Common use of Property is Insured Clause in Contracts

Property is Insured. (1) A property insurance policy on the Property is in effect that is provided by the Borrower or, if the Borrower fails to do so, by the PFI. It is written by an insurance company satisfying the standards set forth in the Guides, in the form required by the Guides, and provides fire and extended coverage for an amount at least equal to the amount required by the Guides.

Property is Insured. (1) A property insurance policy on the Property is in effect effect that is provided by the Borrower or, if the Borrower fails to do so, by the PFI. It is written by an insurance company satisfying the standards set forth in the Guides, in the form required by the Guides, and provides fire fire and extended coverage for an amount at least equal to the amount required by the Guides.