Common use of Maintenance of Insurance Policies Clause in Contracts

Maintenance of Insurance Policies. (a) The Master Servicer shall use Reasonable Efforts to cause the Borrower of each Mortgage Loan to maintain for each Mortgage Loan such insurance as is required to be maintained pursuant to the related Mortgage Loan Documents. If the Borrower fails to maintain such insurance, then the Master Servicer shall notify the Owner of such breach and, to the extent available at commercially reasonable rates and the Owner, as mortgagee, has an insurable interest, cause to be maintained (i) fire and hazard insurance with extended coverage in an amount which is at least equal to the lesser of the current principal balance of such Mortgage Loan and the replacement cost of the improvements which are a part of the related Mortgaged Property and (ii) to the extent that the Mortgaged Property is located in a federally designated special flood hazard area, flood insurance in respect thereof. Such flood insurance shall be in an amount equal to the lesser of (y) the unpaid principal balance of the related Mortgage Loan or (z) the maximum amount of such insurance as is available for the related Mortgaged Property under the National Flood Insurance Act. After notifying the Owner pursuant to the second preceding sentence, the Master Servicer shall take such action as the Owner reasonably requests with respect to the maintenance of any other forms of insurance which are required to be maintained pursuant to the related Mortgage Loan Documents, except to the extent that such insurance is not available at commercially reasonable rates or the Owner, as mortgagee, does not have an insurable interest. The Master Servicer shall, to the extent available at commercially reasonable rates and the Owner, as mortgagee, has an insurable interest, maintain for each REO Property no less insurance coverage than was previously required with respect to the related Mortgaged Property or as may be required at any time by the Owner in writing. All such policies shall be endorsed with standard mortgagee clauses with loss payable to the Owner, and shall be in an amount sufficient to avoid the application of any co-insurance clause. The costs of maintaining the insurance policies which the Master Servicer is required to maintain pursuant to this Section shall be paid by the Master Servicer as a Servicing Expense in accordance with Sections 3.03 and 5.02, provided, that the cost of maintaining insurance with respect to each REO Property shall be paid pursuant to Section 3.11. (b) The Master Servicer may fulfill its obligation to maintain insurance, as provided in Section 3.05(a), through a master force placed insurance policy, the cost of which shall be paid by the Master Servicer as a Servicing Expense in accordance with Sections 3.03 and 5.02, provided that such cost is limited to the incremental cost of such policy allocable to such Mortgaged Property or REO Property (i.e., other than any minimum or standby premium payable for such policy whether or not any Mortgaged Property is then covered thereby, which shall be paid by the Master Servicer). Such master force placed insurance policy may contain a deductible clause, in which case the Master Servicer shall, in the event that there shall not have been maintained on the related Mortgaged Property or REO Property a policy otherwise complying with the provisions of Section 3.05(a), and there shall have been one or more losses which would have been covered by such a policy had it been maintained, immediately deposit into the related Collection Account from its own funds the amount not otherwise payable under the master force placed insurance policy because of such deductible to the extent that such deductible exceeds the deductible limitation required under the related Mortgage Loan Documents, or, in the absence of such deductible limitation, the deductible limitation which is consistent with Accepted Servicing Practices. (c) The Master Servicer shall maintain at its own expense a fidelity bond in form and amount that is consistent with Accepted Servicing Practices. In addition, the Master Servicer shall keep in force, at its own expense during the term of this Agreement, a policy or policies of insurance in form and amounts that are consistent with Accepted Servicing Practices, covering loss occasioned by the errors and omissions of the Master Servicer’s officers and employees in connection with its obligations hereunder. (d) As long as Master Servicer has a corporate rating of “A-” (or such comparable rating), Master Servicer may comply with this Section of the Agreement by purchasing such bond or insurance, by self-insuring for these items or a combination of the above.

Maintenance of Insurance Policies. (a) The Master Other than with respect to Third Party Serviced Loans, the Servicer shall use Reasonable Efforts its best efforts to cause the Borrower of each Mortgage Loan to maintain for each Mortgage Loan such insurance as is Obligor required to be maintained do so pursuant to the related Underlying Instruments to maintain in respect of the related Mortgaged Property all insurance coverage as is required under the related Mortgage; provided, that if any Mortgage Loan Documentspermits the holder thereof to dictate to the Obligor the insurance coverage to be maintained on such Mortgaged Property, the Servicer shall impose such insurance requirements as are consistent with the Servicing Standard and the Credit and Collection Policy. If the Borrower an Obligor fails to maintain such insurance, then the Master Servicer shall notify the Owner of such breach and, (to the extent available at commercially reasonable rates terms as reasonably determined by the Servicer, which shall be entitled to rely on an opinion of counsel or insurance consultants in making such determination) obtain such insurance (which may be through a master or single interest policy) and the Ownercost (including any deductible relating to such insurance and any out-of-pocket cost incurred by the Servicer in obtaining advice of counsel or insurance consultants) of such insurance (or in the case of a master or single interest policy, as mortgageethe incremental cost (including any deductible relating to such insurance) of such insurance relating to the specific Mortgaged Property), has an insurable interestshall be a Servicer Advance and shall be reimbursable to the Servicer in accordance with Section 2.10(a)(ii) and (vii) and Section 2.11(a)(ii) and (vii); provided, that the Servicer shall not be required to incur any such cost if such Servicer Advance would constitute a Nonrecoverable Advance. The Servicer shall also cause to be maintained for each REO Property (i) fire and hazard insurance with extended coverage in an amount which is at least equal to the lesser of the current principal balance of such Mortgage Loan and the replacement cost of the improvements which are a part of the related Mortgaged Property and (ii) to the extent that the Mortgaged Property is located in a federally designated special flood hazard area, flood insurance in respect thereof. Such flood insurance shall be in an amount equal to the lesser of (y) the unpaid principal balance of the related Mortgage Loan or (z) the maximum amount of such insurance as is available for the related Mortgaged Property under the National Flood Insurance Act. After notifying the Owner pursuant to the second preceding sentence, the Master Servicer shall take such action as the Owner reasonably requests with respect to the maintenance of any other forms of insurance which are required to be maintained pursuant to the related Mortgage Loan Documents, except to the extent that such insurance is not available at commercially reasonable rates or the Owner, as mortgagee, does not have an insurable interest. The Master Servicer shall, to the extent available at commercially reasonable rates and the Owner, as mortgagee, has an insurable interest, maintain for each REO Property terms) no less insurance coverage than was previously required with respect to of the Obligor under the related Mortgaged Property Mortgage or as may be required at any time by is consistent with the Owner in writing. All such policies shall be endorsed with standard mortgagee clauses with loss payable to Servicing Standard and the Owner, Credit and shall be in an amount sufficient to avoid the application of any co-insurance clause. The costs of maintaining the insurance policies which the Master Servicer is required to maintain pursuant to this Section shall be paid by the Master Servicer as a Servicing Expense in accordance with Sections 3.03 and 5.02, provided, that the cost of maintaining insurance with respect to each REO Property shall be paid pursuant to Section 3.11Collection Policy. (b) The Master If at any time a Mortgaged Property is located in an area identified in the Flood Hazard Boundary Map or Flood Insurance Rate Map issued by the Federal Emergency Management Agency as having special flood hazards or it becomes located in such area by virtue of remapping conducted by such agency (and flood insurance has been made available), the Servicer may fulfill shall, if and to the extent that the Loan requires the Obligor or permits the mortgagee to require the Obligor to do so, use its best efforts to cause the related Obligor to maintain a flood insurance policy meeting the requirements of the current guideline of the Federal Insurance Administration in the maximum amount of insurance coverage available under the National Flood Insurance Act of 1968, the Flood Disaster Protection Act of 1973 or the National Flood Insurance Reform Act of 1994, as amended, unless otherwise specified by the related Loan. If (i) the Obligor is required by the terms of the Loan to maintain such insurance (or becomes obligated by virtue of the related Mortgaged Property becoming located in such area by virtue of such remapping) or (ii) the terms of the Loan permit the mortgagee to require the Obligor to obtain such insurance, the Servicer shall promptly notify the Obligor of its obligation to maintain obtain such insurance. If the Obligor fails to obtain such flood insurance within 120 days of such notification, as provided in Section 3.05(a), through a master force placed insurance policythe Servicer shall obtain such insurance, the cost of which shall be paid by a Servicer Advance and shall be reimbursable to the Master Servicer as a Servicing Expense in accordance with Sections 3.03 Section 2.10(a)(ii) and 5.02(vii) and Section 2.11(a)(ii) and (vii); provided, provided that the Servicer shall not be required to incur any such cost is limited if such Servicer Advance would constitute a Nonrecoverable Advance. (c) All Insurance Policies maintained by the Servicer shall (i) contain “standard” mortgagee clause, with loss payable to the incremental Servicer on behalf of the Secured Parties (in the case of insurance maintained in respect of Loans other than REO Properties), (ii) be in the name of the Servicer on behalf of the Secured Parties in the case of insurance maintained in respect of REO Properties, (iii) include coverage in an amount not less than the lesser of (x) the full replacement cost of the improvements securing the Mortgaged Property or the REO Property, as applicable, or (y) the outstanding principal balance owing on the related Loan or REO Loan, as applicable, and in any event, the amount necessary to avoid the operation of any co-insurance provisions, (iv) include a replacement cost endorsement providing no deduction for depreciation (unless such endorsement is not permitted under the related loan documents), (v) be noncancellable without 30 days’ prior written notice to the insured party (except in the case of nonpayment, in which case such policy allocable shall not be cancelled without 10 days prior notice) and (vi) be issued by a Qualified Insurer authorized under applicable law to issue such Insurance Policies. Any amounts collected by the Servicer under any such policies (other than amounts to be applied to the restoration or repair of the related Mortgaged Property or REO Property or amounts to be released to the related Obligor, in each case in accordance with Applicable Law, the terms of the related Underlying Instruments and the Servicing Standard) shall be deposited in the Collection Account. Any cost incurred by the Servicer in maintaining any such insurance shall not, for purposes hereof, be added to the outstanding principal balance of the related Loan, notwithstanding that the terms of such Loan so permit, but shall be reimbursable by the Servicer as a Servicer Advance in accordance with Section 2.10(a)(ii) and (i.e.vii) and Section 2.11(a)(ii) and (vii). (d) If the Servicer obtains and maintains with a Qualified Insurer a blanket policy insuring against hazard losses on all of the Mortgaged Properties and/or REO Properties for which it is responsible to cause the maintenance of insurance hereunder, other than any minimum or standby premium payable for then, to the extent such policy whether provides protection equivalent to the individual policies otherwise required, the Servicer, shall conclusively be deemed to have satisfied its obligation to cause hazard insurance to be maintained on such Mortgaged Properties and/or REO Properties. Such policy may contain a deductible clause (not in excess of a customary amount), in which case the Servicer shall, if there shall not have been maintained on a Mortgaged Property or an REO Property a hazard insurance policy complying with the requirements of this Section 6.7, and there shall have been one or more losses which would have been covered by such policy, promptly deposit into the Collection Account from its own funds the amount not otherwise payable under the blanket policy because of such deductible clause to the extent that any such deductible exceeds the deductible limitation that pertained to the related Loan, or, in the absence of any such deductible limitation, the deductible limitation which is consistent with the Servicing Standard. The Servicer agrees to prepare and present, on behalf of itself, the Trustee, the Administrative Agent and the Secured Parties, claims under any such blanket policy maintained by it in a timely fashion in accordance with the terms of such policy. (e) If the Servicer causes any Mortgaged Property is then or REO Property to be covered thereby, which shall be paid by the Master Servicer). Such a master force placed insurance policy issued by a Qualified Insurer, which provides protection equivalent to the individual policies otherwise required, the Servicer shall conclusively be deemed to have satisfied its obligations to cause hazard insurance to be maintained on such Mortgaged Properties and/or REO Properties. Such policy may contain a deductible clause, in which case the Master Servicer shall, in the event that (i) there shall not have been maintained on the related Mortgaged Property or REO Property a policy otherwise complying with the provisions of this Section 3.05(a)6.7, and (ii) there shall have been one or more losses which would have been covered by such a policy had it been maintained, immediately deposit into the related Collection Account from its own funds the amount not otherwise payable under the master force placed insurance such policy because of such deductible to the extent that any such deductible exceeds the deductible limitation required under that pertained to the related Mortgage Loan DocumentsLoan, or, in the absence of any such deductible limitation, the deductible limitation which is consistent with Accepted the Servicing PracticesStandard. The Servicer agrees to prepare and present, on behalf of itself, the Administrative Agent and the Secured Parties, claims under any such blanket policy maintained by it in a timely fashion in accordance with the terms of such policy. (cf) The Master Servicer shall maintain at its own expense any required insurance coverage hereunder during any servicing transition in order to prevent a fidelity bond lapse in form and amount that is consistent with Accepted Servicing Practices. In addition, the Master Servicer shall keep in force, at its own expense during the term of this Agreement, a policy or policies of insurance in form and amounts that are consistent with Accepted Servicing Practices, covering loss occasioned by the errors and omissions of the Master Servicer’s officers and employees in connection with its obligations hereundercoverage. (d) As long as Master Servicer has a corporate rating of “A-” (or such comparable rating), Master Servicer may comply with this Section of the Agreement by purchasing such bond or insurance, by self-insuring for these items or a combination of the above.

Maintenance of Insurance Policies. (a) The Master Servicer shall use its Reasonable Efforts to cause the each Borrower of each Mortgage Loan to maintain for each Mortgage Serviced Loan or Mortgaged Property all such insurance as is required to be maintained pursuant to the related Mortgage Serviced Loan Documents. If the a Borrower fails to maintain such insurance, then the Master Servicer shall notify the Owner of such breach and, to the extent available at commercially reasonable rates and the Owner, as mortgagee, has an insurable interest, cause to be maintained (i) fire and hazard insurance with extended coverage in an amount which is at least equal to the lesser of the current principal balance of such Mortgage Loan and the replacement cost of the improvements which are a part of the related Mortgaged Property and (ii) to the extent that the Mortgaged Property is located in a federally designated special flood hazard area, flood insurance in respect thereofforms and amounts that are consistent with Accepted Servicing Practices. Such flood insurance shall be in an amount equal to the lesser of (y) the unpaid principal balance of the related Mortgage Loan or (z) the maximum amount of such insurance as is available for the related Mortgaged Property under the National Flood Insurance Act. After notifying the Owner pursuant to the second preceding sentence, the Master Servicer shall take such action as the Owner reasonably requests with respect to the maintenance of any other forms of insurance which are required to be maintained pursuant to the related Mortgage Loan Documents, except to the extent that such insurance is not available at commercially reasonable rates or the Owner, as mortgagee, does not have an insurable interest. The Master Servicer shall, to the extent available at commercially reasonable rates and the Owner, as mortgagee, has an insurable interest, maintain for each REO Property no less such insurance coverage than was previously required with respect that it determines to the related Mortgaged Property or as may be required at any time by the Owner in writingtime. All such policies shall be endorsed with standard mortgagee clauses with loss payable to the Owner, and shall be in an amount sufficient to avoid the application of any co-insurance clause. The costs of maintaining the insurance policies which the Master Servicer is required to maintain incurred pursuant to this Section 3.04(a) shall be paid by the Master Servicer as a Servicing Expense in accordance with Sections 3.03 and 5.02, provided, that the cost of maintaining insurance with respect to each REO Property shall be paid pursuant to Section 3.11Expenses. (b) The Master Servicer may fulfill its obligation obligations to maintain insurance, as provided the insurance described in Section 3.05(a), 3.04(a) through a master force force-placed insurance policy, the cost of which shall be paid by the Master Servicer as a Servicing Expense in accordance with Sections 3.03 and 5.02, provided that such cost is limited to the incremental cost of such policy allocable to such Mortgaged Property or REO Property (i.e., other than any minimum or standby premium payable for such policy whether or not any Mortgaged Property is then covered thereby, which shall be paid by the Master Servicer). Such master force force-placed insurance policy may contain a deductible clause, in which case the Master Servicer shall, in the event that there shall but if insurance was not have been maintained on the related Mortgaged Property or (excluding REO Property a policy otherwise for purposes of this sentence) complying with the provisions of Section 3.05(a), 3.04(a) and there shall have been one or more losses which occur that would have been covered by such a policy insurance had it been maintained, immediately then Servicer shall (if the use of such master force-placed insurance policy was not authorized or requested by Owner) promptly deposit into the related Collection Account from its own funds the amount not otherwise payable under the master force force-placed insurance policy because of such deductible to the extent that such deductible exceeds the deductible limitation required under the related Mortgage Serviced Loan Documents, Documents or, in the absence of such deductible limitation, the deductible limitation which that is consistent with Accepted Servicing Practices. As to each REO Property, Servicer shall obtain insurance coverage that it determines to be required at any time, the cost of which, if there are inadequate proceeds from the operation of the REO Property, shall be paid by Servicer as a Servicing Expense. (c) The Master Servicer shall maintain at its own expense during the term of this Agreement a fidelity bond in form and amount that is consistent with Accepted Servicing Practices. In addition, the Master Servicer shall keep in force, at its own expense during the term of this Agreement, a policy or policies of insurance in form and amounts that are consistent with Accepted Servicing Practices, covering loss occasioned by the errors and omissions of the Master Servicer’s officers and employees in connection with its obligations hereunderunder this Agreement. (d) As long as Master Servicer has a corporate rating of “A-” (or such comparable rating), Master Servicer may comply with this Section of the Agreement by purchasing such bond or insurance, by self-insuring for these items or a combination of the above.

Maintenance of Insurance Policies. (a) The Master Other than with respect to Third Party Serviced Loans, the Servicer shall use Reasonable Efforts its best efforts to cause the Borrower of each Mortgage Loan to maintain for each Mortgage Loan such insurance as is Obligor required to be maintained do so pursuant to the related Underlying Instruments to maintain in respect of the related Mortgaged Property all insurance coverage as is required under the related Mortgage; provided that if any Mortgage Loan Documentspermits the holder thereof to dictate to the Obligor the insurance coverage to be maintained on such Mortgaged Property, the Servicer shall impose such insurance requirements as are consistent with the Servicing Standard and the Credit and Collection Policy. If the Borrower an Obligor fails to maintain such insurance, then the Master Servicer shall notify the Owner of such breach and, (to the extent available at commercially reasonable rates terms as reasonably determined by the Servicer, which shall be entitled to rely on an opinion of counsel or insurance consultants in making such determination) obtain such insurance (which may be through a master or single interest policy) and the Ownercost (including any deductible relating to such insurance and any out-of-pocket cost incurred by the Servicer in obtaining advice of counsel or insurance consultants) of such insurance (or in the case of a master or single interest policy, as mortgageethe incremental cost (including any deductible relating to such insurance) of such insurance relating to the specific Mortgaged Property), has an insurable interest, shall be a Servicer Advance and shall be reimbursable to the Servicer in accordance with Section 2.10 and Section 2.11; provided that the Servicer shall not be required to incur any such cost if such Servicer Advance would constitute a Nonrecoverable Advance. The Servicer shall also cause to be maintained for each REO Property (i) fire and hazard insurance with extended coverage in an amount which is at least equal to the lesser of the current principal balance of such Mortgage Loan and the replacement cost of the improvements which are a part of the related Mortgaged Property and (ii) to the extent that the Mortgaged Property is located in a federally designated special flood hazard area, flood insurance in respect thereof. Such flood insurance shall be in an amount equal to the lesser of (y) the unpaid principal balance of the related Mortgage Loan or (z) the maximum amount of such insurance as is available for the related Mortgaged Property under the National Flood Insurance Act. After notifying the Owner pursuant to the second preceding sentence, the Master Servicer shall take such action as the Owner reasonably requests with respect to the maintenance of any other forms of insurance which are required to be maintained pursuant to the related Mortgage Loan Documents, except to the extent that such insurance is not available at commercially reasonable rates or the Owner, as mortgagee, does not have an insurable interest. The Master Servicer shall, to the extent available at commercially reasonable rates and the Owner, as mortgagee, has an insurable interest, maintain for each REO Property terms) no less insurance coverage than was previously required with respect to of the Obligor under the related Mortgaged Property Mortgage or as may be required at any time by is consistent with the Owner in writing. All such policies shall be endorsed with standard mortgagee clauses with loss payable to Servicing Standard and the Owner, Credit and shall be in an amount sufficient to avoid the application of any co-insurance clause. The costs of maintaining the insurance policies which the Master Servicer is required to maintain pursuant to this Section shall be paid by the Master Servicer as a Servicing Expense in accordance with Sections 3.03 and 5.02, provided, that the cost of maintaining insurance with respect to each REO Property shall be paid pursuant to Section 3.11Collection Policy. (b) The Master If at any time a Mortgaged Property is located in an area identified in the Flood Hazard Boundary Map or Flood Insurance Rate Map issued by the Federal Emergency Management Agency as having special flood hazards or it becomes located in such area by virtue of remapping conducted by such agency (and flood insurance has been made available), the Servicer may fulfill shall, if and to the extent that the Loan requires the Obligor or permits the mortgagee to require the Obligor to do so, use its best efforts to cause the related Obligor to maintain a flood insurance policy meeting the requirements of the current guideline of the Federal Insurance Administration in the maximum amount of insurance coverage available under the National Flood Insurance Act of 1968, the Flood Disaster Protection Act of 1973 or the National Flood Insurance Reform Act of 1994, as amended, unless otherwise specified by the related Loan. If (i) the Obligor is required by the terms of the Loan to maintain such insurance (or becomes obligated by virtue of the related Mortgaged Property becoming located in such area by virtue of such remapping) or (ii) the terms of the Loan permit the mortgagee to require the Obligor to obtain such insurance, the Servicer shall promptly notify the Obligor of its obligation to maintain obtain such insurance. If the Obligor fails to obtain such flood insurance within 120 days of such notification, as provided in Section 3.05(a), through a master force placed insurance policythe Servicer shall obtain such insurance, the cost of which shall be paid by a Servicer Advance and shall be reimbursable to the Master Servicer as a Servicing Expense in accordance with Sections 3.03 Section 2.10 and 5.02, Section 2.11; provided that the Servicer shall not be required to incur any such cost is limited if such Servicer Advance would constitute a Nonrecoverable Advance. (c) All Insurance Policies maintained by the Servicer shall (i) contain “standard” mortgagee clause, with loss payable to the incremental Servicer on behalf of the Secured Parties (in the case of insurance maintained in respect of Loans other than REO Properties), (ii) be in the name of the Servicer on behalf of the Secured Parties in the case of insurance maintained in respect of REO Properties, (iii) include coverage in an amount not less than the lesser of (x) the full replacement cost of the improvements securing the Mortgaged Property or the REO Property, as applicable, or (y) the outstanding principal balance owing on the related Loan or REO Loan, as applicable, and in any event, the amount necessary to avoid the operation of any co-insurance provisions, (iv) include a replacement cost endorsement providing no deduction for depreciation (unless such endorsement is not permitted under the related Loan documents), (v) be noncancellable without 30 days’ prior written notice to the insured party (except in the case of nonpayment, in which case such policy allocable shall not be cancelled without 10 days prior notice) and (vi) be issued by a Qualified Insurer authorized under applicable law to issue such Insurance Policies. Any amounts collected by the Servicer under any such policies (other than amounts to be applied to the restoration or repair of the related Mortgaged Property or REO Property or amounts to be released to the related Obligor, in each case in accordance with Applicable Law, the terms of the related Underlying Instruments and the Servicing Standard) shall be deposited in the Collection Account. Any cost incurred by the Servicer in maintaining any such insurance shall not, for purposes hereof, be added to the outstanding principal balance of the related Loan, notwithstanding that the terms of such Loan so permit, but shall be reimbursable by the Servicer as a Servicer Advance in accordance with Section 2.10 and Section 2.11. (i.e.d) If the Servicer obtains and maintains with a Qualified Insurer a blanket policy insuring against hazard losses on all of the Mortgaged Properties and/or REO Properties for which it is responsible to cause the maintenance of insurance hereunder, other than any minimum or standby premium payable for then, to the extent such policy whether provides protection equivalent to the individual policies otherwise required, the Servicer, shall conclusively be deemed to have satisfied its obligation to cause hazard insurance to be maintained on such Mortgaged Properties and/or REO Properties. Such policy may contain a deductible clause (not in excess of a customary amount), in which case the Servicer shall, if there shall not have been maintained on a Mortgaged Property or an REO Property a hazard insurance policy complying with the requirements of this Section 6.7, and there shall have been one or more losses which would have been covered by such policy, promptly deposit into the Collection Account from its own funds the amount not otherwise payable under the blanket policy because of such deductible clause to the extent that any such deductible exceeds the deductible limitation that pertained to the related Loan, or, in the absence of any such deductible limitation, the deductible limitation which is consistent with the Servicing Standard. The Servicer agrees to prepare and present, on behalf of itself and on behalf of the Trustee for the benefit of the Secured Parties, claims under any such blanket policy maintained by it in a timely fashion in accordance with the terms of such policy. (e) If the Servicer causes any Mortgaged Property is then or REO Property to be covered thereby, which shall be paid by the Master Servicer). Such a master force placed insurance policy issued by a Qualified Insurer, which provides protection equivalent to the individual policies otherwise required, the Servicer shall conclusively be deemed to have satisfied its obligations to cause hazard insurance to be maintained on such Mortgaged Properties and/or REO Properties. Such policy may contain a deductible clause, in which case the Master Servicer shall, in the event that (i) there shall not have been maintained on the related Mortgaged Property or REO Property a policy otherwise complying with the provisions of this Section 3.05(a)6.7, and (ii) there shall have been one or more losses which would have been covered by such a policy had it been maintained, immediately deposit into the related Collection Account from its own funds the amount not otherwise payable under the master force placed insurance such policy because of such deductible to the extent that any such deductible exceeds the deductible limitation required under that pertained to the related Mortgage Loan DocumentsLoan, or, in the absence of any such deductible limitation, the deductible limitation which is consistent with Accepted the Servicing PracticesStandard. The Servicer agrees to prepare and present, on behalf of itself and on behalf of the Trustee for the benefit of the Secured Parties, claims under any such blanket policy maintained by it in a timely fashion in accordance with the terms of such policy. (cf) The Master Servicer shall maintain at its own expense any required insurance coverage hereunder during any servicing transition in order to prevent a fidelity bond lapse in form and amount that is consistent with Accepted Servicing Practices. In addition, the Master Servicer shall keep in force, at its own expense during the term of this Agreement, a policy or policies of insurance in form and amounts that are consistent with Accepted Servicing Practices, covering loss occasioned by the errors and omissions of the Master Servicer’s officers and employees in connection with its obligations hereundercoverage. (d) As long as Master Servicer has a corporate rating of “A-” (or such comparable rating), Master Servicer may comply with this Section of the Agreement by purchasing such bond or insurance, by self-insuring for these items or a combination of the above.

Maintenance of Insurance Policies. (a) The Master Other than with respect to Third Party Serviced Loans, the Servicer shall use Reasonable Efforts its best efforts to cause the Borrower of each Mortgage Loan to maintain for each Mortgage Loan such insurance as is Obligor required to be maintained do so pursuant to the related Underlying Instruments to maintain in respect of the related Mortgaged Property all insurance coverage as is required under the related Mortgage; provided that if any Mortgage Loan Documentspermits the holder thereof to dictate to the Obligor the insurance coverage to be maintained on such Mortgaged Property, the Servicer shall impose such insurance requirements as are consistent with the Servicing Standard and the Credit and Collection Policy. If the Borrower an Obligor fails to maintain such insurance, then the Master Servicer shall notify the Owner of such breach and, (to the extent available at commercially reasonable rates terms as reasonably determined by the Servicer, which shall be entitled to rely on an opinion of counsel or insurance consultants in making such determination) obtain such insurance (which may be through a master or single interest policy) and the Ownercost (including any deductible relating to such insurance and any out-of-pocket cost incurred by the Servicer in obtaining advice of counsel or insurance consultants) of such insurance (or in the case of a master or single interest policy, as mortgageethe incremental cost (including any deductible relating to such insurance) of such insurance relating to the specific Mortgaged Property), has an insurable interest, shall be a Servicer Advance and shall be reimbursable to the Servicer in accordance with Section 2.10(a)(iii) and (viii) and Section 2.11(a)(iii) and (viii); provided that the Servicer shall not be required to incur any such cost if such Servicer Advance would constitute a Nonrecoverable Advance. The Servicer shall also cause to be maintained for each REO Property (i) fire and hazard insurance with extended coverage in an amount which is at least equal to the lesser of the current principal balance of such Mortgage Loan and the replacement cost of the improvements which are a part of the related Mortgaged Property and (ii) to the extent that the Mortgaged Property is located in a federally designated special flood hazard area, flood insurance in respect thereof. Such flood insurance shall be in an amount equal to the lesser of (y) the unpaid principal balance of the related Mortgage Loan or (z) the maximum amount of such insurance as is available for the related Mortgaged Property under the National Flood Insurance Act. After notifying the Owner pursuant to the second preceding sentence, the Master Servicer shall take such action as the Owner reasonably requests with respect to the maintenance of any other forms of insurance which are required to be maintained pursuant to the related Mortgage Loan Documents, except to the extent that such insurance is not available at commercially reasonable rates or the Owner, as mortgagee, does not have an insurable interest. The Master Servicer shall, to the extent available at commercially reasonable rates and the Owner, as mortgagee, has an insurable interest, maintain for each REO Property terms) no less insurance coverage than was previously required with respect to of the Obligor under the related Mortgaged Property Mortgage or as may be required at any time by is consistent with the Owner in writing. All such policies shall be endorsed with standard mortgagee clauses with loss payable to Servicing Standard and the Owner, Credit and shall be in an amount sufficient to avoid the application of any co-insurance clause. The costs of maintaining the insurance policies which the Master Servicer is required to maintain pursuant to this Section shall be paid by the Master Servicer as a Servicing Expense in accordance with Sections 3.03 and 5.02, provided, that the cost of maintaining insurance with respect to each REO Property shall be paid pursuant to Section 3.11Collection Policy. (b) The Master If at any time a Mortgaged Property is located in an area identified in the Flood Hazard Boundary Map or Flood Insurance Rate Map issued by the Federal Emergency Management Agency as having special flood hazards or it becomes located in such area by virtue of remapping conducted by such agency (and flood insurance has been made available), the Servicer may fulfill shall, if and to the extent that the Loan requires the Obligor or permits the mortgagee to require the Obligor to do so, use its best efforts to cause the related Obligor to maintain a flood insurance policy meeting the requirements of the current guideline of the Federal Insurance Administration in the maximum amount of insurance coverage available under the National Flood Insurance Act of 1968, the Flood Disaster Protection Act of 1973 or the National Flood Insurance Reform Act of 1994, as amended, unless otherwise specified by the related Loan. If (i) the Obligor is required by the terms of the Loan to maintain such insurance (or becomes obligated by virtue of the related Mortgaged Property becoming located in such area by virtue of such remapping) or (ii) the terms of the Loan permit the mortgagee to require the Obligor to obtain such insurance, the Servicer shall promptly notify the Obligor of its obligation to maintain obtain such insurance. If the Obligor fails to obtain such flood insurance within 120 days of such notification, as provided in Section 3.05(a), through a master force placed insurance policythe Servicer shall obtain such insurance, the cost of which shall be paid by a Servicer Advance and shall be reimbursable to the Master Servicer as a Servicing Expense in accordance with Sections 3.03 Section 2.10(a)(iii) and 5.02, (viii) and Section 2.11(a)(iii) and (viii); provided that the Servicer shall not be required to incur any such cost is limited if such Servicer Advance would constitute a Nonrecoverable Advance. (c) All Insurance Policies maintained by the Servicer shall (i) contain “standard” mortgagee clause, with loss payable to the incremental Servicer on behalf of the Secured Parties (in the case of insurance maintained in respect of Loans other than REO Properties), (ii) be in the name of the Servicer on behalf of the Secured Parties in the case of insurance maintained in respect of REO Properties, (iii) include coverage in an amount not less than the lesser of (x) the full replacement cost of the improvements securing the Mortgaged Property or the REO Property, as applicable, or (y) the outstanding principal balance owing on the related Loan or REO Loan, as applicable, and in any event, the amount necessary to avoid the operation of any co-insurance provisions, (iv) include a replacement cost endorsement providing no deduction for depreciation (unless such endorsement is not permitted under the related Loan documents), (v) be noncancellable without 30 days’ prior written notice to the insured party (except in the case of nonpayment, in which case such policy allocable shall not be cancelled without 10 days prior notice) and (vi) be issued by a Qualified Insurer authorized under applicable law to issue such Insurance Policies. Any amounts collected by the Servicer under any such policies (other than amounts to be applied to the restoration or repair of the related Mortgaged Property or REO Property or amounts to be released to the related Obligor, in each case in accordance with Applicable Law, the terms of the related Underlying Instruments and the Servicing Standard) shall be deposited in the Collection Account. Any cost incurred by the Servicer in maintaining any such insurance shall not, for purposes hereof, be added to the outstanding principal balance of the related Loan, notwithstanding that the terms of such Loan so permit, but shall be reimbursable by the Servicer as a Servicer Advance in accordance with Section 2.10(a)(iii) and (i.e.viii) and Section 2.11(a)(iii) and (viii). (d) If the Servicer obtains and maintains with a Qualified Insurer a blanket policy insuring against hazard losses on all of the Mortgaged Properties and/or REO Properties for which it is responsible to cause the maintenance of insurance hereunder, other than any minimum or standby premium payable for then, to the extent such policy whether provides protection equivalent to the individual policies otherwise required, the Servicer, shall conclusively be deemed to have satisfied its obligation to cause hazard insurance to be maintained on such Mortgaged Properties and/or REO Properties. Such policy may contain a deductible clause (not in excess of a customary amount), in which case the Servicer shall, if there shall not have been maintained on a Mortgaged Property or an REO Property a hazard insurance policy complying with the requirements of this Section 6.7, and there shall have been one or more losses which would have been covered by such policy, promptly deposit into the Collection Account from its own funds the amount not otherwise payable under the blanket policy because of such deductible clause to the extent that any such deductible exceeds the deductible limitation that pertained to the related Loan, or, in the absence of any such deductible limitation, the deductible limitation which is consistent with the Servicing Standard. The Servicer agrees to prepare and present, on behalf of itself and on behalf of the Trustee for the benefit of the Secured Parties, claims under any such blanket policy maintained by it in a timely fashion in accordance with the terms of such policy. (e) If the Servicer causes any Mortgaged Property is then or REO Property to be covered thereby, which shall be paid by the Master Servicer). Such a master force placed insurance policy issued by a Qualified Insurer, which provides protection equivalent to the individual policies otherwise required, the Servicer shall conclusively be deemed to have satisfied its obligations to cause hazard insurance to be maintained on such Mortgaged Properties and/or REO Properties. Such policy may contain a deductible clause, in which case the Master Servicer shall, in the event that (i) there shall not have been maintained on the related Mortgaged Property or REO Property a policy otherwise complying with the provisions of this Section 3.05(a)6.7, and (ii) there shall have been one or more losses which would have been covered by such a policy had it been maintained, immediately deposit into the related Collection Account from its own funds the amount not otherwise payable under the master force placed insurance such policy because of such deductible to the extent that any such deductible exceeds the deductible limitation required under that pertained to the related Mortgage Loan DocumentsLoan, or, in the absence of any such deductible limitation, the deductible limitation which is consistent with Accepted the Servicing PracticesStandard. The Servicer agrees to prepare and present, on behalf of itself and on behalf of the Trustee for the benefit of the Secured Parties, claims under any such blanket policy maintained by it in a timely fashion in accordance with the terms of such policy. (cf) The Master Servicer shall maintain at its own expense any required insurance coverage hereunder during any servicing transition in order to prevent a fidelity bond lapse in form and amount that is consistent with Accepted Servicing Practices. In addition, the Master Servicer shall keep in force, at its own expense during the term of this Agreement, a policy or policies of insurance in form and amounts that are consistent with Accepted Servicing Practices, covering loss occasioned by the errors and omissions of the Master Servicer’s officers and employees in connection with its obligations hereundercoverage. (d) As long as Master Servicer has a corporate rating of “A-” (or such comparable rating), Master Servicer may comply with this Section of the Agreement by purchasing such bond or insurance, by self-insuring for these items or a combination of the above.

Maintenance of Insurance Policies. (a) The Master Servicer shall use its Reasonable Efforts to cause the Borrower of each Mortgage Loan to maintain for each Mortgage Loan such insurance as is required to be maintained pursuant to the related Mortgage Loan Documents. If the Borrower fails to maintain such insurance, then the Master Servicer shall notify the Owner Master Servicer of such breach and, to the extent available at commercially reasonable rates and the Owner, as mortgagee, has an insurable interestrates, cause to be maintained (i) fire and hazard insurance with extended coverage in an amount which is at least equal to the lesser of the current principal balance of such Mortgage Loan and the replacement cost of the improvements which are a part of the related Mortgaged Property and (ii) to the extent that the Mortgaged Property is located in a federally designated special flood hazard area, flood insurance in respect thereof. Such flood insurance shall be in an amount equal to the lesser of (y) the unpaid principal balance of the related Mortgage Loan or (z) the maximum amount of such insurance as is available for the related Mortgaged Property under the National Flood Insurance Act. After notifying the Owner Master Servicer pursuant to the second preceding sentence, the Master Servicer shall take such action as the Owner Master Servicer reasonably requests with respect to the maintenance of any other forms of insurance which are required to be maintained pursuant to the related Mortgage Loan Documents, except to the extent that such insurance is not available at commercially reasonable rates or the OwnerMaster Servicer, or after Securitization the Securitization trust, as mortgagee, does not have an insurable interest. The Master Servicer shall, to the extent available at commercially reasonable rates and the Owner, as mortgagee, has an insurable interestrates, maintain for each REO Property no less insurance coverage than was previously required with respect to the related Mortgaged Property or as may be required at any time by the Owner Master Servicer in writing. All such policies, except for policies maintained for any REO Mortgaged Property, shall be endorsed with standard mortgagee clauses with loss payable to the OwnerMaster Servicer, and shall be in an amount sufficient to avoid the application of any co-insurance clause. The costs of maintaining the insurance policies which the Master Servicer is required to maintain pursuant to this Section shall be paid by the Master Servicer as a Servicing Expense in accordance with Sections 3.03 and 5.02, provided, that the cost of maintaining insurance with respect to each REO Property shall be paid pursuant to Section 3.11Advance. (b) The Master Servicer may fulfill its obligation to maintain insurance, as provided in Section 3.05(a), through a master force placed insurance policy, the cost of which shall be paid by the Master Servicer as a Servicing Expense in accordance with Sections 3.03 and 5.02Advance, provided that such cost is limited to the incremental cost of such policy allocable to such Mortgaged Property or REO Property (i.e., other than any minimum or standby premium payable for such policy whether or not any Mortgaged Property is then covered thereby, which shall be paid by the Master Servicer). Such master force placed insurance policy may contain a deductible clause, in which case the Master Servicer shall, in the event that there shall not have been maintained on the related Mortgaged Property or REO Property a policy otherwise complying with the provisions of Section 3.05(a), and there shall have been one or more losses which would have been covered by such a policy had it been maintained, immediately deposit into the related Collection Account from its own funds the amount not otherwise payable under the master force placed insurance policy because of such deductible to the extent that such deductible exceeds the deductible limitation required under the related Mortgage Loan Documents, or, in the absence of such deductible limitation, the deductible limitation which is consistent with Accepted Servicing Practices. (c) The Master Servicer shall maintain at its own expense a fidelity bond in form and amount that is consistent with Accepted Servicing Practices. In addition, the Master Servicer shall keep in force, at its own expense during the term of this Agreement, a policy or policies of insurance in form and amounts that are consistent with Accepted Servicing Practices, covering loss occasioned by the errors and omissions of the Master Servicer’s officers and employees in connection with its obligations hereunder. (d) As long as Master Servicer has a corporate rating of “A-” (or such comparable rating), Master Servicer may comply with this Section of the Agreement by purchasing such bond or insurance, by self-insuring for these items or a combination of the above.

Maintenance of Insurance Policies. (a) The Master Servicer shall use Reasonable its Best Efforts to cause the Borrower of each Mortgage Loan to maintain for each Mortgage Loan such insurance as is required to be maintained pursuant to the related Mortgage Loan Documents. If the Borrower fails to maintain such insurance, then the Master Servicer shall notify the Owner of such breach and, to the extent available at commercially reasonable rates and the Owner, as mortgagee, has an insurable interestrates, cause to be maintained (i) fire and hazard insurance with extended coverage in an amount which is at least equal to the lesser of the current principal balance of such Mortgage Loan and the replacement cost of the improvements which are a part of the related Mortgaged Property and (ii) to the extent that the Mortgaged Property is located in a federally designated special flood hazard area, flood insurance in respect thereof. Such flood insurance shall be in an amount equal to the lesser of (y) the unpaid principal balance of the related Mortgage Loan or (z) the maximum amount of such insurance as is available for the related Mortgaged Property under the National Flood Insurance Act. After notifying the Owner pursuant to the second preceding sentence, the Master Servicer shall take such action as the Owner reasonably requests with respect to the maintenance of any other forms of insurance which are required to be maintained pursuant to the related Mortgage Loan Documents, except to the extent that such insurance is not available at commercially reasonable rates or the Owner, as mortgagee, does not have an insurable interest. The Master Servicer shall, to the extent available at commercially reasonable rates and the Owner, as mortgagee, has an insurable interestrates, maintain for each REO Property no less insurance coverage than was previously required with respect to the related Mortgaged Property or as may be required at any time by the Owner in writing. All such policies shall be endorsed with standard mortgagee clauses with loss payable to the Owner, and shall be in an amount sufficient to avoid the application of any co-insurance clause. The costs of maintaining the insurance policies which the Master Servicer is required to maintain pursuant to this Section shall be paid by the Master Servicer as a Servicing Expense in accordance with Sections 3.03 and 5.02, provided, that the cost of maintaining insurance with respect to each REO Property shall be paid pursuant to Section 3.11Expense. (b) The Master Servicer may fulfill its obligation to maintain insurance, as provided in Section 3.05(a), through a master force placed insurance policy, the cost of which shall be paid by the Master Servicer as a Servicing Expense in accordance with Sections 3.03 and 5.02Expense, provided that such cost is limited to the incremental cost of such policy allocable to such Mortgaged Property or REO Property (i.e., other than any minimum or standby premium payable for such policy whether or not any Mortgaged Property is then covered thereby, which shall be paid by the Master Servicer). Such master force placed insurance policy may contain a deductible clause, in which case the Master Servicer shall, in the event that there shall not have been maintained on the related Mortgaged Property or REO Property a policy otherwise complying with the provisions of Section 3.05(a), and there shall have been one or more losses which would have been covered by such a policy had it been maintained, immediately deposit into the related Collection Account from its own funds the amount not otherwise payable under the master force placed insurance policy because of such deductible to the extent that such deductible exceeds the deductible limitation required under the related Mortgage Loan Documents, or, in the absence of such deductible limitation, the deductible limitation which is consistent with Accepted Servicing Practices. (c) The Master Servicer shall maintain at its own expense a fidelity bond in form and amount that is consistent with Accepted Servicing Practices. In addition, the Master Servicer shall keep in force, at its own expense during the term of this Agreement, a policy or policies of insurance in form and amounts that are consistent with Accepted Servicing Practices, covering loss occasioned by the errors and omissions of the Master Servicer’s 's officers and employees in connection with its obligations hereunder. (d) As long as Master Servicer has a corporate rating of “A-” (or such comparable rating), Master Servicer may comply with this Section of the Agreement by purchasing such bond or insurance, by self-insuring for these items or a combination of the above.

Maintenance of Insurance Policies. (a) The Master Servicer shall use its Reasonable Efforts to cause the Borrower Obligor of each Mortgage Loan Investment to maintain for each Mortgage Loan Investment such insurance as is required to be maintained pursuant to the related Mortgage Loan Investment Documents. If the Borrower Obligor fails to maintain such insurance, then the Master Servicer shall notify the Owner of such breach and, to the extent available at commercially reasonable rates and the Owner, as mortgageemortgagee or lessor, has an insurable interest, cause to be maintained subject to the Investment Document (i) fire and hazard insurance with extended coverage in an amount which is at least equal to the lesser of the current principal balance of such Mortgage Loan and the replacement cost of the improvements which are a part of the related Mortgaged Investment Property and (ii) to the extent that the Mortgaged Investment Property is located in a federally designated special flood hazard area, flood insurance in respect thereof. Such flood insurance shall be in an amount equal to the lesser of (y) the unpaid principal balance of the related Mortgage Loan Investment or (z) the maximum amount of such insurance as is available for the related Mortgaged Investment Property under the National Flood Insurance Act. After notifying the Owner pursuant to the second preceding sentence, the Master Servicer shall take such action as the Owner reasonably requests with respect to the maintenance of any other forms of insurance which are required to be maintained pursuant to the related Mortgage Loan Investment Documents, except to the extent that such insurance is not available at commercially reasonable rates or the Owner, as mortgageemortgagee or lessor, does not have an insurable interest. The Master Servicer shall, to the extent available at commercially reasonable rates and the Owner, as mortgagee, has an insurable interest, maintain for each REO Property no less insurance coverage than was previously required with respect to the related Mortgaged Property or as may be required at any time by the Owner in writing. All such policies shall be endorsed with standard mortgagee mortgagee/lessor clauses with loss payable to the Owner, and shall be in an amount sufficient to avoid the application of any co-insurance clause. The costs of maintaining the insurance policies which the Master Servicer is required to maintain pursuant to this Section shall be paid by the Master Servicer as a Servicing Expense in accordance with Sections 3.03 and 5.02, provided, that the cost of maintaining insurance with respect to each REO Property shall be paid pursuant to Section 3.11Expense. (b) The Master Servicer may fulfill its obligation to maintain insurance, as provided in Section 3.05(a), through a master force placed insurance policy, the cost of which shall be paid by the Master Servicer as a Servicing Expense in accordance with Sections 3.03 and 5.02Expense, provided that such cost is limited to the incremental cost of such policy allocable to such Mortgaged Property or REO Investment Property (i.e., other than any minimum or standby premium payable for such policy whether or not any Mortgaged Investment Property is then covered thereby, which shall be paid by the Master Servicer). Such master force placed insurance policy may contain a deductible clause, in which case the Master Servicer shall, in the event that there shall not have been maintained on the related Mortgaged Property or REO Investment Property a policy otherwise complying with the provisions of Section 3.05(a), and there shall have been one or more losses which would have been covered by such a policy had it been maintained, immediately deposit into the related Owner Collection Account from its own funds the amount not otherwise payable under the master force placed insurance policy because of such deductible to the extent that such deductible exceeds the deductible limitation required under the related Mortgage Loan Investment Documents, or, in the absence of such deductible limitation, the deductible limitation which is consistent with Accepted Servicing Practices. (c) The Master Servicer shall maintain at its own expense a fidelity bond in form and amount that is consistent with Accepted Servicing Practices. In addition, the Master Servicer shall keep in force, at its own expense during the term of this Agreement, a policy or policies of insurance in form and amounts that are consistent with Accepted Servicing Practices, covering loss occasioned by the errors and omissions of the Master Servicer’s 's officers and employees in connection with its obligations hereunder. (d) As long as Master Servicer has a corporate rating of “A-” (or such comparable rating), Master . Servicer may comply with this Section of the Agreement by purchasing such bond or insurance, by self-self insuring for these items consistent with Accepted Servicing Practices or a combination of the above.

Maintenance of Insurance Policies. (a) The Master Servicer shall use Reasonable Efforts to cause the Borrower of each Mortgage Loan to maintain for each Mortgage Loan such insurance as is required to be maintained pursuant to the related Mortgage Loan Documents. If the Borrower fails to maintain such insurance, then the Master Servicer shall notify the Owner of such breach and, to the extent available at commercially reasonable rates and the Owner, as mortgagee, has an insurable interest, cause to be maintained (i) fire and hazard insurance a Hazard Insurance Policy or Policies with extended coverage on each REO Property in an amount which is at least equal to the lesser greater of (i) an amount not less than is necessary to avoid the current principal balance application of such Mortgage Loan any coinsurance clause contained in the related fire and hazard insurance policy and (ii) the replacement cost actual cash value of the improvements which are a part of such REO Property. The Servicer shall cause to be maintained with respect to each REO Property a Public Liability Insurance Policy providing such coverage against such risks as the Servicer determines is consistent with the servicing standard set forth in Section 2.01(a) hereof. Any amounts collected by the Servicer under any such policies (other than amounts to be applied to the restoration or repair of the related Mortgaged Property REO Property) shall be deposited in the MTAG REO Lockbox. It is understood and (ii) agreed that no earthquake or other additional insurance other than a Flood Insurance Policy, subject to the extent that qualification set forth in the Mortgaged next sentence hereof, is to be maintained by the Servicer. If an REO Property is was located at the date of the related Tax Lien Certificate in a federally designated special flood hazard area, flood insurance the Servicer will obtain a Flood Insurance Policy as soon as practicable. If a recovery under a Hazard Insurance Policy, Public Liability Insurance Policy or a Flood Insurance Policy in respect thereof. Such flood of an REO Property would have been available if such insurance were maintained thereon in accordance with the standards applied to REO Properties described herein and such insurance was not so maintained, the Servicer shall be either (i) deposit in an the MTAG REO Lockbox from its own funds, without any right of reimbursement therefor, the amount equal that would have been recovered by the date such recovery would have been received or (ii) apply to the lesser of (y) the unpaid principal balance restoration and repair of the related Mortgage Loan Property from its own funds the amount that would have been recovered or (z) the maximum amount of such insurance as is available for the related Mortgaged Property under the National Flood Insurance Act. After notifying the Owner pursuant to the second preceding sentence, the Master Servicer shall take such action as the Owner reasonably requests with respect to the maintenance of any other forms of insurance which are required to be maintained pursuant to the related Mortgage Loan Documents, except to the extent that such insurance is not available at commercially reasonable rates or the Owner, as mortgagee, does not have an insurable interest. The Master Servicer shall, to the extent available at commercially reasonable rates and the Owner, as mortgagee, has an insurable interest, maintain for each REO Property no less insurance coverage than was previously required with respect to the related Mortgaged Property or as may be required at any time by the Owner in writing. All such policies shall be endorsed with standard mortgagee clauses with loss payable to the Owner, and shall be in an amount sufficient to avoid repair or restore the casualty, if such application of any co-insurance clause. The costs of maintaining would be consistent with the insurance policies which the Master Servicer is required to maintain pursuant to this servicing standard set forth in Section shall be paid by the Master Servicer as a Servicing Expense in accordance with Sections 3.03 and 5.022.01(a) hereof; provided, providedhowever, that the cost Servicer’s obligations under this sentence shall arise only in the event that the described insurance was not maintained solely as a result of maintaining the Servicer’s negligence or willful misconduct. For example, and, without limiting the foregoing, the Servicer shall have no obligations under the previous sentence if the Servicer received direction from the Collateral Agent and Custodian or the Issuer to not obtain, or to cancel, the insurance. Furthermore, any calculation of the amount of any such supposed recovery shall take into consideration the standard policy terms, conditions, exclusions, deductible amounts and claims processing procedures, and the Servicer, upon making the deposit described in this Section 10.04(a), shall have all of the rights, including subrogation rights, that the issuer of such an insurance with respect policy would have had in similar circumstances (such rights to each REO Property shall be paid pursuant to Section 3.11continue notwithstanding any termination of this Servicing Agreement). (b) The Master Servicer may fulfill its obligation agrees, with respect to maintain insurancethe REO Related Tax Liens, as provided in Section 3.05(a)to prepare and present, through a master force placed insurance policyon behalf of itself, the cost of which shall be paid by Collateral Agent and Custodian and the Master Servicer as Issuer, claims under each related insurance policy maintained pursuant to this Section 10.04 in a Servicing Expense timely fashion in accordance with Sections 3.03 and 5.02, provided that such cost is limited to the incremental cost terms of such policy allocable and to take such Mortgaged Property reasonable steps as are necessary to receive payment or to permit recovery thereunder. (c) If the Servicer obtains and maintains a blanket policy with a Qualified Insurer insuring against fire and hazard losses on all or a significant portion of the REO Property (i.e.Properties it shall conclusively be deemed to have satisfied its obligations concerning the maintenance of insurance coverage set forth in Section 10.04(a) hereof with respect to the REO Properties covered by such blanket policy, other than any minimum or standby premium payable for it being understood and agreed that such policy whether or not any Mortgaged Property is then covered thereby, which shall be paid by the Master Servicer). Such master force placed insurance policy may contain a deductible clauseclause not greater than $10,000 (except that the deductible for flood, earthquake and Category 1 windstorm shall not be greater than customary for similarly situated properties) (“Permitted Deductible”), in which case the Master Servicer shall, in the event that there shall not have been maintained on the related Mortgaged Property or REO Property a policy otherwise complying with the provisions of Section 3.05(a)10.04(a) hereof, and there shall have been one or more losses which would have been covered by such a policy had it been maintained, immediately deposit into in the related Collection Account MTAG REO Lockbox from its own funds funds, without any right of reimbursement therefor, the amount not otherwise payable under the master force placed insurance blanket policy because of such deductible clause to the extent that such deductible exceeds the deductible limitation required under the related Mortgage Loan Documents, or, in the absence of such deductible limitation, the deductible limitation which is consistent with Accepted Servicing Practices. (c) The Master Servicer shall maintain at its own expense a fidelity bond in form and amount that is consistent with Accepted Servicing PracticesPermitted Deductible. In addition, the Master Servicer shall keep in force, at its own expense during the term of this Agreement, a policy or policies of insurance in form and amounts that are consistent with Accepted Servicing Practices, covering loss occasioned by the errors and omissions of the Master Servicer’s officers and employees in connection with its obligations activities as Servicer hereunder, the Servicer agrees to prepare and present, on behalf of itself, the Collateral Agent and Custodian and the Issuer, claims under any such blanket policy which it maintains in a timely fashion in accordance with the terms of such policy and to take such reasonable steps as are necessary to receive payment or permit recovery thereunder. (d) As long as Master Servicer has a corporate rating of “A-” (or such comparable rating), Master Servicer may comply with this Section of the Agreement by purchasing such bond or insurance, by self-insuring for these items or a combination of the above.

Maintenance of Insurance Policies. (a) The Master Other than with respect to Third Party Serviced Loans, the Servicer shall use Reasonable Efforts its best efforts to cause the Borrower of each Mortgage Loan to maintain for each Mortgage Loan such insurance as is Obligor required to be maintained do so pursuant to the related Underlying Instruments to maintain in respect of the related Mortgaged Property all insurance coverage as is required under the related Mortgage; provided, that if any Mortgage Loan Documentspermits the holder thereof to dictate to the Obligor the insurance coverage to be maintained on such Mortgaged Property, the Servicer shall impose such insurance requirements as are consistent with the Servicing Standard and the Credit and Collection Policy. If the Borrower an Obligor fails to maintain such insurance, then the Master Servicer shall notify the Owner of such breach and, (to the extent available at commercially reasonable rates terms as reasonably determined by the Servicer, which shall be entitled to rely on an opinion of counsel or insurance consultants in making such determination) obtain such insurance (which may be through a master or single interest policy) and the Ownercost (including any deductible relating to such insurance and any out-of-pocket cost incurred by the Servicer in obtaining advice of counsel or insurance consultants) of such insurance (or in the case of a master or single interest policy, as mortgageethe incremental cost (including any deductible relating to such insurance) of such insurance relating to the specific Mortgaged Property), has an insurable interestshall be a Servicer Advance and shall be reimbursable to the Servicer in accordance with Section 2.10(a)(iii) and (viii) and Section 2.ll(a)(iii) and (viii); provided, that the Servicer shall not be required to incur any such cost if such Servicer Advance would constitute a Nonrecoverable Advance. The Servicer shall also cause to be maintained for each REO Property (i) fire and hazard insurance with extended coverage in an amount which is at least equal to the lesser of the current principal balance of such Mortgage Loan and the replacement cost of the improvements which are a part of the related Mortgaged Property and (ii) to the extent that the Mortgaged Property is located in a federally designated special flood hazard area, flood insurance in respect thereof. Such flood insurance shall be in an amount equal to the lesser of (y) the unpaid principal balance of the related Mortgage Loan or (z) the maximum amount of such insurance as is available for the related Mortgaged Property under the National Flood Insurance Act. After notifying the Owner pursuant to the second preceding sentence, the Master Servicer shall take such action as the Owner reasonably requests with respect to the maintenance of any other forms of insurance which are required to be maintained pursuant to the related Mortgage Loan Documents, except to the extent that such insurance is not available at commercially reasonable rates or the Owner, as mortgagee, does not have an insurable interest. The Master Servicer shall, to the extent available at commercially reasonable rates and the Owner, as mortgagee, has an insurable interest, maintain for each REO Property terms) no less insurance coverage than was previously required with respect to of the Obligor under the related Mortgaged Property Mortgage or as may be required at any time by is consistent with the Owner in writing. All such policies shall be endorsed with standard mortgagee clauses with loss payable to Servicing Standard and the Owner, Credit and shall be in an amount sufficient to avoid the application of any co-insurance clause. The costs of maintaining the insurance policies which the Master Servicer is required to maintain pursuant to this Section shall be paid by the Master Servicer as a Servicing Expense in accordance with Sections 3.03 and 5.02, provided, that the cost of maintaining insurance with respect to each REO Property shall be paid pursuant to Section 3.11Collection Policy. (b) The Master If at any time a Mortgaged Property is located in an area identified in the Flood Hazard Boundary Map or Flood Insurance Rate Map issued by the Federal Emergency Management Agency as having special flood hazards or it becomes located in such area by virtue of remapping conducted by such agency (and flood insurance has been made available), the Servicer may fulfill shall, if and to the extent that the Loan requires the Obligor or permits the mortgagee to require the Obligor to do so, use its best efforts to cause the related Obligor to maintain a flood insurance policy meeting the requirements of the current guideline of the Federal Insurance Administration in the maximum amount of insurance coverage available under the National Flood Insurance Act of 1968, the Flood Disaster Protection Act of 1973 or the National Flood Insurance Reform Act of 1994, as amended, unless otherwise specified by the related Loan. If (i) the Obligor is required by the terms of the Loan to maintain such insurance (or becomes obligated by virtue of the related Mortgaged Property becoming located in such area by virtue of such remapping) or (ii) the terms of the Loan permit the mortgagee to require the Obligor to obtain such insurance, the Servicer shall promptly notify the Obligor of its obligation to maintain obtain such insurance. If the Obligor fails to obtain such flood insurance within 120 days of such notification, as provided in Section 3.05(a), through a master force placed insurance policythe Servicer shall obtain such insurance, the cost of which shall be paid by a Servicer Advance and shall be reimbursable to the Master Servicer as a Servicing Expense in accordance with Sections 3.03 Section 2.10(a)(iii) and 5.02(viii) and Section 2.1l(a)(iii) and (viii); provided, provided that the Servicer shall not be required to incur any such cost is limited if such Servicer Advance would constitute a Nonrecoverable Advance. (c) All Insurance Policies maintained by the Servicer shall (i) contain “standard” mortgagee clause, with loss payable to the incremental Servicer on behalf of the Secured Parties (in the case of insurance maintained in respect of Loans other than REO Properties), (ii) be in the name of the Servicer on behalf of the Secured Parties in the case of insurance maintained in respect of REO Properties, (iii) include coverage in an amount not less than the lesser of (x) the full replacement cost of the improvements securing the Mortgaged Property or the REO Property, as applicable, or (y) the outstanding principal balance owing on the related Loan or REO Loan, as applicable, and in any event, the amount necessary to avoid the operation of any co-insurance provisions, (iv) include a replacement cost endorsement providing no deduction for depreciation (unless such endorsement is not permitted under the related Loan documents), (v) be noncancellable without 30 days’ prior written notice to the insured party (except in the case of nonpayment, in which case such policy allocable shall not be cancelled without 10 days prior notice) and (vi) be issued by a Qualified Insurer authorized under applicable law to issue such Insurance Policies. Any amounts collected by the Servicer under any such policies (other than amounts to be applied to the restoration or repair of the related Mortgaged Property or REO Property or amounts to be released to the related Obligor, in each case in accordance with Applicable Law, the terms of the related Underlying Instruments and the Servicing Standard) shall be deposited in the Collection Account. Any cost incurred by the Servicer in maintaining any such insurance shall not, for purposes hereof, be added to the outstanding principal balance of the related Loan, notwithstanding that the terms of such Loan so permit, but shall be reimbursable by the Servicer as a Servicer Advance in accordance with Section 2.10(a)(iii) and (i.e.viii) and Section 2.10(a)(iii) and (viii). (d) If the Servicer obtains and maintains with a Qualified Insurer a blanket policy insuring against hazard losses on all of the Mortgaged Properties and/or REO Properties for which it is responsible to cause the maintenance of insurance hereunder, other than any minimum or standby premium payable for then, to the extent such policy whether provides protection equivalent to the individual policies otherwise required, the Servicer, shall conclusively be deemed to have satisfied its obligation to cause hazard insurance to be maintained on such Mortgaged Properties and/or REO Properties. Such policy may contain a deductible clause (not in excess of a customary amount), in which case the Servicer shall, if there shall not have been maintained on a Mortgaged Property or an REO Property a hazard insurance policy complying with the requirements of this Section 6.7, and there shall have been one or more losses which would have been covered by such policy, promptly deposit into the Collection Account from its own funds the amount not otherwise payable under the blanket policy because of such deductible clause to the extent that any such deductible exceeds the deductible limitation that pertained to the related Loan, or, in the absence of any such deductible limitation, the deductible limitation which is consistent with the Servicing Standard. The Servicer agrees to prepare and present, on behalf of itself and on behalf of the Trustee for the benefit of the Secured Parties, claims under any such blanket policy maintained by it in a timely fashion in accordance with the terms of such policy. (e) If the Servicer causes any Mortgaged Property is then or REO Property to be covered thereby, which shall be paid by the Master Servicer). Such a master force placed insurance policy issued by a Qualified Insurer, which provides protection equivalent to the individual policies otherwise required, the Servicer shall conclusively be deemed to have satisfied its obligations to cause hazard insurance to be maintained on such Mortgaged Properties and/or REO Properties. Such policy may contain a deductible clause, in which case the Master Servicer shall, in the event that (i) there shall not have been maintained on the related Mortgaged Property or REO Property a policy otherwise complying with the provisions of this Section 3.05(a)6.7, and (ii) there shall have been one or more losses which would have been covered by such a policy had it been maintained, immediately deposit into the related Collection Account from its own funds the amount not otherwise payable under the master force placed insurance such policy because of such deductible to the extent that any such deductible exceeds the deductible limitation required under that pertained to the related Mortgage Loan DocumentsLoan, or, in the absence of any such deductible limitation, the deductible limitation which is consistent with Accepted the Servicing PracticesStandard. The Servicer agrees to prepare and present, on behalf of itself and on behalf of the Trustee for the benefit of the Secured Parties, claims under any such blanket policy maintained by it in a timely fashion in accordance with the terms of such policy. (cf) The Master Servicer shall maintain at its own expense any required insurance coverage hereunder during any servicing transition in order to prevent a fidelity bond lapse in form and amount that is consistent with Accepted Servicing Practices. In addition, the Master Servicer shall keep in force, at its own expense during the term of this Agreement, a policy or policies of insurance in form and amounts that are consistent with Accepted Servicing Practices, covering loss occasioned by the errors and omissions of the Master Servicer’s officers and employees in connection with its obligations hereundercoverage. (d) As long as Master Servicer has a corporate rating of “A-” (or such comparable rating), Master Servicer may comply with this Section of the Agreement by purchasing such bond or insurance, by self-insuring for these items or a combination of the above.

Maintenance of Insurance Policies. (a) The Master Servicer shall use Reasonable Efforts to cause the Borrower of each Mortgage Loan to maintain for each Mortgage Loan such insurance as is required to be maintained pursuant to the related Mortgage Loan Documents. If the Borrower fails to maintain such insurance, then the Master Servicer shall notify the Owner of such breach and, to the extent available at commercially reasonable rates and the Owner, as mortgagee, has an insurable interest, cause to be maintained (i) fire and hazard insurance a Hazard Insurance Policy or Policies with extended coverage on each REO Property in an amount which is at least equal to the lesser greater of (i) an amount not less than is necessary to avoid the current principal balance application of such Mortgage Loan any coinsurance clause contained in the related fire and hazard insurance policy and (ii) the replacement cost actual cash value of the improvements which are a part of such REO Property. The Servicer shall cause to be maintained with respect to each REO Property a Public Liability Insurance Policy providing such coverage against such risks as the Servicer determines is consistent with the servicing standard set forth in Section 2.01(a) hereof. Any amounts collected by the Servicer under any such policies (other than amounts to be applied to the restoration or repair of the related Mortgaged Property REO Property) shall be deposited in the Tower REO Lockbox. It is understood and (ii) agreed that no earthquake or other additional insurance other than a Flood Insurance Policy, subject to the extent that qualification set forth in the Mortgaged next sentence hereof, is to be maintained by the Servicer. If an REO Property is was located at the date of the related Tax Lien Certificate in a federally designated special flood hazard area, flood insurance the Servicer will obtain a Flood Insurance Policy as soon as practicable. If a recovery under a Hazard Insurance Policy, Public Liability Insurance Policy or a Flood Insurance Policy in respect thereof. Such flood of an REO Property would have been available if such insurance were maintained thereon in accordance with the standards applied to REO Properties described herein and such insurance was not so maintained, the Servicer shall be either (i) deposit in an the Tower REO Lockbox from its own funds, without any right of reimbursement therefor, the amount equal that would have been recovered by the date such recovery would have been received or (ii) apply to the lesser of (y) the unpaid principal balance restoration and repair of the related Mortgage Loan Property from its own funds the amount that would have been recovered or (z) the maximum amount of such insurance as is available for the related Mortgaged Property under the National Flood Insurance Act. After notifying the Owner pursuant to the second preceding sentence, the Master Servicer shall take such action as the Owner reasonably requests with respect to the maintenance of any other forms of insurance which are required to be maintained pursuant to the related Mortgage Loan Documents, except to the extent that such insurance is not available at commercially reasonable rates or the Owner, as mortgagee, does not have an insurable interest. The Master Servicer shall, to the extent available at commercially reasonable rates and the Owner, as mortgagee, has an insurable interest, maintain for each REO Property no less insurance coverage than was previously required with respect to the related Mortgaged Property or as may be required at any time by the Owner in writing. All such policies shall be endorsed with standard mortgagee clauses with loss payable to the Owner, and shall be in an amount sufficient to avoid repair or restore the casualty, if such application of any co-insurance clause. The costs of maintaining would be consistent with the insurance policies which the Master Servicer is required to maintain pursuant to this servicing standard set forth in Section shall be paid by the Master Servicer as a Servicing Expense in accordance with Sections 3.03 and 5.022.01(a) hereof; provided, providedhowever, that the cost Servicer’s obligations under this sentence shall arise only in the event that the described insurance was not maintained solely as a result of maintaining the Servicer’s negligence or willful misconduct. For example, and, without limiting the foregoing, the Servicer shall have no obligations under the previous sentence if the Servicer received direction from the Indenture Trustee or the Issuer to not obtain, or to cancel, the insurance. Furthermore, any calculation of the amount of any such supposed recovery shall take into consideration the standard policy terms, conditions, exclusions, deductible amounts and claims processing procedures, and the Servicer, upon making the deposit described in this Section 10.04(a), shall have all of the rights, including subrogation rights, that the issuer of such an insurance with respect policy would have had in similar circumstances (such rights to each REO Property shall be paid pursuant to Section 3.11continue notwithstanding any termination of this Servicing Agreement). (b) The Master Servicer may fulfill its obligation agrees, with respect to maintain insurancethe REO Related Tax Liens, as provided in Section 3.05(a)to prepare and present, through a master force placed insurance policyon behalf of itself, the cost of which shall be paid by Indenture Trustee and the Master Servicer as Issuer, claims under each related insurance policy maintained pursuant to this Section 10.04 in a Servicing Expense timely fashion in accordance with Sections 3.03 and 5.02, provided that such cost is limited to the incremental cost terms of such policy allocable and to take such Mortgaged Property reasonable steps as are necessary to receive payment or to permit recovery thereunder. (c) If the Servicer obtains and maintains a blanket policy with a Qualified Insurer insuring against fire and hazard losses on all or a significant portion of the REO Property (i.e.Properties it shall conclusively be deemed to have satisfied its obligations concerning the maintenance of insurance coverage set forth in Section 10.04(a) hereof with respect to the REO Properties covered by such blanket policy, other than any minimum or standby premium payable for it being understood and agreed that such policy whether or not any Mortgaged Property is then covered thereby, which shall be paid by the Master Servicer). Such master force placed insurance policy may contain a deductible clauseclause not greater than $10,000 (except that the deductible for flood, earthquake and Category 1 windstorm shall not be greater than customary for similarly situated properties) (“Permitted Deductible”), in which case the Master Servicer shall, in the event that there shall not have been maintained on the related Mortgaged Property or REO Property a policy otherwise complying with the provisions of Section 3.05(a)10.04(a) hereof, and there shall have been one or more losses which would have been covered by such a policy had it been maintained, immediately deposit into in the related Collection Account Tower REO Lockbox from its own funds funds, without any right of reimbursement therefor, the amount not otherwise payable under the master force placed insurance blanket policy because of such deductible clause to the extent that such deductible exceeds the deductible limitation required under the related Mortgage Loan Documents, or, in the absence of such deductible limitation, the deductible limitation which is consistent with Accepted Servicing Practices. (c) The Master Servicer shall maintain at its own expense a fidelity bond in form and amount that is consistent with Accepted Servicing PracticesPermitted Deductible. In addition, the Master Servicer shall keep in force, at its own expense during the term of this Agreement, a policy or policies of insurance in form and amounts that are consistent with Accepted Servicing Practices, covering loss occasioned by the errors and omissions of the Master Servicer’s officers and employees in connection with its obligations activities as Servicer hereunder, the Servicer agrees to prepare and present, on behalf of itself, the Indenture Trustee and the Issuer, claims under any such blanket policy which it maintains in a timely fashion in accordance with the terms of such policy and to take such reasonable steps as are necessary to receive payment or permit recovery thereunder. (d) As long as Master Servicer has a corporate rating of “A-” (or such comparable rating), Master Servicer may comply with this Section of the Agreement by purchasing such bond or insurance, by self-insuring for these items or a combination of the above.

Maintenance of Insurance Policies. (a) The Master Servicer shall use Reasonable Efforts its best efforts to cause the each Borrower of each Mortgage Loan to maintain or to cause to be maintained for each Mortgage Loan such insurance as is required to be maintained pursuant to the related Mortgage Loan Documents. If the Borrower fails to maintain such insurance, then the Master Servicer shall notify the Owner Initial Class A Certificateholder of such breach and, to the extent available at commercially reasonable rates and the Owner, as mortgagee, has an insurable interestrates, cause to be maintained (i) fire and hazard insurance with extended coverage in an amount which is at least equal to the lesser of the current principal balance of such Mortgage Loan and the replacement cost of the improvements which are a part of the related Mortgaged Property and (ii) to the extent that the Mortgaged Property is located in a federally designated special flood hazard area, flood insurance in respect thereof. Such flood insurance shall be in an amount equal to the lesser of (y) the unpaid principal balance of the related Mortgage Loan or (z) the maximum amount of such insurance as is available for the related Mortgaged Property under the National Flood Insurance Act. After notifying the Owner Initial Class A Certificateholder pursuant to the second preceding sentence, the Master Servicer shall take such action as the Owner reasonably requests Servicer deems to be in the best economic interests of the Certificateholders with respect to the maintenance of any other forms of insurance which are required to be maintained pursuant to the related Mortgage Loan Documents, except to the extent that such insurance is not available at commercially reasonable rates or the Owner, as mortgagee, does not have an insurable interest. The Master Servicer shall, to the extent available at commercially reasonable rates and the Owner, as mortgagee, has an insurable interestrates, maintain for each REO Foreclosure Property no less insurance coverage than was previously required with respect to the related Mortgaged Property or as may be required at any time by the Owner in writingProperty. All such policies shall be endorsed with standard mortgagee clauses with loss payable to the OwnerOwner Trustee, and shall be in an amount sufficient to avoid the application of any co-insurance clause. The costs of maintaining the insurance policies which the Master Servicer is required to maintain pursuant to this Section shall be paid by the Master Servicer as a Servicing Expense in accordance with Sections 3.03 and 5.02Advance; provided, providedhowever, that the cost costs of maintaining insurance with respect to each REO Foreclosure Property shall be paid pursuant to Section 3.115.12. (b) The Master Servicer may fulfill its obligation to maintain insurance, as provided in Section 3.05(a5.05(a), through a master force placed insurance policy, the cost of which shall be paid by the Master Servicer as a Servicing Expense in accordance with Sections 3.03 and 5.02Advance, provided that such cost is limited to the incremental cost of such policy allocable to such Mortgaged Property or REO Foreclosure Property (i.e., other than any minimum or standby premium payable for such policy whether or not any Mortgaged Property is then covered thereby, which shall be paid by the Master Servicer). Such master force placed insurance policy may contain a deductible clause, in which case the Master Servicer shall, in the event that there shall not have been maintained on the related Mortgaged Property or REO Property a policy otherwise complying with the provisions of Section 3.05(a), and there shall have been one or more losses which would have been covered by such a policy had it been maintained, immediately deposit into the related Collection Account from its own funds the amount not otherwise payable under the master force placed insurance policy because of such deductible to the extent that such deductible exceeds the deductible limitation required under the related Mortgage Loan Documents, or, in the absence of such deductible limitation, the deductible limitation which is consistent with Accepted Servicing Practices. (c) The Master Servicer shall maintain at its own expense a fidelity bond in form and amount that is consistent with Accepted the Servicing PracticesStandard. In addition, the Master Servicer shall keep in forceforce or cause the Subservicer, at its own expense during the term of this Agreement, a policy or policies of insurance in form and amounts that are consistent with Accepted the Servicing PracticesStandard, covering loss occasioned by the errors and omissions of the Master Servicer’s 's officers and employees in connection with its obligations hereunder. The Servicer will promptly report in writing to the Initial Class A Certificateholder any material changes that may occur in their fidelity bond, if any, and/or their errors and omissions insurance policy or policies, as the case may be, and will furnish to the Initial Class A Certificateholder certificates evidencing that such bond, if any, and insurance policies are in full force and effect. (d) As long as Master Servicer has a corporate rating of “A-” (or such comparable rating), Master Servicer may comply with this Section of the Agreement by purchasing such bond or insurance, by self-insuring for these items or a combination of the above.

Maintenance of Insurance Policies. (a) The Master Servicer shall use Reasonable Efforts to cause the Borrower of each Mortgage Loan to maintain for each Mortgage Loan such insurance as is required to be maintained pursuant to the related Mortgage Loan Documents. If the Borrower fails to maintain such insurance, then the Master Servicer shall notify the Owner of such breach and, to the extent available at commercially reasonable rates and the Owner, as mortgagee, has an insurable interest, cause to be maintained (i) fire and hazard insurance a Hazard Insurance Policy or Policies with extended coverage on each REO Property in an amount which is at least equal to the lesser greater of (i) an amount not less than is necessary to avoid the current principal balance application of such Mortgage Loan any coinsurance clause contained in the related fire and hazard insurance policy and (ii) the replacement cost actual cash value of the improvements which are a part of such REO Property. The Servicer shall cause to be maintained with respect to each REO Property a Public Liability Insurance Policy providing such coverage against such risks as the Servicer determines is consistent with the servicing standard set forth in Section 2.01(a) hereof. Any amounts collected by the Servicer under any such policies (other than amounts to be applied to the restoration or repair of the related Mortgaged Property REO Property) shall be deposited in the MTAG REO Lockbox. It is understood and (ii) agreed that no earthquake or other additional insurance other than a Flood Insurance Policy, subject to the extent that qualification set forth in the Mortgaged next sentence hereof, is to be maintained by the Servicer. If an REO Property is was located at the date of the related Tax Lien Certificate in a federally designated special flood hazard area, flood insurance the Servicer will obtain a Flood Insurance Policy as soon as practicable. If a recovery under a Hazard Insurance Policy, Public Liability Insurance Policy or a Flood Insurance Policy in respect thereof. Such flood of an REO Property would have been available if such insurance were maintained thereon in accordance with the standards applied to REO Properties described herein and such insurance was not so maintained, the Servicer shall be either (i) deposit in an the MTAG REO Lockbox from its own funds, without any right of reimbursement therefor, the amount equal that would have been recovered by the date such recovery would have been received or (ii) apply to the lesser of (y) the unpaid principal balance restoration and repair of the related Mortgage Loan Property from its own funds the amount that would have been recovered or (z) the maximum amount of such insurance as is available for the related Mortgaged Property under the National Flood Insurance Act. After notifying the Owner pursuant to the second preceding sentence, the Master Servicer shall take such action as the Owner reasonably requests with respect to the maintenance of any other forms of insurance which are required to be maintained pursuant to the related Mortgage Loan Documents, except to the extent that such insurance is not available at commercially reasonable rates or the Owner, as mortgagee, does not have an insurable interest. The Master Servicer shall, to the extent available at commercially reasonable rates and the Owner, as mortgagee, has an insurable interest, maintain for each REO Property no less insurance coverage than was previously required with respect to the related Mortgaged Property or as may be required at any time by the Owner in writing. All such policies shall be endorsed with standard mortgagee clauses with loss payable to the Owner, and shall be in an amount sufficient to avoid repair or restore the casualty, if such application of any co-insurance clause. The costs of maintaining would be consistent with the insurance policies which the Master Servicer is required to maintain pursuant to this servicing standard set forth in Section shall be paid by the Master Servicer as a Servicing Expense in accordance with Sections 3.03 and 5.022.01(a) hereof; provided, providedhowever, that the cost Servicer’s obligations under this sentence shall arise only in the event that the described insurance was not maintained solely as a result of maintaining the Servicer’s negligence or willful misconduct. For example, and, without limiting the foregoing, the Servicer shall have no obligations under the previous sentence if the Servicer received direction from the Indenture Trustee or the Issuer to not obtain, or to cancel, the insurance. Furthermore, any calculation of the amount of any such supposed recovery shall take into consideration the standard policy terms, conditions, exclusions, deductible amounts and claims processing procedures, and the Servicer, upon making the deposit described in this Section 10.04(a), shall have all of the rights, including subrogation rights, that the issuer of such an insurance with respect policy would have had in similar circumstances (such rights to each REO Property shall be paid pursuant to Section 3.11continue notwithstanding any termination of this Servicing Agreement). (b) The Master Servicer may fulfill its obligation agrees, with respect to maintain insurancethe REO Related Tax Liens, as provided in Section 3.05(a)to prepare and present, through a master force placed insurance policyon behalf of itself, the cost of which shall be paid by Indenture Trustee and the Master Servicer as Issuer, claims under each related insurance policy maintained pursuant to this Section 10.04 in a Servicing Expense timely fashion in accordance with Sections 3.03 and 5.02, provided that such cost is limited to the incremental cost terms of such policy allocable and to take such Mortgaged Property reasonable steps as are necessary to receive payment or to permit recovery thereunder. (c) If the Servicer obtains and maintains a blanket policy with a Qualified Insurer insuring against fire and hazard losses on all or a significant portion of the REO Property (i.e.Properties it shall conclusively be deemed to have satisfied its obligations concerning the maintenance of insurance coverage set forth in Section 10.04(a) hereof with respect to the REO Properties covered by such blanket policy, other than any minimum or standby premium payable for it being understood and agreed that such policy whether or not any Mortgaged Property is then covered thereby, which shall be paid by the Master Servicer). Such master force placed insurance policy may contain a deductible clauseclause not greater than $10,000 (except that the deductible for flood, earthquake and Category 1 windstorm shall not be greater than customary for similarly situated properties) (“Permitted Deductible”), in which case the Master Servicer shall, in the event that there shall not have been maintained on the related Mortgaged Property or REO Property a policy otherwise complying with the provisions of Section 3.05(a)10.04(a) hereof, and there shall have been one or more losses which would have been covered by such a policy had it been maintained, immediately deposit into in the related Collection Account MTAG REO Lockbox from its own funds funds, without any right of reimbursement therefor, the amount not otherwise payable under the master force placed insurance blanket policy because of such deductible clause to the extent that such deductible exceeds the deductible limitation required under the related Mortgage Loan Documents, or, in the absence of such deductible limitation, the deductible limitation which is consistent with Accepted Servicing Practices. (c) The Master Servicer shall maintain at its own expense a fidelity bond in form and amount that is consistent with Accepted Servicing PracticesPermitted Deductible. In addition, the Master Servicer shall keep in force, at its own expense during the term of this Agreement, a policy or policies of insurance in form and amounts that are consistent with Accepted Servicing Practices, covering loss occasioned by the errors and omissions of the Master Servicer’s officers and employees in connection with its obligations activities as Servicer hereunder, the Servicer agrees to prepare and present, on behalf of itself, the Indenture Trustee and the Issuer, claims under any such blanket policy which it maintains in a timely fashion in accordance with the terms of such policy and to take such reasonable steps as are necessary to receive payment or permit recovery thereunder. (d) As long as Master Servicer has a corporate rating of “A-” (or such comparable rating), Master Servicer may comply with this Section of the Agreement by purchasing such bond or insurance, by self-insuring for these items or a combination of the above.

Maintenance of Insurance Policies. (a) The Master Servicer shall use Reasonable Efforts to cause the Borrower of each Mortgage Loan to maintain for each Mortgage Loan such insurance as is required to be maintained pursuant to the related Mortgage Loan Documents. If the Borrower fails to maintain such insurance, then the Master Servicer shall notify the Owner of such breach and, to the extent available at commercially reasonable rates and the Owner, as mortgagee, has an insurable interest, cause to be maintained (i) fire and hazard insurance a Hazard Insurance Policy or Policies with extended coverage on each REO Property in an amount which is at least equal to the lesser greater of (i) an amount not less than is necessary to avoid the current principal balance application of such Mortgage Loan any coinsurance clause contained in the related fire and hazard insurance policy and (ii) the replacement cost actual cash value of the improvements which are a part of such REO Property. The Servicer shall cause to be maintained with respect to each REO Property a Public Liability Insurance Policy providing such coverage against such risks as the Servicer determines is consistent with the servicing standard set forth in Section 2.01(a) hereof. Any amounts collected by the Servicer under any such policies (other than amounts to be applied to the restoration or repair of the related Mortgaged Property REO Property) shall be deposited in the Tower REO Lockbox. It is understood and (ii) agreed that no earthquake or other additional insurance other than a Flood Insurance Policy, subject to the extent that qualification set forth in the Mortgaged next sentence hereof, is to be maintained by the Servicer. If an REO Property is was located at the date of the related Tax Lien Certificate in a federally designated special flood hazard area, flood insurance the Servicer will obtain a Flood Insurance Policy as soon as practicable. If a recovery under a Hazard Insurance Policy, Public Liability Insurance Policy or a Flood Insurance Policy in respect thereof. Such flood of an REO Property would have been available if such insurance were maintained thereon in accordance with the standards applied to REO Properties described herein and such insurance was not so maintained, the Servicer shall be either (i) deposit in an the Tower REO Lockbox from its own funds, without any right of reimbursement therefor, the amount equal that would have been recovered by the date such recovery would have been received or (ii) apply to the lesser of (y) the unpaid principal balance restoration and repair of the related Mortgage Loan Property from its own funds the amount that would have been recovered or (z) the maximum amount of such insurance as is available for the related Mortgaged Property under the National Flood Insurance Act. After notifying the Owner pursuant to the second preceding sentence, the Master Servicer shall take such action as the Owner reasonably requests with respect to the maintenance of any other forms of insurance which are required to be maintained pursuant to the related Mortgage Loan Documents, except to the extent that such insurance is not available at commercially reasonable rates or the Owner, as mortgagee, does not have an insurable interest. The Master Servicer shall, to the extent available at commercially reasonable rates and the Owner, as mortgagee, has an insurable interest, maintain for each REO Property no less insurance coverage than was previously required with respect to the related Mortgaged Property or as may be required at any time by the Owner in writing. All such policies shall be endorsed with standard mortgagee clauses with loss payable to the Owner, and shall be in an amount sufficient to avoid repair or restore the casualty, if such application of any co-insurance clause. The costs of maintaining would be consistent with the insurance policies which the Master Servicer is required to maintain pursuant to this servicing standard set forth in Section shall be paid by the Master Servicer as a Servicing Expense in accordance with Sections 3.03 and 5.022.01(a) hereof; provided, providedhowever, that the cost Servicer’s obligations under this sentence shall arise only in the event that the described insurance was not maintained solely as a result of maintaining the Servicer’s negligence or willful misconduct. For example, and, without limiting the foregoing, the Servicer shall have no obligations under the previous sentence if the Servicer received direction from the Collateral Agent and Custodian or the Issuer to not obtain, or to cancel, the insurance. Furthermore, any calculation of the amount of any such supposed recovery shall take into consideration the standard policy terms, conditions, exclusions, deductible amounts and claims processing procedures, and the Servicer, upon making the deposit described in this Section 10.04(a), shall have all of the rights, including subrogation rights, that the issuer of such an insurance with respect policy would have had in similar circumstances (such rights to each REO Property shall be paid pursuant to Section 3.11continue notwithstanding any termination of this Servicing Agreement). (b) The Master Servicer may fulfill its obligation agrees, with respect to maintain insurancethe REO Related Tax Liens, as provided in Section 3.05(a)to prepare and present, through a master force placed insurance policyon behalf of itself, the cost of which shall be paid by Collateral Agent and Custodian and the Master Servicer as Issuer, claims under each related insurance policy maintained pursuant to this Section 10.04 in a Servicing Expense timely fashion in accordance with Sections 3.03 and 5.02, provided that such cost is limited to the incremental cost terms of such policy allocable and to take such Mortgaged Property reasonable steps as are necessary to receive payment or to permit recovery thereunder. (c) If the Servicer obtains and maintains a blanket policy with a Qualified Insurer insuring against fire and hazard losses on all or a significant portion of the REO Property (i.e.Properties it shall conclusively be deemed to have satisfied its obligations concerning the maintenance of insurance coverage set forth in Section 10.04(a) hereof with respect to the REO Properties covered by such blanket policy, other than any minimum or standby premium payable for it being understood and agreed that such policy whether or not any Mortgaged Property is then covered thereby, which shall be paid by the Master Servicer). Such master force placed insurance policy may contain a deductible clauseclause not greater than $10,000 (except that the deductible for flood, earthquake and Category 1 windstorm shall not be greater than customary for similarly situated properties) (“Permitted Deductible”), in which case the Master Servicer shall, in the event that there shall not have been maintained on the related Mortgaged Property or REO Property a policy otherwise complying with the provisions of Section 3.05(a)10.04(a) hereof, and there shall have been one or more losses which would have been covered by such a policy had it been maintained, immediately deposit into in the related Collection Account Tower REO Lockbox from its own funds funds, without any right of reimbursement therefor, the amount not otherwise payable under the master force placed insurance blanket policy because of such deductible clause to the extent that such deductible exceeds the deductible limitation required under the related Mortgage Loan Documents, or, in the absence of such deductible limitation, the deductible limitation which is consistent with Accepted Servicing Practices. (c) The Master Servicer shall maintain at its own expense a fidelity bond in form and amount that is consistent with Accepted Servicing PracticesPermitted Deductible. In addition, the Master Servicer shall keep in force, at its own expense during the term of this Agreement, a policy or policies of insurance in form and amounts that are consistent with Accepted Servicing Practices, covering loss occasioned by the errors and omissions of the Master Servicer’s officers and employees in connection with its obligations activities as Servicer hereunder, the Servicer agrees to prepare and present, on behalf of itself, the Collateral Agent and Custodian and the Issuer, claims under any such blanket policy which it maintains in a timely fashion in accordance with the terms of such policy and to take such reasonable steps as are necessary to receive payment or permit recovery thereunder. (d) As long as Master Servicer has a corporate rating of “A-” (or such comparable rating), Master Servicer may comply with this Section of the Agreement by purchasing such bond or insurance, by self-insuring for these items or a combination of the above.