Common use of Maintenance of Mortgage Impairment Insurance Policy Clause in Contracts

Maintenance of Mortgage Impairment Insurance Policy. The Servicer may satisfy its obligations under Section 4.10 and 4.11 pertaining to physical storage of insurance policies and general policy rating requirements by maintaining a mortgage impairment or other form of blanket policy that will protect the Servicer and/or Owner in the event of uninsured loss, insolvency of an insurance carrier or any other loss normally to be covered by a mortgage impairment policy. It is agreed that any expense incurred by the Servicer in maintaining any such insurance shall be borne by the Servicer. This shall be deemed to include any loss or any expense as a result of a deductible clause in such a policy.