Illinois Collateral Protection Act Requirements Sample Clauses

Illinois Collateral Protection Act Requirements. Pursuant to the terms of the Collateral Protection Act, 815 ILCS 180/1 et seq., Mortgagor is hereby notified that unless Mortgagor provides Mortgagee with evidence of the insurance coverage required by this Security Instrument, Mortgagee may purchase insurance at Mortgagor's expense to protect Mortgagee’s interests in the Property, which insurance may, but need not, protect the interests of Mortgagor. The coverage purchased by Mortgagee may not pay any claim made by Mortgagor or any claim made against Mortgagor in connection with the Property. Mortgagor may later cancel any insurance purchased by Mortgagee, but only after providing Mortgagee with evidence that Xxxxxxxxx has obtained the insurance as required hereunder. If Mortgagee purchases insurance for the Property, Mortgagor will be responsible for the costs of such insurance, including interest and any other charges imposed in connection with the placement of the insurance, until the effective date of the cancellation or expiration of the insurance. The costs of the insurance may be added to the Obligations secured hereby. The costs of such insurance may be greater than the cost of insurance Mortgagor may be able to obtain for itself. 3 NTD: Title to confirm whether these state specific provisions are applicable. 4 NTD: Any defined terms used in each state specific provision below be incorporated into the final version of the applicable mortgage. 5 Note to Title: Please provide applicable state specific provisions or precedent. 6 Note to Title: Please provide applicable state specific provisions or precedent.