Common use of Failure to Maintain Insurance Clause in Contracts

Failure to Maintain Insurance. If Lender has a reasonable basis to believe that Xxxxxxxx has failed to maintain any of the required insurance coverages described above, Lender may obtain insurance coverage, at Xxxxxx’s option and at Borrower’s expense. Lender is under no obligation to purchase any particular type or amount of coverage. Any such coverage will insure Lender, but might not protect Borrower, Xxxxxxxx’s equity in the Property, or the contents of the Property, against any risk, hazard, or liability and might provide greater or lesser coverage than was previously in effect.