Common use of Property Insurance Required Clause in Contracts

Property Insurance Required. You must carry insurance on the property that secures this revolving of credit plan. If the property is located in a special Flood Hazard Area, we will require you to obtain flood insurance if it is available. Your Mortgage provides that the Credit Union may pay any such insurance and add those fees to your loan as a cash advance, with interest accruing thereon, if you do not provide the necessary insurance coverage.

Property Insurance Required. You must carry insurance on the property that secures this revolving credit of credit plan. If the property is located in a special Flood Hazard Area, we will require you to obtain flood insurance if it is available. Your Mortgage provides that the Credit Union may pay any such insurance and add those fees to your loan as a cash advance, with interest accruing thereon, if you do not provide the necessary insurance coverage.