Common use of Required Hazard Insurance Policies Clause in Contracts

Required Hazard Insurance Policies. The Manufactured Home is insured by a fire and extended perils insurance policy, issued by a company authorized to issue such policies in the state in which the related Manufactured Home is located, and is also insured against losses from theft, collision, water and weather damage and such other hazards as are customary in the area where the Manufactured Home is located, and, to the extent required by the applicable Seller as of the date of origination consistent with the Underwriting Guidelines, against earthquake and other risks insured against by Persons operating like properties in the locality of the Manufactured Home, issued by a company authorized to issue such policies in the state in which the Manufactured Home is located, and in an amount which is equal to the replacement cost of the Manufactured Home plus Add-ons, provided that such insurance policy may provide for customary deductible amounts, and further provided that the amount of coverage provided by each such policy shall be sufficient to avoid the application of any co-insurance clause contained therein. If any portion of the Manufactured Home is located within a federally designated special flood hazard area, the applicable Seller shall also cause flood insurance which meets the current federal guidelines to be maintained with a generally accepted insurance carrier, in an amount representing not less than the least of (1) the outstanding principal balance of the Loan, (2) the full insurable value of the Manufactured Home, and (3) the maximum amount of insurance available under the Flood Disaster Protection Act of 1973, as amended. All such insurance policies (each a "Hazard Insurance Policy") contain a standard loss payee clause naming the applicable Seller, its successors and assigns (including without limitation, subsequent owners of the MH Loan, as loss payee, and may not be reduced, terminated, or canceled without 30 days prior written notice to the loss payee. No such notice has been received by the applicable Seller. The Hazard Insurance Policy is the valid and binding obligation of the insurer and is in full force and effect. The applicable Seller has not engaged in, and has no knowledge that the Obligor has engaged in, any act or omission which would impair the coverage of any such policy, the benefits of the endorsement provided for herein, or the validity and binding effect of either, including without limitation, no unlawful fee, commission, kickback, or other unlawful compensation or value of any kind has been or will be received, retained or realized by any attorney, firm or other Person, and no such unlawful items have been received, retained, or realized by the applicable Seller. Where required by state law or regulation, the Obligor has been given an opportunity to choose the carrier of the required Hazard Insurance Policy.

Required Hazard Insurance Policies. The Each Manufactured Home securing a Floorplan Loan is insured by a fire and extended perils insurance policy, issued by a company authorized to issue such policies in the state in which the related Manufactured Home Underlying Asset is located, and is also insured against losses from theft, collision, water and weather damage and such other hazards as are customary in the area where the Manufactured Home is located, and, to the extent required by the applicable Seller as of the date of origination consistent with the Underwriting Guidelines, against earthquake and other risks insured against by Persons operating like properties in the locality of the Manufactured HomeHomes, issued by a company authorized to issue such policies in the state in which the Manufactured Home is Homes are located, and in an amount which is equal to the replacement cost of the 107 such Manufactured Home plus Add-ons, provided that such insurance policy may provide for customary deductible amounts, and further provided that the amount of coverage provided by each such policy shall be sufficient to avoid the application of any co-insurance clause contained therein. If any portion of the any Manufactured Home is located within a federally designated special flood hazard area, the applicable Seller shall also cause flood insurance which meets the current federal guidelines to be maintained with a generally accepted insurance carrier, in an amount representing not less than the least of (1) the outstanding principal balance of the Floorplan Loan, (2) the full insurable value of the Manufactured HomeHomes securing the Floorplan Loan, and (3) the maximum amount of insurance available under the Flood Disaster Protection Act of 1973, as amended. All such insurance policies (each a "Hazard Insurance Policy") contain a standard loss payee clause naming the applicable Seller, its successors and assigns (including without limitation, subsequent owners of the MH Floorplan Loan, as loss payee, and may not be reduced, terminated, or canceled without 30 days prior written notice to the loss payee. No such notice has been received by the applicable Seller. The Hazard Insurance Policy is the valid and binding obligation of the insurer and is in full force and effect. The applicable Seller has not engaged in, and has no knowledge that the Obligor Dealer has engaged in, any act or omission which would impair the coverage of any such policy, the benefits of the endorsement provided for herein, or the validity and binding effect of either, including without limitation, no unlawful fee, commission, kickback, or other unlawful compensation or value of any kind has been or will be received, retained or realized by any attorney, firm or other Person, and no such unlawful items have been received, retained, or realized by the applicable Seller. Where required by state law or regulation, the Obligor Dealer has been given an opportunity to choose the carrier of the required Hazard Insurance Policy.