Maintenance of Insurance Policies and Errors and Omissions and Fidelity Coverage Sample Clauses

Maintenance of Insurance Policies and Errors and Omissions and Fidelity Coverage. (a) In the case of each Mortgage Loan or Serviced Loan Combination, as applicable (but excluding any REO Loan and any Non-Serviced Mortgage Loan), the Master Servicer shall use commercially reasonable efforts consistent with the Servicing Standard to cause the related Borrower, with respect to the Mortgage Loans (other than a Non-Serviced Mortgage Loan) and Serviced Loan Combinations that it is servicing, to maintain the following insurance coverage (including identifying the extent to which such Borrower is maintaining insurance coverage and, if such Borrower does not so maintain, the Master Servicer will itself cause to be maintained with Qualified Insurers) for the related Mortgaged Property: (x) except where the Loan Documents permit a Borrower to rely on self-insurance provided by a tenant, a fire and casualty extended coverage insurance policy, which does not provide for reduction due to depreciation, in an amount that is at least equal to the lesser of (i) the full replacement cost of improvements securing such Mortgage Loan or Serviced Loan Combination, as applicable, and (ii) the Stated Principal Balance of such Mortgage Loan or Serviced Loan Combination, as applicable, but, in any event, in an amount sufficient to avoid the application of any co-insurance clause and (y) all other insurance coverage (including, but not limited to, coverage for acts of terrorism) that is required, subject to applicable law, under the related Loan Documents; provided, that:
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Maintenance of Insurance Policies and Errors and Omissions and Fidelity Coverage. In this Section 3.08, the termMortgage Loan”, unless otherwise indicated, shall also generally refer to the related Companion Loan or Loan Combination, as the context may require.
Maintenance of Insurance Policies and Errors and Omissions and Fidelity Coverage. In this Section 3.08, the term “Mortgage Loan”, unless otherwise indicated, shall not include the Non-Serviced Mortgage Loan.
Maintenance of Insurance Policies and Errors and Omissions and Fidelity Coverage. The Manager shall maintain or cause the related borrower to maintain with respect to each mortgage loan, fire and hazard insurance with extended coverage on the related mortgaged property in an amount which is at least equal to the lesser of the replacement cost of the improvements which are part of such property and the investment value thereof, but in no event greater than the maximum amount of such insurance required by the terms of the related note or mortgage. It is understood and agreed that no earthquake or other additional insurance other than flood insurance is to be required of any borrower or to be maintained by the Manager other than pursuant to the terms of the related note or mortgage and pursuant to such applicable laws and regulations as shall at any time be in force and as shall require such additional insurance. If permitted by the related note or mortgage, the Manager may maintain, if available, or, if applicable, may require the related borrower to maintain other forms of insurance including but not limited to, loss of rents endorsements, business interruption insurance or comprehensive public liability insurance. If the mortgaged property was located at the time of origination of the mortgage loan in a federally designated special flood hazard area, the Manager will cause the related borrower to maintain or will itself obtain flood insurance in respect thereof to the extent available. Such flood insurance shall be in an amount equal to the lesser of (i) the unpaid principal balance of the related mortgage loan and (ii) the greater of (x) the maximum amount of such insurance required by the terms of the related note or mortgage and (y) the maximum amount of such insurance as is available for the related property under the national flood insurance program (assuming that the area in which such property is located is participating in such program). The Manager agrees to prepare and present claims under each related insurance policy in a timely fashion in accordance with the terms of such policy and to take such reasonable steps as are necessary to receive payment or to permit recovery thereunder. All policies required hereunder shall name the Manager and the Company as loss payees and, to the extent available and applicable, shall contain negative amortization endorsements.