Common use of Standard Hazard Insurance Clause in Contracts

Standard Hazard Insurance. Except as otherwise provided in this Section 3.16(a), the Servicer shall cause to be maintained with respect to each Contract and Mortgage Loan and each Repo Property and REO Property one or more Standard Hazard Insurance Policies that provide, at a minimum, the same coverage as that provided by a standard form fire and extended coverage insurance policy that is customary for manufactured housing or residential real property (as applicable) and which shall include flood insurance coverage issued by a Qualified Insurer, providing coverage in an amount at least equal to the lesser of (1) 100% of the replacement value of the related Manufactured Home or Mortgaged Property and (2) the Unpaid Principal Balance of such Contract or Mortgage Loan, provided, that with respect to each Repo Property and REO Property, the amount shall at least equal the lesser of (1) the maximum insurable value of the related Manufactured Home or Mortgaged Property or (2) the Unpaid Principal Balance under such Contract or Mortgage Loan; provided, however, that in any event the amount of coverage provided by each Standard Hazard Insurance Policy must be sufficient to avoid the application of any co-insurance clause contained therein. As part of its collection responsibilities, the Servicer shall proceed to collect the premiums due on the Standard Hazard Insurance Policies from the Obligors in accordance with the degree of skill and care that is customarily used for such purpose in the manufactured home loan servicing industry (in the case of Contracts) and the residential mortgage loan servicing industry (in the case of Mortgage Loans). Each Standard Hazard Insurance Policy caused to be maintained by the Servicer shall contain a standard loss payee clause in favor of the Servicer and its successors and assigns. Any amounts received under any such policies (other than amounts applied to restoration or repair or released to the Obligors) shall be deposited initially into the related Certificate Account and then deposited into the related Distribution Account pursuant to Sections 3.06 and 3.07 hereof, within the respective time frames specified in such Sections. In lieu of causing individual Standard Hazard Insurance Policies to be maintained with respect to each Manufactured Home and Mortgaged Property pursuant to subsection (a) of this Section 3.16, the Servicer may maintain one or more blanket insurance policies, each issued by a Qualified Insurer, covering losses on the Obligors' interests in the Assets relating to such Manufactured Homes and Mortgaged Properties resulting from the absence or insufficiency of such individual Standard Hazard Insurance Policies. The Servicer shall pay the premium for any such policy on the basis described therein and shall pay any deductible amount with respect to claims under such policy relating to the Assets covered thereby. All amounts collected by the Servicer under any such blanket policy and any payments by the Servicer of deductible amounts thereunder, in each case relating to an Asset covered thereby, shall be deposited initially into the Certificate Account pursuant to Sections 3.05 and 3.06 hereof (within the respective time frames specified in such Sections), after payment to (or retention by) the Servicer of all Insured Expenses and Liquidation Expenses incurred by it with respect to the Manufactured Home or Mortgaged Property to which such recovery relates, as well as the amount of any Advances made by the Servicer with respect to the related Asset that have not been reimbursed to the Servicer.

Standard Hazard Insurance. Except as otherwise provided in this Section 3.16(a), the Servicer shall cause to be maintained with respect to each Contract and Mortgage Loan and each Repo Property and REO Property one or more Standard Hazard Insurance Policies that provide, at a minimum, the same coverage as that provided by a standard form fire and extended coverage insurance policy that is customary for manufactured housing or residential real property (as applicable) and which shall include flood insurance coverage issued by a Qualified Insurer, providing coverage in an amount at least equal to the lesser of (1) 100% of the replacement value of the related Manufactured Home or Mortgaged Property and (2) the Unpaid Principal Balance of such Contract or Mortgage Loan, provided, that with respect to each Repo Property and REO Property, the amount shall at least equal the lesser of (1) the maximum insurable value of the related Manufactured Home or Mortgaged Property or (2) the Unpaid Principal Balance under such Contract or Mortgage Loan; provided, however, that in any event the amount of coverage provided by each Standard Hazard Insurance Policy must be sufficient to avoid the application of any co-insurance clause contained therein. As part of its collection responsibilities, the Servicer shall proceed to collect the premiums due on the Standard Hazard Insurance Policies from the Obligors in accordance with the degree of skill and care that is customarily used for such purpose in the manufactured home loan servicing industry (in the case of Contracts) and the residential mortgage loan servicing industry (in the case of Mortgage Loans). Each Standard Hazard Insurance Policy caused to be maintained by the Servicer shall contain a standard loss payee clause in favor of the Servicer and its successors and assigns. Any amounts received under any such policies (other than amounts applied to restoration or repair or released to the Obligors) shall be deposited initially into the related Certificate Account and then deposited into the related Distribution Account pursuant to Sections 3.06 and 3.07 hereof, within the respective time frames specified in such Sections. In lieu of causing individual Standard Hazard Insurance Policies to be maintained with respect to each Manufactured Home and Mortgaged Property pursuant to subsection (a) of this Section 3.16, the Servicer may maintain one or more blanket insurance policies, each issued by a Qualified Insurer, covering losses on the Obligors' interests in the Assets relating to such Manufactured Homes and Mortgaged Properties resulting from the absence or insufficiency of such individual Standard Hazard Insurance Policies. The Servicer shall pay the premium for any such policy on the basis described therein and shall pay any deductible amount with respect to claims under such policy relating to the Assets covered thereby. All amounts collected by the Servicer under any such blanket policy and any payments by the Servicer of deductible amounts thereunder, in each case relating to an Asset covered thereby, shall be deposited initially into the Certificate Account pursuant to Sections 3.05 and 3.06 hereof (within the respective time frames specified in such Sections), after payment to (or retention by) the Servicer of all Insured Expenses and Liquidation Expenses incurred by it with respect to the Manufactured Home or Mortgaged Property to which such recovery relates, as well as the amount of any Advances made by the Servicer with respect to the related Asset that have not been reimbursed to the Servicer.

Standard Hazard Insurance. Except as otherwise provided in this Section 3.16(a), the Servicer shall cause to be maintained with respect to each Contract and Mortgage Loan and each Repo Property and REO Property one or more Standard Hazard Insurance Policies that provide, at a minimum, the same coverage as that provided by a standard form fire and extended coverage insurance policy that is customary for manufactured housing or residential real property (as applicable) and which shall include flood insurance coverage issued by a Qualified Insurer, providing coverage in an amount at least equal to the lesser of (1) 100% of the replacement value of the related Manufactured Home or Mortgaged Property and (2) the Unpaid Principal Balance of such Contract or Mortgage Loan, provided, that with respect to each Repo Property and REO Property, the amount shall at least equal the lesser of (1) the maximum insurable value of the related Manufactured Home or Mortgaged Property or (2) the Unpaid Principal Balance principal balance due from the Obligor under such Contract or Mortgage Loan; provided, however, that in any event the amount of coverage provided by each Standard Hazard Insurance Policy must be sufficient to avoid the application of any co-insurance clause contained therein. As part of its collection responsibilities, the Servicer shall proceed to collect the premiums due on the Standard Hazard Insurance Policies from the Obligors in accordance with the degree of skill and care that is customarily used for such purpose in the manufactured home loan servicing industry (in the case of Contracts) and the residential mortgage loan servicing industry (in the case of Mortgage Loans). Each Standard Hazard Insurance Policy caused to be maintained by the Servicer shall contain a standard loss payee clause in favor of the Servicer and its successors and assigns. Any amounts received under any such policies (other than amounts applied to restoration or repair or released to the Obligors) shall be deposited initially into the related Certificate Account and then deposited into the related Distribution Account pursuant to Sections 3.06 and 3.07 hereof, within the respective time frames specified in such Sections. In lieu of causing individual Standard Hazard Insurance Policies to be maintained with respect to each Manufactured Home and Mortgaged Property pursuant to subsection (a) of this Section 3.16, the Servicer may maintain one or more blanket insurance policies, each issued by a Qualified Insurer, covering losses on the Obligors' interests in the Assets relating to such Manufactured Homes and Mortgaged Properties resulting from the absence or insufficiency of such individual Standard Hazard Insurance Policies. The Servicer shall pay the premium for any such policy on the basis described therein and shall pay any deductible amount with respect to claims under such policy relating to the Assets covered thereby. All amounts collected by the Servicer under any such blanket policy and any payments by the Servicer of deductible amounts thereunder, in each case relating to an Asset covered thereby, shall be deposited initially into the Certificate Account pursuant to Sections 3.05 and 3.06 hereof (within the respective time frames specified in such Sections), after payment to (or retention by) the Servicer of all Insured Expenses and Liquidation Expenses incurred by it with respect to the Manufactured Home or Mortgaged Property to which such recovery relates, as well as the amount of any Advances made by the Servicer with respect to the related Asset that have not been reimbursed to the Servicer.this

Standard Hazard Insurance. Except as otherwise provided in this Section 3.16(a), the Servicer shall cause to be maintained with respect to each Contract and Mortgage Loan and each Repo Property and REO Property one or more Standard Hazard Insurance Policies that provide, at a minimum, the same coverage as that provided by a standard form fire and extended coverage insurance policy that is customary for manufactured housing or residential real property (as applicable) and which shall include flood insurance coverage issued by a Qualified Insurer, providing coverage in an amount at least equal to the lesser of (1) 100% of the replacement value of the related Manufactured Home or Mortgaged Property and (2) the Unpaid Principal Balance of such Contract or Mortgage Loan, provided, that with respect to each Repo Property and REO Property, the amount shall at least equal the lesser of (1) the maximum insurable value of the related Manufactured Home or Mortgaged Property or (2) the Unpaid Principal Balance principal balance due from the Obligor under such Contract or Mortgage Loan; providedPROVIDED, howeverHOWEVER, that in any event the amount of coverage provided by each Standard Hazard Insurance Policy must be sufficient to avoid the application of any co-insurance clause contained therein. As part of its collection responsibilities, the Servicer shall proceed to collect the premiums due on the Standard Hazard Insurance Policies from the Obligors in accordance with the degree of skill and care that is customarily used for such purpose in the manufactured home loan servicing industry (in the case of Contracts) and the residential mortgage loan servicing industry (in the case of Mortgage Loans). Each Standard Hazard Insurance Policy caused to be maintained by the Servicer shall contain a standard loss payee clause in favor of the Servicer and its successors and assigns. Any amounts received under any such policies (other than amounts applied to restoration or repair or released to the Obligors) shall be deposited initially into the related Certificate Account and then deposited into the related Distribution Account pursuant to Sections 3.06 and 3.07 hereof, within the respective time frames specified in such Sections. In lieu of causing individual Standard Hazard Insurance Policies to be maintained with respect to each Manufactured Home and Mortgaged Property pursuant to subsection (a) of this Section 3.16, the Servicer may maintain one or more blanket insurance policies, each issued by a Qualified Insurer, covering losses on the Obligors' interests in the Assets relating to such Manufactured Homes and Mortgaged Properties resulting from the absence or insufficiency of such individual Standard Hazard Insurance Policies. The Servicer shall pay the premium for any such policy on the basis described therein and shall pay any deductible amount with respect to claims under such policy relating to the Assets covered thereby. All amounts collected by the Servicer under any such blanket policy and any payments by the Servicer of deductible amounts thereunder, in each case relating to an Asset covered thereby, shall be deposited initially into the Certificate Account pursuant to Sections 3.05 and 3.06 hereof (within the respective time frames specified in such Sections), after payment to (or retention by) the Servicer of all Insured Expenses and Liquidation Expenses incurred by it with respect to the Manufactured Home or Mortgaged Property to which such recovery relates, as well as the amount of any Advances made by the Servicer with respect to the related Asset that have not been reimbursed to the Servicer.

Standard Hazard Insurance. Except as otherwise provided in this Section 3.16(a3.15(a), the Master Servicer shall cause to be maintained with respect to each Contract and Mortgage Loan and each Repo Property and REO Property one or more Standard Hazard Insurance Policies that provide, at a minimum, the same coverage as that provided by a standard form fire and extended coverage insurance policy that is customary for manufactured housing or residential real property (as applicable) and which shall include flood insurance coverage issued by a Qualified Insurer, providing coverage in an amount at least equal to the lesser of (1) 100% of the replacement value of the related Manufactured Home or Mortgaged Property and (2) the Unpaid Principal Balance of such Contract or Mortgage Loan, provided, that with respect to each Repo Property and REO Property, the amount shall at least equal the lesser of (1) the maximum insurable value of the related Manufactured Home or Mortgaged Property or (2) the Unpaid Principal Balance principal balance due from the Obligor under such Contract or Mortgage Loan; provided, however, that in any event the amount of coverage provided by each Standard Hazard Insurance Policy must be sufficient to avoid the application of any co-insurance clause contained therein; provided, further, that notwithstanding the above, Standard Hazard Insurance Policies for FHA Assets will be in an amount acceptable under FHA guidelines. As part of its collection responsibilities, the Master Servicer shall proceed to collect the premiums due on the Standard Hazard Insurance Policies from the Obligors in accordance with the degree of skill and care that is customarily used for such purpose in the manufactured home loan servicing industry (in the case of Contracts) and the residential mortgage loan servicing industry (in the case of Mortgage Loans)industry. Each Standard Hazard Insurance Policy caused to be maintained by the Master Servicer shall contain a standard loss payee clause in favor of the Master Servicer and its successors and assigns. Any amounts received under any such policies (other than amounts applied to restoration or repair or released to the Obligors) shall be deposited initially into the related Collection Account or Certificate Account and then deposited into the related Distribution Account pursuant to Sections 3.06 and 3.07 hereof, within the respective time frames specified in such Sections. In lieu of causing individual Standard Hazard Insurance Policies to be maintained with respect to each Manufactured Home and Mortgaged Property pursuant to subsection (a) of this Section 3.163.15, the Master Servicer may maintain one or more blanket insurance policies, each issued by a Qualified Insurer, covering losses on the Obligors' interests in the Assets relating to such Manufactured Homes and Mortgaged Properties resulting from the absence or insufficiency of such individual Standard Hazard Insurance Policies. The Master Servicer shall pay the premium for any such policy on the basis described therein and shall pay any deductible amount with respect to claims under such policy relating to the Assets covered thereby. All amounts collected by the Master Servicer under any such blanket policy and any payments by the Master Servicer of deductible amounts thereunder, in each case relating to an Asset covered thereby, shall be deposited initially into the Certificate Account pursuant to Sections 3.05 and 3.06 hereof (within the respective time frames specified in such Sections), after payment to (or retention by) the Master Servicer of all Insured Expenses and Liquidation Expenses incurred by it with respect to the Manufactured Home or Mortgaged Property to which such recovery relates, as well as the amount of any Advances made by the Master Servicer with respect to the related Asset that have not been reimbursed to the Master Servicer.

Standard Hazard Insurance. Except as otherwise provided in this Section 3.16(a), the Servicer shall cause to be maintained with respect to each Contract and Mortgage Loan and each Repo Property and REO Property one or more Standard Hazard Insurance Policies that provide, at a minimum, the same coverage as that provided by a standard form fire and extended coverage insurance policy that is customary for manufactured housing or residential real property (as applicable) and which shall include flood insurance coverage issued by a Qualified Insurer, providing coverage in an amount at least equal to the lesser of (1) 100% of the replacement value of the related Manufactured Home or Mortgaged Property and (2) the Unpaid Principal Balance of such Contract or Mortgage Loan, provided, that with respect to each Repo Property and REO Property, the amount shall at least equal the lesser of (1) the maximum insurable value of the related Manufactured Home or Mortgaged Property or (2) the Unpaid Principal Balance principal balance due from the Obligor under such Contract or Mortgage Loan; provided, however, that in any event the amount of coverage provided by each Standard Hazard Insurance Policy must be sufficient to avoid the application of any co-insurance clause contained therein. As part of its collection responsibilities, the Servicer shall proceed to collect the premiums due on the Standard Hazard Insurance Policies from the Obligors in accordance with the degree of skill and care that is customarily used for such purpose in the manufactured home loan servicing industry (in the case of Contracts) and the residential mortgage loan servicing industry (in the case of Mortgage Loans). Each Standard Hazard Insurance Policy caused to be maintained by the Servicer shall contain a standard loss payee clause in favor of the Servicer and its successors and assigns. Any amounts received under any such policies (other than amounts applied to restoration or repair or released to the Obligors) shall be deposited initially into the related Certificate Account and then deposited into the related Distribution Account pursuant to Sections 3.06 and 3.07 hereof, within the respective time frames specified in such Sections. In lieu of causing individual Standard Hazard Insurance Policies to be maintained with respect to each Manufactured Home and Mortgaged Property pursuant to subsection (a) of this Section 3.16, the Servicer may maintain one or more blanket insurance policies, each issued by a Qualified Insurer, covering losses on the Obligors' interests in the Assets relating to such Manufactured Homes and Mortgaged Properties resulting from the absence or insufficiency of such individual Standard Hazard Insurance Policies. The Servicer shall pay the premium for any such policy on the basis described therein and shall pay any deductible amount with respect to claims under such policy relating to the Assets covered thereby. All amounts collected by the Servicer under any such blanket policy and any payments by the Servicer of deductible amounts thereunder, in each case relating to an Asset covered thereby, shall be deposited initially into the Certificate Account pursuant to Sections 3.05 and 3.06 hereof (within the respective time frames specified in such Sections), after payment to (or retention by) the Servicer of all Insured Expenses and Liquidation Expenses incurred by it with respect to the Manufactured Home or Mortgaged Property to which such recovery relates, as well as the amount of any Advances made by the Servicer with respect to the related Asset that have not been reimbursed to the Servicer.

Standard Hazard Insurance. Except as otherwise provided in this Section 3.16(a4.4(a), the Servicer shall cause to be maintained with respect to each Contract and Mortgage Loan and each Repo Property and REO Property one or more Standard Hazard Insurance Policies that provide, at a minimum, the same coverage as that provided by a standard form fire and extended coverage insurance policy that is customary for manufactured housing or residential real property (as applicable) and which shall include flood insurance coverage issued by a Qualified Insurer), providing coverage in an amount at least equal to the lesser of (1) 100% of the replacement value of the related Manufactured Home or Mortgaged Property and (2) the Unpaid Principal Balance of such Contract or Mortgage Loan, provided, that with respect to each Repo Property and REO Property, the amount shall at least equal the lesser of (1) the maximum insurable value of the related Manufactured Home or Mortgaged Property or (2) the Unpaid Principal Balance principal balance due from the Obligor under such Contract or Mortgage Loan; provided, however, that in any event the amount of coverage provided by each Standard Hazard Insurance Policy must be sufficient to avoid the application of any co-insurance clause contained therein. As part of its collection responsibilities, the Servicer shall proceed to collect the premiums due on the Standard Hazard Insurance Policies from the Obligors in accordance with the degree of skill and care that is customarily used for such purpose in the manufactured home loan servicing industry (in the case of Contracts) and the residential mortgage loan servicing industry (in the case of Mortgage Loans). Each Standard Hazard Insurance Policy caused to be maintained by the Servicer shall contain a standard loss payee clause in favor of the Servicer and its successors and assigns. Any amounts received under any such policies (other than amounts applied to restoration or repair or released to the Obligors) shall be deposited initially into the related Certificate Note Account and then deposited into the related Distribution Account pursuant to Sections 3.06 and 3.07 hereof, within the respective time frames specified in such Sectionstwo Business Days of receipt. In lieu of causing individual Standard Hazard Insurance Policies to be maintained with respect to each Manufactured Home and Mortgaged Property pursuant to subsection (a) of this Section 3.164.4, the Servicer may may, and with respect to each Repo Property and REO Property shall, maintain one or more blanket insurance policies, each issued by a Qualified Insurer, covering losses on the Obligors' interests in the Assets Receivables relating to such Manufactured Homes and Mortgaged Properties resulting from the absence or insufficiency of such individual Standard Hazard Insurance Policies. The Servicer shall pay the premium for any such policy on the basis described therein and shall pay any deductible amount with respect to claims under such policy relating to the Assets Receivables covered thereby. All amounts collected by the Servicer under any such blanket policy and any payments by the Servicer of deductible amounts thereunder, in each case relating to an Asset asset covered thereby, shall be deposited initially into the Certificate Note Account pursuant to Sections 3.05 and 3.06 hereof (within the respective time frames specified in such Sections)two Business Days of Receipt, after payment to (or retention by) the Servicer of all Insured Expenses and Liquidation Expenses incurred by it with respect to the Manufactured Home or Mortgaged Property to which such recovery relates, as well as the amount of any Servicing Advances or Delinquency Advances made by the Servicer with respect to the related Asset Receivable that have not been reimbursed to the Servicer.

Standard Hazard Insurance. Except as otherwise provided in this Section 3.16(a3.15(a), the Master Servicer shall cause to be maintained with respect to each Contract and Mortgage Loan and each Repo Property and REO Property one or more Standard Hazard Insurance Policies that provide, at a minimum, the same coverage as that provided by a standard form fire and extended coverage insurance policy that is customary for manufactured housing or residential real property (as applicable) and which shall include flood insurance coverage issued by a Qualified Insurer, providing coverage in an amount at least equal to the lesser of (1) 100% of the replacement value of the related Manufactured Home or Mortgaged Property and (2) the Unpaid Principal Balance of such Contract or Mortgage Loan, provided, that with respect to each Repo Property and REO Property, the amount shall at least equal the lesser of (1) the maximum insurable value of the related Manufactured Home or Mortgaged Property or (2) the Unpaid Principal Balance principal balance due from the Obligor under such Contract or Mortgage Loan; provided, however, that in any event the amount of coverage provided by each Standard Hazard Insurance Policy must be sufficient to avoid the application of any co-insurance clause contained therein; provided, further, that notwithstanding the above, Standard Hazard Insurance Policies for FHA Assets will be in an amount acceptable under FHA guidelines. As part of its collection responsibilities, the Master Servicer shall proceed to collect the premiums due on the Standard Hazard Insurance Policies from the Obligors in accordance with the degree of skill and care that is customarily used for such purpose in the manufactured home loan servicing industry (in the case of Contracts) and the residential mortgage loan servicing industry (in the case of Mortgage Loans)industry. Each Standard Hazard Insurance Policy caused to be maintained by the Master Servicer shall contain a standard loss payee clause in favor of the Master Servicer and its successors and assigns. Any amounts received under any such policies (other than amounts applied to restoration or repair or released to the Obligors) shall be deposited initially into the related Collection Account or Certificate Account and then deposited into the related Distribution Account pursuant to Sections 3.06 and 3.07 hereof, within the respective time frames specified in such Sections. In lieu of causing individual Standard Hazard Insurance Policies to be maintained with respect to each Manufactured Home and Mortgaged Property pursuant to subsection (a) of this Section 3.163.15, the Master Servicer may maintain one or more blanket insurance policies, each issued by a Qualified Insurer, covering losses on the Obligors' interests in the Assets relating to such Manufactured Homes and Mortgaged Properties resulting from the absence or insufficiency of such individual Standard Hazard Insurance Policies. The Servicer shall pay the premium for any such policy on the basis described therein and shall pay any deductible amount with respect to claims under such policy relating to the Assets covered thereby. All amounts collected by the Servicer under any such blanket policy and any payments by the Servicer of deductible amounts thereunder, in each case relating to an Asset covered thereby, shall be deposited initially into the Certificate Account pursuant to Sections 3.05 and 3.06 hereof (within the respective time frames specified in such Sections), after payment to (or retention by) the Servicer of all Insured Expenses and Liquidation Expenses incurred by it with respect to the Manufactured Home or Mortgaged Property to which such recovery relates, as well as the amount of any Advances made by the Servicer with respect to the related Asset that have not been reimbursed to the Servicer.Hazard

Standard Hazard Insurance. Except as otherwise provided in this Section 3.16(a4.4(a), the Servicer shall cause to be maintained with respect to each Contract and Mortgage Loan and each Repo Property and REO Property one or more Standard Hazard Insurance Policies that provide, at a minimum, the same coverage as that provided by a standard form fire and extended coverage insurance policy that is customary for manufactured housing or residential real property (as applicable) and which shall include flood insurance coverage issued by a Qualified Insurer), providing coverage in an amount at least equal to the lesser of (1) 100% of the replacement value of the related Manufactured Home or Mortgaged Property and (2) the Unpaid Principal Balance of such Contract or Mortgage Loan, provided, that with respect to each Repo Property and REO Property, the amount shall at least equal the lesser of (1) the maximum insurable value of the related Manufactured Home or Mortgaged Property or (2) the Unpaid Principal Balance principal balance due from the Obligor under such Contract or Mortgage Loan; provided, however, that in any event the amount of coverage provided by each Standard Hazard Insurance Policy must be sufficient to avoid the application of any co-insurance clause contained therein. As part of its collection responsibilities, the Servicer shall proceed to collect the premiums due on the Standard Hazard Insurance Policies from the Obligors in accordance with the degree of skill and care that is customarily used for such purpose in the manufactured home loan servicing industry (in the case of Contracts) and the residential mortgage loan servicing industry (in the case of Mortgage Loans). Each Standard Hazard Insurance Policy caused to be maintained by the Servicer shall contain a standard loss payee clause in favor of the Servicer and its successors and assigns. Any amounts received under any such policies (other than amounts applied to restoration or repair or released to the Obligors) shall be deposited initially into the related Certificate Note Account and then deposited into the related Distribution Account pursuant to Sections 3.06 and 3.07 hereof, within the respective time frames specified in such Sectionstwo Business Days of receipt. In lieu of causing individual Standard Hazard Insurance Policies to be maintained with respect to each Manufactured Home and Mortgaged Property pursuant to subsection (a) of this Section 3.164.4, the Servicer may may, and with respect to each Repo Property and REO Property shall, maintain one or more blanket insurance policies, each issued by a Qualified Insurer, covering losses on the Obligors' interests in the Assets Receivables relating to such Manufactured Homes and Mortgaged Properties resulting from the absence or insufficiency of such individual Standard Hazard Insurance Policies. The Servicer shall pay the premium for any such policy on the basis described therein and shall pay any deductible amount with respect to claims under such policy relating to the Assets covered thereby. All amounts collected by the Servicer under any such blanket policy and any payments by the Servicer of deductible amounts thereunder, in each case relating to an Asset covered thereby, shall be deposited initially into the Certificate Account pursuant to Sections 3.05 and 3.06 hereof (within the respective time frames specified in such Sections), after payment to (or retention by) the Servicer of all Insured Expenses and Liquidation Expenses incurred by it with respect to the Manufactured Home or Mortgaged Property to which such recovery relates, as well as the amount of any Advances made by the Servicer with respect to the related Asset that have not been reimbursed to the Servicer.Standard

Standard Hazard Insurance. Except as otherwise provided in this Section 3.16(a3.15(a), the Master Servicer shall cause to be maintained with respect to each Contract and Mortgage Loan and each Repo Property and REO Property one or more Standard Hazard Insurance Policies that provide, at a minimum, the same coverage as that provided by a standard form fire and extended coverage insurance policy that is customary for manufactured housing or residential real property (as applicable) and which shall include flood insurance coverage issued by a Qualified Insurer, providing coverage in an amount at least equal to the lesser of (1) 100% of the replacement value of the related Manufactured Home or Mortgaged Property and (2) the Unpaid Principal Balance of such Contract or Mortgage Loan, provided, that with respect to each Repo Property and REO Property, the amount shall at least equal the lesser of (1) the maximum insurable value of the related Manufactured Home or Mortgaged Property or (2) the Unpaid Principal Balance principal balance due from the Obligor under such Contract or Mortgage Loan; provided, however, that in any event the amount of coverage provided by each Standard Hazard Insurance Policy must be sufficient to avoid the application of any co-insurance clause contained therein. As part of its collection responsibilities, the Master Servicer shall proceed to collect the premiums due on the Standard Hazard Insurance Policies from the Obligors in accordance with the degree of skill and care that is customarily used for such purpose in the manufactured home loan servicing industry (in the case of Contracts) and the residential mortgage loan servicing industry (in the case of Mortgage Loans)industry. Each Standard Hazard Insurance Policy caused to be maintained by the Master Servicer shall contain a standard loss payee clause in favor of the Master Servicer and its successors and assigns. Any amounts received under any such policies (other than amounts applied to restoration or repair or released to the Obligors) shall be deposited initially into the related Certificate Account and then deposited into the related Distribution Account pursuant to Sections 3.06 and 3.07 hereof, within the respective time frames specified in such Sections. In lieu of causing individual Standard Hazard Insurance Policies to be maintained with respect to each Manufactured Home and Mortgaged Property pursuant to subsection (a) of this Section 3.163.15, the Master Servicer may maintain one or more blanket insurance policies, each issued by a Qualified Insurer, covering losses on the Obligors' interests in the Assets relating to such Manufactured Homes and Mortgaged Properties resulting from the absence or insufficiency of such individual Standard Hazard Insurance Policies. The Master Servicer shall pay the premium for any such policy on the basis described therein and shall pay any deductible amount with respect to claims under such policy relating to the Assets covered thereby. All amounts collected by the Servicer under any such blanket policy and any payments by the Servicer of deductible amounts thereunder, in each case relating to an Asset covered thereby, shall be deposited initially into the Certificate Account pursuant to Sections 3.05 and 3.06 hereof (within the respective time frames specified in such Sections), after payment to (or retention by) the Servicer of all Insured Expenses and Liquidation Expenses incurred by it with respect to the Manufactured Home or Mortgaged Property to which such recovery relates, as well as the amount of any Advances made by the Servicer with respect to the related Asset that have not been reimbursed to the Servicer.covered

Standard Hazard Insurance. Except as otherwise provided in this Section 3.16(a), the Servicer shall cause to be maintained with respect to each Contract and Mortgage Loan and each Repo Property and REO Property one or more Standard Hazard Insurance Policies that provide, at a minimum, the same coverage as that provided by a standard form fire and extended coverage insurance policy that is customary for manufactured housing or residential real property (as applicable) and which shall include flood insurance coverage issued by a Qualified Insurer, providing coverage in an amount at least equal to the lesser of (1) 100% of the replacement value of the related Manufactured Home or Mortgaged Property and (2) the Unpaid Principal Balance of such Contract or Mortgage Loan, provided, that with respect to each Repo Property and REO Property, the amount shall at least equal the lesser of (1) the maximum insurable value of the related Manufactured Home or Mortgaged Property or (2) the Unpaid Principal Balance principal balance due from the Obligor under such Contract or Mortgage Loan; providedPROVIDED, howeverHOWEVER, that in any event the amount of coverage provided by each Standard Hazard Insurance Policy must be sufficient to avoid the application of any co-insurance clause contained therein. As part of its collection responsibilities, the Servicer shall proceed to collect the premiums due on the Standard Hazard Insurance Policies from the Obligors in accordance with the degree of skill and care that is customarily used for such purpose in the manufactured home loan servicing industry (in the case of Contracts) and the residential mortgage loan servicing industry (in the case of Mortgage Loans). Each Standard Hazard Insurance Policy caused to be maintained by the Servicer shall contain a standard loss payee clause in favor of the Servicer and its successors and assigns. Any amounts received under any such policies (other than amounts applied to restoration or repair or released to the Obligors) shall be deposited initially into the related Certificate Account and then deposited into the related Distribution Account pursuant to Sections 3.06 and 3.07 hereof, within the respective time frames specified in such Sections. In lieu of causing individual Standard Hazard Insurance Policies to be maintained with respect to each Manufactured Home and Mortgaged Property pursuant to subsection (a) of this Section 3.16, the Servicer may may, and with respect to each Repo Property and REO Property shall, maintain one or more blanket insurance policies, each issued by a Qualified Insurer, covering losses on the Obligors' interests in the Assets relating to such Manufactured Homes and Mortgaged Properties resulting from the absence or insufficiency of such individual Standard Hazard Insurance Policies. The Servicer shall pay the premium for any such policy on the basis described therein and shall pay any deductible amount with respect to claims under such policy relating to the Assets covered thereby. All amounts collected by the Servicer under any such blanket policy and any payments by the Servicer of deductible amounts thereunder, in each case relating to an Asset covered thereby, shall be deposited initially into the Certificate Account pursuant to Sections 3.05 and 3.06 hereof (within the respective time frames specified in such Sections), after payment to (or retention by) the Servicer of all Insured Expenses and Liquidation Expenses incurred by it with respect to the Manufactured Home or Mortgaged Property to which such recovery relates, as well as the amount of any Advances made by the Servicer with respect to the related Asset that have not been reimbursed to the Servicer.

Standard Hazard Insurance. Except as otherwise provided in this Section 3.16(a), the Servicer shall cause to be maintained with respect to each Contract and Mortgage Loan and each Repo Property and REO Property one or more Standard Hazard Insurance Policies that provide, at a minimum, the same coverage as that provided by a standard form fire and extended coverage insurance policy that is customary for manufactured housing or residential real property (as applicable) and which shall include flood insurance coverage issued by a Qualified Insurer, providing coverage in an amount at least equal to the lesser of (1) 100% of the replacement value of the related Manufactured Home or Mortgaged Property and (2) the Unpaid Principal Balance of such Contract or Mortgage Loan, provided, that with respect to each Repo Property and REO Property, the amount shall at least equal the lesser of (1) the maximum insurable value of the related Manufactured Home or Mortgaged Property or (2) the Unpaid Principal Balance principal balance due from the Obligor under such Contract or Mortgage Loan; providedPROVIDED, howeverHOWEVER, that in any event the amount of coverage provided by each Standard Hazard Insurance Policy must be sufficient to avoid the application of any co-insurance clause contained therein. As part of its collection responsibilities, the Servicer shall proceed to collect the premiums due on the Standard Hazard Insurance Policies from the Obligors in accordance with the degree of skill and care that is customarily used for such purpose in the manufactured home loan servicing industry (in the case of Contracts) and the residential mortgage loan servicing industry (in the case of Mortgage Loans). Each Standard Hazard Insurance Policy caused MARCH 1997 STANDARD TERMS TO POOLING AND SERVICING AGREEMENT -45- to be maintained by the Servicer shall contain a standard loss payee clause in favor of the Servicer and its successors and assigns. Any amounts received under any such policies (other than amounts applied to restoration or repair or released to the Obligors) shall be deposited initially into the related Certificate Account and then deposited into the related Distribution Account pursuant to Sections 3.06 and 3.07 hereof, within the respective time frames specified in such Sections. In lieu of causing individual Standard Hazard Insurance Policies to be maintained with respect to each Manufactured Home and Mortgaged Property pursuant to subsection (a) of this Section 3.16, the Servicer may maintain one or more blanket insurance policies, each issued by a Qualified Insurer, covering losses on the Obligors' interests in the Assets relating to such Manufactured Homes and Mortgaged Properties resulting from the absence or insufficiency of such individual Standard Hazard Insurance Policies. The Servicer shall pay the premium for any such policy on the basis described therein and shall pay any deductible amount with respect to claims under such policy relating to the Assets covered thereby. All amounts collected by the Servicer under any such blanket policy and any payments by the Servicer of deductible amounts thereunder, in each case relating to an Asset covered thereby, shall be deposited initially into the Certificate Account pursuant to Sections 3.05 and 3.06 hereof (within the respective time frames specified in such Sections), after payment to (or retention by) the Servicer of all Insured Expenses and Liquidation Expenses incurred by it with respect to the Manufactured Home or Mortgaged Property to which such recovery relates, as well as the amount of any Advances made by the Servicer with respect to the related Asset that have not been reimbursed to the Servicer.

Standard Hazard Insurance. Except as otherwise provided in this Section 3.16(a), the Servicer shall cause to be maintained with respect to each Contract and Mortgage Loan and each Repo Property and REO Property one or more Standard Hazard Insurance Policies that provide, at a minimum, the same coverage as that provided by a standard form fire and extended coverage insurance policy that is customary for manufactured housing or residential real property (as applicable) and which shall include flood insurance coverage issued by a Qualified Insurer, providing coverage in an amount at least equal to the lesser of (1) 100% of the replacement value of the related Manufactured Home or Mortgaged Property and (2) the Unpaid Principal Balance of such Contract or Mortgage Loan, provided, that with respect to each Repo Property and REO Property, the amount shall at least equal the lesser of (1) the maximum insurable value of the related Manufactured Home or Mortgaged Property or (2) the Unpaid Principal Balance under such Contract or Mortgage Loan; provided, however, that in any event the amount of coverage provided by each Standard Hazard Insurance Policy must be sufficient to avoid the application of any co-insurance clause contained therein. As part of its collection responsibilities, the Servicer shall proceed to collect the premiums due on the Standard Hazard Insurance Policies from the Obligors in accordance with the degree of skill and care that is customarily used for such purpose in the manufactured home loan servicing industry (in the case of Contracts) and the residential mortgage loan servicing industry (in the case of Mortgage Loans). Each Standard Hazard Insurance Policy caused to be maintained by the Servicer shall contain a standard loss payee clause in favor of the Servicer and its successors and assigns. Any amounts received under any such policies (other than amounts applied to restoration or repair or released to the Obligors) shall be deposited initially into the related Certificate Account and then deposited into the related Distribution Account pursuant to Sections 3.06 and 3.07 hereof, within the respective time frames specified in such Sections. In lieu of causing individual Standard Hazard Insurance Policies to be maintained with respect to each Manufactured Home and Mortgaged Property pursuant to subsection (a) of this Section 3.16, the Servicer may maintain one or more blanket insurance policies, each issued by a Qualified Insurer, covering losses on the Obligors' interests in the Assets relating to such Manufactured Homes and Mortgaged Properties resulting from the absence or insufficiency of such individual Standard Hazard Insurance Policies. The Servicer shall pay the premium for any such policy on the basis described therein and shall pay any deductible amount with respect to claims under such policy relating to the Assets covered thereby. All amounts collected by the Servicer under any such blanket policy and any payments by the Servicer of deductible amounts thereunder, in each case relating to an Asset covered thereby, shall be deposited initially into the Certificate -58- 64 Account pursuant to Sections 3.05 and 3.06 hereof (within the respective time frames specified in such Sections), after payment to (or retention by) the Servicer of all Insured Expenses and Liquidation Expenses incurred by it with respect to the Manufactured Home or Mortgaged Property to which such recovery relates, as well as the amount of any Advances made by the Servicer with respect to the related Asset that have not been reimbursed to the Servicer.

Standard Hazard Insurance. Except as otherwise provided in this ------------------------- Section 3.16(a), the Servicer shall cause to be maintained with respect to each Contract and Mortgage Loan and each Repo Property and REO Property one or more Standard Hazard Insurance Policies that provide, at a minimum, the same coverage as that provided by a standard form fire and extended coverage insurance policy that is customary for manufactured housing or residential real property (as applicable) and which shall include flood insurance coverage issued by a Qualified Insurer, providing coverage in an amount at least equal to the lesser of (1) 100% of the replacement value of the related Manufactured Home or Mortgaged Property and (2) the Unpaid Principal Balance of such Contract or Mortgage Loan, provided, that with respect to each Repo Property and REO Property, the amount shall at least equal the lesser of (1) the maximum insurable value of the related Manufactured Home or Mortgaged Property or (2) the Unpaid Principal Balance principal balance due from the Obligor under such Contract or Mortgage Loan; provided, however, that in any event the amount of coverage provided by each Standard Hazard Insurance Policy must be sufficient to avoid the application of any co-insurance clause contained therein. As part of its collection responsibilities, the Servicer shall proceed to collect the premiums due on the Standard Hazard Insurance Policies from the Obligors in accordance with the degree of skill and care that is customarily used for such purpose in the manufactured home loan servicing industry (in the case of Contracts) and the residential mortgage loan servicing industry (in the case of Mortgage Loans). Each Standard Hazard Insurance Policy caused to be maintained by the Servicer shall contain a standard loss payee clause in favor of the Servicer and its successors and assigns. Any amounts received under any such policies (other than amounts applied to restoration or repair or released to the Obligors) shall be deposited initially into the related Certificate Account and then deposited into the related Distribution Account pursuant to Sections 3.06 and 3.07 hereof, within the respective time frames specified in such Sections. If a Manufactured Home or Mortgaged Property is located in a flood area identified by HUD pursuant to the National Flood Insurance Act of 1968, as amended, the Servicer shall cause to be maintained flood insurance providing coverage in the same amount as that provided by the related Standard Hazard Insurance Policy with respect to such Manufactured Home or Mortgaged Property, if and to the extent such flood insurance coverage is available. In lieu of causing individual Standard Hazard Insurance Policies to be maintained with respect to each Manufactured Home and Mortgaged Property pursuant to subsection (a) of this Section 3.16, the Servicer may may, and with respect to each Repo Property and REO Property shall, maintain one or more blanket insurance policies, each issued by a Qualified Insurer, covering losses on the Obligors' interests in the Assets relating to such Manufactured Homes and Mortgaged Properties resulting from the absence or insufficiency of such individual Standard Hazard Insurance Policies. The Servicer shall pay the premium for any such policy on the basis described therein and shall pay any deductible amount with respect to claims under such policy relating to the Assets covered thereby. All amounts collected by the Servicer under any such blanket policy and any payments by the Servicer of deductible amounts thereunder, in each case relating to an Asset covered thereby, shall be deposited initially into the Certificate Account pursuant to Sections 3.05 and 3.06 hereof (within the respective time frames specified in such Sections), after payment to (or retention by) the Servicer of all Insured Expenses and Liquidation Expenses incurred by it with respect to the Manufactured Home or Mortgaged Property to which such recovery relates, as well as the amount of any Advances made by the Servicer with respect to the related Asset that have not been reimbursed to the Servicer.