Force Placed Insurance. Each Mortgage obligates the Mortgagor thereunder to maintain the required hazard insurance policy at the Mortgagor's cost and expense, and on the Mortgagor's failure to do so, authorizes the Servicer to obtain and maintain such insurance at such Mortgagor's cost and expense, and to seek reimbursement therefor from the Mortgagor. Upon any failure of the Mortgagor to maintain the required hazard insurance, the Servicer shall obtain and maintain such force placed hazard insurance at the Mortgagor's cost and expense.
Force Placed Insurance. No Receivable is subject to a force-placed Insurance Policy on the related Financed Vehicle.
Force Placed Insurance. A. Servicer shall not obtain force-placed insurance unless there is a reasonable basis to believe the borrower has failed to comply with the loan contract’s requirements to maintain property insurance. For escrowed accounts, Servicer shall continue to advance payments for the homeowner’s existing policy, unless the borrower or insurance company cancels the existing policy. For purposes of this Section (VI), the term “force-placed insurance” means hazard insurance coverage obtained by Servicer on behalf of the owner or assignee of a mortgage loan that insures the property securing the loan. However, for purposes of this Section (VI), the term “force-placed insurance” does not include hazard insurance required by the Flood Disaster Protection Act of 1973. The term “
Force Placed Insurance. To the extent that any Forced Placed Insurance exists, Seller shall have the right to immediately cancel or terminate such Forced Placed Insurance after Closing. The provisions of this Section shall survive the Closing.
Force Placed Insurance. A. Servicer shall not obtain force-placed insurance unless there is a reasonable basis to believe the borrower has failed to comply with the loan contract’s requirements to maintain property insurance. For escrowed accounts, Servicer shall continue to advance payments for the homeowner’s existing policy, unless the borrower or insurance company cancels the existing policy. For purposes of this Section (VI), the term “
Force Placed Insurance. Unless Mortgagor provides Mortgagee with evidence reasonably satisfactory to Mortgagee of the insurance coverage required by this Mortgage, Mortgagee may purchase insurance at Mortgagor’s expense to protect Mortgagee’s interest in the Subject Property. This insurance may, but need not, protect Xxxxxxxxx’s interest in the Subject Property. The coverages that Mortgagee purchases may not pay any claim that Xxxxxxxxx makes or any claim that is made against Mortgagor in connection with the Subject Property. Mortgagor may later cancel any insurance purchased by Mortgagee, but only after providing Mortgagee with evidence reasonably satisfactory to Mortgagee that Xxxxxxxxx has obtained insurance as required by this Mortgage. If Mortgagee purchases insurance for the Subject Property, Mortgagor will be responsible for the costs of that insurance, including interest at the highest rate applicable during the continuance of a default and any other charges imposed by Mortgagee in connection with the placement of insurance, until the effective date of the cancellation or expiration of such insurance. The costs of the insurance may, at Mortgagee’s discretion, be added to Mortgagor’s total principal obligation owing to Mortgagee, and in any event shall be secured by the liens on the Subject Property created by this Mortgage. It is understood and agreed that the costs of insurance obtained by Mortgagee may be more than the costs of insurance Mortgagor may be able to obtain on its own.
Force Placed Insurance. A. Servicer shall not obtain force-placed insurance unless there is a reasonable basis to believe the borrower has failed to comply with to maintain property insurance. For escrowed accounts, Servicer shall continue to advance or insurance company cancels the existing policy. For purposes of this Section (VI), - means hazard insurance coverage obtained by Servicer on behalf of the owner or assignee of a mortgage loan that insures the property securing the loan. However, for purposes of this Section (VI), the term - Disaster Protection Act of 1973. the property securing a mortgage loan that protects the property against loss caused by fire, wind, flood, earthquake, theft, falling objects, freezing, and other similar hazards for which the owner or assignee of such loan requires insurance.
Force Placed Insurance. (a) The Servicer may, if any Obligor fails to obtain or maintain a physical loss and damage insurance policy, obtain insurance with respect to the related Financed Vehicle and advance on behalf of such Obligor, as required under the terms of the insurance policy, the premiums for such insurance (such insurance being referred to herein as "FORCE-PLACED INSURANCE"). All policies of Force-Placed Insurance shall be endorsed with clauses providing for loss payable to the Funding Agent. Any cost incurred by the Servicer in maintaining such Force-Placed Insurance (the "INSURANCE ADD-ON AMOUNT") shall only be recoverable out of premiums paid by the Obligor(s) or Recoveries with respect to the Purchased Receivable, as provided in paragraph (b) of this Section 6.9.
Force Placed Insurance. A. General Requirements for Force-Placed Insurance.
Force Placed Insurance. Servicer shall, if an Obligor fails to ---------------------- obtain or maintain physical loss and damage insurance with respect to a Financed Vehicle, obtain insurance with respect to such vehicle and advance on behalf of such Obligor, as required under the terms of such insurance policy, the premiums for such insurance (herein "Force-Placed Insurance"). ---------------------- All polices of Force-Placed Insurance shall be endorsed with clauses providing for loss payable to the Servicer. Any costs incurred by the Servicer in maintaining such Force-Placed Insurance shall only be recoverable out of premiums paid by the Obligors or proceeds obtained upon liquidation of the related Contract or Financed Vehicle. In connection with any Force-Placed Insurance, Servicer may require the Obligor to pay the entire premium to the Servicer. In no event shall the Servicer include the amount of any such premium in the Net Receivables Balance of the related Receivable. Servicer may xxx to enforce or collect upon any insurance policies maintained with respect to a Financed Vehicle, in its own name, if possible, or as agent of Purchasers.
