Proceedings of Eminent Domain. In the event that part or all of a Property is taken by eminent domain, or condemnation or by any other proceedings by federal, state or local governmental unit or agency, the Insured must require that the Borrower apply the maximum permissible amount of any compensation awarded in such proceedings to reduce the principal balance of the Loan, in accordance with the law of the jurisdiction where the Property is located.
Appears in 12 contracts
Samples: Pooling and Servicing Agreement (FFMLT Trust 2005-Ffa), Pooling and Servicing Agreement (Option One Mortgage Loan Trust 2007-Fxd1), Second Mortgage Pool Insurance Policy (Structured Asset Sec Corp Mort Pass THR Certs Ser 2004-Ffa)
Proceedings of Eminent Domain. In the event that part or all of a the Property is taken by eminent domain, or condemnation or by any other proceedings by federal, state or local governmental unit or agency, the Insured must shall require that the Borrower apply the maximum permissible amount of any compensation awarded in such proceedings to reduce the principal balance of the Loan, in accordance with the law of the jurisdiction where the Property is located.
Appears in 9 contracts
Samples: Mortgage Insurance Agreement, Bulk Primary First Lien Master Policy (Structured Asset Securities Corp Mor Pas THR Cer Se 2001-Bc5), Bulk Primary First Lien Master Policy (Structured Ass Sec Cor a R Col Tr MRT Ps THR CRT Ser 01-Bc6)
