Placement of Collateral Protection Insurance Sample Clauses

Placement of Collateral Protection Insurance. Unless Borrower provides Lender with evidence of the insurance coverage required by Xxxxxxxx's agreement with Lender, Lender may purchase insurance at Borrower's expense to protect Xxxxxx's interests in Xxxxxxxx's collateral. This insurance may, but need not, protect Xxxxxxxx's interests. The coverage that Lender purchases may not pay any claim that Xxxxxxxx makes or any claim that is made against Borrower in connection with the collateral. Borrower may later cancel any insurance purchased by Xxxxxx, but only after providing Lender with evidence that Xxxxxxxx has obtained insurance as required by Xxxxxxxx's and Lender's agreement. If Lender purchases insurance for the collateral, Borrower will be responsible for the costs of that insurance, including interest and any other charges Lender may impose in connection with the placement of the insurance, until the effective date of the cancellation or expiration of the insurance. The costs of the insurance may be added to Borrower's total outstanding balance or obligation. The costs of the insurance may be more than the cost of insurance Borrower may be able to obtain on its own. BENEFICIARY REQUESTS NOTICE OF ANY ADVERSE ACTION THAT A PRIORITY LIEN HOLDER TAKES WITH REGARD TO THE PROPERTY, INCLUDING DEFAULT AND FORECLOSURE BY SIGNING XXXXX, Xxxxxxxx accepts and agrees to the terms and covenants contained in this Security Instrument and in any Rider executed by Xxxxxxxx and recorded with it. (Seal) (Seal) (Seal) (Seal) ILLINOIS SECOND LIEN MORTGAGE [Space Below This Line For Acknowledgment] State of ILLINOIS ) ) ss. County of ) I certify that (here give name of officer and his official title) (name of xxxxxxx, and if acknowledged by the spouse, his or her name, and add "his or her spouse") personally known to me to be the same person whose name is (or are) subscribed to the foregoing instrument, appeared before me this day in person, and acknowledged that he (she or they) signed and delivered the instrument as his (her or their) free and voluntary act, for the uses and purposes therein set forth. Dated: (Signature of officer) (Seal) Loan Originator: NMLSR ID Loan Originator Organization: NMLSR ID ILLINOIS SECOND LIEN MORTGAGE

Placement of Collateral Protection Insurance. Unless Borrower provides Lender with evidence of the insurance coverage required by Xxxxxxxx’s agreement with Lender, Lender may purchase insurance at Borrower’s expense to protect Xxxxxx’s interests in Borrower’s collateral. This insurance may, but need not, protect Xxxxxxxx’s interests. The coverage that Lender purchases may not pay any claim that Xxxxxxxx makes or any claim that is made against Borrower in connection with the collateral. Borrower may later cancel any insurance purchased by Xxxxxx, but only after providing Lender with evidence that Xxxxxxxx has obtained insurance as required by Xxxxxxxx’s and Lender’s agreement. If Lender purchases insurance for the collateral, Borrower will be responsible for the costs of that insurance, including interest and any other charges Lender may impose in connection with the placement of the insurance, until the effective date of the cancellation or expiration of the insurance. The costs of the insurance may be added to Borrower’s total outstanding balance or obligation. The costs of the insurance may be more than the cost of insurance Borrower may be able to obtain on its own. BY SIGNING XXXXX, Xxxxxxxx accepts and agrees to the terms and covenants contained in this Security Instrument and in any Rider executed by Xxxxxxxx and recorded with it.