Common use of Hazard and Flood Insurance Clause in Contracts

Hazard and Flood Insurance. All buildings or other improvements upon the Mortgaged Property (or underlying Mortgaged Property, in the case of a Co-op Loan or a Mortgage Loan that is secured by a unit in a condominium project) are insured by a Qualified Insurer against loss by fire, hazards of extended coverage and such other hazards as are customary in the area where the Mortgaged Property is located in an amount which is at least equal to the lesser of (i) the replacement value of the improvements securing such Mortgage Loan and (ii) the greater of (a) the outstanding principal balance of the Mortgage Loan and (b) an amount such that the proceeds thereof shall be sufficient to prevent the Mortgagor or the loss payee from becoming a co-insurer. If the Mortgaged Property is in an area identified in the Federal Register by the Federal Emergency Management Agency as having special flood hazards (and such flood insurance has been made available) a flood insurance policy meeting the requirements of the current guidelines of the Federal Flood Insurance Administration is in effect with a generally acceptable insurance carrier rated A:VI or better in Best’s Key Rating in an amount representing coverage not less than the lesser of (i) the minimum amount required, under the terms of coverage, to compensate for any damage or loss on a replacement cost basis (or the unpaid balance of the mortgage if replacement cost coverage is not available for the type of building insured), (ii) the outstanding principal balance of the Mortgage Loan and (iii) the maximum amount of insurance which is available under the National Flood Insurance Act of 1968 or the Flood Disaster Protection Act of 1973, as amended. All individual insurance policies contain a standard mortgagee clause naming the Seller and its successors and assigns as mortgagee, and all premiums thereon have been paid. The Mortgage obligates the Mortgagor thereunder to maintain a hazard insurance policy at the Mortgagor’s cost and expense, and on the Mortgagor’s failure to do so, authorizes the holder of the Mortgage to obtain and maintain such insurance at such Mortgagor’s cost and expense, and to seek reimbursement therefor from the Mortgagor. The hazard insurance policy is the valid and binding obligation of the insurer, is in full force and effect, and will be in full force and effect and inure to the benefit of the Purchaser upon the consummation of the transactions contemplated by this Agreement. The Seller has not acted or failed to act so as to impair the coverage of any such insurance policy or the validity, binding effect and enforceability thereof;

Hazard and Flood Insurance. All buildings on the Mortgaged Property(and any fixtures, equipment or other improvements upon personal property, if financed by the Mortgaged Property (or underlying Mortgaged Property, in the case of a Co-op Loan or a Mortgage Loan that is secured by a unit in a condominium projectLoan) are insured by a Qualified Insurer against loss by fire, fire and such hazards of as are covered under a standard extended coverage endorsement and such other hazards as required (to the extent required under Underwriting Guidelines) to be covered by HUD or are customary in the area where the Mortgaged Property is located pursuant to insurance policies conforming to Accepted Servicing Practices and this Agreement, in an amount which is at least equal to not less than the lesser of one hundred percent (i100%) of the replacement insurable value of the improvements securing such Mortgage Loan Mortgaged Property and (ii) the greater of (a) the outstanding principal balance of the Mortgage Loan and (b) an Loan, but in no event less than the minimum amount such that the proceeds thereof shall be sufficient necessary to prevent the Mortgagor fully compensate for any damage or the loss payee from becoming on a co-insurerreplacement cost basis. If the Mortgaged Property is a condominium unit or a unit in a planned unit development, it is included under the coverage afforded by a blanket policy acceptable (to the extent required under Underwriting Guidelines) to HUD for such project in an amount which is not less than the lesser of one hundred percent (100%) of the insurable value of such unit and the outstanding principal balance of the Mortgage Loan, but in no event less than the minimum amount necessary to fully compensate for any damage or loss on a replacement cost basis (including coverage for the replacement of any improvements or betterments to such condominium unit or unit in a planned unit development). If the improvements on the Mortgaged Property are in an area identified in the Federal Register by the Federal Emergency Management Agency as having special flood hazards (and such flood insurance has been made available) hazards, then a flood insurance policy meeting the requirements of the current guidelines of the Federal Flood Insurance Administration is in effect with a generally acceptable insurance carrier rated A:VI or better in Best’s Key Rating and such policy (to the extent required under Underwriting Guidelines) conforms to the requirements of HUD. Such flood insurance policy is in an amount representing coverage not less than the lesser least of (i) the minimum amount required, under the terms of coverage, to compensate for any damage or loss on a replacement cost basis (or the unpaid balance of the mortgage if replacement cost coverage is not available for the type of building insured), (iiA) the outstanding principal balance of the Mortgage Loan Loan, (B) the full insurable value of the related Mortgaged Property and (iiiC) the maximum amount of insurance which is was available under the National Flood Insurance Act of 1968 or the Flood Disaster Protection Act of 1973, as amended, and the Xxxxxxx-Xxxxxx Flood Insurance Reform Act of 2012. If the Mortgaged Property is a condominium or a unit in a planned unit development, it is included under the flood coverage afforded by a blanket or other policy acceptable to HUD (to the extent required under Underwriting Guidelines). All individual insurance policies contain a standard mortgagee clause naming the Seller and its successors and assigns as mortgagee, and all premiums thereon have been paid. The Mortgage obligates the Mortgagor thereunder to maintain a hazard insurance policy at the Mortgagor’s cost and expense, and on the Mortgagor’s failure to do so, authorizes the holder of the Mortgage to obtain and maintain such insurance at such MortgagorXxxxxxxxx’s cost and expense, and to seek reimbursement therefor from the Mortgagor. The hazard Each such insurance policy is the valid and binding obligation of the insurer, is in full force and effect, and will be in full force and effect and inure to the benefit of the Purchaser upon the consummation of the transactions contemplated by this Agreement. The Seller has not acted or failed to act so as to impair the coverage of any Each force-placed insurance policy was obtained in accordance with Accepted Servicing Practices and complies with Applicable Law. No such insurance policy may be reduced, terminated or canceled without thirty (30) days’ prior written notice to the validity, binding effect mortgagee and enforceability thereof;no such notice has been received by any person. All premiums due and owing on such insurance policies have been paid. (w)

Hazard and Flood Insurance. All buildings or other improvements upon the The Mortgaged Property (or underlying Mortgaged Property, in the case of a Co-op Loan or a Mortgage Loan that is secured by a unit in a condominium project) are insured by a fire and extended perils insurance policy, issued by a Qualified Insurer against loss by fireInsurer, hazards of extended coverage and such other hazards as are customary in the area where the Mortgaged Property is located located, and to the extent required by the applicable Seller Party as of the date of origination consistent with the Acquisition Guidelines, against earthquake and other risks insured against by Persons operating like properties in the locality of the Mortgaged Property, in an amount which is at least equal to not less than the lesser greatest of (i) 100% of the replacement value cost of the all improvements securing such Mortgage Loan and (ii) the greater of (a) the outstanding principal balance of the Mortgage Loan and (b) an amount such that the proceeds thereof shall be sufficient to prevent the Mortgagor or the loss payee from becoming a co-insurer. If the Mortgaged Property is in an area identified in the Federal Register by the Federal Emergency Management Agency as having special flood hazards (and such flood insurance has been made available) a flood insurance policy meeting the requirements of the current guidelines of the Federal Flood Insurance Administration is in effect with a generally acceptable insurance carrier rated A:VI or better in Best’s Key Rating in an amount representing coverage not less than the lesser of (i) the minimum amount required, under the terms of coverage, to compensate for any damage or loss on a replacement cost basis (or the unpaid balance of the mortgage if replacement cost coverage is not available for the type of building insured)Property, (ii) the outstanding principal balance of the Mortgage Loan, or (iii) the amount necessary to avoid the operation of any co-insurance provisions with respect to the Mortgaged Property, and consistent with the amount that would have been required as of the date of origination in accordance with the Acquisition Guidelines. If any portion of the Mortgaged Property is in an area identified by any federal Governmental Authority as having special flood hazards, and flood insurance is available, a flood insurance policy meeting the current guidelines of the Federal Emergency Management Agency is in effect with a generally acceptable insurance carrier, in an amount representing coverage not less than the least of (1) the outstanding principal balance of the Mortgage Loan (2) the full insurable value of the Mortgaged Property, and (iii3) the maximum amount of insurance which is available under the National Flood Insurance Act of 1968 or 1968, as amended by the Flood Disaster Protection Act of 1973, as amended. All individual such insurance policies (collectively, the “hazard insurance policy”) contain a standard mortgagee clause naming the related Seller Party or its servicer, and its successors and assigns (including, without limitation, subsequent owners of the Mortgage Loan), as mortgagee, and all may not be reduced, terminated or canceled without thirty (30) days’ prior written notice to the mortgagee. No such notice has been received by any Seller Party. All premiums thereon on such insurance policy have been paid. The related Mortgage obligates the Mortgagor thereunder to maintain a hazard all such insurance policy and, at the Mortgagor’s cost and expense, and on the Mortgagorsuch Mxxxxxxxx’s failure to do so, authorizes the holder of the Mortgage mortgagee to obtain and maintain such insurance at such the Mortgagor’s cost and expense, expense and to seek reimbursement therefor from such Mortgagor. Where required by state law or regulation, the MortgagorMortgagor has been given an opportunity to choose the carrier of the required hazard insurance, provided the policy is not a “master” or “blanket” hazard insurance policy covering a condominium, or any hazard insurance policy covering the common facilities of a planned unit development. The hazard insurance policy is the valid and binding obligation of the insurer, insurer and is in full force and effect. No Seller Party has engaged in, and will be in full force and effect and inure to the benefit or has knowledge of the Purchaser upon the consummation of the transactions contemplated by this Agreement. The Seller has not acted Mortgagor’s having engaged in, any act or failed to act so as to omission which would impair the coverage of any such insurance policy policy, the benefits of the endorsement provided for herein, or the validity, validity and binding effect and enforceability thereof;of either including, without limitation, any unlawful fee, commission, kickback or other unlawful compensation or value of any kind having been or will be received, retained or realized by any attorney, firm or other Person, or that such unlawful items have been received, retained or realized by such Seller Party.

Hazard and Flood Insurance. All With respect to each REO Property and each D-2 Mortgage Loan, all buildings or other improvements upon the subject Mortgaged Property (or underlying Mortgaged Property, in the case of a Co-op Loan or a Mortgage Loan that is secured by a unit in a condominium project) REO Property are insured by a Qualified Insurer generally acceptable insurer against loss by fire, hazards of extended coverage and such other hazards as are customary in the area where the Mortgaged Property or REO Property is located in an amount which is at least equal to the lesser of (i) the replacement value of the improvements securing such Mortgage Loan and or (ii) the greater of (a) the outstanding principal balance of the Loan. If any (i) REO Property, or any (ii) Mortgaged Property securing a D-2 Mortgage Loan and (b) an amount such that is identified on the proceeds thereof shall be sufficient to prevent the Mortgagor or the loss payee from becoming Data Tape as being secured by a co-insurer. If the Mortgaged Property first priority lien is located in an area identified in the Federal Register by the Federal Emergency Management Agency as having special flood hazards (and such flood insurance has been made available) hazards, a flood insurance policy meeting the requirements of the current guidelines of the Federal Flood Insurance Administration is in effect with a generally acceptable insurance carrier rated A:VI or better in Best’s Key Rating insurer in an amount representing coverage not less than the lesser of (i) the minimum amount required, under the terms of coverage, to compensate for any damage or loss on a replacement cost basis (or the unpaid balance of the mortgage D-2 Mortgage Loan if replacement cost coverage is was not available for the type of building insured), ) or (ii) the outstanding principal balance of the Mortgage Loan and (iii) the maximum amount of insurance which is available under the National Flood Insurance Act of 1968 or the Flood Disaster Protection Act of 1973, as amended. All With respect to the foregoing coverages that relate to Mortgaged Property securing D-2 Mortgage Loans, all individual (as opposed to group) insurance policies, other than those individual policies that were force-placed by Seller, contain a standard mortgagee clause naming the Seller and its successors and assigns as mortgagee, and all premiums thereon have been paid. The Mortgage obligates the Mortgagor thereunder to maintain a hazard insurance policy at the Mortgagor’s cost and expense, and on the Mortgagor’s failure to do so, authorizes the holder of the Mortgage to obtain and maintain such insurance at such Mortgagor’s cost and expense, and to seek reimbursement therefor from the Mortgagor. The hazard insurance policy is the valid and binding obligation of the insurer, is in full force and effect, and will be in full force and effect and inure to the benefit of the Purchaser upon the consummation of the transactions contemplated by this Agreement. The Seller has not acted or failed to act so as to impair the coverage of any such insurance policy or the validity, binding effect and enforceability thereof;.

Hazard and Flood Insurance. All Pursuant to the terms of the related -------------------------- Mortgage, all buildings or other improvements upon the Mortgaged Property (or underlying Mortgaged Property, in the case of a Co-op Loan or a Mortgage Loan that is secured by a unit in a condominium project) are insured by a Qualified Insurer generally acceptable insurer against loss by fire, hazards of extended coverage and such other hazards as are customary in the area where the Mortgaged Property is located in an amount which is at the least equal to the lesser of (i) the replacement maximum insurable value of the such improvements securing such Mortgage Loan and (ii) the greater of (a) the outstanding combined principal balance of the Mortgage Loan and (b) the principal balance of each mortgage loan senior in priority to the Loan; provided, however, that such -------- ------- hazard insurance shall be in an amount not less than such that amount as is necessary to avoid the proceeds thereof shall be sufficient to prevent the Mortgagor or the loss payee from becoming a application of any co-insurerinsurance clause contained in the related hazard insurance policy. If the Mortgaged Property is in an area identified in the Federal Register by the Federal Emergency Management Agency as having special flood hazards (and such flood insurance has been made available) hazards, a flood insurance policy in a form meeting the requirements of the current guidelines of the Federal Flood Insurance Administration is in effect with respect to such Mortgaged Property with a generally acceptable insurance carrier rated A:VI or better in Best’s Key Rating in an amount representing coverage not less than the lesser least of (iA) the combined principal balance of the Loan and the principal balance of each mortgage senior in priority to the lien of the Loan, (B) the minimum amount required, under the terms of coverage, required to compensate for any damage or loss on a replacement cost basis or (or the unpaid balance of the mortgage if replacement cost coverage is not available for the type of building insured), (ii) the outstanding principal balance of the Mortgage Loan and (iiiC) the maximum amount of insurance which that is available under the National Flood Insurance Act of 1968 or the Flood Disaster Protection Act of 1973, as amended. All individual insurance policies contain a standard mortgagee clause naming the Seller and its successors and assigns as mortgagee, and all premiums thereon have been paid. The Mortgage obligates the Mortgagor thereunder related borrower to maintain a the hazard and, if applicable, flood insurance policy at the Mortgagor’s such borrower's cost and expense, and on the Mortgagor’s such borrower's failure to do so, authorizes the holder of the Mortgage to obtain and maintain such insurance at such Mortgagor’s related borrower's cost and expense, and to seek reimbursement therefor from such borrower. Each of the Mortgagor. The hazard and, if applicable, the flood insurance policy has been issued by a carrier meeting the requirements of the Seller's Guide, is the valid and binding obligation of the insurer, is in full force and effect, and will be in full force and effect and inure to the benefit of the Purchaser upon the consummation of the transactions contemplated by this the Agreement. The Seller has not acted engaged in, and has no knowledge of the related borrower's having engaged in, any act or failed to act so as to omission which would impair the coverage of any such insurance policy policy, the benefits of the endorsement provided for therein, or the validity, validity and binding effect thereof. In addition, each policy provides for ten (10) days' advance notice in writing to the mortgagee, its successors and/or assigns, in the event the policy is to be canceled. Seller has furnished proof of such coverage and enforceability thereof;delivered the same to Purchaser.

Hazard and Flood Insurance. All buildings or other improvements upon the Mortgaged Property (or underlying Mortgaged Property, in the case of a Co-op Loan or a Mortgage Loan that is secured by a unit in a condominium project) are insured by a Qualified Insurer against loss by fire, hazards of extended coverage and such other hazards as are customary in the area where the Mortgaged Property is located in an amount which is at least equal to the lesser of (i) the replacement value of the improvements securing such Mortgage Loan and (ii) the greater of (a) the outstanding principal balance of the Mortgage Loan and (b) an amount such that the proceeds thereof shall be sufficient to prevent the Mortgagor or the loss payee from becoming a co-insurer. If the Mortgaged Property is in an area identified in the Federal Register by the Federal Emergency Management Agency as having special flood hazards (and such flood insurance has been made available) a flood insurance policy meeting the requirements of the current guidelines of the Federal Flood Insurance Administration is in effect with a generally acceptable insurance carrier rated A:VI or better in Best’s Key Rating in an amount representing coverage not less than the lesser least of (i) the minimum amount required, under the terms of coverage, to compensate for any damage or loss on a replacement cost basis (or the unpaid balance of the mortgage if replacement cost coverage is not available for the type of building insured), (ii) the outstanding principal balance of the Mortgage Loan Loan, (ii) the full insurable value of the Mortgaged Property and (iii) the maximum amount of insurance which is available under the National Flood Insurance Act of 1968 or the Flood Disaster Protection Act of 1973, as amended. All individual insurance policies contain a standard mortgagee clause naming the Seller and its successors and assigns as mortgagee, and all premiums thereon have been paid. The Mortgage obligates the Mortgagor thereunder to maintain a hazard insurance policy at the Mortgagor’s cost and expense, and on the Mortgagor’s failure to do so, authorizes the holder of the Mortgage to obtain and maintain such insurance at such Mortgagor’s cost and expense, and to seek reimbursement therefor from the Mortgagor. The hazard insurance policy is the valid and binding obligation of the insurer, is in full force and effect, and will be in full force and effect and inure to the benefit of the Purchaser upon the consummation of the transactions contemplated by this Agreement. The Seller has not acted or failed to act so as to impair the coverage of any such insurance policy or the validity, binding effect and enforceability thereof;