mortgagor pursuant to the terms of the Mortgage, the Company shall communicate and consult with the Mortgagor with respect to the need for such insurance and bring to the Mortgagor’s attention the desirability of protection of the Mortgaged PropertyCMHC Guide. All policies required hereunder shall name the Company Servicer and its successors and assigns as loss payee mortgagee and shall be endorsed with standard or union mortgagee clauses, without contribution, which shall provide for at least 30 days thirty (30) days' prior written notice of any cancellation, reduction in amount or material change in coverage. The Company Servicer shall not interfere with the Mortgagor’s 's freedom of choice in selecting either his insurance carrier or agent, provided, however, that the Company Servicer shall not accept any such insurance policies from insurance companies unless such companies are acceptable to Xxxxxx Xxx and Freddie Mac and are licensed to which do business in not meet or exceed applicable requirements of the jurisdiction in which the Mortgaged Property is locatedCMHC Guide. The Company Servicer shall determine that such policies provide sufficient risk coverage and amountsamounts as required pursuant to the CMHC Guide, that they insure the property owner, and that they properly describe the property address. To the extent reasonably possible the Servicer shall furnish to the Mortgagor a formal notice of expiration of any such insurance in sufficient time for the Mortgagor to arrange for renewal coverage by the expiration date; provided, however, that in the event that no such notice is furnished by the Servicer, the Servicer shall ensure that replacement insurance policies are in place in the required coverages and the Servicer shall be solely liable for any losses in the event such coverage is not provided. Pursuant to Section 4.42.4, any amounts collected by the Company Servicer under any such policies (other than amounts to be deposited in the Escrow Account and applied to the restoration or repair of the related Mortgaged Property, or property acquired in liquidation of the Mortgage Loan, or to be released to the Mortgagor, in accordance with the Company’s normal servicing procedures Mortgagor as specified in Section 4.42.13) shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.52.5.

Maintenance of Hazard Insurance. The Company shall cause to be maintained for each Mortgage Loan hazard insurance such that all buildings upon the Mortgaged Property are insured by an insurer acceptable to Xxxxxx Xxx or Freddie Mac, Xxxxxxx Mac against loss by fire, hazards of extended coverage and such other hazards as are customary in the area where the Mortgaged Property is located, in an amount which is at least equal to the lesser of (ai) 100% of the insurable value, on a replacement cost basis, of the improvements on the related Mortgaged Property and Property, or (bii) the greater of (ix) the outstanding principal balance of the Mortgage Loan or (iiy) an amount such that the proceeds of such insurance shall be sufficient to prevent the application of to the Mortgagor or the loss payee of any coinsurance clause under the policy. In the event a hazard insurance policy shall be in danger of being terminated, or in the event the insurer shall cease to be acceptable to Xxxxxx Xxx Mae or Freddie Xxxxxxx Mac, the Company shall notify the Purchaser and the related Mortgagor, and shall use its best efforts, as permitted by Applicable Lawapplicable law, to obtain from another Qualified Insurer a replacement hazard insurance policy substantially and materially similar in all respects to the original policy. In no event, however, shall a Mortgage Loan be without a hazard insurance policy at any time, subject only to Section 4.11 hereof. If upon origination of the Mortgage Loan, the related Mortgaged Property was is located in an area identified by the Flood Emergency Management Agency as having special flood hazards (and such flood insurance has been made available) the Company shall cause to be maintained a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect with a generally acceptable insurance carrier acceptable to Xxxxxx Xxx Mae or Freddie Mac, Xxxxxxx Mac in an amount representing coverage equal to the lesser of (i) the minimum amount required, under the terms of coverage, to compensate for any damage or loss on a replacement cost basis (or the unpaid balance of the mortgage if replacement cost coverage is not available for the type of building insured) and (ii) the maximum amount of insurance which is available under the Flood Disaster Protection Act of 1973, as amended. If at any time during the term of the Mortgage Loan, the Company determines, in accordance with applicable law, that a Mortgaged Property is located in a special flood hazard area and is not covered by flood insurance or is covered in an amount less than the amount required by the Flood Disaster Protection Act of 1973, as amended, the Company shall notify the related Mortgagor that the Mortgagor must obtain such flood insurance coverage, and if said Mortgagor fails to obtain the require flood insurance coverage within forty-five (45) days after such notification, the Company shall immediately force place the required flood insurance on the Mortgagor’s behalf. If a Mortgage is secured by a unit in a condominium project, the Company shall verify that the coverage required of the owner’s 's association, including hazard, flood, liability, and fidelity coverage, is being maintained in accordance with then current Xxxxxx Xxx Mae or Freddie Xxxxxxx Mac requirements, and secure from the owner’s 's association its agreement to notify the Company promptly of any change in the insurance coverage or of any condemnation or casualty loss that may have a material effect on the value of the Mortgaged Property as security. In the event that any Purchaser or the Company shall determine that the Mortgaged Property should be insured against loss or damage by hazards and risks not covered by the insurance required to be maintained by the Mortgagor pursuant to the terms of the Mortgage, the Company shall communicate and consult with the Mortgagor with respect to the need for such insurance and bring to the Mortgagor’s 's attention the desirability required amount of protection of coverage for the Mortgaged PropertyProperty and if the Mortgagor does not obtain such coverage, the Company shall immediately force place the required coverage on the Mortgagor’s behalf. All policies required hereunder shall name the Company as loss payee and shall be endorsed with standard or union mortgagee clauses, without contribution, which shall provide for at least 30 days prior written notice of any cancellation, reduction in amount or material change in coverage. The Company shall not interfere with the Mortgagor’s 's freedom of choice in selecting either his insurance carrier or agent, provided, however, that the Company shall not accept any such insurance policies from insurance companies unless such companies are acceptable to Xxxxxx Xxx Mae and Freddie Xxxxxxx Mac and are licensed to do business in the jurisdiction in which the Mortgaged Property is located. The Company shall determine that such policies provide sufficient risk coverage and amounts, that they insure the property owner, and that they properly describe the property address. Pursuant to Section 4.44.04, any amounts collected by the Company under any such policies (other than amounts to be deposited in the Escrow Account and applied to the restoration or repair of the related Mortgaged Property, or property acquired in liquidation of the Mortgage Loan, or to be released to the Mortgagor, in accordance with the Company’s 's normal servicing procedures as specified in Section 4.44.14) shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.54.05.

Maintenance of Hazard Insurance. The Company shall cause to be maintained for each Mortgage Loan hazard insurance such that all buildings upon the Mortgaged Property are insured by an insurer acceptable to Xxxxxx Xxx Fannie Mae or Freddie Mac, Mac against loss by fire, hazards of extended coverage and such other xxxxxxgx xnd sxxx xxxer hazards as are customary or required by law in the area where the Mortgaged Property is located, in an amount which is at least equal to the lesser of (ai) 100% the maximum insurable value, on a replacement cost basis, value of the improvements on the related Mortgaged Property securing such Mortgage Loan and (bii) the greater of (ia) the outstanding principal balance of the Mortgage Loan or and (iib) an amount such that the proceeds of such insurance thereof shall be sufficient to prevent the application of the Mortgagor or the loss payee of any coinsurance under the policyfrom becoming a co-insurer. In the event a hazard insurance policy shall be in danger of being terminated, or in the event the insurer shall cease to be acceptable to Xxxxxx Xxx Fannie Mae or Freddie Mac, the Company shall notify the Purchaser and Purchasxx xxd the related rexxxxx Mortgagor, and shall use its best efforts, as permitted by Applicable Lawapplicable law, to obtain from another Qualified Insurer qualified insurer a replacement hazard insurance policy substantially and materially similar in all respects to the original policy. In no event, however, shall a Mortgage Loan be without a hazard insurance policy at any time, subject only to Section 4.11 hereof. If upon origination of the Mortgage Loan, the related Mortgaged Property was is located in an area identified by the Flood Emergency Management Agency as having special flood hazards (and such flood insurance has been made available) ), the Company will cause to be maintained a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect with a generally acceptable insurance carrier acceptable to Xxxxxx Xxx Fannie Mae or Freddie Mac, Mac in an amount representing coverage equal to equxx xx the lesser of lessxx xx (i) the minimum amount required, under the terms of coverage, to compensate for any damage or loss on a replacement cost basis (or the unpaid balance of the mortgage if replacement cost coverage is not available for the type of building insured) and (ii) the maximum amount of insurance which is available under the Flood Disaster Protection Act of 1973, as amended. If at any time during the term of the Mortgage Loan, the Company determines in accordance with applicable law and pursuant to the FEMA Guides that a Mortgaged Property is located in a special flood hazard area and is not covered by flood insurance or is covered in an amount less than the amount required by the Flood Disaster Protection Act of 1973, as amended, the Company shall notify the related Mortgagor to obtain such flood insurance coverage, and if said Mortgagor fails to obtain the required flood insurance coverage within forty-five (45) days after such notification, the Company shall immediately force place the required flood insurance on the Mortgagor's behalf. Any out-of-pocket expenses or advance made by the Company on such force placed flood insurance coverage shall be deemed a Servicing Advance. If a Mortgage is secured by a unit in a condominium project, the Company shall verify that the coverage required of the owner’s 's association, including hazard, flood, liability, and fidelity coverage, is being maintained in accordance with then current Xxxxxx Xxx Fannie Mae or Freddie Mac requirements, and secure from the owner’s association its agreement 's xxxxxxation itx xxxxxment to notify the Company promptly of any change in the insurance coverage or of any condemnation or casualty loss that may have a material effect on the value of the Mortgaged Property as security. In the event that any the Purchaser or the Company shall determine that the Mortgaged Property should be insured against loss or damage by hazards and risks not covered by the insurance required to be maintained by the Mortgagor pursuant to the terms of the Mortgage, the Company shall communicate and consult with the Mortgagor with respect to the need for such insurance and bring to the Mortgagor’s 's attention the desirability of protection of the Mortgaged Property. All policies required hereunder shall name the Company as loss payee and shall be endorsed with standard or union mortgagee clauses, without contribution, which shall provide for at least 30 thirty (30) days prior written notice of any cancellation, reduction in amount or material change in coverage. The Company shall not interfere with the Mortgagor’s 's freedom of choice in selecting either his an insurance carrier or agent, provided, however, that the Company shall not accept any such insurance policies from insurance companies unless such companies are acceptable to Xxxxxx Xxx and Fannie Mae or Freddie Mac and are licensed to do business in the jurisdiction jxxxxxxction in which the xxxxx xhe Mortgaged Property is located. The Company shall determine that such policies provide sufficient risk coverage and amounts, that they insure the property owner, and that they properly describe the property address. Pursuant to Section 4.44.04, any amounts collected by the Company under any such policies (other than amounts to be deposited in the Escrow Account and applied to the restoration or repair of the related Mortgaged Property, or property acquired in liquidation of the Mortgage Loan, or to be released to the Mortgagor, in accordance with the Company’s 's normal servicing procedures as specified in Section 4.44.14) shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.54.05.

Maintenance of Hazard Insurance. The Company shall cause to be maintained for each Mortgage Loan hazard insurance such that all buildings upon the Mortgaged Property are insured by an insurer acceptable to Xxxxxx Xxx Fannie Mae or Freddie Mac, Mac against loss by fire, hazards of extended coverage and such extendxx xxxexxxe anx xxxx other hazards as are customary in the area where the Mortgaged Property is located, in an amount which is at least equal to the lesser of (ai) 100% of the insurable value, value on a replacement cost basis, basis of the improvements on the related Mortgaged Property securing such Mortgage Loan and (bii) the greater of (ia) the outstanding principal balance of the Mortgage Loan or and (iib) an amount such that the proceeds of such insurance shall be sufficient to prevent the application of to the Mortgagor or the loss payee of any coinsurance clause under the policy. In the event a hazard insurance policy shall be in danger of being terminated, or in the event the insurer shall cease to be acceptable to Xxxxxx Xxx Fannie Mae or Freddie Mac, the Company shall notify the Purchaser and the related Mortgagorxxx xhe relatxx Xxxxgagor, and shall use its best efforts, as permitted by Applicable Lawapplicable law, to obtain from another Qualified Insurer qualified insurer a replacement hazard insurance policy substantially and materially similar in all respects to the original policy. In no event, however, shall a Mortgage Loan be without a hazard insurance policy at any time, subject only to Section 4.11 hereof. If upon origination of the Mortgage Loan, the related Mortgaged Property was is located in an area identified by the Flood Federal Emergency Management Agency as having special flood hazards (and such flood insurance has been made available) the Company shall cause the Mortgagor to maintain a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect with a generally acceptable insurance carrier acceptable to Xxxxxx Xxx Fannie Mae or Freddie Mac, Mac in an amount representing coverage equal to the lesser of equax xx xhe lessex xx (ix) the minimum amount required, under the terms of coverage, to compensate for any damage or loss on a replacement cost basis (or the unpaid balance of the mortgage if replacement cost coverage is not available for the type of building insured) and (ii) the maximum amount of insurance which is available under the Flood Disaster Protection Act of 1973, as amended. If at any time during the term of the Mortgage Loan, the Company determines, in accordance with applicable law, that a Mortgaged Property is located in a special flood hazard area and is not covered by flood insurance or is covered in an amount less than the amount required by the Flood Disaster Protection Act of 1973, as amended, the Company shall notify the related Mortgagor that the Mortgagor must obtain such flood insurance coverage, and if said Mortgagor fails to obtain the require flood insurance coverage within forty-five (45) days after such notification, the Company shall immediately force place the required flood insurance on the Mortgagor's behalf. If a Mortgage is secured by a unit in a condominium project, the Company shall verify that the coverage required of the owner’s 's association, including hazard, flood, liability, and fidelity coverage, is being maintained in accordance with then current Xxxxxx Xxx or Freddie Mac Fannie Mae requirements, and secure from the owner’s 's association its agreement xxx xxreement to notify the Company promptly of any change in the insurance coverage or of any condemnation or casualty loss that may have a material effect on the value of the Mortgaged Property as security. In the event that any Purchaser or the Company shall determine that the Mortgaged Property should be insured against loss or damage by hazards and risks not covered by the insurance required to be maintained by the Mortgagor pursuant to the terms of the Mortgage, the Company shall communicate and consult with the Mortgagor with respect to the need for such insurance and bring to the Mortgagor’s 's attention the desirability required amount of protection of coverage for the Mortgaged PropertyProperty and if the Mortgagor does not obtain such coverage, the Company shall immediately force place the required coverage on the Mortgagor's behalf. All policies required hereunder shall name the Company as loss payee and shall be endorsed with standard or union mortgagee clauses, without contribution, which shall provide for at least 30 days prior written notice of any cancellation, reduction in amount or material change in coverage. The Company shall not interfere with the Mortgagor’s 's freedom of choice in selecting either his insurance carrier or agent, provided, however, that the Company shall not accept any such insurance policies from insurance companies unless such companies are acceptable to Xxxxxx Xxx Fannie Mae and Freddie Mac and are licensed to do business in the jurisdiction in which xxxxxdxxxion ix xxxxx the Mortgaged Property is located. The Company shall determine that such policies provide sufficient risk coverage and amounts, that they insure the property owner, and that they properly describe the property address. Pursuant to Section 4.44.04, any amounts collected by the Company under any such policies (other than amounts to be deposited in the Escrow Account and applied to the restoration or repair of the related Mortgaged Property, or property acquired in liquidation of the Mortgage Loan, or to be released to the Mortgagor, in accordance with the Company’s 's normal servicing procedures as specified in Section 4.44.14) shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.54.05.

Maintenance of Hazard Insurance. Errors and Omissions and Fidelity Coverage (a) The Company Servicer shall cause to be maintained for each Mortgage Loan fire insurance with extended coverage on the related Mortgaged Property in an amount which is at least equal to the least of (i) the outstanding principal balance of such Mortgage Loan, (ii) the amount necessary to fully compensate for any damage or loss to the improvements that are a part of such property on a replacement cost basis, (iii) the maximum insurable value of the improvements which are a part of such Mortgaged Property, and (iv) the amount determined by applicable federal or state law, in each case in an amount not less than such amount as is necessary to avoid the application of any coinsurance clause contained in the related hazard insurance such that all buildings upon the Mortgaged Property are insured by an insurer acceptable policy. The Servicer shall also cause to Xxxxxx Xxx or Freddie Mac, against loss by fire, hazards of be maintained fire insurance with extended coverage and such other hazards as are customary in the area where the Mortgaged on each REO Property is located, in an amount which is at least equal to the lesser of (ai) 100% the maximum insurable value, on a replacement cost basis, value of the improvements on the related Mortgaged Property which are a part of such property and (b) the greater of (iii) the outstanding principal balance of the related Mortgage Loan at the time it became an REO Property, plus accrued interest at the Mortgage Interest Rate and related Servicing Advances. The Servicer will comply in the performance of this Agreement with all reasonable rules and requirements of each insurer under any such hazard policies. Any amounts to be collected by the Servicer under any such policies (other than amounts to be applied to the restoration or repair of the property subject to the related Mortgage or amounts to be released to the Mortgagor in accordance with the procedures that the Servicer would follow in servicing loans held for its own account, subject to the terms and conditions of the related Mortgage and Mortgage Note) shall be deposited in the Collection Account, subject to withdrawal pursuant to Section 3.11. If the Mortgagor fails to provide Mortgage Loan hazard insurance coverage after thirty (30) days of the Servicer's written notification, the Servicer shall put in place such hazard insurance coverage on the Mortgagor's behalf. Any out-of-pocket expense or advance made by the Servicer on such force placed hazard insurance coverage shall be deemed a Servicing Advance. Any cost incurred by the Servicer in maintaining any such insurance shall not, for the purpose of calculating distributions to the Master Servicer, be added to the unpaid principal balance of the related Mortgage Loan, notwithstanding that the terms of such Mortgage Loan so permit. It is understood and agreed that no earthquake or other additional insurance is to be required of any Mortgagor 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 Mortgaged Property for a First Lien Mortgage Loan or (ii) an amount such that the proceeds of such insurance shall be sufficient to prevent the application of the Mortgagor or the loss payee of any coinsurance under the policy. In the event a hazard insurance policy shall be in danger of being terminated, or in the event the insurer shall cease to be acceptable to Xxxxxx Xxx or Freddie Mac, the Company shall notify the Purchaser and the related Mortgagor, and shall use its best efforts, as permitted by Applicable Law, to obtain from another Qualified Insurer a replacement hazard insurance policy substantially and materially similar in all respects to the original policy. In no event, however, shall a Mortgage Loan be without a hazard insurance policy REO Property is at any time, subject only to Section 4.11 hereof. If upon origination of the Mortgage Loan, the related Mortgaged Property was located time in an area identified in the Federal Register by the Flood Federal Emergency Management Agency as having special flood hazards (and such flood insurance has been made available) , the Servicer will cause to be maintained a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect with a generally acceptable respect thereof. Such flood insurance carrier acceptable to Xxxxxx Xxx or Freddie Mac, shall be in an amount representing coverage equal to the lesser of (i) the minimum amount required, under the terms of coverage, to compensate for any damage or loss on a replacement cost basis (or the unpaid principal balance of the mortgage related Mortgage Loan if replacement cost coverage is not available for the type of building insured) and (ii) the maximum amount of insurance which is available under the Flood Disaster Protection Act of 1973, as amended. If a at any time during the term of the Mortgage is secured by a unit in a condominium projectLoan, the Company shall verify that the coverage required of the owner’s association, including hazard, flood, liability, and fidelity coverage, is being maintained Servicer determines in accordance with then current Xxxxxx Xxx applicable law and pursuant to the Federal Emergency Management Agency Guides that a Mortgaged Property for a First Lien Mortgage Loan is located in a special flood hazard area and is not covered by flood insurance or Freddie Mac requirementsis covered in an amount less than the amount required by the Flood Disaster Protection Act of 1973, secure from as amended, the owner’s association its agreement to Servicer shall notify the Company promptly of any change in related Mortgagor to obtain such flood insurance coverage, and if said Mortgagor fails to obtain the required flood insurance coverage or of any condemnation or casualty loss that may have a material effect within forty-five (45) days after such notification, the Servicer shall immediately force place the required flood insurance on the value of Mortgagor's behalf. Any out-of-pocket expense or advance made by the Mortgaged Property as securityServicer on such force placed flood insurance coverage shall be deemed a Servicing Advance. In the event that any Purchaser the Servicer shall obtain and maintain a blanket policy with an insurer either (i) acceptable to Fannie Mae or Freddie Mac, or (ii) having a General Policy Rating of A:00 xx bxxxer in Best's (or such other rating that is comparable to such rating) insuring against hazard losses on all of the Company Mortgage Loans, it shall determine conclusively be deemed to have satisfied its obligations as set forth in the first two sentences of this Section 3.13, it being understood and agreed that such 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 should be insured against loss or damage by hazards REO Property a policy complying with the first two sentences of this Section 3.13, and risks not there shall have been one or more losses which would have been covered by the insurance required to be maintained by the Mortgagor pursuant such policy, deposit to the terms Collection Account from its own funds the amount not otherwise payable under the blanket policy because of such deductible clause. In connection with its activities as administrator and servicer of the MortgageMortgage Loans, the Company shall communicate Servicer agrees to prepare and consult with present, on behalf of itself and the Mortgagor with respect to the need for such insurance and bring to the Mortgagor’s attention the desirability of protection of the Mortgaged Property. All policies required hereunder shall name the Company as loss payee and shall be endorsed with standard or union mortgagee clauses, without contribution, which shall provide for at least 30 days prior written notice of Trustee any cancellation, reduction in amount or material change in coverage. The Company shall not interfere with the Mortgagor’s freedom of choice in selecting either his insurance carrier or agent, provided, however, that the Company shall not accept any such insurance policies from insurance companies unless such companies are acceptable to Xxxxxx Xxx and Freddie Mac and are licensed to do business in the jurisdiction in which the Mortgaged Property is located. The Company shall determine that such policies provide sufficient risk coverage and amounts, that they insure the property owner, and that they properly describe the property address. Pursuant to Section 4.4, any amounts collected by the Company claims under any such policies (other than amounts to be deposited blanket policy in the Escrow Account and applied to the restoration or repair of the related Mortgaged Property, or property acquired in liquidation of the Mortgage Loan, or to be released to the Mortgagor, a timely fashion in accordance with the Company’s normal servicing procedures as specified in Section 4.4) shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.5terms of such policy.

Maintenance of Hazard Insurance. The Company Servicer shall cause to be maintained for each Mortgage Loan hazard insurance such that all buildings upon the Mortgaged Property are insured by an insurer acceptable to Xxxxxx Xxx or that conforms with the Fannie Mae Guides and Freddie Mac, Mac Guides against loss by fire, hazards of xxxxxdx xf extended coverage cxxxxxxx and such other hazards as are customary in required to be insured pursuant to the area where the Mortgaged Property is locatedFannie Mae Guides or Freddie Mac Guides, in an amount which is at least xx xxaxx equal to the lesser of thx xxxxx of: (ai) 100% of the maximum insurable value, on a replacement cost basis, value of the improvements on the related Mortgaged Property and securing such Mortgage Loan; or (bii) the greater of (ia) the outstanding principal balance of the Mortgage Loan or and (iib) an amount such that the proceeds of such insurance thereof shall be sufficient to prevent the application of the Mortgagor or the loss payee of any coinsurance under from becoming a co-insurer; or (iii) the policyamount determined by applicable federal or state law. In If the event a Mortgagor fails to provide Mortgage Loan hazard insurance policy coverage after thirty (30) days of Servicer's written notification, the Servicer may force place such hazard insurance coverage on the Mortgagor's behalf. Any out-of-pocket expense or advance made by the Servicer on such force placed hazard insurance coverage shall be in danger of being terminated, or in the event the insurer shall cease to be acceptable to Xxxxxx Xxx or Freddie Mac, the Company shall notify the Purchaser and the related Mortgagor, and shall use its best efforts, as permitted by Applicable Law, to obtain from another Qualified Insurer deemed a replacement hazard insurance policy substantially and materially similar in all respects to the original policy. In no event, however, shall a Mortgage Loan be without a hazard insurance policy at any time, subject only to Section 4.11 hereofServicing Advance. If upon origination of the Mortgage Loan, the related Mortgaged Property was located in an area identified in the Federal Register by the Flood Federal Emergency Management Agency ("FEMA") as having special flood hazards (and such flood insurance has been made available) a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect with a generally acceptable an insurance carrier acceptable to Xxxxxx Xxx or that meets the requirements of the Fannie Mae Guides and the Freddie Mac, Mac Guides in an amount representing coverage reprxxxxxxnx xoverage equal to the lesser xxx xxsser of (i) the minimum amount required, under the terms of coverage, to compensate for any damage or loss on a replacement cost basis (or the unpaid balance of the mortgage if replacement cost coverage is not available for the type of building insured) ), and (ii) the maximum amount of insurance which is available under the Flood Disaster Protection Act of 1973, as amended. If at any time during the term of the Mortgage Loan, the Servicer determines in accordance with applicable law and pursuant to the FEMA Guides that a Mortgaged Property is located in a special flood hazard area and is not covered by flood insurance or is covered in an amount less than the amount required by the Flood Disaster Protection Act of 1973, as amended, the Servicer shall notify the related Mortgagor to obtain such flood insurance coverage, and if said Mortgagor fails to obtain the required flood insurance coverage within forty-five (45) days after such notification, the Servicer shall immediately force place the required flood insurance on the Mortgagor's behalf. Any out-of-pocket expense or advance made by the Servicer on such force placed flood insurance coverage shall be deemed a Servicing Advance. If a Mortgage is secured by a unit in a condominium project, the Company Servicer shall verify that the coverage required of the owner’s Owner's association, including hazard, flood, liability, and fidelity coverage, coverage is being maintained in accordance with then the current Xxxxxx Xxx or Freddie Mac Fannie Mae requirements, and secure from the owner’s association its agreement Owner's associatixx xxx xxxeement to notify the Company Servicer promptly of any change in the insurance coverage or of any condemnation or casualty loss that may have a material effect on the value of the Mortgaged Property as security. In the event that any Purchaser the Owner or the Company Servicer shall determine that the Mortgaged Property should be insured against loss or damage by hazards and risks not covered by the insurance required to be maintained by the Mortgagor pursuant to the terms of the Mortgage, the Company shall Servicer may, at its discretion, communicate and consult with the Mortgagor with respect to the need for such insurance and bring to the Mortgagor’s 's attention the desirability of protection of the Mortgaged Property. All policies required hereunder shall name the Company Servicer as loss payee and shall be endorsed with standard or union mortgagee clauses, without contribution, which shall provide for at least 30 thirty (30) days prior written notice of any cancellation, reduction in amount or material change in coverage. The Company Servicer shall not interfere with the Mortgagor’s 's freedom of choice in selecting either his insurance carrier or agent, provided, however, that the Company Servicer shall not accept any such insurance policies from insurance companies unless such companies are acceptable to Xxxxxx Xxx under the Fannie Mae Guides and Freddie Mac Guides and are licensed to do dx business in the jurisdiction in which the Mortgaged Property is located. The Company Servicer shall determine that such policies provide sufficient risk coverage and amounts, that they insure the property ownerproperty, and that they properly describe the property address. The Servicer shall furnish to the Mortgagor a formal notice of expiration of any such insurance in conformance with Servicer's standard practices; provided, however, that in the event that no such notice is furnished by the Servicer, the Servicer shall ensure that replacement insurance policies (whether forced placed or other insurance policies) are in place with the required coverage and the Servicer shall be solely liable for any losses in the event coverage is not provided. Pursuant to Section 4.43.04 of this Agreement, any amounts collected by the Company Servicer under any such policies (other than amounts to be deposited in the Escrow Account and applied to the restoration or repair of the related Mortgaged Property, or property acquired in liquidation of the Mortgage Loan, or to be released to the Mortgagor, in accordance with the Company’s Servicer's normal servicing Servicing procedures as specified in Section 4.43.14 of this Agreement) shall be deposited in the Custodial Collection Account subject to withdrawal pursuant to Section 4.53.05 of this Agreement.

Maintenance of Hazard Insurance. Errors and Omissions and Fidelity Coverage (a) The Company Servicer shall cause to be maintained for each Mortgage Loan fire insurance with extended coverage on the related Mortgaged Property in an amount which is at least equal to the least of (i) the outstanding principal balance of such Mortgage Loan, (ii) the amount necessary to fully compensate for any damage or loss to the improvements that are a part of such property on a replacement cost basis, (iii) the maximum insurable value of the improvements which are a part of such Mortgaged Property, and (iv) the amount determined by applicable federal or state law, in each case in an amount not less than such amount as is necessary to avoid the application of any coinsurance clause contained in the related hazard insurance such that all buildings upon the Mortgaged Property are insured by an insurer acceptable policy. The Servicer shall also cause to Xxxxxx Xxx or Freddie Mac, against loss by fire, hazards of be maintained fire insurance with extended coverage and such other hazards as are customary in the area where the Mortgaged on each REO Property is located, in an amount which is at least equal to the lesser of (ai) 100% the maximum insurable value, on a replacement cost basis, value of the improvements on the related Mortgaged Property which are a part of such property and (b) the greater of (iii) the outstanding principal balance of the related Mortgage Loan at the time it became an REO Property, plus accrued interest at the Mortgage Interest Rate and related Servicing Advances. The Servicer will comply in the performance of this Agreement with all reasonable rules and requirements of each insurer under any such hazard policies. Any amounts to be collected by the Servicer under any such policies (other than amounts to be applied to the restoration or (ii) an amount such repair of the property subject to the related Mortgage or amounts to be released to the Mortgagor in accordance with the procedures that the proceeds Servicer would follow in servicing loans held for its own account, subject to the terms and conditions of the related Mortgage and Mortgage Note) shall be deposited in the Collection Account, subject to withdrawal pursuant to Section 3.11. If the Mortgagor fails to provide Mortgage Loan hazard insurance coverage after thirty (30) days of the Servicer's written notification, the Servicer shall put in place such hazard insurance coverage on the Mortgagor's behalf. Any out-of-pocket expense or advance made by the Servicer on such force placed hazard insurance coverage shall be deemed a Servicing Advance. Any cost incurred by the Servicer in maintaining any such insurance shall not, for the purpose of calculating distributions to the Master Servicer, be sufficient added to prevent the application unpaid principal balance of the Mortgagor or the loss payee of any coinsurance under the policy. In the event a hazard insurance policy shall be in danger of being terminated, or in the event the insurer shall cease to be acceptable to Xxxxxx Xxx or Freddie Mac, the Company shall notify the Purchaser and the related Mortgagor, and shall use its best efforts, as permitted by Applicable Law, to obtain from another Qualified Insurer a replacement hazard insurance policy substantially and materially similar in all respects to the original policy. In no event, however, shall a Mortgage Loan be without a hazard insurance policy at any time, subject only to Section 4.11 hereof. If upon origination of the Mortgage Loan, notwithstanding that the related terms of such Mortgage Loan so permit. It is understood and agreed that no earthquake or other additional insurance is to be required of any Mortgagor 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 Mortgaged Property was located or REO Property is at any time in an area identified in the Federal Register by the Flood Federal Emergency Management Agency as having special flood hazards (and such flood insurance has been made available) , the Servicer will cause to be maintained a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect with a generally acceptable respect thereof. Such flood insurance carrier acceptable to Xxxxxx Xxx or Freddie Mac, shall be in an amount representing coverage equal to the lesser of (i) the minimum amount required, under the terms of coverage, to compensate for any damage or loss on a replacement cost basis (or the unpaid principal balance of the mortgage related Mortgage Loan if replacement cost coverage is not available for the type of building insured) and (ii) the maximum amount of insurance which is available under the Flood Disaster Protection Act of 1973, as amended. If a at any time during the term of the Mortgage is secured by a unit in a condominium projectLoan, the Company shall verify that the coverage required of the owner’s association, including hazard, flood, liability, and fidelity coverage, is being maintained Servicer determines in accordance with then current Xxxxxx Xxx applicable law and pursuant to the Federal Emergency Management Agency Guides that a Mortgaged Property is located in a special flood hazard area and is not covered by flood insurance or Freddie Mac requirementsis covered in an amount less than the amount required by the Flood Disaster Protection Act of 1973, secure from as amended, the owner’s association its agreement to Servicer shall notify the Company promptly of any change in related Mortgagor to obtain such flood insurance coverage, and if said Mortgagor fails to obtain the required flood insurance coverage or of any condemnation or casualty loss that may have a material effect within forty-five (45) days after such notification, the Servicer shall immediately force place the required flood insurance on the value of Mortgagor's behalf. Any out-of-pocket expense or advance made by the Mortgaged Property as securityServicer on such force placed flood insurance coverage shall be deemed a Servicing Advance. In the event that any Purchaser the Servicer shall obtain and maintain a blanket policy with an insurer either (i) acceptable to Fannie Mae or Freddie Mac, or (ii) having a General Policy Rating of A:00 xx bxxxer ix Xxxx's (or such other rating that is comparable to such rating) insuring against hazard losses on all of the Company Mortgage Loans, it shall determine conclusively be deemed to have satisfied its obligations as set forth in the first two sentences of this Section 3.13, it being understood and agreed that such 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 should be insured against loss or damage by hazards REO Property a policy complying with the first two sentences of this Section 3.13, and risks not there shall have been one or more losses which would have been covered by the insurance required to be maintained by the Mortgagor pursuant such policy, deposit to the terms Collection Account from its own funds the amount not otherwise payable under the blanket policy because of such deductible clause. In connection with its activities as administrator and servicer of the MortgageMortgage Loans, the Company shall communicate Servicer agrees to prepare and consult with present, on behalf of itself, the Mortgagor with respect to the need for such insurance and bring to the Mortgagor’s attention the desirability of protection of the Mortgaged Property. All policies required hereunder shall name the Company as loss payee and shall be endorsed with standard or union mortgagee clauses, without contribution, which shall provide for at least 30 days prior written notice of any cancellation, reduction in amount or material change in coverage. The Company shall not interfere with the Mortgagor’s freedom of choice in selecting either his insurance carrier or agent, provided, however, that the Company shall not accept any such insurance policies from insurance companies unless such companies are acceptable to Xxxxxx Xxx and Freddie Mac and are licensed to do business in the jurisdiction in which the Mortgaged Property is located. The Company shall determine that such policies provide sufficient risk coverage and amounts, that they insure the property owner, and that they properly describe the property address. Pursuant to Section 4.4, any amounts collected by the Company Trustee claims under any such policies (other than amounts to be deposited blanket policy in the Escrow Account and applied to the restoration or repair of the related Mortgaged Property, or property acquired in liquidation of the Mortgage Loan, or to be released to the Mortgagor, a timely fashion in accordance with the Company’s normal servicing procedures as specified in Section 4.4) shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.5terms of such policy.

Maintenance of Hazard Insurance. The Company shall cause to be maintained for each Mortgage Loan hazard insurance such that all buildings upon the Mortgaged Property are insured by an insurer acceptable to Xxxxxx Xxx Fannie Mae or Freddie Mac, Mac against loss by fire, hazards of extended coverage and such extendxx xxxexxxe anx xxxx other hazards as are customary in the area where the Mortgaged Property is located, in an amount which is at least equal to the lesser of (ai) 100% of the insurable value, value on a replacement cost basis, basis of the improvements on the related Mortgaged Property securing such Mortgage Loan and (bii) the greater of (ia) the outstanding principal balance of the Mortgage Loan or and (iib) an amount such that the proceeds of such insurance shall be sufficient to prevent the application of to the Mortgagor or the loss payee of any coinsurance clause under the policy. In the event a hazard insurance policy shall be in danger of being terminated, or in the event the insurer shall cease to be acceptable to Xxxxxx Xxx Fannie Mae or Freddie Mac, the Company shall notify the Purchaser and the related Mortgagorxxx xhe relatxx Xxxxgagor, and shall use its best efforts, as permitted by Applicable Lawapplicable law, to obtain from another Qualified Insurer qualified insurer a replacement hazard insurance policy substantially and materially similar in all respects to the original policy. In no event, however, shall a Mortgage Loan be without a hazard insurance policy at any time, subject only to Section 4.11 hereof. If upon origination of the Mortgage Loan, the related Mortgaged Property was is located in an area identified by the Flood Federal Emergency Management Agency as having special flood hazards (and such flood insurance has been made available) the Company shall cause the Mortgagor to maintain a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect with a generally acceptable insurance carrier acceptable to Xxxxxx Xxx Fannie Mae or Freddie Mac, Mac in an amount representing coverage equal to the lesser of equax xx xhe lessex xx (ix) the minimum amount required, under the terms of coverage, to compensate for any damage or loss on a replacement cost basis (or the unpaid balance of the mortgage if replacement cost coverage is not available for the type of building insured) and (ii) the maximum amount of insurance which is available under the Flood Disaster Protection Act of 1973, as amended. If at any time during the term of the Mortgage Loan, the Company determines, in accordance with applicable law, that a Mortgaged Property is located in a special flood hazard area and is not covered by flood insurance or is covered in an amount less than the amount required by the Flood Disaster Protection Act of 1973, as amended, the Company shall notify the related Mortgagor that the Mortgagor must obtain such flood insurance coverage, and if said Mortgagor fails to obtain the require flood insurance coverage within forty-five (45) days after such notification, the Company shall immediately force place the required flood insurance on the Mortgagor's behalf. If a Mortgage is secured by a unit in a condominium project, the Company shall verify that the coverage required of the owner’s 's association, including hazard, flood, liability, and fidelity coverage, is being maintained in accordance with then current Xxxxxx Xxx or Freddie Mac Fannie Mae requirements, and secure from the owner’s 's association its agreement xxx xxreement to notify the Company promptly of any change in the insurance coverage or of any condemnation or casualty loss that may have a material effect on the value of the Mortgaged Property as security. In the event that any Purchaser or the Company shall determine that the Mortgaged Property should be insured against loss or damage by hazards and risks not covered by the insurance required to be maintained by the Mortgagor pursuant to the terms of the Mortgage, the Company shall communicate and consult with the Mortgagor with respect to the need for such insurance and bring to the Mortgagor’s 's attention the desirability required amount of protection of coverage for the Mortgaged PropertyProperty and if the Mortgagor does not obtain such coverage, the Company shall immediately force place the required coverage on the Mortgagor's behalf. All policies required hereunder shall name the Company as loss payee and shall be endorsed with standard or union mortgagee clauses, without contribution, which shall provide for at least 30 thirty (30) days prior written notice of any cancellation, reduction in amount or material change in coverage. The Company shall not interfere with the Mortgagor’s 's freedom of choice in selecting either his insurance carrier or agent, provided, however, that the Company shall not accept any such insurance policies from insurance companies unless such companies are acceptable to Xxxxxx Xxx Fannie Mae and Freddie Mac and are licensed to do business in the jurisdiction in which xxxxxdxxxion ix xxxxx the Mortgaged Property is located. The Company shall determine that such policies provide sufficient risk coverage and amounts, that they insure the property owner, and that they properly describe the property address. Pursuant to Section 4.44.04, any amounts collected by the Company under any such policies (other than amounts to be deposited in the Escrow Account and applied to the restoration or repair of the related Mortgaged Property, or property acquired in liquidation of the Mortgage Loan, or to be released to the Mortgagor, in accordance with the Company’s 's normal servicing procedures as specified in Section 4.44.14) shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.54.05.

Maintenance of Hazard Insurance. The Company shall cause to be maintained for each Mortgage Loan hazard insurance such that all buildings upon the Mortgaged Property are insured by an insurer acceptable to Xxxxxx Xxx Fannie Mae or Freddie Mac, Mac against loss by fire, hazards of extended coverage xxxxxaxx and such other xxxx xxher hazards as are customary in the area where the Mortgaged Property is located, in an amount which is at least equal to the lesser of (ai) 100% of the insurable value, value on a replacement cost basis, basis of the improvements on the related Mortgaged Property securing such Mortgage Loan and (bii) the greater of (ia) the outstanding principal balance of the Mortgage Loan or and (iib) an amount such that the proceeds of such insurance shall be sufficient to prevent the application of to the Mortgagor or the loss payee of any coinsurance clause under the policy. In the event a hazard insurance policy shall be in danger of being terminated, or in the event the insurer shall cease to be acceptable to Xxxxxx Xxx Fannie Mae or Freddie Mac, the Company shall notify the Purchaser and the axx xxx related MortgagorXxxxxxgor, and shall use its best efforts, as permitted by Applicable Lawapplicable law, to obtain from another Qualified Insurer qualified insurer a replacement hazard insurance policy substantially and materially similar in all respects to the original policy. In no event, however, shall a Mortgage Loan be without a hazard insurance policy at any time, subject only to Section 4.11 hereof. If upon origination of the Mortgage Loan, the related Mortgaged Property was is located in an area identified by the Flood Federal Emergency Management Agency as having special flood hazards (and such flood insurance has been made available) the Company shall cause the Mortgagor to maintain a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect with a generally acceptable insurance carrier acceptable to Xxxxxx Xxx Fannie Mae or Freddie Mac, Mac in an amount representing coverage equal to the xx xxx lesser of xx (ix) the minimum amount required, under the terms of coverage, to compensate for any damage or loss on a replacement cost basis (or the unpaid balance of the mortgage if replacement cost coverage is not available for the type of building insured) and (ii) the maximum amount of insurance which is available under the Flood Disaster Protection Act of 1973, as amended. If at any time during the term of the Mortgage Loan, the Company determines, in accordance with applicable law, that a Mortgaged Property is located in a special flood hazard area and is not covered by flood insurance or is covered in an amount less than the amount required by the Flood Disaster Protection Act of 1973, as amended, the Company shall notify the related Mortgagor that the Mortgagor must obtain such flood insurance coverage, and if said Mortgagor fails to obtain the require flood insurance coverage within forty-five (45) days after such notification, the Company shall immediately force place the required flood insurance on the Mortgagor's behalf. If a Mortgage is secured by a unit in a condominium project, the Company shall verify that the coverage required of the owner’s 's association, including hazard, flood, liability, and fidelity coverage, is being maintained in accordance with then current Xxxxxx Xxx or Freddie Mac Fannie Mae requirements, and secure from the owner’s 's association its agreement itx xxxxement to notify the Company promptly of any change in the insurance coverage or of any condemnation or casualty loss that may have a material effect on the value of the Mortgaged Property as security. In the event that any Purchaser or the Company shall determine that the Mortgaged Property should be insured against loss or damage by hazards and risks not covered by the insurance required to be maintained by the Mortgagor pursuant to the terms of the Mortgage, the Company shall communicate and consult with the Mortgagor with respect to the need for such insurance and bring to the Mortgagor’s 's attention the desirability required amount of protection of coverage for the Mortgaged PropertyProperty and if the Mortgagor does not obtain such coverage, the Company shall immediately force place the required coverage on the Mortgagor's behalf. All policies required hereunder shall name the Company as loss payee and shall be endorsed with standard or union mortgagee clauses, without contribution, which shall provide for at least 30 days prior written notice of any cancellation, reduction in amount or material change in coverage. The Company shall not interfere with the Mortgagor’s 's freedom of choice in selecting either his insurance carrier or agent, provided, however, that the Company shall not accept any such insurance policies from insurance companies unless such companies are acceptable to Xxxxxx Xxx Fannie Mae and Freddie Mac and are licensed to do business in the jurisdiction jxxxxxxcxxxn in which the xxxxx xhe Mortgaged Property is located. The Company shall determine that such policies provide sufficient risk coverage and amounts, that they insure the property owner, and that they properly describe the property address. Pursuant to Section 4.44.04, any amounts collected by the Company under any such policies (other than amounts to be deposited in the Escrow Account and applied to the restoration or repair of the related Mortgaged Property, or property acquired in liquidation of the Mortgage Loan, or to be released to the Mortgagor, in accordance with the Company’s 's normal servicing procedures as specified in Section 4.44.14) shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.54.05.

Maintenance of Hazard Insurance. The Company shall cause to be maintained for each Mortgage Loan hazard insurance such that all buildings upon the Mortgaged Property are insured by an insurer acceptable to Xxxxxx Xxx Fannie Mae or Freddie Mac, against loss by fire, hazards of extended coverage and such other coxxxxxx xxx sucx xxxxx hazards as are customary in the area where the Mortgaged Property is located, in an amount which is at least equal to the lesser of (ai) 100% the maximum insurable value, on a replacement cost basis, value of the improvements on the related Mortgaged Property securing such Mortgage Loan and (bii) the greater of (ia) the outstanding principal balance of the Mortgage Loan or and (iib) an amount such that the proceeds of such insurance thereof shall be sufficient to prevent the application of the Mortgagor or the loss payee of any coinsurance under the policyfrom becoming a co-insurer. In the event a hazard insurance policy shall be in danger of being terminated, or in the event the insurer shall cease to be acceptable to Xxxxxx Xxx Fannie Mae or Freddie Mac, the Company shall notify the Purchaser and the related Mortgagortxx xxxated Morxxxxxx, and shall use its best efforts, as permitted by Applicable Law, to obtain from another Qualified Insurer a replacement hazard insurance policy substantially and materially similar in all respects to the original policy. In no event, however, shall a Mortgage Loan be without a hazard insurance policy at any time, subject only to Section 4.11 hereof. If upon origination of the Mortgage Loan, the related Mortgaged Property was located in an area identified by the Flood Emergency Management Agency as having special flood hazards (and such flood insurance has been made available) a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect with a generally acceptable insurance carrier acceptable to Xxxxxx Xxx Fannie Mae or Freddie Mac, in an amount representing coverage equal to the lesser xxx xxsser of (ix) the xxx minimum amount required, under the terms of coverage, to compensate for any damage or loss on a replacement cost basis (or the unpaid balance of the mortgage if replacement cost coverage is not available for the type of building insured) and (ii) the maximum amount of insurance which is available under the Flood Disaster Protection Act of 1973, as amended. If a Mortgage is secured by a unit in a condominium project, the Company shall verify that the coverage required of the owner’s 's association, including hazard, flood, liability, and fidelity coverage, is being maintained in accordance with then current Xxxxxx Xxx Fannie Mae or Freddie Mac requirements, secure from the owner’s association its agreement to 's associaxxxx xts agreexxxx xx notify the Company promptly of any change in the insurance coverage or of any condemnation or casualty loss that may have a material effect on the value of the Mortgaged Property as security. In the event that any Purchaser or the Company shall determine that the Mortgaged Property should be insured against loss or damage by hazards and risks not covered by the insurance required to be maintained by the Mortgagor pursuant to the terms of the Mortgage, the Company shall communicate and consult with the Mortgagor with respect to the need for such insurance and bring to the Mortgagor’s 's attention the desirability of protection of the Mortgaged Property. All policies required hereunder shall name the Company as loss payee and shall be endorsed with standard or union mortgagee clauses, without contribution, which shall provide for at least 30 days prior written notice of any cancellation, reduction in amount or material change in coverage. The Company shall not interfere with the Mortgagor’s 's freedom of choice in selecting either his insurance carrier or agent, provided, however, that the Company shall not accept any such insurance policies from insurance companies unless such companies are acceptable to Xxxxxx Xxx Fannie Mae and Freddie Mac and are licensed to do business in the jurisdiction jurisxxxxxxn in which the Mortgaged whicx xxx Xortgaged Property is located. The Company shall determine that such policies provide sufficient risk coverage and amounts, that they insure the property owner, and that they properly describe the property address. Pursuant to Section 4.44.04, any amounts collected by the Company under any such policies (other than amounts to be deposited in the Escrow Account and applied to the restoration or repair of the related Mortgaged Property, or property acquired in liquidation of the Mortgage Loan, or to be released to the Mortgagor, in accordance with the Company’s 's normal servicing procedures as specified in Section 4.44.14) shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.54.05.

Maintenance of Hazard Insurance. The Company shall cause to be maintained for each Mortgage Loan hazard insurance such that all buildings upon the Mortgaged Property are insured by an insurer acceptable to Xxxxxx Xxx Fannie Mae or Freddie Mac, Mac against loss by fire, hazards of extended coverage and covxxxxx axx such other xxxxx hazards as are customary in the area where the Mortgaged Property is located, in an amount which is at least equal to the lesser of (ai) 100% the maximum insurable value, on a replacement cost basis, value of the improvements on the related Mortgaged Property securing such Mortgage Loan and (bii) the greater of (ia) the outstanding principal balance of the Mortgage Loan or and (iib) an amount such that the proceeds of such insurance thereof shall be sufficient to prevent the application of the Mortgagor or the loss payee of any coinsurance under the policyfrom becoming a co-insurer. In the event a hazard insurance policy shall be in danger of being terminated, or in the event the insurer shall cease to be acceptable to Xxxxxx Xxx Fannie Mae or Freddie Mac, the Company shall notify the Purchaser and the related Mortgagortxx xxxated Morxxxxxx, and shall use its best efforts, as permitted by Applicable Lawapplicable law, to obtain from another Qualified Insurer qualified insurer a replacement hazard insurance policy substantially and materially similar in all respects to the original policy. In no event, however, shall a Mortgage Loan be without a hazard insurance policy at any time, subject only to Section 4.11 hereof. If upon origination of the Mortgage Loan, the related Mortgaged Property was is located in an area identified by the Flood Emergency Management Agency as having special flood hazards (and such flood insurance has been made available) a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect with a generally acceptable insurance carrier acceptable to Xxxxxx Xxx Fannie Mae or Freddie Mac, Mac in an amount representing coverage equal to the lesser txx xxxser of (ix) the xxx minimum amount required, under the terms of coverage, to compensate for any damage or loss on a replacement cost basis (or the unpaid balance of the mortgage if replacement cost coverage is not available for the type of building insured) and (ii) the maximum amount of insurance which is available under the Flood Disaster Protection Act of 1973, as amended. If at any time during the term of the Mortgage Loan, the Company determines in accordance with the applicable law and pursuant to the Fannie Mae guide, that the Mortgaged Property is located in a special fxxxx xazard area and is not covered by flood insurance meeting the requirements of the Flood Disaster Protection Act of 1973, as amended, the Company shall notify the related Mortgagor that they must obtain such flood insurance coverage and if the Mortgagor fails to provide proof of such coverage within forty-five (45) days of such notice, the Company shall force place the required flood insurance on the Mortgagor's behalf. If a Mortgage is secured by a unit in a condominium project, the Company shall verify that the coverage required of the owner’s 's association, including hazard, flood, liability, and fidelity coverage, is being maintained in accordance with then current Xxxxxx Xxx or Freddie Mac Fannie Mae requirements, and secure from the owner’s 's association its agreement to agxxxxxxt xx notify the Company promptly of any change in the insurance coverage or of any condemnation or casualty loss that may have a material effect on the value of the Mortgaged Property as security. In the event that any Purchaser or the Company shall determine that the Mortgaged Property should be insured against loss or damage by hazards and risks not covered by the insurance required to be maintained by the Mortgagor pursuant to the terms of the Mortgage, the Company shall communicate and consult with the Mortgagor with respect to the need for such insurance and bring to the Mortgagor’s 's attention the desirability of protection of the Mortgaged Property. All policies required hereunder shall name the Company as loss payee and shall be endorsed with standard or union mortgagee clauses, without contribution, which shall provide for at least 30 days prior written notice of any cancellation, reduction in amount or material change in coverage. The Company shall not interfere with the Mortgagor’s 's freedom of choice in selecting either his insurance carrier or agent, provided, however, that the Company shall not accept any such insurance policies from insurance companies unless such companies are acceptable to Xxxxxx Xxx Fannie Mae and Freddie Mac and are licensed to do business in the jurisdiction jurisxxxxxxn in which the Mortgaged whicx xxx Xortgaged Property is located. The Company shall determine that such policies provide sufficient risk coverage and amounts, that they insure the property owner, and that they properly describe the property address. Pursuant to Section 4.44.04, any amounts collected by the Company under any such policies (other than amounts to be deposited in the Escrow Account and applied to the restoration or repair of the related Mortgaged Property, or property acquired in liquidation of the Mortgage Loan, or to be released to the Mortgagor, in accordance with the Company’s 's normal servicing procedures as specified in Section 4.44.14) shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.54.05.

Maintenance of Hazard Insurance. The Company shall cause to be maintained for each Mortgage Loan hazard insurance such that all buildings upon the Mortgaged Property are insured by an insurer acceptable to Xxxxxx Xxx Fannie Mae or Freddie Mac, Mac against loss by fire, hazards of extended coverage and such other xxxxxxgx xnd sxxx xxxer hazards as are customary or required by law in the area where the Mortgaged Property is located, in an amount which is at least equal to the lesser of (ai) 100% the maximum insurable value, on a replacement cost basis, value of the improvements on the related Mortgaged Property securing such Mortgage Loan and (bii) the greater of (ia) the outstanding principal balance of the Mortgage Loan or and (iib) an amount such that the proceeds of such insurance thereof shall be sufficient to prevent the application of the Mortgagor or the loss payee of any coinsurance under the policyfrom becoming a co-insurer. In the event a hazard insurance policy shall be in danger of being terminated, or in the event the insurer shall cease to be acceptable to Xxxxxx Xxx Fannie Mae or Freddie Mac, the Company shall notify the Purchaser and Purchasxx xxd the related rexxxxx Mortgagor, and shall use its best efforts, as permitted by Applicable Lawapplicable law, to obtain from another Qualified Insurer qualified insurer a replacement hazard insurance policy substantially and materially similar in all respects to the original policy. In no event, however, shall a Mortgage Loan be without a hazard insurance policy at any time, subject only to Section 4.11 hereof. If upon origination of the Mortgage Loan, the related Mortgaged Property was is located in an area identified by the Flood Emergency Management Agency as having special flood hazards (and such flood insurance has been made available) ), the Company will cause to be maintained a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect with a generally acceptable insurance carrier acceptable to Xxxxxx Xxx Fannie Mae or Freddie Mac, Mac in an amount representing coverage equal to equxx xx the lesser of lessxx xx (i) the minimum amount required, under the terms of coverage, to compensate for any damage or loss on a replacement cost basis (or the unpaid balance of the mortgage if replacement cost coverage is not available for the type of building insured) and (ii) the maximum amount of insurance which is available under the Flood Disaster Protection Act of 1973, as amended. If at any time during the term of the Mortgage Loan, the Company determines in accordance with applicable law and pursuant to the FEMA Guides that a Mortgaged Property is located in a special flood hazard area and is not covered by flood insurance or is covered in an amount less than the amount required by the Flood Disaster Protection Act of 1973, as amended, the Company shall notify the related Mortgagor to obtain such flood insurance coverage, and if said Mortgagor fails to obtain the required flood insurance coverage within forty-five (45) days after such notification, the Company shall immediately force place the required flood insurance on the Mortgagor's behalf. Any out-of-pocket expenses or advance made by the Company on such force placed flood insurance coverage shall be deemed a Servicing Advance. If a Mortgage is secured by a unit in a condominium project, the Company shall verify that the coverage required of the owner’s 's association, including hazard, flood, liability, and fidelity coverage, is being maintained in accordance with then current Xxxxxx Xxx Fannie Mae or Freddie Mac requirements, and secure from the owner’s association its agreement 's xxxxxxation itx xxxxxment to notify the Company promptly of any change in the insurance coverage or of any condemnation or casualty loss that may have a material effect on the value of the Mortgaged Property as security. In the event that any the Purchaser or the Company shall determine that the Mortgaged Property should be insured against loss or damage by hazards and risks not covered by the insurance required to be maintained by the Mortgagor pursuant to the terms of the Mortgage, the Company shall communicate and consult with the Mortgagor with respect to the need for such insurance and bring to the Mortgagor’s 's attention the desirability of protection of the Mortgaged Property. All policies required hereunder shall name the Company as loss payee and shall be endorsed with standard or union mortgagee clauses, without contribution, which shall provide for at least 30 thirty (30) days prior written notice of any cancellation, reduction in amount or material change in coverage. The Company shall not interfere with the Mortgagor’s 's freedom of choice in selecting either his an insurance carrier or agent, provided, however, that the Company shall not accept any such insurance policies from insurance companies unless such companies are acceptable to Xxxxxx Xxx and Fannie Mae or Freddie Mac and are licensed to do business in the jurisdiction jxxxxxxction in which the xxxxx xhe Mortgaged Property is located. The Company shall determine that such policies provide sufficient risk coverage and amounts, that they insure the property owner, and that they properly describe the property address. The Company shall furnish to the Mortgagor a formal notice of expiration of any such insurance in sufficient time for the Mortgagor to arrange for renewal coverage by the expiration date. Pursuant to Section 4.44.04, any amounts collected by the Company under any such policies (other than amounts to be deposited in the Escrow Account and applied to the restoration or repair of the related Mortgaged Property, or property acquired in liquidation of the Mortgage Loan, or to be released to the Mortgagor, in accordance with the Company’s 's normal servicing procedures as specified in Section 4.44.14) shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.54.05.

Maintenance of Hazard Insurance. The Company shall cause to be maintained for each Mortgage Loan hazard insurance such that all buildings upon the Mortgaged Property are insured by an insurer acceptable to Xxxxxx Xxx or Freddie Mac, Xxxxxxx Mac against loss by fire, hazards of extended coverage and such other hazards as are customary in the area where the Mortgaged Property is located, in an amount which is at least equal to the lesser of (ai) 100% of the insurable value, on a replacement cost basis, of the improvements on the related Mortgaged Property and Property, or (bii) the greater of (ix) the outstanding principal balance of the Mortgage Loan or (iiy) an amount such that the proceeds of such insurance shall be sufficient to prevent the application of to the Mortgagor or the loss payee of any coinsurance clause under the policy. In the event a hazard insurance policy shall be in danger of being terminated, or in the event the insurer shall cease to be acceptable to Xxxxxx Xxx Mae or Freddie Xxxxxxx Mac, the Company shall notify the Purchaser and the related Mortgagor, and shall use its best efforts, as permitted by Applicable Lawapplicable law, to obtain from another Qualified Insurer qualified insurer a replacement hazard insurance policy substantially and materially similar in all respects to the original policy. In no event, however, shall a Mortgage Loan be without a hazard insurance policy at any time, subject only to Section 4.11 hereof. If upon origination of the Mortgage Loan, the related Mortgaged Property was is located in an area identified by the Flood Emergency Management Agency as having special flood hazards (and such flood insurance has been made available) the Company shall cause to be maintained a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect with a generally acceptable insurance carrier acceptable to Xxxxxx Xxx Mae or Freddie Mac, Xxxxxxx Mac in an amount representing coverage equal to the lesser of (i) the minimum amount required, under the terms of coverage, to compensate for any damage or loss on a replacement cost basis (or the unpaid balance of the mortgage if replacement cost coverage is not available for the type of building insured) and (ii) the maximum amount of insurance which is available under the Flood Disaster Protection Act of 1973, as amended. If at any time during the term of the Mortgage Loan, the Company determines, in accordance with applicable law, that a Mortgaged Property is located in a special flood hazard area and is not covered by flood insurance or is covered in an amount less than the amount required by the Flood Disaster Protection Act of 1973, as amended, the Company shall notify the related Mortgagor that the Mortgagor must obtain such flood insurance coverage, and if said Mortgagor fails to obtain the require flood insurance coverage within forty-five (45) days after such notification, the Company shall immediately force place the required flood insurance on the Mortgagor’s behalf. If a Mortgage is secured by a unit in a condominium project, the Company shall verify that the coverage required of the owner’s 's association, including hazard, flood, liability, and fidelity coverage, is being maintained in accordance with then current Xxxxxx Xxx or Freddie Mac Mae requirements, and secure from the owner’s 's association its agreement to notify the Company promptly of any change in the insurance coverage or of any condemnation or casualty loss that may have a material effect on the value of the Mortgaged Property as security. In the event that any Purchaser or the Company shall determine that the Mortgaged Property should be insured against loss or damage by hazards and risks not covered by the insurance required to be maintained by the Mortgagor pursuant to the terms of the Mortgage, the Company shall communicate and consult with the Mortgagor with respect to the need for such insurance and bring to the Mortgagor’s 's attention the desirability required amount of protection of coverage for the Mortgaged PropertyProperty and if the Mortgagor does not obtain such coverage, the Company shall immediately force place the required coverage on the Mortgagor’s behalf. All policies required hereunder shall name the Company as loss payee and shall be endorsed with standard or union mortgagee clauses, without contribution, which shall provide for at least 30 days prior written notice of any cancellation, reduction in amount or material change in coverage. The Company shall not interfere with the Mortgagor’s 's freedom of choice in selecting either his insurance carrier or agent, provided, however, that the Company shall not accept any such insurance policies from insurance companies unless such companies are acceptable to Xxxxxx Xxx and Freddie Xxxxxxx Mac and are licensed to do business in the jurisdiction in which the Mortgaged Property is located. The Company shall determine that such policies provide sufficient risk coverage and amounts, that they insure the property owner, and that they properly describe the property address. Pursuant to Section 4.44.04, any amounts collected by the Company under any such policies (other than amounts to be deposited in the Escrow Account and applied to the restoration or repair of the related Mortgaged Property, or property acquired in liquidation of the Mortgage Loan, or to be released to the Mortgagor, in accordance with the Company’s 's normal servicing procedures as specified in Section 4.44.14) shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.54.05.

Maintenance of Hazard Insurance. The Company shall cause to be maintained for each Mortgage Loan fire and hazard insurance such that all buildings upon the Mortgaged Property are insured by an insurer with extended coverage as is acceptable to Xxxxxx Xxx Fannie Mae or Freddie Mac, against loss by fire, hazards of extended coverage Mac and such other hazards as are customary in the area where the Mortgaged Property is located, Mortgaxxx Xxoxxxty ix xxxxxed in an amount which is at least equal to the lesser of (ai) 100% the maximum insurable value, on a replacement cost basis, value of the improvements on the related Mortgaged Property and securing such Mortgage Loan or (bii) the greater of (ia) the outstanding principal balance of the Mortgage Loan, (plus, if the Mortgage Loan or is an Option ARM Mortgage Loan which provides for Negative Amortization, the maximum amount of Negative Amortization in accordance with the Mortgage), and (iib) an amount such that the proceeds of such insurance thereof shall be sufficient to prevent the application of Mortgagor and/or the Mortgagor or the loss payee of any coinsurance under the policy. In the event mortgagee from becoming a hazard insurance policy shall be in danger of being terminated, or in the event the insurer shall cease to be acceptable to Xxxxxx Xxx or Freddie Mac, the Company shall notify the Purchaser and the related Mortgagor, and shall use its best efforts, as permitted by Applicable Law, to obtain from another Qualified Insurer a replacement hazard insurance policy substantially and materially similar in all respects to the original policy. In no event, however, shall a Mortgage Loan be without a hazard insurance policy at any time, subject only to Section 4.11 hereofco-insurer. If upon origination of the Mortgage Loan, the related Mortgaged Property was located in an area identified required by the Flood Emergency Management Agency Disaster Protection Act of 1973, as having special flood hazards (and such flood insurance has been made available) amended, each Mortgage Loan shall be covered by a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect with a generally acceptable an insurance carrier acceptable to Xxxxxx Xxx Fannie Mae or Freddie Mac, in an amount representing coverage equal to not lexx xxxn the lesser of lexxx xx (i) the minimum amount required, under the terms of coverage, to compensate for any damage or loss on a replacement cost basis (or the unpaid outstanding principal balance of the mortgage Mortgage Loan (plus, if replacement cost coverage the Mortgage Loan is not available an Option ARM Mortgage Loan which provides for Negative Amortization, the type maximum amount of building insured) and Negative Amortization in accordance with the Mortgage), (ii) the maximum insurable value of the improvements securing such Mortgage Loan or (iii) the maximum amount of insurance which is available under the Flood Disaster Protection Act of 1973, as amended. If at any time during the term of the Mortgage Loan, the Company determines in accordance with applicable law and pursuant to the Fannie Mae Guides that a Mortgage Mortgaged Property is secured by a unit located in a condominium projectspecial xxxxx hazard area and is not covered by flood insurance or is covered in an amount less than the amount required by the Flood Disaster Protection Act of 1973, as amended, the Company shall verify notify the related Mortgagor that the Mortgagor must obtain such flood insurance coverage, and if said Mortgagor fails to obtain the required flood insurance coverage within forty-five (45) days after such notification, the Company shall immediately force place the required flood insurance on the Mortgagor's behalf. The Company shall also maintain on each REO Property, fire and hazard insurance with extended coverage in an amount which is at least equal to the maximum insurable value of the owner’s associationimprovements which are a part of such property, including hazardand, floodto the extent required and available under the Flood Disaster Protection Act of 1973, liabilityas amended, and fidelity coverage, is being maintained flood insurance in accordance with then current Xxxxxx Xxx or Freddie Mac requirements, secure from the owner’s association its agreement to notify an amount as provided above. Any amounts collected by the Company promptly of under any change such policies other than amounts to be deposited in the insurance coverage Escrow Account and applied to the restoration or of any condemnation or casualty loss that may have a material effect on the value repair of the Mortgaged Property as securityor REO Property, or released to the Mortgagor in accordance with Accepted Servicing Practices, shall be deposited in the Custodial Account, subject to withdrawal pursuant to Section 4.05. In the event It is understood and agreed that any Purchaser or no other additional insurance need be required by the Company shall determine that the Mortgaged Property should be insured against loss or damage by hazards and risks not covered by the insurance required to be maintained by of the Mortgagor or maintained on property acquired in respect of the Mortgage Loan, other than pursuant to the terms of the Mortgagethis Agreement, the Company Fannie Mae Guides or such applicable state or federal laws and regulxxxxxx xx shall communicate at any time be in force and consult with the Mortgagor with respect to the need for as shall require such insurance and bring to the Mortgagor’s attention the desirability of protection of the Mortgaged Propertyadditional insurance. All such policies required hereunder shall name the Company as loss payee and shall be endorsed with standard or union mortgagee clauses, without contribution, which clauses with loss payable to the Company and its successors and/or assigns and shall provide for at least 30 thirty days prior written notice of any cancellation, reduction in the amount or material change in coveragecoverage to the Company. The Company shall not interfere with the Mortgagor’s 's freedom of choice in selecting either his insurance carrier or agent, provided, however, that the Company shall not accept any such insurance policies from insurance companies unless such companies are acceptable to Xxxxxx Xxx and Freddie Mac and are licensed to do business in the jurisdiction in which the Mortgaged Property is located. The Company shall determine that such policies provide sufficient risk coverage and amounts, that they insure the property owner, and that they properly describe the property address. Pursuant to Section 4.4, any amounts collected by the Company under any such policies (other than amounts to be deposited in the Escrow Account and applied to the restoration or repair of the related Mortgaged Property, or property acquired in liquidation of the Mortgage Loan, or to be released to the Mortgagor, in accordance with the Company’s normal servicing procedures as specified in Section 4.4) shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.5Qualified Insurers.

Maintenance of Hazard Insurance. The Company Servicer shall cause to be maintained for each Mortgage Loan fire and hazard insurance such that all buildings upon the Mortgaged Property are insured by an insurer acceptable to Xxxxxx Xxx or Freddie Mac, against loss by fire, hazards of with extended coverage and such other hazards as are customary in the area where the Mortgaged Property is located, in an amount which is at least equal located that conforms to the lesser requirements of (a) 100% the insurable value, on a replacement cost basis, of the improvements on the related Mortgaged Property and (b) the greater of (i) the outstanding principal balance of the Mortgage Loan or (ii) an amount such that the proceeds of such insurance shall be sufficient to prevent the application of the Mortgagor or the loss payee of any coinsurance under the policy. In the event a hazard insurance policy shall be in danger of being terminated, or in the event the insurer shall cease to be acceptable to Xxxxxx Xxx Fannie Mae or Freddie Mac, the Company shall notify the Purchaser and the related Mortgagor, and shall use its best efforts, as permitted by Applicable Law, to obtain from another Qualified Insurer a replacement hazard insurance policy substantially and materially similar in all respects to the original policy. In no event, however, shall a Mortgage Loan be without a hazard insurance policy at any time, subject only to Section 4.11 hereof. If upon origination of the Mortgage Loan, the related Mortgaged Property was located is in an area identified arxx xxxnxxxied xx xxx Federal Register by the Flood Federal Emergency Management Agency as having special flood hazards (and such flood insurance has been made available) the Servicer will cause to be maintained a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect with a generally acceptable insurance carrier acceptable to Xxxxxx Xxx Fannie Mae or Freddie Mac. The Servicer shall maintain on each RXX Xxxperty fixx xxx hazard insurance with extended coverage, in an amount representing coverage with respect to such hazards which is at least equal to the lesser of (i) the minimum amount required, under the terms of coverage, to compensate for any damage or loss on a full replacement cost basis (or the unpaid balance of the mortgage if replacement cost coverage is not available for improvements which are a part of such REO Property and shall indemnify and hold harmless the type of building insured) and (ii) the maximum amount of insurance which is available under the Flood Disaster Protection Act of 1973, as amended. If a Mortgage is secured by a unit in a condominium project, the Company shall verify that the coverage required of the owner’s association, including hazard, flood, liability, and fidelity coverage, is being maintained in accordance with then current Xxxxxx Xxx or Freddie Mac requirements, secure from the owner’s association its agreement to notify the Company promptly of any change in the insurance coverage or of any condemnation or casualty loss that may have a material effect on the value of the Mortgaged Property as security. In the event that any Purchaser or the Company shall determine that the Mortgaged Property should be insured against loss or damage by hazards and risks not covered by the insurance required to be maintained by the Mortgagor pursuant to the terms of the Mortgage, the Company shall communicate and consult with the Mortgagor Owner with respect to the need for such insurance and bring to the Mortgagor’s attention the desirability liabilities in connection therewith in an amount of protection of the Mortgaged Property. All policies required hereunder shall name the Company as loss payee and shall be endorsed with standard or union mortgagee clauses, without contribution, which shall provide for at least 30 days prior written notice of any cancellation, reduction in amount or material change in coverage. The Company shall not interfere with the Mortgagor’s freedom of choice in selecting either his insurance carrier or agent, provided, however, that the Company shall not accept any such insurance policies from insurance companies unless such companies are acceptable to Xxxxxx Xxx $1 million per occurrence and Freddie Mac and are licensed to do business $2 million in the jurisdiction in which the Mortgaged Property is locatedaggregate. The Company shall determine that such policies provide sufficient risk coverage and amounts, that they insure the property owner, and that they properly describe the property address. Pursuant to Section 4.4, any Any amounts collected by the Company Servicer under any such policies (other than amounts to be deposited in the Escrow Account and applied to the restoration or repair of the property subject to the related Mortgaged Property, Mortgage or property acquired in liquidation of the Mortgage Loan, or to be released to the Mortgagor, Mortgagor in accordance with the Company’s normal servicing procedures as specified in Section 4.4Accepted Servicing Procedures) shall be deposited in the Custodial Account Account, subject to withdrawal pursuant to Section 4.5Subsection 11.05. It is understood and agreed that no earthquake or other additional insurance need be required by the Servicer of any Mortgagor or maintained on REO Property other than pursuant to such applicable laws and regulations as shall at any time be in force and as shall require such additional insurance. All policies required hereunder shall be endorsed with standard mortgagee clauses with loss payable to Servicer, and shall provide for at least thirty (30) days prior written notice of any cancellation, reduction in amount or material change in coverage to the Servicer. The Servicer shall not interfere with the Mortgagor's freedom of choice in selecting either its insurance carrier or agent; provided, however, that the Servicer shall not accept any such insurance policies that do not conform to the requirements of Fannie Mae or Freddie Mac.

Maintenance of Hazard Insurance. The Company shall cause to be maintained for each Mortgage Loan hazard insurance such that all buildings upon the Mortgaged Property are insured by an insurer acceptable to Xxxxxx Xxx Fannie Mae or Freddie Mac, against loss by loxx xx fire, hazards of haxxxxx xf extended coverage and such other hazards as are customary in the area where the Mortgaged Property is located, in an amount which is at least equal to the lesser of (ai) 100% the maximum insurable value, on a replacement cost basis, value of the improvements on the related Mortgaged Property securing such Mortgage Loan and (bii) the greater of (ia) the outstanding principal balance of the Mortgage Loan or and (iib) an amount such that the proceeds of such insurance thereof shall be sufficient to prevent the application of the Mortgagor or the loss payee of any coinsurance under the policyfrom becoming a co-insurer. In the event a hazard insurance policy shall be in danger of being terminated, or in the event the insurer shall cease to be acceptable to Xxxxxx Xxx Fannie Mae or Freddie Mac, the Company shall Companx xxxxl notify the Purchaser xxx Xxrchaser and the related Mortgagor, and shall use its best efforts, as permitted by Applicable Law, to obtain from another Qualified Insurer a replacement hazard insurance policy substantially and materially similar in all respects to the original policy. In no event, however, shall a Mortgage Loan be without a hazard insurance policy at any time, subject only to Section 4.11 hereof. If upon origination of the Mortgage Loan, the related Mortgaged Property was located in an area identified by the Flood Emergency Management Agency as having special flood hazards (and such flood insurance has been made available) a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect with a generally acceptable insurance carrier acceptable to Xxxxxx Xxx Fannie Mae or Freddie Mac, in an amount representing coverage amouxx xxxresentinx xxxxxage equal to the lesser of (i) the minimum amount required, under the terms of coverage, to compensate for any damage or loss on a replacement cost basis (or the unpaid balance of the mortgage if replacement cost coverage is not available for the type of building insured) and (ii) the maximum amount of insurance which is available under the Flood Disaster Protection Act of 1973, as amended. If a Mortgage is secured by a unit in a condominium project, the Company shall verify that the coverage required of the owner’s 's association, including hazard, flood, liability, and fidelity coverage, is being maintained in accordance with then current Xxxxxx Xxx Fannie Mae or Freddie Mac requirementsrequirementx, secure xxxure from the owner’s xxx xxner's association its agreement to notify the Company promptly of any change in the insurance coverage or of any condemnation or casualty loss that may have a material effect on the value of the Mortgaged Property as security. In the event that any Purchaser or the Company shall determine that the Mortgaged Property should be insured against loss or damage by hazards and risks not covered by the insurance required to be maintained by the Mortgagor pursuant to the terms of the Mortgage, the Company shall communicate and consult with the Mortgagor with respect to the need for such insurance and bring to the Mortgagor’s 's attention the desirability of protection of the Mortgaged Property. All policies required hereunder shall name the Company as loss payee and shall be endorsed with standard or union mortgagee clauses, without contribution, which shall provide for at least 30 days prior written notice of any cancellation, reduction in amount or material change in coverage. The Company shall not interfere with the Mortgagor’s 's freedom of choice in selecting either his insurance carrier or agent, provided, however, that the Company shall not accept any such insurance policies from insurance companies unless such companies are acceptable to Xxxxxx Xxx Fannie Mae and Freddie Mac and are licensed lixxxxxx to do business buxxxxxx in the jurisdiction in which the Mortgaged Property is located. The Company shall determine that such policies provide sufficient risk coverage and amounts, that they insure the property owner, and that they properly describe the property address. Pursuant to Section 4.4, any amounts collected by the Company under any such policies (other than amounts to be deposited in the Escrow Account and applied to the restoration or repair of the related Mortgaged Property, or property acquired in liquidation of the Mortgage Loan, or to be released to the Mortgagor, in accordance with the Company’s 's normal servicing procedures as specified in Section 4.4) shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.5.

Maintenance of Hazard Insurance. The Company shall cause to be maintained for each Mortgage Loan hazard insurance such that all buildings upon the Mortgaged Property are insured by an insurer acceptable to Xxxxxx Xxx Fannie Mae or Freddie Mac, Mac against loss by fire, hazards of extended coverage xxxxxaxx and such other xxxx xxher hazards as are customary in the area where the Mortgaged Property is located, in an amount which is at least equal to the lesser of (ai) 100% the maximum insurable value, on a replacement cost basis, value of the improvements on the related Mortgaged Property securing such Mortgage Loan and (bii) the greater of (ia) the outstanding principal balance of the Mortgage Loan or and (iib) an amount such that the proceeds of such insurance thereof shall be sufficient to prevent the application of the Mortgagor or the loss payee of any coinsurance under the policyfrom becoming a co-insurer. In the event a hazard insurance policy shall be in danger of being terminated, or in the event the insurer shall cease to be acceptable to Xxxxxx Xxx Fannie Mae or Freddie Mac, the Company shall notify the Purchaser and the axx xxx related MortgagorXxxxxxgor, and shall use its best efforts, as permitted by Applicable Lawapplicable law, to obtain from another Qualified Insurer qualified insurer a replacement hazard insurance policy substantially and materially similar in all respects to the original policy. In no event, however, shall a Mortgage Loan be without a hazard insurance policy at any time, subject only to Section 4.11 hereof. If upon origination of the Mortgage Loan, the related Mortgaged Property was located in an area identified by the Flood Emergency Management Agency as having special flood hazards (and such flood insurance has been made available) a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect with a generally acceptable insurance carrier acceptable to Xxxxxx Xxx Fannie Mae or Freddie Mac, Mac in an amount representing coverage equal to the xx xxx lesser of xx (ix) the minimum amount required, under the terms of coverage, to compensate for any damage or loss on a replacement cost basis (or the unpaid balance of the mortgage if replacement cost coverage is not available for the type of building insured) and (ii) the maximum amount of insurance which is available under the Flood Disaster Protection Act of 1973, as amended. If at any time during the term of the Mortgage Loan, the Company determines in accordance with the applicable law and pursuant to the Fannie Mae Guide, that the Mortgaged Property is located in a specixx xxxod hazard area and is not covered by flood insurance meeting the requirements of the Flood Disaster Protection Act of 1973, as amended, the Company shall notify the related Mortgagor that they must obtain such flood insurance coverage and if the Mortgagor fails to provide proof of such coverage within forty-five (45) days of such notice, the Company shall force place the required flood insurance on the Mortgagor's behalf. If a Mortgage is secured by a unit in a condominium project, the Company shall verify that the coverage required of the owner’s 's association, including hazard, flood, liability, and fidelity coverage, is being maintained in accordance with then current Xxxxxx Xxx or Freddie Mac Fannie Mae requirements, and secure from the owner’s 's association its agreement itx xxxxexxxt to notify the Company promptly of any change in the insurance coverage or of any condemnation or casualty loss that may have a material effect on the value of the Mortgaged Property as security. In the event that any Purchaser or the Company shall determine that the Mortgaged Property should be insured against loss or damage by hazards and risks not covered by the insurance required to be maintained by the Mortgagor pursuant to the terms of the Mortgage, the Company shall communicate and consult with the Mortgagor with respect to the need for such insurance and bring to the Mortgagor’s 's attention the desirability of protection of the Mortgaged Property. All policies required hereunder shall name the Company as loss payee and shall be endorsed with standard or union mortgagee clauses, without contribution, which shall provide for at least 30 days prior written notice of any cancellation, reduction in amount or material change in coverage. The Company shall not interfere with the Mortgagor’s 's freedom of choice in selecting either his insurance carrier or agent, provided, however, that the Company shall not accept any such insurance policies from insurance companies unless such companies are acceptable to Xxxxxx Xxx Fannie Mae and Freddie Mac and are licensed to do business in the jurisdiction jxxxxxxction in which the xxxxx xhe Mortgaged Property is located. The Company shall determine that such policies provide sufficient risk coverage and amounts, that they insure the property owner, and that they properly describe the property address. Pursuant to Section 4.44.04, any amounts collected by the Company under any such policies (other than amounts to be deposited in the Escrow Account and applied to the restoration or repair of the related Mortgaged Property, or property acquired in liquidation of the Mortgage Loan, or to be released to the Mortgagor, in accordance with the Company’s 's normal servicing procedures as specified in Section 4.44.14) shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.54.05.

Maintenance of Hazard Insurance. The Company shall cause to be maintained for each Mortgage Loan hazard insurance such that all buildings upon the Mortgaged Property are insured by an insurer acceptable to Xxxxxx Xxx Fannie Mae or Freddie Mac, Mac against loss by fire, hazards of extended coverage and such extendex xxxexxxe anx xxxx other hazards as are customary or required by law in the area where the Mortgaged Property is located, in an amount which is at least equal to the lesser of (ai) 100% the maximum insurable value, on a replacement cost basis, value of the improvements on the related Mortgaged Property securing such Mortgage Loan and (bii) the greater of (ia) the outstanding principal balance of the Mortgage Loan or and (iib) an amount such that the proceeds of such insurance thereof shall be sufficient to prevent the application of the Mortgagor or the loss payee of any coinsurance under the policyfrom becoming a co-insurer. In the event a hazard insurance policy shall be in danger of being terminated, or in the event the insurer shall cease to be acceptable to Xxxxxx Xxx Fannie Mae or Freddie Mac, the Company shall notify the Purchaser Purcxxxxx and the related xxxxxxd Mortgagor, and shall use its best effortsfollow Accepted Servicing Practices, as permitted by Applicable Lawapplicable law, to obtain from another Qualified Insurer qualified insurer a replacement hazard insurance policy substantially and materially similar in all respects to the original policy. In no event, however, shall a Mortgage Loan be without a hazard insurance policy at any time, subject only to Section 4.11 hereof. If upon origination of the Mortgage Loan, the related Mortgaged Property was is located in an area identified by the Flood Federal Emergency Management Agency as having special flood hazards (and such flood insurance has been made available) ), the Company will cause to be maintained a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration is as in effect with a generally acceptable insurance carrier acceptable to Xxxxxx Xxx Fannie Mae or Freddie Mac, Mac in an amount representing coverage equal to the lesser of xxxxx tx xhe lxxxxx xf (i) the minimum amount required, under the terms of coverage, to compensate for any damage or loss on a replacement cost basis (or the unpaid balance of the mortgage if replacement cost coverage is not available for the type of building insured) and (ii) the maximum amount of insurance which is available under the Flood Disaster Protection Act of 1973, as amended. If at any time during the term of the Mortgage Loan, the Company determines in accordance with applicable law and pursuant to the Federal Emergency Management Agency Guides that a Mortgaged Property is located in a special flood hazard area and is not covered by flood insurance or is covered in an amount less than the amount required by the Flood Disaster Protection Act of 1973, as amended, the Company shall notify the related Mortgagor to obtain such flood insurance coverage, and if said Mortgagor fails to obtain the required flood insurance coverage within forty-five (45) days after such notification, the Company shall immediately force place the required flood insurance on the Mortgagor's behalf. Any out-of-pocket expenses or advance made by the Company on such force placed flood insurance coverage shall be deemed a Servicing Advance. If a Mortgage is secured by a unit in a condominium project, the Company shall verify that the coverage required of the owner’s homeowner's association, including hazard, flood, liability, and fidelity coverage, is being maintained in accordance with then current Xxxxxx Xxx Fannie Mae or Freddie Mac requirements, and secure from the owner’s association its agreement ownex'x xxsociatiox xxx xgreement to notify the Company promptly of any change in the insurance coverage or of any condemnation or casualty loss that may have a material effect on the value of the Mortgaged Property as security. In the event that any the Purchaser or the Company shall determine that the Mortgaged Property should be insured against loss or damage by hazards and risks not covered by the insurance required to be maintained by the Mortgagor pursuant to the terms of the Mortgage, the Company shall communicate and consult with the Mortgagor with respect to the need for such insurance and bring to the Mortgagor’s 's attention the desirability of protection of the Mortgaged Property. All policies required hereunder shall name the Company as loss payee and shall be endorsed with standard or union mortgagee clauses, without contribution, which shall provide for at least 30 thirty (30) days prior written notice of any cancellation, reduction in amount or material change in coverage. The Company shall not interfere with the Mortgagor’s 's freedom of choice in selecting either his an insurance carrier or agent, ; provided, however, that the Company shall not accept any such insurance policies from insurance companies unless such companies are acceptable to Xxxxxx Xxx and Fannie Mae or Freddie Mac and are licensed to do business in the jurisdiction in which xxxxsdiction xx xxxxh the Mortgaged Property is located. The Company shall determine that such policies provide sufficient risk coverage and amounts, that they insure the property owner, and that they properly describe the property address. The Company shall furnish to the Mortgagor a formal notice of expiration of any such insurance in sufficient time for the Mortgagor to arrange for renewal coverage by the expiration date. Pursuant to Section 4.44.04, any amounts collected by the Company under any such policies (other than amounts to be deposited in the Escrow Account and applied to the restoration or repair of the related Mortgaged Property, or property acquired in liquidation of the Mortgage Loan, or to be released to the Mortgagor, in accordance with the Company’s 's normal servicing procedures as specified in Section 4.44.14) shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.54.05.

Maintenance of Hazard Insurance. The Company Servicer shall cause to be maintained for each Mortgage Loan hazard insurance such that all buildings upon the Mortgaged Property are insured by an insurer acceptable to Xxxxxx Xxx or that conforms with the Fannie Mae Guides and Freddie Mac, Mac Guides against loss by fire, hazards of extended coverage and hazaxxx xx xxxended coveraxx xxx such other hazards as are customary in required to be insured pursuant to the area where the Mortgaged Property is locatedFannie Mae Guides or Freddie Mac Guides, in an amount which is at least equal lxxxx xqxxx to the lesser of leaxx xx: (ai) 100% of the maximum insurable value, on a replacement cost basis, value of the improvements on the related Mortgaged Property and securing such Mortgage Loan; or (bii) the greater of (ia) the outstanding principal balance of the Mortgage Loan or and (iib) an amount such that the proceeds of such insurance thereof shall be sufficient to prevent the application of the Mortgagor or the loss payee of any coinsurance under from becoming a co-insurer; or (iii) the policyamount determined by applicable federal or state law. In If the event a Mortgagor fails to provide Mortgage Loan hazard insurance policy coverage after thirty (30) days of Servicer's written notification, the Servicer may force place such hazard insurance coverage on the Mortgagor's behalf. Any out-of-pocket expense or advance made by the Servicer on such force placed hazard insurance coverage shall be in danger of being terminated, or in the event the insurer shall cease to be acceptable to Xxxxxx Xxx or Freddie Mac, the Company shall notify the Purchaser and the related Mortgagor, and shall use its best efforts, as permitted by Applicable Law, to obtain from another Qualified Insurer deemed a replacement hazard insurance policy substantially and materially similar in all respects to the original policy. In no event, however, shall a Mortgage Loan be without a hazard insurance policy at any time, subject only to Section 4.11 hereofServicing Advance. If upon origination of the Mortgage Loan, the related Mortgaged Property was located in an area identified in the Federal Register by the Flood Federal Emergency Management Agency ("FEMA") as having special flood hazards (and such flood insurance has been made available) a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect with a generally acceptable an insurance carrier acceptable to Xxxxxx Xxx or that meets the requirements of the Fannie Mae Guides and the Freddie Mac, Mac Guides in an amount representing coverage representxxx xxvxxxge equal to the lesser xxxxxx of (i) the minimum amount required, under the terms of coverage, to compensate for any damage or loss on a replacement cost basis (or the unpaid balance of the mortgage if replacement cost coverage is not available for the type of building insured) ), and (ii) the maximum amount of insurance which is available under the Flood Disaster Protection Act of 1973, as amended. If at any time during the term of the Mortgage Loan, the Servicer determines in accordance with applicable law and pursuant to the FEMA Guides that a Mortgaged Property is located in a special flood hazard area and is not covered by flood insurance or is covered in an amount less than the amount required by the Flood Disaster Protection Act of 1973, as amended, the Servicer shall notify the related Mortgagor to obtain such flood insurance coverage, and if said Mortgagor fails to obtain the required flood insurance coverage within forty-five (45) days after such notification, the Servicer shall immediately force place the required flood insurance on the Mortgagor's behalf. Any out-of-pocket expense or advance made by the Servicer on such force placed flood insurance coverage shall be deemed a Servicing Advance. If a Mortgage is secured by a unit in a condominium project, the Company Servicer shall verify that the coverage required of the owner’s Owner's association, including hazard, flood, liability, and fidelity coverage, coverage is being maintained in accordance with then the current Xxxxxx Xxx or Freddie Mac Fannie Mae requirements, and secure from the owner’s Owner's association its agreement itx xxxxexxxt to notify the Company Servicer promptly of any change in the insurance coverage or of any condemnation or casualty loss that may have a material effect on the value of the Mortgaged Property as security. In the event that any Purchaser the Owner or the Company Servicer shall determine that the Mortgaged Property should be insured against loss or damage by hazards and risks not covered by the insurance required to be maintained by the Mortgagor pursuant to the terms of the Mortgage, the Company shall Servicer may, at its discretion, communicate and consult with the Mortgagor with respect to the need for such insurance and bring to the Mortgagor’s 's attention the desirability of protection of the Mortgaged Property. All policies required hereunder shall name the Company Servicer as loss payee and shall be endorsed with standard or union mortgagee clauses, without contribution, which shall provide for at least 30 thirty (30) days prior written notice of any cancellation, reduction in amount or material change in coverage. The Company Servicer shall not interfere with the Mortgagor’s 's freedom of choice in selecting either his insurance carrier or agent, provided, however, that the Company Servicer shall not accept any such insurance policies from insurance companies unless such companies are acceptable to Xxxxxx Xxx under the Fannie Mae Guides and Freddie Mac Guides and are licensed to do business in the jurisdiction in which the Mortgaged Property is located. The Company Servicer shall determine that such policies provide sufficient risk coverage and amounts, that they insure the property ownerproperty, and that they properly describe the property address. The Servicer shall furnish to the Mortgagor a formal notice of expiration of any such insurance in conformance with Servicer's standard practices; provided, however, that in the event that no such notice is furnished by the Servicer, the Servicer shall ensure that replacement insurance policies (whether forced placed or other insurance policies) are in place with the required coverage and the Servicer shall be solely liable for any losses in the event coverage is not provided. Pursuant to Section 4.43.04 of this Agreement, any amounts collected by the Company Servicer under any such policies (other than amounts to be deposited in the Escrow Account and applied to the restoration or repair of the related Mortgaged Property, or property acquired in liquidation of the Mortgage Loan, or to be released to the Mortgagor, in accordance with the Company’s Servicer's normal servicing Servicing procedures as specified in Section 4.43.14 of this Agreement) shall be deposited in the Custodial Collection Account subject to withdrawal pursuant to Section 4.53.05 of this Agreement.

Maintenance of Hazard Insurance. The Company With respect to any Mortgage Loans which are first liens on the related Mortgage Properties, Servicer shall cause to be maintained for each determine if the Mortgagor has provided insurance against risks, hazards and liabilities as required by all applicable requirements and the Mortgage Loan hazard insurance such that all buildings upon the Mortgaged Property are insured by an insurer acceptable to Xxxxxx Xxx or Freddie Mac, against loss by fire, hazards of extended coverage and such other hazards as are customary in the area where the Mortgaged Property is located, Documents in an amount which is at least equal to the lesser of (a) 100% the insurable value, on a replacement cost basis, of the improvements on the related Mortgaged Property and (b) the greater of (i) the outstanding unpaid principal balance of the Mortgage Loan or (ii) from an amount such that the proceeds of such insurance carrier. The Servicer shall be sufficient to prevent the application retain copies of the Mortgagor or the loss payee of any coinsurance under the policy. In the event a hazard insurance policy policies or certificates of insurance representing such coverage. The Servicer shall be in danger comply with all of being terminated, or in the event terms of the insurer shall cease Mortgage Insurance related to be acceptable to Xxxxxx Xxx or Freddie Mac, the Company shall notify the Purchaser and the related Mortgagor, any Mortgage Loan and shall use its best efforts, as permitted by Applicable Law, efforts to obtain from another Qualified Insurer a replacement hazard maintain such Mortgage Insurance and guaranty in full force and effect provided that Servicer has actual knowledge of such insurance policy substantially and materially similar in all respects to the original policy. In no event, however, shall a Mortgage Loan be without a hazard insurance policy at any time, subject only to Section 4.11 hereof. If upon origination of the Mortgage Loan, the related Mortgaged Property was located in an area identified by the Flood Emergency Management Agency as having special flood hazards (and such flood insurance has been made available) a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect with a generally acceptable insurance carrier acceptable to Xxxxxx Xxx or Freddie Mac, in an amount representing coverage equal to the lesser of (i) the minimum amount required, under the terms of coverage, to compensate for any damage or loss on a replacement cost basis (or the unpaid balance of the mortgage if replacement cost coverage is not available for the type of building insured) and (ii) the maximum amount of insurance which is available under the Flood Disaster Protection Act of 1973, as amended. If a Mortgage is secured by a unit in a condominium project, the Company shall verify that the coverage required of the owner’s association, including hazard, flood, liability, and fidelity coverage, is being maintained in accordance with then current Xxxxxx Xxx or Freddie Mac requirements, secure from the owner’s association its agreement to notify the Company promptly of any change in the insurance coverage or of any condemnation or casualty loss that may have a material effect on the value of the Mortgaged Property as securityguaranty. In the event that of an insured loss with respect to any Purchaser or the Company Mortgaged Property, Servicer shall attempt to determine that the Mortgaged Property should be insured against loss or damage by hazards and risks not covered by the insurance required to be maintained by if the Mortgagor pursuant to the terms of the Mortgage, the Company shall communicate and consult with the Mortgagor has filed a claim with respect to the need for such insurance and bring to the Mortgagor’s attention the desirability of protection of the Mortgaged Property. All policies required hereunder shall name If the Company as loss payee and shall be endorsed with standard or union mortgagee clauses, without contribution, which shall provide for at least 30 days prior written notice of any cancellation, reduction in amount or material change in coverage. The Company shall Mortgagor has not interfere filed a claim with the Mortgagor’s freedom insurance carrier, Servicer shall file or cause to be filed a claim with the insurance carrier. In the case of choice in selecting either his a payment from the insurance carrier for a loss, Servicer shall apply or agent, provided, however, that the Company shall not accept disburse any such insurance policies from insurance companies unless such companies are acceptable to Xxxxxx Xxx and Freddie Mac and are licensed to do business in the jurisdiction in which the Mortgaged Property is located. The Company shall determine that such policies provide sufficient risk coverage and amounts, that they insure the property owner, and that they properly describe the property address. Pursuant to Section 4.4, any amounts collected by the Company under any such policies (other than amounts to be deposited in the Escrow Account and applied to the restoration or repair of the related Mortgaged Property, or property acquired in liquidation of the Mortgage Loan, or to be released to the Mortgagor, proceeds in accordance with the Company’s normal servicing procedures as specified terms and provisions of the Mortgage Loan Documents and in Section 4.4) accordance with instructions of Owner. The Servicer shall be deposited responsible for submitting a claim under any Mortgage Insurance or other guaranty on a timely basis for which it has received notice. Where the Servicer has received notice that the Mortgagor has failed or refused to maintain insurance on the Mortgaged Property in accordance with the Mortgage Loan Documents, it shall notify the Owner. The Owner acknowledges and agrees that it will be obligated and responsible to obtain any such “forced-placed” insurance on the Mortgaged Property that it may deem necessary. The Owner shall be solely responsible to determine the amount and coverage of the “forced-placed” insurance and Servicer shall have no liability to Owner therefore. The Servicer shall have no obligation to force place hazard insurance on any Mortgaged Property. Flow Special Servicing Agreement Notwithstanding anything to the contrary in the Custodial Account subject Agreement: 1. Servicer shall have no obligation or liability to withdrawal pursuant Owner under the Agreement with respect to Section 4.5any loss, damage or claim related to any Mortgaged Property that occurs after it has given notice to the Owner that there is no hazard insurance affecting the Mortgage Property. The Owner shall assume responsibility for the loss, damage or claim as to Mortgaged Property that it has provided “forced-placed” insurance. The Owner shall force place hazard insurance that it deems necessary or appropriate. 2. Servicer will not make advances under the Agreement for hazard insurance or “forced-placed” insurance on the Mortgaged Property.

Maintenance of Hazard Insurance. The Company Servicer shall cause to be maintained for each Mortgage Loan Loan, hazard insurance such that all buildings upon by a generally acceptable insurer rated A:VI or better in the Mortgaged Property are insured by an insurer acceptable to Xxxxxx Xxx or Freddie Mac, current Best's Key Rating Guide ("Best's") against loss by fire, hazards of extended coverage and such other hazards as are customary in the area where such that all buildings upon the Mortgaged Property is locatedare insured under the Fannie Mae Guides against loss by fire, hazards of extended coveragx xxx sxxx other hazards as are required thereunder, in an amount which is at least equal to the lesser of (ai) 100% the maximum insurable value, on a replacement cost basis, value of the improvements on the related Mortgaged Property securing such Mortgage Loan and (bii) the greater of (ia) the outstanding principal balance of the Mortgage Loan or (iib) an amount such that the proceeds of such insurance thereof shall be sufficient to prevent the application of the Mortgagor or the loss payee from becoming a co-insurer. If required by the National Flood Insurance Act of any coinsurance under the policy. In the event a hazard insurance policy shall be in danger of being terminated1968, or in the event the insurer shall cease to be acceptable to Xxxxxx Xxx or Freddie Macas amended, the Company shall notify the Purchaser and the related Mortgagoreach Mortgage Loan is, and shall use its best effortscontinue to be, as permitted covered by Applicable Law, to obtain from another Qualified Insurer a replacement hazard insurance policy substantially and materially similar in all respects to the original policy. In no event, however, shall a Mortgage Loan be without a hazard insurance policy at any time, subject only to Section 4.11 hereof. If upon origination of the Mortgage Loan, the related Mortgaged Property was located in an area identified by the Flood Emergency Management Agency as having special flood hazards (and such flood insurance has been made available) a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect with a generally acceptable insurance carrier acceptable to Xxxxxx Xxx or Freddie Mac, under the Fannie Mae Guides in an amount representing coverage equal to the lesser not less than xxx xxsser of (i) the minimum amount required, under the terms of coverage, to compensate for any damage or loss on a replacement cost basis (or the aggregate unpaid principal balance of the mortgage if replacement cost coverage is not available for the type of building insured) and Mortgage Loan, (ii) the maximum amount of insurance which is available under the National Flood Disaster Protection Insurance Act of 19731968, as amended (regardless of whether the area in which such Mortgaged Property is located is participating in such program), or (iii) the full replacement value of the improvements which are part of such Mortgaged Property. If a Mortgaged Property is located in a special flood hazard area and is not covered by flood insurance or is covered in an amount less than the amount required by the National Flood Insurance Act of 1968, as amended, the Servicer shall notify the related Mortgagor that the Mortgagor must obtain such flood insurance coverage, and if said Mortgagor fails to obtain the required flood insurance coverage within forty five (45) days after such notification, the Servicer shall immediately force place the required flood insurance on the Mortgagor's behalf. If a Mortgage is secured by a unit in a condominium project, the Company Servicer shall verify that the coverage required of the owner’s 's association, including hazard, flood, liability, and fidelity coverage, is being maintained in accordance with then current Xxxxxx Xxx or Freddie Mac Fannie Mae requirements, and secure from the owner’s 's association its agreement itx xxxxexxxt to notify the Company Servicer promptly of any change in the insurance coverage or of any condemnation or casualty loss that may have a material effect on the value of the Mortgaged Property as security. The Servicer shall cause to be maintained on each Mortgaged Property such other or additional insurance as may be required pursuant to such applicable laws and regulations as shall at any time be in force and as shall require such additional insurance, or pursuant to the requirements of any private mortgage guaranty insurer, or as may be required to conform with Accepted Servicing Practices. In the event that any the Purchaser or the Company Servicer shall determine that the Mortgaged Property should be insured against loss or damage by hazards and risks not covered by the insurance required to be maintained by the Mortgagor pursuant to the terms of the Mortgage, the Company Servicer shall communicate and in accordance with the Fannie Mae Guides make commercially reasonable efforts to communicaxx xxx consult with the Mortgagor with respect to the need for such insurance and bring to the Mortgagor’s 's attention the desirability of protection of the Mortgaged Property. All policies required hereunder shall name the Company Servicer and its successors and assigns as a mortgagee and loss payee and shall be endorsed with non contributory standard or union New York mortgagee clauses, without contribution, clauses which shall provide for at least 30 days prior written notice of any cancellation, reduction in amount or material change in coverage. The Company Servicer shall not interfere with the Mortgagor’s 's freedom of choice in selecting either his insurance carrier or agent, provided, however, that the Company Servicer shall not accept any such insurance policies from insurance companies unless such companies are acceptable to Xxxxxx Xxx and Freddie Mac under the Fannie Mae Guides and are licensed to do business in the jurisdiction in which jurisdictixx xx wxxxh the Mortgaged Property is located. The Company Servicer shall determine that such policies provide sufficient risk coverage and amountsamounts as required pursuant to the Fannie Mae Guides, that they insure the property owner, and that they properly thxx xxxperly describe the property address. The Servicer shall furnish to the Mortgagor a formal notice of expiration of any such insurance in sufficient time for the Mortgagor to arrange for renewal coverage by the expiration date; provided, however, that in the event that no such notice is furnished by the Servicer, the Servicer shall ensure that replacement insurance policies are in place in the required coverages and the Servicer shall be solely liable for any losses in the event coverage is not provided. Pursuant to Section 4.42.06, any amounts collected by the Company Servicer under any such policies (other than amounts to be deposited in the Escrow Account and applied to the restoration or repair of the related Mortgaged Property, or property acquired in liquidation of the Mortgage Loan, or to be released to the Mortgagor, in accordance with the Company’s Servicer's normal servicing procedures as specified in Section 4.42.16) shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.52.07.

Maintenance of Hazard Insurance. The Company shall cause to be maintained for each Mortgage Loan hazard insurance such that all buildings upon the Mortgaged Property are insured by an insurer acceptable to Xxxxxx Xxx Fannie Mae or Freddie Mac, Mac against loss by fire, hazards of extended coverage cxxxxxxe and such other suxx xxxxr hazards as are customary in the area where the Mortgaged Property is located, in an amount which is at least equal to the lesser of (ai) 100% the maximum insurable value, on a replacement cost basis, value of the improvements on the related Mortgaged Property securing such Mortgage Loan and (bii) the greater of (ia) the outstanding principal balance of the Mortgage Loan or and (iib) an amount such that the proceeds of such insurance thereof shall be sufficient to prevent the application of the Mortgagor or the loss payee of any coinsurance under the policyfrom becoming a co-insurer. In the event a hazard insurance policy shall be in danger of being terminated, or in the event the insurer shall cease to be acceptable to Xxxxxx Xxx Fannie Mae or Freddie Mac, the Company shall notify the Purchaser and the related Mortgagorxxx xelated Mxxxxxxxr, and shall use its best efforts, as permitted by Applicable Lawapplicable law, to obtain from another Qualified Insurer qualified insurer a replacement hazard insurance policy substantially and materially similar in all respects to the original policy. In no event, however, shall a Mortgage Loan be without a hazard insurance policy at any time, subject only to Section 4.11 hereof. If upon origination of the Mortgage Loan, the related Mortgaged Property was is located in an area identified by the Flood Emergency Management Agency as having special flood hazards (and such flood insurance has been made available) ), a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect with a generally acceptable insurance carrier acceptable to Xxxxxx Xxx Fannie Mae or Freddie Mac, Mac in an amount representing coverage equal to the lesser xxx xesser of (ix) the xxe minimum amount required, under the terms of coverage, to compensate for any damage or loss on a replacement cost basis (or the unpaid balance of the mortgage if replacement cost coverage is not available for the type of building insured) and (ii) the maximum amount of insurance which is available under the Flood Disaster Protection Act of 1973, as amended. If a Mortgage is secured by a unit in a condominium project, the Company shall verify that the coverage required of the owner’s 's association, including hazard, flood, liability, and fidelity coverage, is being maintained in accordance with then current Xxxxxx Xxx or Freddie Mac Fannie Mae requirements, and secure from the owner’s 's association its agreement xxxxxxent to notify the Company promptly of any change in the insurance coverage or of any condemnation or casualty loss that may have a material effect on the value of the Mortgaged Property as security. In the event that any Purchaser or the Company shall determine that the Mortgaged Property should be insured against loss or damage by hazards and risks not covered by the insurance required to be maintained by the Mortgagor pursuant to the terms of the Mortgage, the Company shall communicate and consult with the Mortgagor with respect to the need for such insurance and bring to the Mortgagor’s 's attention the desirability of protection of the Mortgaged Property. All policies required hereunder shall name the Company as loss payee and shall be endorsed with standard or union mortgagee clauses, without contribution, which shall provide for at least 30 days prior written notice of any cancellation, reduction in amount or material change in coverage. The Company shall not interfere with the Mortgagor’s 's freedom of choice in selecting either his insurance carrier or agent, provided, however, that the Company shall not accept any such insurance policies from insurance companies unless such companies are acceptable to Xxxxxx Xxx Fannie Mae and Freddie Mac and are licensed to do business in the jurisdiction jurxxxxxxixx in which the whxxx xxx Mortgaged Property is located. The Company shall determine that such policies provide sufficient risk coverage and amounts, that they insure the property owner, and that they properly describe the property address. Pursuant to Section 4.44.04, any amounts collected by the Company under any such policies (other than amounts to be deposited in the Escrow Account and applied to the restoration or repair of the related Mortgaged Property, or property acquired in liquidation of the Mortgage Loan, or to be released to the Mortgagor, in accordance with the Company’s 's normal servicing procedures as specified in Section 4.44.14) shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.54.05.

Maintenance of Hazard Insurance. The Company Servicer shall cause to be maintained maintained, with a Qualified Insurer for each Mortgage Loan serviced by it, fire and hazard insurance such that all buildings upon the Mortgaged Property are insured by an insurer acceptable to Xxxxxx Xxx or Freddie Mac, against loss by fire, hazards of with extended coverage and such other hazards as are customary in the area where the Mortgaged Property is locatedlocated pursuant to insurance policies conforming to the Underwriting Guidelines, in an amount which is at least equal to the lesser of (a) 100% the full insurable value, on a replacement cost basis, value of the improvements on the related Mortgaged Property and or (b) the greater of (i) the outstanding principal balance of owing on the Mortgage Loan or and (ii) an amount such that the proceeds of such insurance shall be sufficient to prevent avoid the application of to the Mortgagor or the loss payee of any coinsurance clause under the policy. If the Mortgaged Property is in an area then identified on a flood hazard boundary map or flood insurance rate map issued by the Federal Emergency Management Agency as having special flood hazards (and such flood insurance is available), the Servicer will cause to be maintained a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration with a generally acceptable insurance carrier acceptable to Fannie Mae or Freddie Mac. Such flood insurance shall be in an amount rxxxxxxnxxxg coxxxxxx not less than the least of (i) the outstanding principal balance of the Mortgage Loan, (ii) the full insurable value of the improvements securing such Mortgage Loan or (iii) the maximum amount of insurance available under the National Flood Insurance Act of 1968 and the Flood Disaster Protection Act of 1973, each as amended. The Servicer shall also maintain on each REO Property with an insurer acceptable under the Underwriting Guidelines (x) fire and hazard insurance with extended coverage in an amount that is at least equal to the maximum insurable value of the improvements securing the Mortgage Loan that are a part of such property, (y) liability insurance and (z) to the extent required and available under the National Flood Insurance Act of 1968, the Flood Disaster Protection Act of 1973, each as amended, or other applicable federal law, flood insurance in an amount as provided above. Any costs incurred by the Servicer maintaining insurance under this Section 3.10 shall be recoverable as Servicing Advances. Any amounts collected by the Servicer under any such policies shall be paid over or applied by the Servicer in accordance with Acceptable Servicing Procedures for the restoration or repair of the Mortgaged Property subject to the related Mortgage, for release to the Mortgagor in accordance with Acceptable Servicing Procedures, or for application in reduction of the Mortgage Loan. Any such amounts shall be deposited in the Custodial Account and subject to withdrawal pursuant to Section 3.5. It is understood and agreed that no earthquake or other additional insurance is required to be maintained by the Servicer hereunder in connection with any Mortgage Loan or Mortgaged Property, other than pursuant to applicable laws and regulations that are at any time in force and require such additional insurance. All policies required hereunder shall be endorsed with standard mortgagee clauses with loss payable to the Servicer, and shall provide for at least 30 days prior written notice to the Servicer of any cancellation, reduction in amount, or material change in coverage. The Servicer shall not interfere with the Mortgagor's freedom of choice in selecting either his insurance carrier or agent upon any policy renewal; provided, however, upon any such policy renewal, the Servicer shall not accept any such insurance policies, unless the insurers are acceptable under the Underwriting Guidelines and are licensed to do business in the jurisdiction in which the Mortgaged Property is located. In the event a hazard insurance policy shall be in danger of being terminated, or in the event the insurer shall cease to be acceptable to Xxxxxx Xxx or Freddie Macunder the Underwriting Guidelines, the Company Servicer shall notify the Purchaser Owner and the related Mortgagor, and shall use its best efforts, as permitted by Applicable Lawapplicable law, to obtain from another Qualified Insurer a replacement hazard insurance policy substantially and materially similar in all respects to the original policy. In no event, however, shall a Mortgage Loan be without a hazard insurance policy at any time, subject only to Section 4.11 hereof. If upon origination of the Mortgage Loan, the related Mortgaged Property was located in an area identified by the Flood Emergency Management Agency as having special flood hazards (and such flood insurance has been made available) a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect with a generally acceptable insurance carrier acceptable to Xxxxxx Xxx or Freddie Mac, in an amount representing coverage equal to the lesser of (i) the minimum amount required, under the terms of coverage, to compensate for any damage or loss on a replacement cost basis (or the unpaid balance of the mortgage if replacement cost coverage is not available for the type of building insured) and (ii) the maximum amount of insurance which is available under the Flood Disaster Protection Act of 1973, as amended. If a Mortgage is secured by a unit in a condominium project, the Company Servicer shall verify that the coverage required of the owner’s 's association, including hazard, flood, liability, and fidelity coverage, is being maintained in accordance with then current Xxxxxx Xxx or Freddie Mac requirements, secure from requirements under the owner’s association its agreement to notify the Company promptly of any change Underwriting Guidelines. Notwithstanding anything set forth in the insurance coverage or of preceding paragraphs, the Servicer agrees to indemnify the Owner for any condemnation or casualty loss Losses and related costs, judgments, and any other costs, fees and expenses that the Owner may have a material effect on sustain in any way related to the value failure of the Mortgaged Property as security. In the event that any Purchaser Mortgagor (or the Company shall determine that the Mortgaged Property should be insured against loss Servicer) to maintain hazard insurance or damage by hazards and risks not covered by the flood insurance required to be maintained by the Mortgagor pursuant to the terms of the Mortgage, the Company shall communicate and consult with the Mortgagor with respect to the need for such insurance and bring to the Mortgagor’s attention the desirability of protection of the related Mortgaged Property. All policies required hereunder shall name the Company as loss payee and shall be endorsed with standard or union mortgagee clauses, without contribution, Property which shall provide for at least 30 days prior written notice of any cancellation, reduction in amount or material change in coverage. The Company shall not interfere complies with the Mortgagor’s freedom requirements of choice in selecting either his insurance carrier or agent, provided, however, that the Company shall not accept any such insurance policies from insurance companies unless such companies are acceptable to Xxxxxx Xxx and Freddie Mac and are licensed to do business in the jurisdiction in which the Mortgaged Property is located. The Company shall determine that such policies provide sufficient risk coverage and amounts, that they insure the property owner, and that they properly describe the property address. Pursuant to Section 4.4, any amounts collected by the Company under any such policies (other than amounts to be deposited in the Escrow Account and applied to the restoration or repair of the related Mortgaged Property, or property acquired in liquidation of the Mortgage Loan, or to be released to the Mortgagor, in accordance with the Company’s normal servicing procedures as specified in Section 4.4) shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.5this section.

Maintenance of Hazard Insurance. The Company Servicer shall cause to be maintained for each Mortgage Loan hazard insurance such that all buildings upon the Mortgaged Property are insured by an insurer acceptable to Xxxxxx Xxx or that conforms with the Fannie Mae Guides and Freddie Mac, Mac Guides against loss by fire, hazards of extended coverage and such hazarxx xx exxxnded coveragx xxx xuch other hazards as are customary in required to be insured pursuant to the area where the Mortgaged Property is locatedFannie Mae Guides or Freddie Mac Guides, in an amount which is at least equal lexxx xxuxx to the lesser of leasx xx: (ai) 100% of the maximum insurable value, on a replacement cost basis, value of the improvements on the related Mortgaged Property and securing such Mortgage Loan; or (bii) the greater of (ia) the outstanding principal balance of the Mortgage Loan or and (iib) an amount such that the proceeds of such insurance thereof shall be sufficient to prevent the application of the Mortgagor or the loss payee of any coinsurance under from becoming a co-insurer; or (iii) the policyamount determined by applicable federal or state law. In If the event a Mortgagor fails to provide Mortgage Loan hazard insurance policy coverage after thirty (30) days of Servicer's written notification, the Servicer may force place such hazard insurance coverage on the Mortgagor's behalf. Any out-of-pocket expense or advance made by the Servicer on such force placed hazard insurance coverage shall be in danger of being terminated, or in the event the insurer shall cease to be acceptable to Xxxxxx Xxx or Freddie Mac, the Company shall notify the Purchaser and the related Mortgagor, and shall use its best efforts, as permitted by Applicable Law, to obtain from another Qualified Insurer deemed a replacement hazard insurance policy substantially and materially similar in all respects to the original policy. In no event, however, shall a Mortgage Loan be without a hazard insurance policy at any time, subject only to Section 4.11 hereofServicing Advance. If upon origination of the Mortgage Loan, the related Mortgaged Property was located in an area identified in the Federal Register by the Flood Federal Emergency Management Agency ("FEMA") as having special flood hazards (and such flood insurance has been made available) a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect with a generally acceptable an insurance carrier acceptable to Xxxxxx Xxx or that meets the requirements of the Fannie Mae Guides and the Freddie Mac, Mac Guides in an amount representing coverage representixx xxxexxxe equal to the lesser of lxxxxx xf (i) the minimum amount required, under the terms of coverage, to compensate for any damage or loss on a replacement cost basis (or the unpaid balance of the mortgage if replacement cost coverage is not available for the type of building insured) ), and (ii) the maximum amount of insurance which is available under the Flood Disaster Protection Act of 1973, as amended. If at any time during the term of the Mortgage Loan, the Servicer determines in accordance with applicable law and pursuant to the FEMA Guides that a Mortgaged Property is located in a special flood hazard area and is not covered by flood insurance or is covered in an amount less than the amount required by the Flood Disaster Protection Act of 1973, as amended, the Servicer shall notify the related Mortgagor to obtain such flood insurance coverage, and if said Mortgagor fails to obtain the required flood insurance coverage within forty-five (45) days after such notification, the Servicer shall immediately force place the required flood insurance on the Mortgagor's behalf. Any out-of-pocket expense or advance made by the Servicer on such force placed flood insurance coverage shall be deemed a Servicing Advance. If a Mortgage is secured by a unit in a condominium project, the Company Servicer shall verify that the coverage required of the owner’s Owner's association, including hazard, flood, liability, and fidelity coverage, coverage is being maintained in accordance with then the current Xxxxxx Xxx or Freddie Mac Fannie Mae requirements, and secure from the owner’s Owner's association its agreement xxxxxmxxx to notify the Company Servicer promptly of any change in the insurance coverage or of any condemnation or casualty loss that may have a material effect on the value of the Mortgaged Property as security. In the event that any Purchaser the Owner or the Company Servicer shall determine that the Mortgaged Property should be insured against loss or damage by hazards and risks not covered by the insurance required to be maintained by the Mortgagor pursuant to the terms of the Mortgage, the Company shall Servicer may, at its discretion, communicate and consult with the Mortgagor with respect to the need for such insurance and bring to the Mortgagor’s 's attention the desirability of protection of the Mortgaged Property. All policies required hereunder shall name the Company Servicer as loss payee and shall be endorsed with standard or union mortgagee clauses, without contribution, which shall provide for at least 30 thirty (30) days prior written notice of any cancellation, reduction in amount or material change in coverage. The Company Servicer shall not interfere with the Mortgagor’s 's freedom of choice in selecting either his insurance carrier or agent, provided, however, that the Company Servicer shall not accept any such insurance policies from insurance companies unless such companies are acceptable to Xxxxxx Xxx under the Fannie Mae Guides and Freddie Mac Guides and are licensed to do business in the jurisdiction in which the Mortgaged Property is located. The Company Servicer shall determine that such policies provide sufficient risk coverage and amounts, that they insure the property ownerproperty, and that they properly describe the property address. The Servicer shall furnish to the Mortgagor a formal notice of expiration of any such insurance in conformance with Servicer's standard practices; provided, however, that in the event that no such notice is furnished by the Servicer, the Servicer shall ensure that replacement insurance policies (whether forced placed or other insurance policies) are in place with the required coverage and the Servicer shall be solely liable for any losses in the event coverage is not provided. Pursuant to Section 4.43.04 of this Agreement, any amounts collected by the Company Servicer under any such policies (other than amounts to be deposited in the Escrow Account and applied to the restoration or repair of the related Mortgaged Property, or property acquired in liquidation of the Mortgage Loan, or to be released to the Mortgagor, in accordance with the Company’s Servicer's normal servicing Servicing procedures as specified in Section 4.43.14 of this Agreement) shall be deposited in the Custodial Collection Account subject to withdrawal pursuant to Section 4.53.05 of this Agreement.

Maintenance of Hazard Insurance. The Company Servicer shall cause to be maintained for each Mortgage Loan fire and hazard insurance such that all buildings upon the Mortgaged Property are insured by an insurer acceptable to Xxxxxx Xxx or Freddie Mac, against loss by fire, hazards of with extended coverage and such other hazards as are customary in the area where the Mortgaged Property is located, in an amount which is at least equal located that conforms to the lesser requirements of (a) 100% the insurable value, on a replacement cost basis, of the improvements on the related Mortgaged Property and (b) the greater of (i) the outstanding principal balance of the Mortgage Loan or (ii) an amount such that the proceeds of such insurance shall be sufficient to prevent the application of the Mortgagor or the loss payee of any coinsurance under the policy. In the event a hazard insurance policy shall be in danger of being terminated, or in the event the insurer shall cease to be acceptable to Xxxxxx Xxx Fannie Mae or Freddie Mac, the Company shall notify the Purchaser and the related Mortgagor, and shall use its best efforts, as permitted by Applicable Law, to obtain from another Qualified Insurer a replacement hazard insurance policy substantially and materially similar in all respects to the original policy. In no event, however, shall a Mortgage Loan be without a hazard insurance policy at any time, subject only to Section 4.11 hereof. If upon origination of the Mortgage Loan, the related Mortgaged Property was located is in an area identified xxxx ixxxtifixx xx xhe Federal Register by the Flood Federal Emergency Management Agency as having special flood hazards (and such flood insurance has been made available) the Servicer will cause to be maintained a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect with a generally acceptable insurance carrier acceptable to Xxxxxx Xxx Fannie Mae or Freddie Mac. The Servicer shall maintain on eacx XXX Property xxxx xnd hazard insurance with extended coverage, in an amount representing coverage with respect to such hazards which is at least equal to the lesser of (i) the minimum amount required, under the terms of coverage, to compensate for any damage or loss on a full replacement cost basis (or the unpaid balance of the mortgage if replacement cost coverage is not available for improvements which are a part of such REO Property and shall indemnify and hold harmless the type of building insured) and (ii) the maximum amount of insurance which is available under the Flood Disaster Protection Act of 1973, as amended. If a Mortgage is secured by a unit in a condominium project, the Company shall verify that the coverage required of the owner’s association, including hazard, flood, liability, and fidelity coverage, is being maintained in accordance with then current Xxxxxx Xxx or Freddie Mac requirements, secure from the owner’s association its agreement to notify the Company promptly of any change in the insurance coverage or of any condemnation or casualty loss that may have a material effect on the value of the Mortgaged Property as security. In the event that any Purchaser or the Company shall determine that the Mortgaged Property should be insured against loss or damage by hazards and risks not covered by the insurance required to be maintained by the Mortgagor pursuant to the terms of the Mortgage, the Company shall communicate and consult with the Mortgagor Owner with respect to the need for such insurance and bring to the Mortgagor’s attention the desirability liabilities in connection therewith in an amount of protection of the Mortgaged Property. All policies required hereunder shall name the Company as loss payee and shall be endorsed with standard or union mortgagee clauses, without contribution, which shall provide for at least 30 days prior written notice of any cancellation, reduction in amount or material change in coverage. The Company shall not interfere with the Mortgagor’s freedom of choice in selecting either his insurance carrier or agent, provided, however, that the Company shall not accept any such insurance policies from insurance companies unless such companies are acceptable to Xxxxxx Xxx $1 million per occurrence and Freddie Mac and are licensed to do business $2 million in the jurisdiction in which the Mortgaged Property is locatedaggregate. The Company shall determine that such policies provide sufficient risk coverage and amounts, that they insure the property owner, and that they properly describe the property address. Pursuant to Section 4.4, any Any amounts collected by the Company Servicer under any such policies (other than amounts to be deposited in the Escrow Account and applied to the restoration or repair of the property subject to the related Mortgaged Property, Mortgage or property acquired in liquidation of the Mortgage Loan, or to be released to the Mortgagor, Mortgagor in accordance with the Company’s normal servicing procedures as specified in Section 4.4Accepted Servicing Procedures) shall be deposited in the Custodial Account Account, subject to withdrawal pursuant to Section 4.5Subsection 11.05. It is understood and agreed that no earthquake or other additional insurance need be required by the Servicer of any Mortgagor or maintained on REO Property other than pursuant to such applicable laws and regulations as shall at any time be in force and as shall require such additional insurance. All policies required hereunder shall be endorsed with standard mortgagee clauses with loss payable to Servicer, and shall provide for at least thirty (30) days prior written notice of any cancellation, reduction in amount or material change in coverage to the Servicer. The Servicer shall not interfere with the Mortgagor's freedom of choice in selecting either its insurance carrier or agent; provided, however, that the Servicer shall not accept any such insurance policies that do not conform to the requirements of Fannie Mae or Freddie Mac.

Maintenance of Hazard Insurance. The Company shall cause to be maintained for each Mortgage Loan hazard insurance such that all buildings upon the Mortgaged Property are insured by an insurer acceptable to Xxxxxx Xxx Fannie Mae or Freddie Mac, Mac against loss by fire, hazards of extended coverage and such extexxxx xoxxxage xxx xxxh other hazards as are customary in the area where the Mortgaged Property is located, in an amount which is at least equal to the lesser of (ai) 100% of the insurable value, value on a replacement cost basis, basis of the improvements on the related Mortgaged Property securing such Mortgage Loan and (bii) the greater of (ia) the outstanding principal balance of the Mortgage Loan or and (iib) an amount such that the proceeds of such insurance shall be sufficient to prevent the application of to the Mortgagor or the loss payee of any coinsurance clause under the policy. In the event a hazard insurance policy shall be in danger of being terminated, or in the event the insurer shall cease to be acceptable to Xxxxxx Xxx Fannie Mae or Freddie Mac, the Company shall notify the Purchaser and Purchasxx xxx the related Mortgagorrelxxxx Xxrtgagor, and shall use its best efforts, as permitted by Applicable Lawapplicable law, to obtain from another Qualified Insurer qualified insurer a replacement hazard insurance policy substantially and materially similar in all respects to the original policy. In no event, however, shall a Mortgage Loan be without a hazard insurance policy at any time, subject only to Section 4.11 hereof. If upon origination of the Mortgage Loan, the related Mortgaged Property was is located in an area identified by the Flood Federal Emergency Management Agency as having special flood hazards (and such flood insurance has been made available) the Company shall cause the Mortgagor to maintain a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect with a generally acceptable insurance carrier acceptable to Xxxxxx Xxx Fannie Mae or Freddie Mac, Mac in an amount representing coverage equal to eqxxx xx the lesser of lesxxx xx (i) the minimum amount required, under the terms of coverage, to compensate for any damage or loss on a replacement cost basis (or the unpaid balance of the mortgage if replacement cost coverage is not available for the type of building insured) and (ii) the maximum amount of insurance which is available under the Flood Disaster Protection Act of 1973, as amended. If at any time during the term of the Mortgage Loan, the Company determines, in accordance with applicable law, that a Mortgaged Property is located in a special flood hazard area and is not covered by flood insurance or is covered in an amount less than the amount required by the Flood Disaster Protection Act of 1973, as amended, the Company shall notify the related Mortgagor that the Mortgagor must obtain such flood insurance coverage, and if said Mortgagor fails to obtain the require flood insurance coverage within forty-five (45) days after such notification, the Company shall immediately force place the required flood insurance on the Mortgagor's behalf. If a Mortgage is secured by a unit in a condominium project, the Company shall verify that the coverage required of the owner’s 's association, including hazard, flood, liability, and fidelity coverage, is being maintained in accordance with then current Xxxxxx Xxx or Freddie Mac Fannie Mae requirements, and secure from the owner’s association its 's associatiox xxx agreement to notify the Company promptly of any change in the insurance coverage or of any condemnation or casualty loss that may have a material effect on the value of the Mortgaged Property as security. In the event that any Purchaser or the Company shall determine that the Mortgaged Property should be insured against loss or damage by hazards and risks not covered by the insurance required to be maintained by the Mortgagor pursuant to the terms of the Mortgage, the Company shall communicate and consult with the Mortgagor with respect to the need for such insurance and bring to the Mortgagor’s 's attention the desirability required amount of protection of coverage for the Mortgaged PropertyProperty and if the Mortgagor does not obtain such coverage, the Company shall immediately force place the required coverage on the Mortgagor's behalf. All policies required hereunder shall name the Company as loss payee and shall be endorsed with standard or union mortgagee clauses, without contribution, which shall provide for at least 30 days prior written notice of any cancellation, reduction in amount or material change in coverage. The Company shall not interfere with the Mortgagor’s 's freedom of choice in selecting either his insurance carrier or agent, provided, however, that the Company shall not accept any such insurance policies from insurance companies unless such companies are acceptable to Xxxxxx Xxx Fannie Mae and Freddie Mac and are licensed to do business in the jurisdiction in which txx xxxixxxction xx xxxch the Mortgaged Property is located. The Company shall determine that such policies provide sufficient risk coverage and amounts, that they insure the property owner, and that they properly describe the property address. Pursuant to Section 4.44.04, any amounts collected by the Company under any such policies (other than amounts to be deposited in the Escrow Account and applied to the restoration or repair of the related Mortgaged Property, or property acquired in liquidation of the Mortgage Loan, or to be released to the Mortgagor, in accordance with the Company’s 's normal servicing procedures as specified in Section 4.44.14) shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.54.05.

Maintenance of Hazard Insurance. The Company Servicer shall cause to be maintained for each Mortgage Loan hazard insurance such that all buildings upon the Mortgaged Property are insured by an insurer acceptable to Xxxxxx Xxx that conforms with the Fxxxxx Mxx Guides and Fxxxxxx Mac Guides or Freddie Mac, has a General Policy rating of B:III or better from Best’s Key Rating Guide against loss by fire, hazards of extended coverage and such other hazards as are customary in required to be insured pursuant to the area where the Mortgaged Property is locatedFxxxxx Mxx Guides or Fxxxxxx Mac Guides, in an amount which is at least equal to the lesser of least of: (ai) 100% of the maximum insurable value, on a replacement cost basis, value of the improvements on the related Mortgaged Property and securing such Mortgage Loan; or (bii) the greater of (ia) the outstanding principal balance of the Mortgage Loan or and (iib) an amount such that the proceeds of such insurance thereof shall be sufficient to prevent the application of the Mortgagor or the loss payee of any coinsurance under from becoming a co-insurer; or (iii) the policyamount determined by applicable federal or state law. In If the event a Mortgagor fails to provide Mortgage Loan hazard insurance policy coverage after thirty (30) days of Servicer’s written notification, the Servicer may force place such hazard insurance coverage on the Mortgagor’s behalf. Any reasonable out-of-pocket expense or advance made by the Servicer on such force placed hazard insurance coverage shall be in danger of being terminated, or in the event the insurer shall cease to be acceptable to Xxxxxx Xxx or Freddie Mac, the Company shall notify the Purchaser and the related Mortgagor, and shall use its best efforts, as permitted by Applicable Law, to obtain from another Qualified Insurer deemed a replacement hazard insurance policy substantially and materially similar in all respects to the original policy. In no event, however, shall a Mortgage Loan be without a hazard insurance policy at any time, subject only to Section 4.11 hereofServicing Advance. If upon origination of the Mortgage Loan, the related Mortgaged Property was located in an area identified in the Federal Register by the Flood Federal Emergency Management Agency (“FEMA”) as having special flood hazards (and such flood insurance has been made available) a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect with a generally acceptable an insurance carrier acceptable to Xxxxxx Xxx or Freddie Mac, that meets the requirements of the Fxxxxx Mxx Guides and the Fxxxxxx Mac Guides in an amount representing coverage equal to the lesser of (i) the minimum amount required, under the terms of coverage, to compensate for any damage or loss on a replacement cost basis (or the unpaid balance of the mortgage if replacement cost coverage is not available for the type of building insured) ), and (ii) the maximum amount of insurance which is available under the Flood Disaster Protection Act of 1973, as amended. If at any time during the term of the Mortgage Loan, the Servicer determines in accordance with applicable law and pursuant to the FEMA Guides that a Mortgaged Property is located in a special flood hazard area and is not covered by flood insurance or is covered in an amount less than the amount required by the Flood Disaster Protection Act of 1973, as amended, the Servicer shall notify the related Mortgagor to obtain such flood insurance coverage, and if said Mortgagor fails to obtain the required flood insurance coverage within forty-five (45) days after such notification, the Servicer shall immediately force place the required flood insurance on the Mortgagor’s behalf. Any reasonable out-of-pocket expense or advance made by the Servicer on such force placed flood insurance coverage shall be deemed a Servicing Advance. If a Mortgage is secured by a unit in a condominium project, the Company Servicer shall verify that the coverage required of the ownerOwner’s association, including hazard, flood, liability, and fidelity coverage, coverage is being maintained in accordance with then the current Xxxxxx Xxx or Freddie Mac Fxxxxx Mxx requirements, and secure from the ownerOwner’s association its agreement to notify the Company Servicer promptly of any change in the insurance coverage or of any condemnation or casualty loss that may have a material effect on the value of the Mortgaged Property as security. In the event that any Purchaser the Owner or the Company Servicer shall determine that the Mortgaged Property should be insured against loss or damage by hazards and risks not covered by the insurance required to be maintained by the Mortgagor pursuant to the terms of the Mortgage, the Company shall Servicer may, at its discretion, communicate and consult with the Mortgagor with respect to the need for such insurance and bring to the Mortgagor’s attention the desirability of protection of the Mortgaged Property. All policies required hereunder shall name the Company Servicer as loss payee and shall be endorsed with standard or union mortgagee clauses, without contribution, which shall provide for at least 30 thirty (30) days prior written notice of any cancellation, reduction in amount or material change in coverage. The Company Servicer shall not interfere with the Mortgagor’s freedom of choice in selecting either his insurance carrier or agent, provided, however, that the Company Servicer shall not accept any such insurance policies from insurance companies unless such companies are acceptable to Xxxxxx Xxx under the Fxxxxx Mae Guides and Freddie Fxxxxxx Mac Guides and are licensed to do business in the jurisdiction in which the Mortgaged Property is located. The Company Servicer shall determine that such policies provide sufficient risk coverage and amounts, that they insure the property ownerproperty, and that they properly describe the property address. The Servicer shall furnish to the Mortgagor a formal notice of expiration of any such insurance in conformance with Servicer’s standard practices; provided, however, that in the event that no such notice is furnished by the Servicer, the Servicer shall ensure that replacement insurance policies (whether forced placed or other insurance policies) are in place with the required coverage and the Servicer shall be solely liable for any losses in the event coverage is not provided. Pursuant to Section 4.43.04 of this Agreement, any amounts collected by the Company Servicer under any such policies (other than amounts to be deposited in the Escrow Account and applied to the restoration or repair of the related Mortgaged Property, or property acquired in liquidation of the Mortgage Loan, or to be released to the Mortgagor, in accordance with the CompanyServicer’s normal servicing Servicing procedures as specified in Section 4.43.14 of this Agreement) shall be deposited in the Custodial Collection Account subject to withdrawal pursuant to Section 4.53.05 of this Agreement.

Maintenance of Hazard Insurance. The Company Servicer shall cause to be maintained for each Mortgage Loan fire and hazard insurance such that all buildings upon the Mortgaged Property are insured by an insurer acceptable to Xxxxxx Xxx or Freddie Mac, against loss by fire, hazards of with extended coverage and such other hazards as are is customary in the area where the Mortgaged Property is located, located in an amount which that is at least equal to the lesser of (a) 100% the maximum insurable value, on a replacement cost basis, value of the improvements on the related Mortgaged Property securing such Mortgage Loan and (b) the greater of (i1) the outstanding principal balance Unpaid Principal Balance of the such Mortgage Loan or (ii2) an amount such that the proceeds of such insurance thereof shall be sufficient to prevent the application of the Mortgagor or and/or the loss payee of any coinsurance under the policy. In the event from becoming a hazard insurance policy shall be in danger of being terminated, or in the event the insurer shall cease to be acceptable to Xxxxxx Xxx or Freddie Mac, the Company shall notify the Purchaser and the related Mortgagor, and shall use its best efforts, as permitted by Applicable Law, to obtain from another Qualified Insurer a replacement hazard insurance policy substantially and materially similar in all respects to the original policy. In no event, however, shall a Mortgage Loan be without a hazard insurance policy at any time, subject only to Section 4.11 hereofco insurer. If upon origination of the Mortgage Loan, the related any Mortgaged Property was located is in an area identified by the Flood Federal Emergency Management Agency as having special flood hazards (and such flood insurance has been made available) , then the Servicer will cause to be maintained a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect with a generally acceptable insurance carrier acceptable to Xxxxxx Xxx rated "A" or better in Best's or in accordance with then current Fannie Mae, Freddie Mac, in an amount representing GNMA or VA guidelines, as applicable, ix xx xmxxxt xxxxxxxnting coverage equal to not less than the lesser of (ia) the minimum amount required, under the terms of coverage, to compensate for any damage or loss on a replacement cost basis (or the unpaid outstanding principal balance of the mortgage related Mortgage Loan if replacement cost coverage is not available for the type of building insured) and or (iib) the maximum amount of insurance which is available under the Flood Disaster Protection Act of 1973, as amended. If a Mortgage is secured by a unit in a condominium project, the Company shall verify amended (assuming that the coverage required of the owner’s association, including hazard, flood, liability, and fidelity coverage, is being maintained in accordance with then current Xxxxxx Xxx or Freddie Mac requirements, secure from the owner’s association its agreement to notify the Company promptly of any change in the insurance coverage or of any condemnation or casualty loss that may have a material effect on the value of the Mortgaged Property as security. In the event that any Purchaser or the Company shall determine that the Mortgaged Property should be insured against loss or damage by hazards and risks not covered by the insurance required to be maintained by the Mortgagor pursuant to the terms of the Mortgage, the Company shall communicate and consult with the Mortgagor with respect to the need for such insurance and bring to the Mortgagor’s attention the desirability of protection of the Mortgaged Property. All policies required hereunder shall name the Company as loss payee and shall be endorsed with standard or union mortgagee clauses, without contribution, which shall provide for at least 30 days prior written notice of any cancellation, reduction in amount or material change in coverage. The Company shall not interfere with the Mortgagor’s freedom of choice in selecting either his insurance carrier or agent, provided, however, that the Company shall not accept any such insurance policies from insurance companies unless such companies are acceptable to Xxxxxx Xxx and Freddie Mac and are licensed to do business in the jurisdiction area in which the such Mortgaged Property is locatedlocated is participating in such program). The Company shall determine that such policies provide sufficient risk coverage and amounts, that they insure If at any time during the property owner, and that they properly describe the property address. Pursuant to Section 4.4, any amounts collected by the Company under any such policies (other than amounts to be deposited in the Escrow Account and applied to the restoration or repair of the related Mortgaged Property, or property acquired in liquidation term of the Mortgage Loan, or to be released to the Mortgagor, Servicer determines in accordance with the Company’s normal servicing procedures as specified in Section 4.4) shall be deposited in the Custodial Account subject to withdrawal applicable law and pursuant to Section 4.5the then current Fannie Mae or Freddie Mac guidelines, as applicable, that a Mortxxxxx Property xx xxxated in a special flood hazard area and is not covered by flood insurance or is covered in an amount less than the amount required by the Flood Disaster Protection Act of 1973, as amended, the Servicer shall notify the related Mortgagor that the Mortgagor must obtain such flood insurance coverage, and if said Mortgagor fails to obtain the required flood insurance coverage within forty-five (45) days after such notification, the Servicer shall immediately force place the required flood insurance on the Mortgagor's behalf. The Servicer shall also maintain on each REO Property fire, hazard and liability insurance, and to the extent required and available under the Flood Disaster Protection Act of 1973, as amended, flood insurance with extended coverage in an amount which is at least equal to the lesser of (a) the maximum insurable value of the improvements which are a part of such property and (b) the outstanding principal balance of the related Mortgage Loan at the time it became an REO Property plus accrued interest at the Note Rate and related Servicing Advances.

Maintenance of Hazard Insurance. The Company Servicer shall cause to be maintained for each Mortgage Loan fire and hazard insurance such that all buildings upon the Mortgaged Property are insured by an insurer acceptable to Xxxxxx Xxx or Freddie Mac, against loss by fire, hazards of with extended coverage and such other hazards as are customary in the area where the Mortgaged Property is located, in an amount which is at least equal located that conforms to the lesser requirements of (a) 100% the insurable value, on a replacement cost basis, of the improvements on the related Mortgaged Property and (b) the greater of (i) the outstanding principal balance of the Mortgage Loan or (ii) an amount such that the proceeds of such insurance shall be sufficient to prevent the application of the Mortgagor or the loss payee of any coinsurance under the policy. In the event a hazard insurance policy shall be in danger of being terminated, or in the event the insurer shall cease to be acceptable to Xxxxxx Xxx Fannie Mae or Freddie Mac, the Company shall notify the Purchaser and the related Mortgagor, and shall use its best efforts, as permitted by Applicable Law, to obtain from another Qualified Insurer a replacement hazard insurance policy substantially and materially similar in all respects to the original policy. In no event, however, shall a Mortgage Loan be without a hazard insurance policy at any time, subject only to Section 4.11 hereof. If upon origination of the Mortgage Loan, the related Mortgaged Property was located is in an area identified xxxx xdxxxifiex xx xxe Federal Register by the Flood Federal Emergency Management Agency as having special flood hazards (and such flood insurance has been made available) the Servicer will cause to be maintained a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect with a generally acceptable insurance carrier acceptable to Xxxxxx Xxx Fannie Mae or Freddie Mac. The Servicer shall maintain on each XXX Xroperty xxxx xxd hazard insurance with extended coverage, in an amount representing coverage with respect to such hazards which is at least equal to the lesser of (i) the minimum amount required, under the terms of coverage, to compensate for any damage or loss on a full replacement cost basis (or the unpaid balance of the mortgage if replacement cost coverage is not available for improvements which are a part of such REO Property and shall indemnify and hold harmless the type of building insured) and (ii) the maximum amount of insurance which is available under the Flood Disaster Protection Act of 1973, as amended. If a Mortgage is secured by a unit in a condominium project, the Company shall verify that the coverage required of the owner’s association, including hazard, flood, liability, and fidelity coverage, is being maintained in accordance with then current Xxxxxx Xxx or Freddie Mac requirements, secure from the owner’s association its agreement to notify the Company promptly of any change in the insurance coverage or of any condemnation or casualty loss that may have a material effect on the value of the Mortgaged Property as security. In the event that any Purchaser or the Company shall determine that the Mortgaged Property should be insured against loss or damage by hazards and risks not covered by the insurance required to be maintained by the Mortgagor pursuant to the terms of the Mortgage, the Company shall communicate and consult with the Mortgagor Owner with respect to the need for such insurance and bring to the Mortgagor’s attention the desirability liabilities in connection therewith in an amount of protection of the Mortgaged Property. All policies required hereunder shall name the Company as loss payee and shall be endorsed with standard or union mortgagee clauses, without contribution, which shall provide for at least 30 days prior written notice of any cancellation, reduction in amount or material change in coverage. The Company shall not interfere with the Mortgagor’s freedom of choice in selecting either his insurance carrier or agent, provided, however, that the Company shall not accept any such insurance policies from insurance companies unless such companies are acceptable to Xxxxxx Xxx $1 million per occurrence and Freddie Mac and are licensed to do business $2 million in the jurisdiction in which the Mortgaged Property is locatedaggregate. The Company shall determine that such policies provide sufficient risk coverage and amounts, that they insure the property owner, and that they properly describe the property address. Pursuant to Section 4.4, any Any amounts collected by the Company Servicer under any such policies (other than amounts to be deposited in the Escrow Account and applied to the restoration or repair of the property subject to the related Mortgaged Property, Mortgage or property acquired in liquidation of the Mortgage Loan, or to be released to the Mortgagor, Mortgagor in accordance with the Company’s normal servicing procedures as specified in Section 4.4Accepted Servicing Procedures) shall be deposited in the Custodial Account Account, subject to withdrawal pursuant to Section 4.5Subsection 11.05. It is understood and agreed that no earthquake or other additional insurance need be required by the Servicer of any Mortgagor or maintained on REO Property other than pursuant to such applicable laws and regulations as shall at any time be in force and as shall require such additional insurance. All policies required hereunder shall be endorsed with standard mortgagee clauses with loss payable to Servicer, and shall provide for at least thirty (30) days prior written notice of any cancellation, reduction in amount or material change in coverage to the Servicer. The Servicer shall not interfere with the Mortgagor's freedom of choice in selecting either its insurance carrier or agent; provided, however, that the Servicer shall not accept any such insurance policies that do not conform to the requirements of Fannie Mae or Freddie Mac.

Maintenance of Hazard Insurance. The Company Servicer shall cause to be maintained for each Mortgage Loan Loan, hazard insurance such that all buildings upon the Mortgaged Property are insured by an a generally acceptable insurer acceptable to Xxxxxx Xxx or under the Fannie Mae Guides and Freddie Mac, against Mac Guixxx xxaxxxt loss by firefixx, hazards xxxards of extended coverage and such other hazards as are customary in required to be insured pursuant to the area where the Mortgaged Property is locatedFannie Mae Guides and Freddie Mac Guixxx, in an xn xx amount which is at whicx xx xx least equal to the lesser of (ai) 100% the maximum insurable value, on a replacement cost basis, value of the improvements on the related Mortgaged Property and securing such Mortgage Loan or (b) the greater of (iii) the outstanding principal balance of the Mortgage Loan or (ii) an provided that such amount such that the proceeds of such insurance shall be sufficient to prevent the application represents at least 80% of the Mortgagor or insurable value of the loss payee Mortgaged Property. If required by the National Flood Insurance Act of any coinsurance under the policy. In the event a hazard insurance policy shall be in danger of being terminated1968, or in the event the insurer shall cease to be acceptable to Xxxxxx Xxx or Freddie Macas amended, the Company shall notify the Purchaser and the related Mortgagoreach Mortgage Loan is, and shall use its best effortscontinue to be, as permitted covered by Applicable Law, to obtain from another Qualified Insurer a replacement hazard insurance policy substantially and materially similar in all respects to the original policy. In no event, however, shall a Mortgage Loan be without a hazard insurance policy at any time, subject only to Section 4.11 hereof. If upon origination of the Mortgage Loan, the related Mortgaged Property was located in an area identified by the Flood Emergency Management Agency as having special flood hazards (and such flood insurance has been made available) a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect with a generally acceptable insurance carrier acceptable to Xxxxxx Xxx or under the Fannie Mae Guides and Freddie Mac, in an Mac Guixxx xx xx amount representing reprexxxxxxx coverage equal to not less than the lesser of (i) the minimum amount required, under the terms of coverage, to compensate for any damage or loss on a replacement cost basis (or the aggregate unpaid principal balance of the mortgage if replacement cost coverage is not available for the type of building insured) Mortgage Loan and (ii) the maximum amount of insurance which is available under the National Flood Disaster Protection Insurance Act of 19731968, as amended (regardless of whether the area in which such Mortgaged Property is located is participating in such program. If a Mortgaged Property is located in a special flood hazard area and is not covered by flood insurance in the amount required by the National Flood Insurance Act of 1968, as amended, the Servicer shall notify the related Mortgagor that the Mortgagor must obtain such flood insurance coverage, and if said Mortgagor fails to obtain the required flood insurance coverage within forty five (45) days after such notification, the Servicer shall immediately force place the required flood insurance on the Mortgagor's behalf. If a Mortgage is secured by a unit in a condominium project, the Company Servicer shall verify that the coverage hazard and flood coverages required of the owner’s association, including hazard, flood, liability, and fidelity coverage, 's association is being maintained in accordance with then current Xxxxxx Xxx Fannie Mae requirements. If the Servixxx xxcxxxes a cancellation notice of property damage on an uninsured individual unit, the Servicer shall immediately respond. The Servicer shall cause to be maintained on each Mortgaged Property such other or Freddie Mac requirementsadditional insurance as may be required pursuant to such applicable laws and regulations as shall at any time be in force and shall require such additional insurance, secure from or pursuant to the owner’s association its agreement to notify the Company promptly requirements of any change in the insurance coverage private mortgage guaranty insurer, or of any condemnation or casualty loss that as may have a material effect on the value of the Mortgaged Property as securitybe required to conform with Accepted Servicing Practices. In the event that any Purchaser the Owner or the Company Servicer shall determine that the Mortgaged Property should be insured against loss or damage by hazards and risks not covered by the insurance required to be maintained by the Mortgagor pursuant to the terms of the Mortgage, the Company Servicer shall communicate and consult with the Mortgagor with respect to the need for such insurance and bring to the Mortgagor’s 's attention the desirability of protection of the Mortgaged Property. All policies required hereunder shall name the Company Servicer and its successors and assigns as a mortgagee and loss payee and shall be endorsed with non contributory standard or union New York mortgagee clauses, without contribution, clauses which shall provide for at least 30 days prior written notice of any cancellation, reduction in amount or material change in coverage. The Company Servicer shall not interfere with the Mortgagor’s 's freedom of choice in selecting either his insurance carrier or agent, provided, however, that the Company Servicer shall not accept any such insurance policies from insurance companies unless such companies are acceptable to Xxxxxx Xxx under the Fannie Mae Guides and Freddie Mac and Guixxx xxd are licensed to do business tx xx xxsiness in the jurisdiction in which the Mortgaged Property is located. The Company Servicer shall determine that such policies provide sufficient risk coverage and amountsamounts as required pursuant to the Fannie Mae Guides and Freddie Mac Guixxx, that xhat they insure the property xxx xxxperty owner, and that they properly describe the property address. The Servicer shall furnish to the Mortgagor a formal notice of expiration of any such insurance in conformance with the Servicer's standard practices; provided, however, that in the event that no such notice is furnished by the Servicer, the Servicer shall ensure that replacement insurance policies (whether forced placed or other insurance policies) are in place in the required coverages and the Servicer shall be solely liable for any losses in the event coverage is not provided. Pursuant to Section 4.4Sections 2.06 and 2.08, any amounts collected by the Company Servicer under any such policies (other than amounts to be deposited in the Escrow Account a suspense account and applied to the restoration or repair of the related Mortgaged Property, or property acquired in liquidation of the Mortgage Loan, or to be released to the Mortgagor, in accordance with the Company’s Servicer's normal servicing procedures as specified in Section 4.42.16) shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.52.07.

Maintenance of Hazard Insurance. The Company shall cause to be maintained for each Mortgage Loan hazard insurance such that all buildings upon the Mortgaged Property are insured by an insurer acceptable to Xxxxxx Xxx Fannie Mae or Freddie Mac, Mac against loss by fire, hazards of extended coverage xxxxxaxx and such other xxxx xxher hazards as are customary in the area where the Mortgaged Property is located, in an amount which is at least equal to the lesser of (ai) 100% of the insurable value, value on a replacement cost basis, basis of the improvements on the related Mortgaged Property securing such Mortgage Loan and (bii) the greater of (ia) the outstanding principal balance of the Mortgage Loan or and (iib) an amount such that the proceeds of such insurance shall be sufficient to prevent the application of to the Mortgagor or the loss payee of any coinsurance clause under the policy. In the event a hazard insurance policy shall be in danger of being terminated, or in the event the insurer shall cease to be acceptable to Xxxxxx Xxx Fannie Mae or Freddie Mac, the Company shall notify the Purchaser and the axx xxx related MortgagorXxxxxxgor, and shall use its best efforts, as permitted by Applicable Lawapplicable law, to obtain from another Qualified Insurer qualified insurer a replacement hazard insurance policy substantially and materially similar in all respects to the original policy. In no event, however, shall a Mortgage Loan be without a hazard insurance policy at any time, subject only to Section 4.11 hereof. If upon origination of the Mortgage Loan, the related Mortgaged Property was is located in an area identified by the Flood Federal Emergency Management Agency as having special flood hazards (and such flood insurance has been made available) the Company shall cause the Mortgagor to maintain a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect with a generally acceptable insurance carrier acceptable to Xxxxxx Xxx Fannie Mae or Freddie Mac, Mac in an amount representing coverage equal to the xx xxx lesser of xx (ix) the minimum amount required, under the terms of coverage, to compensate for any damage or loss on a replacement cost basis (or the unpaid balance of the mortgage if replacement cost coverage is not available for the type of building insured) and (ii) the maximum amount of insurance which is available under the Flood Disaster Protection Act of 1973, as amended. If at any time during the term of the Mortgage Loan, the Company determines, in accordance with applicable law, that a Mortgaged Property is located in a special flood hazard area and is not covered by flood insurance or is covered in an amount less than the amount required by the Flood Disaster Protection Act of 1973, as amended, the Company shall notify the related Mortgagor that the Mortgagor must obtain such flood insurance coverage, and if said Mortgagor fails to obtain the require flood insurance coverage within forty-five (45) days after such notification, the Company shall immediately force place the required flood insurance on the Mortgagor's behalf. If a Mortgage is secured by a unit in a condominium project, the Company shall verify that the coverage required of the owner’s 's association, including hazard, flood, liability, and fidelity coverage, is being maintained in accordance with then current Xxxxxx Xxx or Freddie Mac Fannie Mae requirements, and secure from the owner’s 's association its agreement itx xxxxement to notify the Company promptly of any change in the insurance coverage or of any condemnation or casualty loss that may have a material effect on the value of the Mortgaged Property as security. In the event that any Purchaser or the Company shall determine that the Mortgaged Property should be insured against loss or damage by hazards and risks not covered by the insurance required to be maintained by the Mortgagor pursuant to the terms of the Mortgage, the Company shall communicate and consult with the Mortgagor with respect to the need for such insurance and bring to the Mortgagor’s 's attention the desirability required amount of protection of coverage for the Mortgaged PropertyProperty and if the Mortgagor does not obtain such coverage, the Company shall immediately force place the required coverage on the Mortgagor's behalf. All policies required hereunder shall name the Company as loss payee and shall be endorsed with standard or union mortgagee clauses, without contribution, which shall provide for at least 30 thirty (30) days prior written notice of any cancellation, reduction in amount or material change in coverage. The Company shall not interfere with the Mortgagor’s 's freedom of choice in selecting either his insurance carrier or agent, provided, however, that the Company shall not accept any such insurance policies from insurance companies unless such companies are acceptable to Xxxxxx Xxx Fannie Mae and Freddie Mac and are licensed to do business in the jurisdiction jxxxxxxcxxxn in which the xxxxx xhe Mortgaged Property is located. The Company shall determine that such policies provide sufficient risk coverage and amounts, that they insure the property owner, and that they properly describe the property address. Pursuant to Section 4.44.04, any amounts collected by the Company under any such policies (other than amounts to be deposited in the Escrow Account and applied to the restoration or repair of the related Mortgaged Property, or property acquired in liquidation of the Mortgage Loan, or to be released to the Mortgagor, in accordance with the Company’s 's normal servicing procedures as specified in Section 4.44.14) shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.54.05.

Maintenance of Hazard Insurance. The Company shall cause to be maintained for each Mortgage Loan hazard insurance such that all buildings upon the Mortgaged Property are insured by an insurer acceptable to Xxxxxx Xxx Fannie Mae or Freddie Mac, Mac against loss by fire, hazards of extended coverage covxxxxx and such other xxxxx hazards as are customary in the area where the Mortgaged Property is locatedlocated or as required by the Fannie Mae Guides or Freddie Mac Sellers' & Servicers' Guide, in an amount which amoxxx xxich is at least equal to the lesser xxxxx xx xxx xxxxxr of (ai) 100% the maximum insurable value, on a replacement cost basis, value of the improvements on the related Mortgaged Property securing such Mortgage Loan and (bii) the greater of (ia) the outstanding principal balance of the Mortgage Loan or and (iib) an amount such that the proceeds of such insurance thereof shall be sufficient to prevent the application of the Mortgagor or the loss payee of any coinsurance under the policyfrom becoming a co-insurer. In the event a hazard insurance policy shall be in danger of being terminated, or in the event the insurer shall cease to be acceptable to Xxxxxx Xxx Fannie Mae or Freddie Mac, the Company shall notify the Purchaser and the related Mortgagortxx xxxated Morxxxxxx, and shall use its best efforts, as permitted by Applicable Lawapplicable law, to obtain from another Qualified Insurer qualified insurer a replacement hazard insurance policy substantially and materially similar in all respects to the original policy. In no event, however, shall a Mortgage Loan be without a hazard insurance policy at any time, subject only to Section 4.11 hereof. If upon origination of the Mortgage Loan, the related Mortgaged Property was located in an area identified by the Flood Emergency Management Agency as having special flood hazards (and such flood insurance has been made available) a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect with a generally acceptable insurance carrier acceptable to Xxxxxx Xxx Fannie Mae or Freddie Mac, Mac in an amount representing coverage equal to the lesser txx xxxser of (ix) xxx aggregate unpaid principal balance of the Mortgage Loan, (ii) the minimum amount required, under the terms of coverage, to compensate for any damage or loss on a replacement cost basis (or the unpaid balance of the mortgage if replacement cost coverage is not available for the type of building insured) and (iiiii) the maximum amount of insurance which is available under the Flood Disaster Protection Act of 1973, as amended. If at any time during the term of the Mortgage Loan, the Company determines in accordance with the applicable law and pursuant to the Fannie Mae guide, that the Mortgaged Property is located in a special fxxxx xazard area and is not covered by flood insurance meeting the requirements of the Flood Disaster Protection Act of 1973, as amended, the Company shall notify the related Mortgagor that they must obtain such flood insurance coverage and if the Mortgagor fails to provide proof of such coverage within forty-five (45) days of such notice, the Company shall force place the required flood insurance on the Mortgagor's behalf. If a Mortgage is secured by a unit in a condominium project, the Company shall verify that the coverage required of the owner’s 's association, including hazard, flood, liability, and fidelity coverage, is being maintained in accordance with then current Xxxxxx Xxx or Freddie Mac Fannie Mae requirements, and secure from the owner’s 's association its agreement to agxxxxxxt xx notify the Company promptly of any change in the insurance coverage or of any condemnation or casualty loss that may have a material effect on the value of the Mortgaged Property as security. In the event that any Purchaser or the Company shall determine that the Mortgaged Property should be insured against loss or damage by hazards and risks not covered by the insurance required to be maintained by the Mortgagor pursuant to the terms of the Mortgage, the Company shall communicate and consult with the Mortgagor with respect to the need for such insurance and bring to the Mortgagor’s 's attention the desirability of protection of the Mortgaged Property. All policies required hereunder shall name the Company as loss payee and shall be endorsed with standard or union mortgagee clauses, without contribution, which shall provide for at least 30 days prior written notice of any cancellation, reduction in amount or material change in coverage. The Company shall not interfere with the Mortgagor’s 's freedom of choice in selecting either his insurance carrier or agent, provided, however, that the Company shall not accept any such insurance policies from insurance companies unless such companies are acceptable to Xxxxxx Xxx Fannie Mae and Freddie Mac and are licensed to do business in the jurisdiction jurisxxxxxxn in which the Mortgaged whicx xxx Xortgaged Property is located. The Company shall determine that such policies provide sufficient risk coverage and amounts, that they insure the property owner, and that they properly describe the property address. Pursuant to Section 4.44.04, any amounts collected by the Company under any such policies (other than amounts to be deposited in the Escrow Account and applied to the restoration or repair of the related Mortgaged Property, or property acquired in liquidation of the Mortgage Loan, or to be released to the Mortgagor, in accordance with the Company’s 's normal servicing procedures as specified in Section 4.44.14) shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.54.05.