Common use of Standard Hazard Insurance and Flood Insurance Policies Clause in Contracts

Standard Hazard Insurance and Flood Insurance Policies. For each Mortgage Loan, the Master Servicer shall enforce any obligation of the related Servicer under this Agreement or the Servicing Agreement, as applicable to maintain or cause to be maintained standard fire and casualty insurance and, where applicable, flood insurance, all in accordance with the provisions of this Agreement or the Servicing Agreement, as applicable. It is understood and agreed that such insurance shall be with insurers meeting the eligibility requirements set forth in this Agreement or the Servicing Agreement, as applicable and that no earthquake or other additional insurance is to be required of any Mortgagor or to be maintained on property acquired in respect of a defaulted Mortgage Loan, other than pursuant to such applicable laws and regulations as shall at any time be in force and as shall require such additional insurance. Pursuant to Section 3.31, any amounts collected by the Master Servicer, under any insurance policies (other than amounts to be applied to the restoration or repair of the property subject to the related Mortgage or released to the Mortgagor in accordance with this Agreement or the Servicing Agreement, as applicable) shall be deposited into the Distribution Account, subject to withdrawal pursuant to Section 3.32.

Standard Hazard Insurance and Flood Insurance Policies. For each Mortgage Loan, the Master Servicer shall enforce any obligation of the related Servicer under this Agreement or the Servicing Agreement, as applicable applicable, to maintain or cause to be maintained standard fire and casualty insurance and, where applicable, flood insurance, all in accordance with the provisions of this Agreement or the related Servicing Agreement, as applicable. It is understood and agreed that such insurance shall be with insurers meeting the eligibility requirements set forth in this Agreement or the Servicing Agreement, as applicable applicable, and that no earthquake or other additional insurance is to be required of any Mortgagor or to be maintained on property acquired in respect of a defaulted Mortgage Loanloan, other than pursuant to such applicable laws and regulations as shall at any time be in force and as shall require such additional insurance. Pursuant to Section 3.31, any amounts collected by the Master Servicer, under any insurance policies (other than amounts to be applied to the restoration or repair of the property subject to the related Mortgage or released to the Mortgagor in accordance with this Agreement or the Servicing Agreement, as applicable) shall be deposited into the Distribution Account, subject to withdrawal pursuant to Section 3.32.

Standard Hazard Insurance and Flood Insurance Policies. For each Mortgage Loan, the Master Servicer shall enforce any obligation of the related Servicer under this Agreement or the related Servicing Agreement, as applicable applicable, to maintain or cause to be maintained standard fire and casualty insurance and, where applicable, flood insurance, all in accordance with the provisions of this Agreement or the Servicing Agreement, as applicable. It is understood and agreed that such insurance shall be with insurers meeting the eligibility requirements set forth in this Agreement or the related Servicing Agreement, as applicable applicable, and that no earthquake or other additional insurance is to be required of any Mortgagor or to be maintained on property acquired in respect of a defaulted Mortgage Loanloan, other than pursuant to such applicable laws and regulations as shall at any time be in force and as shall require such additional insurance. Pursuant to Section 3.31, any amounts collected by the Master Servicer, under any insurance policies (other than amounts to be applied to the restoration or repair of the property subject to the related Mortgage or released to the Mortgagor in accordance with this Agreement or the related Servicing Agreement, as applicable) shall be deposited into the Distribution Account, subject to withdrawal pursuant to Section 3.32.