Common use of Maintenance of Hazard Insurance; Maintenance of Primary Insurance Policies Clause in Contracts

Maintenance of Hazard Insurance; Maintenance of Primary Insurance Policies. (a) The Servicer shall require Mortgagors to maintain, for each Loan, hazard insurance with extended coverage (i) in the case of a Loan secured by a Mortgage creating a first lien on the related Mortgaged Property, in an amount that is at least equal to the original principal balance of such Loan or the maximum insurable value of the improvements on such Mortgaged Property, whichever is less, and (ii) in the case of a Second Lien Loan, in an amount equal to the lesser of the combined principal balance of such Second Lien Loan and the related first lien mortgage loan or the maximum insurable value of the improvements on the related Mortgaged Property. Each such policy of standard hazard insurance shall contain, or have an accompanying endorsement that contains, a standard mortgagee clause. Any amounts collected by the Servicer under any such policies (other than the amounts to be applied to the restoration or repair of the improvements on the related Mortgaged Property or amounts released to the Mortgagor in accordance with the Servicer's normal servicing procedures) shall be deposited in the Certificate Account. It is understood and agreed that no earthquake or other additional insurance is to be required of any Mortgagor or maintained on property acquired in respect of a Mortgage other than pursuant to such applicable laws and regulations as shall at any time be in force and as shall require such additional insurance. If the Mortgaged Property is located at the time of origination of the Loan in a federally designated special flood hazard area and such area is participating in the national flood insurance program, the Servicer shall require the related Mortgagor to maintain flood insurance with respect to such Loan. Such flood insurance shall be in an amount equal to the original principal balance of the related Loan.

Maintenance of Hazard Insurance; Maintenance of Primary Insurance Policies. (a) The Servicer shall require Mortgagors to maintain, for each Loan, hazard insurance with extended coverage (i) in the case of a Loan secured by a Mortgage creating a first lien on the related Mortgaged Property, in an amount that is at least equal to the original principal balance of such Loan or the maximum insurable value of the improvements on such Mortgaged Property, whichever is less, and (ii) in the case of a Second Lien Loan, in an amount equal to the lesser of the combined principal balance of such Second Lien Loan and the related first lien mortgage loan or the maximum insurable value of the improvements on the related Mortgaged Property. Each such policy of standard hazard insurance shall contain, or have an accompanying endorsement that contains, a standard mortgagee clause. Any amounts collected by the Servicer under any such policies (other than the amounts to be applied to the restoration or repair of the improvements on the related Mortgaged Property or amounts released to the Mortgagor in accordance with the Servicer's ’s normal servicing procedures) shall be deposited in the Certificate Account. It is understood and agreed that no earthquake or other additional insurance is to be required of any Mortgagor or maintained on property acquired in respect of a Mortgage other than pursuant to such applicable laws and regulations as shall at any time be in force and as shall require such additional insurance. If the Mortgaged Property is located at the time of origination of the Loan in a federally designated special flood hazard area and such area is participating in the national flood insurance program, the Servicer shall require the related Mortgagor to maintain flood insurance with respect to such Loan. Such flood insurance shall be in an amount equal to the original principal balance of the related Loan.

Maintenance of Hazard Insurance; Maintenance of Primary Insurance Policies. (a) The Servicer shall require Mortgagors to maintain, for each Loan, hazard insurance with extended coverage (i) in the case of a Loan secured by a Mortgage creating a first lien on the related Mortgaged Property, in an amount that is at least equal to the original principal balance of such the related Loan or the maximum insurable value replacement cost of the improvements on such related Mortgaged Property, whichever is less, and (ii) in the case of a Second Lien Loan, in an amount equal to the lesser of the combined principal balance of such Second Lien Loan and the related first lien mortgage loan or the maximum insurable value of the improvements on the related Mortgaged Property. Each such policy of standard hazard insurance shall contain, or have an accompanying endorsement that contains, a standard mortgagee clause. Any amounts collected by the Servicer under any such policies (other than the amounts to be applied to the restoration or repair of the improvements on the related Mortgaged Property or amounts released to the Mortgagor in accordance with the Servicer's normal servicing procedures) shall be deposited in the Certificate Account. It is understood and agreed that no earthquake or other additional insurance is to be required of any Mortgagor or maintained on property acquired in respect of a Mortgage other than pursuant to such applicable laws and regulations as shall at any time be in force and as shall require such additional insurance. If the Mortgaged Property is located at the time of origination of the Loan in a federally designated special flood hazard area and such area is participating in the national flood insurance program, the Servicer shall require the related Mortgagor to maintain flood insurance with respect to such Loan. Such flood insurance shall be in an amount equal to the original principal balance of the related Loan.

Maintenance of Hazard Insurance; Maintenance of Primary Insurance Policies. (a) The Servicer shall require Mortgagors to maintain, for each Loan, hazard insurance with extended coverage (i) in the case of a Loan secured by a Mortgage creating a first lien on the related Mortgaged Property, in an amount that is at least equal to the original principal balance of such Loan or the maximum insurable value of the improvements on such Mortgaged Property, whichever is less, and (ii) in the case of a Second Lien LoanLoan which is subject to a prior loan or prior loans, in an amount equal to the lesser of the combined principal balance balances of such Second Lien Loan and the related first lien mortgage loan prior loan(s) or the maximum insurable value of the improvements on the related Mortgaged Property. Each such policy of standard hazard insurance shall contain, or have an accompanying endorsement that contains, a standard mortgagee clause. Any amounts collected by the Servicer under any such policies (other than the amounts to be applied to the restoration or repair of the improvements on the related Mortgaged Property or amounts released to the Mortgagor in accordance with the Servicer's normal servicing procedures) shall be deposited in the Certificate Account. It is understood and agreed that no earthquake or other additional insurance is to be required of any Mortgagor or maintained on property acquired in respect of a Mortgage other than pursuant to such applicable laws and regulations as shall at any time be in force and as shall require such additional insurance. If the Mortgaged Property is located at the time of origination of the Loan in a federally designated special flood hazard area and such area is participating in the national flood insurance program, the Servicer shall require the related Mortgagor to maintain flood insurance with respect to such Loan. Such flood insurance shall be in an amount equal to the original principal balance of the related Loan.