Maintenance of Insurance Policies; Errors and Omissions and Fidelity Coverage. (a) The Master Servicer (with respect to the Mortgage Loans (other than a Non-Serviced Mortgage Loan) and any related Serviced Companion Loan) shall use its efforts consistent with the Servicing Standard to cause the Mortgagor to maintain (other than with respect to a Non-Serviced Mortgage Loan), and the Special Servicer (with respect to REO Properties other than any Non-Serviced Mortgaged Properties) shall maintain, to the extent required by the terms of the related Mortgage Loan documents, all insurance coverage as is required under the related Mortgage Loan documents except to the extent that the failure of the related Mortgagor to do so is an Acceptable Insurance Default (and except as provided in the next sentence with respect to the Master Servicer or the Special Servicer, as the case may be). If the Mortgagor does not so maintain such insurance coverage, subject to its recoverability determination with respect to any required Servicing Advance, the Master Servicer (with respect to the Mortgage Loans (other than a Non-Serviced Mortgage Loan) and any related Serviced Companion Loan) or the Special Servicer (with respect to REO Properties other than a Non-Serviced Mortgaged Property) shall maintain all insurance coverage as is required under the related Mortgage, but only in the event the Trustee has an insurable interest therein and such insurance is available to the Master Servicer or the Special Servicer, as applicable, and, if available, can be obtained at commercially reasonable rates. Any determination that such insurance coverage is not available or not available at commercially reasonable rates shall be made with the consent of the Directing Certificateholder (prior to the occurrence and continuance of any Control Termination Event and other than with respect to any Excluded Loan as to the Directing Certificateholder) (or, with respect to any Serviced AB Whole Loan, if the Directing Certificateholder’s consent is required and prior to the occurrence and continuance of a related AB Control Appraisal Period, with the consent of the holder of the related AB Subordinate Companion Loan) and, after consultation by the Special Servicer with the Risk Retention Consultation Party pursuant to Section 6.08(a) (in the case of the Directing Certificateholder and Risk Retention Consultation Party, other than with respect to any Excluded Loan as to such party). Such determination shall be made by the Master Servicer (with respect to the Mortgage Loans (other ...
Maintenance of Insurance Policies; Errors and Omissions and Fidelity Coverage. (a) In the case of each Serviced Mortgage Loan or Serviced Loan Combination, the applicable Master Servicer shall use reasonable efforts consistent with the Servicing Standard to cause the related Borrower to maintain (including identifying the extent to which a Borrower is maintaining insurance coverage and, if such Borrower does not so maintain, the applicable Master Servicer will itself cause to be maintained with Qualified Insurers having the Required Claims-Paying Ratings) for the related Mortgaged Property (x) 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 Serviced Mortgage Loan or Serviced Loan Combination or (ii) the outstanding principal balance of such Serviced Mortgage Loan or Serviced Loan Combination, 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 damage resulting from acts of terrorism) as is required or (subject to the Servicing Standard) that the lender is entitled to reasonably require, subject to applicable law, under the related Mortgage Loan Documents; provided that all of the following conditions and/or limitations shall apply:
Maintenance of Insurance Policies; Errors and Omissions and Fidelity Coverage. (a) In the case of each Mortgage Loan, the Master Servicer shall use reasonable efforts consistent with the Servicing Standard to cause the related Borrower to maintain (including identifying the extent to which a 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 having the Required Claims-Paying Ratings) for the related Mortgaged Property (x) 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 and (ii) the outstanding principal balance of such Mortgage Loan, 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 damage resulting from acts of terrorism) as is required or that the lender is entitled to reasonably require, subject to applicable law, under the related Mortgage Loan Documents; provided that all of the following conditions and/or limitations shall apply:
Maintenance of Insurance Policies; Errors and Omissions and Fidelity Coverage. (a) The Master Servicer (with respect to Mortgage Loans including Specially Serviced Mortgage Loans) and the Special Servicer (with respect to REO Properties) shall use its best efforts in accordance with the Servicing Standards to cause the related Borrower to maintain (and, if the related Borrower does not so maintain, the Master Servicer shall maintain (subject to the provisions of this Agreement concerning Nonrecoverable Advances) to the extent the Indenture Trustee, as mortgagee on behalf of the holders of Owner Trust Certificates, has an insurable interest and to the extent available at commercially reasonable rates) for each Mortgaged Property all insurance coverage as is required under the related Mortgage subject to applicable law; provided that if and to the extent that any such Mortgage permits the holder thereof any discretion (by way of consent, approval or otherwise) as to the insurance coverage that the related Borrower is required to maintain on such Mortgaged Property, the Master Servicer shall impose such insurance requirements as are consistent with the Servicing Standards. Subject to Section 3.17, the Special Servicer shall cause to be maintained, to the extent available at commercially reasonable rates, for each REO Property no less insurance coverage than was previously required of the related Borrower under the related Mortgage and if the related Mortgage did not so require, (i) hazard insurance, (ii) public liability insurance and business interruption or rental loss insurance in such amounts as are consistent with the Servicing Standard, and the Special Servicer shall be reimbursed for the premium costs thereof as a Servicing Advance pursuant to and to the extent permitted under Section 3.05. All such insurance policies shall contain a "standard" mortgagee
Maintenance of Insurance Policies; Errors and Omissions and Fidelity Coverage. (a) The Servicer and each Subservicer shall cause to be maintained for the Collateral (including any Acquired Collateral) from an insurer reasonably acceptable to the Company for each Loan with respect to which the Borrower has failed to maintain required insurance, fire, hurricane, flood and hazard insurance with extended coverage as is customary in the area in which the Collateral is located and in such amounts and with such deductibles as, from time to time, is directed by the Company.
Maintenance of Insurance Policies; Errors and Omissions and Fidelity Coverage. (a) The Servicer and each Subservicer shall cause insurance coverage to be maintained for the Collateral (including any Acquired Property) as required under the Reimbursement, Security and Guaranty Agreement and the LLC Operating Agreement, including, whether or not so required (but in all events subject to the requirements in LLC Operating Agreement and, for so long as the same remain in effect the Reimbursement, Security and Guaranty Agreement), insurance from an insurer reasonably acceptable to the Manager for each Loan with respect to which the Borrower has failed to maintain required insurance, fire, hurricane, flood and hazard insurance with extended coverage as is customary in the area in which the Collateral is located and in such amounts and with such deductibles as, from time to time, is directed by the Manager.
Maintenance of Insurance Policies; Errors and Omissions and Fidelity Coverage. (a) The Master Servicer and the Special Servicer shall perform all such duties and obligations and have all such right, power and authority with respect to the [Separately Serviced Mortgage Loan] Loan Group and any [Separately Serviced Mortgage Loan] REO Property as did the [Other CMBS Series] Master Servicer and the [Other CMBS Series] Special Servicer, respectively, pursuant to Sections ______, ______, ______, ______, ______, ______ and ______ of the [Other CMBS Series PSA] (taking into account that each is now acting on behalf of the Trustee and the Certificateholders hereunder). Any references to "Trustee", "Certificates" and/or "Certificateholders" in any such sections of the [Other CMBS Series PSA] shall be deemed to be references to the Trustee hereunder, the Certificates issued hereunder and the Certificateholders hereunder, respectively.
Maintenance of Insurance Policies; Errors and Omissions and Fidelity Coverage. (a) The Property Manager (other than with respect to Specially Serviced Assets) and the Special Servicer (with respect to Specially Serviced Assets) shall use reasonable efforts in accordance with the Servicing Standard to cause the related Obligor to maintain for each Mortgaged Property all insurance coverage as is required under the terms of the related Lease or Mortgage Loan, as applicable (including for the avoidance of doubt, any Environmental Policy); provided , that if and to the extent that any such Lease or Mortgage Loan permits the lessor thereunder any discretion (by way of consent, approval or otherwise) as to the insurance coverage that the related Obligor is required to maintain, the Property Manager or the Special Servicer, as the case may be, shall exercise such discretion in a manner consistent with the Servicing Standard; and provided , further , that, if and to the extent that a Lease or Mortgage Loan so permits, the related Obligor shall be required to obtain the required insurance coverage from Qualified Insurers that have a claims-paying ability rated at least “A:VIII” by A.M. Best’s Key Rating Guide and at least “A” by S&P, which are licensed to do business in the state wherein the related Obligor or the Mortgaged Property subject to the policy, as applicable, is located. If such Obligor does not maintain the required insurance or, with respect to any Environmental Policy in place as of the applicable First Collateral Date, the Property Manager will itself cause such insurance to be maintained with Qualified Insurers meeting such criteria; provided , that the 58 US-DOCS\ 96557504.7 102826315.7
Maintenance of Insurance Policies; Errors and Omissions and Fidelity Coverage. (a) The Master Servicer shall cause to be maintained for each Mortgaged Property (including each Mortgaged Property relating to any Specially Serviced Mortgage Loan) all insurance coverage as is required under the related Mortgage (to the extent consistent with applicable law); provided that if and to the extent that any such Mortgage permits the holder thereof any discretion (by way of consent, approval or otherwise) as to the insurance coverage that the related Borrower is required to maintain, the Master Servicer shall exercise such discretion in a manner consistent with the Servicing Standard, with a view towards requiring insurance comparable to that required under other Mortgage Loans with express provisions governing such matters; and provided, further, that, if and to the extent that a Mortgage so permits, the related Borrower shall be required to obtain the required insurance coverage from Qualified Insurers that, in each case, have a financial strength or claims-paying rating no lower than two rating categories below the highest rated Certificates outstanding, and in any event no lower than "____" from __________ (if then rated by _____________; and, if not then rated by _______________, "_____" or better from ____________) and "____" from __________ (if then rated by _____________; and, if not then rated by _______________, "_____" or better from ____________) (or in such other form and amount or issued by an insurer with such other financial strength or claims-paying ability as would not, as confirmed in writing by each Rating Agency, result in an Adverse Rating Event). Subject to Section 3.17(b), the Special Servicer shall also cause to be maintained for each REO Property no less insurance coverage than was previously required of the Borrower under the related Mortgage and, at a minimum, (i) hazard insurance with a replacement cost rider, (ii) business interruption or rental loss insurance for at least 12 months, and (iii) commercial general liability insurance, in each case, in an amount customary for the type and geographic location of such REO Property and consistent with the Servicing Standard; provided that all such insurance shall be obtained from Qualified Insurers that, in each case, shall have a financial strength or claims-paying rating no lower than two rating categories below the highest rated Certificates outstanding, and in any event no lower than "____" from __________ (if then rated by _____________; and, if not then rated by _...
Maintenance of Insurance Policies; Errors and Omissions and Fidelity Coverage. (a) The applicable Master Servicer (with respect to the Mortgage Loans and the Specially Serviced Mortgage Loans other than the 599 Lexington Avenue Mortgage Loan and the AmeriCold Portfolio Mortgage Xxxx) xx xxx Xxxxxxl Servicer (with respect to REO Properties other than the 599 Lexington Avenue Mortgaged Property and the AmeriCold Portfolio Morxxxxxx Xxxxxxxx) xxxll use its efforts consistent with the Servicing Standards to cause the Mortgagor to maintain (other than with respect to the 599 Lexington Avenue Mortgage Loan and the AmeriCold Portfolio Mortgage Xxxx), xx xxx xxxxxt required by the terms of the related Mortgage Loan documents all insurance coverage as is required under the related Mortgage Loan except to the extent that the failure of the related Mortgagor to do so is an Acceptable Insurance Default. If the Mortgagor does not so maintain such insurance coverage, subject to its recoverability determination with respect to any required Servicing Advance, the applicable Master Servicer (with respect to Mortgage Loans other than the 599 Lexington Avenue Mortgage Loan and the AmeriCold Portfolio Mortgage Xxxx) xx xxx Xxxxxxl Servicer (with respect to REO Properties other than the 599 Lexington Avenue Mortgaged Property and the AmeriCold Portfolio Morxxxxxx Xxxxxxxx) xxxll maintain all insurance coverage as is required under the related Mortgage, but only in the event the Trustee has an insurable interest therein and such insurance is available to such Master Servicer or the Special Servicer and, if available, can be obtained at commercially reasonable rates, as determined by such Master Servicer (with respect to the Mortgage Loans and the Specially Serviced Mortgage Loans other than the 599 Lexington Avenue Mortgage Loan and the AmeriCold Portfolio Mortgage Xxxx) xx xxx Xxxxxxl Servicer (with respect to REO Properties other than the 599 Lexington Avenue Mortgaged Property and the AmeriCold Portfolio Morxxxxxx Xxxxxxxx) xxxept to the extent that the failure of the related Mortgagor to do so is an Acceptable Insurance Default; provided, however, that if any Mortgage permits the holder thereof to dictate to the Mortgagor the insurance coverage to be maintained on such Mortgaged Property, the applicable Master Servicer or the Special Servicer, as applicable, shall impose such insurance requirements as are consistent with the Servicing Standards taking into account the insurance in place at the closing of the Mortgage Loan, provided that, with respect ...
