Common use of Maintenance of Hazard Insurance Clause in Contracts

Maintenance of Hazard Insurance. The Servicer shall cause to be maintained for each First Lien Loan, hazard insurance such that all buildings upon the Mortgaged Property are insured by a generally acceptable insurer acceptable under the Xxxxxx Mae Guides against loss by fire, hazards of extended coverage and such other hazards as are required to be insured pursuant to the Fannie Mae Guides, in an amount which is at least equal to the lesser of (i) the maximum insurable value of the improvements securing such First Lien Loan or (ii) the outstanding principal balance of the First Lien Loan plus, in the case of each Second from Loan, the outstanding principal of any mortgage loan senior to such Second Lien Loan, provided that such aggregate amount represents at least 80% of the insurable value of the Mortgaged Property. If required by the National Flood Insurance Act of 1968, as amended, each First Lien Loan is, and shall continue to be, covered by a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect with a generally acceptable insurance carrier acceptable under the Xxxxxx Xxx Guides in an amount representing coverage not less than the lesser of (i) the aggregate unpaid principal balance of the First Lien Loan, (ii) maximum amount of insurance which is available under the National Flood Insurance Act of 1968, as amended (regardless of whether the area in which such Mortgaged Property is located is participating in such program), and (iii) the full replacement value of the improvements which are part of such Mortgaged Property. If a Mortgaged Property is located in a special flood hazard area and is not covered by flood insurance or is covered in an amount less than the amount required by the National Flood Insurance Act of 1968, as amended, the Servicer shall notify the related Mortgagor that the Mortgagor must obtain such flood insurance coverage, and if said Mortgagor fails to obtain the required flood insurance coverage within forty five (45) days after such notification, the Servicer shall immediately force place the required flood insurance on the Mortgagor’s behalf. If a Mortgage is secured by a unit in a condominium project, the Servicer shall verify that the coverage required of the owner’s association, including hazard, flood, liability, and fidelity coverage, is being maintained in accordance with then current Xxxxxx Mae requirements, and secure from the owner’s association its agreement to notify the Servicer promptly of any change in the insurance coverage or of any condemnation or casualty loss that may have a material effect on the value of the Mortgaged Property as security. The Servicer shall cause to be maintained on each Mortgaged Property such other or additional insurance as may be required pursuant to such applicable laws and regulations as shall at any time be in force and as shall require such additional insurance, or pursuant to the requirements of any private mortgage guaranty insurer, or as may be required to conform with Accepted Servicing Practices. The Servicer shall cause to be maintained on each REO Property to be insured against risks, hazards and liabilities, in an amount with respect to hazards which is at least equal to the full replacement cost of the improvements which are a part of such REO Property and shall indemnify and hold harmless the Owner with respect to Liabilities in connection therewith in an amount of at least $1 million per occurrence and $2 million in the aggregate. In the event that the Owner or the Servicer shall determine that the Mortgaged Property should be insured against loss or damage by hazards and risks not covered by the insurance required to be maintained by the Mortgagor pursuant to the terms of the Mortgage, the Servicer shall communicate and consult with the Mortgagor with respect to the need for such insurance and bring to the Mortgagor’s attention the desirability of protection of the Mortgaged Property. All policies required hereunder shall name the Servicer and its successors and assigns as a mortgagee and loss payee and shall be endorsed with non contributory standard or New York mortgagee clauses which shall provide for at least 30 days prior written notice of any cancellation, reduction in amount or material change in coverage. The Servicer shall not interfere with the Mortgagor’s freedom of choice in selecting either his insurance carrier or agent, provided, however, that the Servicer shall not accept any such insurance policies from insurance companies unless such companies are acceptable under the Xxxxxx Xxx Guides and are licensed to do business in the jurisdiction in which the Mortgaged Property is located. The Servicer shall determine that such policies provide sufficient risk coverage and amounts as required pursuant to the Xxxxxx Mae Guides, that they insure the property owner, and that they properly describe the property address. The Servicer shall furnish to the Mortgagor a formal notice of expiration of any such insurance in conformance with Servicer’s standard practices; provided, however, that in the event that no such notice is furnished by the Servicer, the Servicer shall ensure that replacement insurance policies (whether forced placed or other insurance policies) are in place with the required coverage and the Servicer shall be solely liable for any losses in the event coverage is not provided. Pursuant to Section 2.04, any amounts collected by the Servicer under any such policies (other than amounts to be deposited in a suspense account and applied to the restoration or repair of the related Mortgaged Property, or property acquired in liquidation of the First Lien Loan, or to be released to the Mortgagor, in accordance with the Servicer’s normal servicing procedures as specified in Section 2.14) shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 2.05. With respect to each Second Lien Loan, the Servicer shall obtain and maintain the blanket hazard insurance policy described in Section 2.11. In the event a hazard insurance policy or a flood insurance policy shall be in danger of being terminated, the Servicer shall notify the related Mortgagor that the related Mortgagor must obtain hazard insurance coverage or flood insurance coverage, and if such Mortgagor fails to obtain the required hazard insurance or flood insurance coverage within forty-five (45) days after such notification, the Servicer shall immediately force place the required hazard insurance or flood insurance on such Mortgagor’s behalf, or in the event the insurer shall cease to be acceptable to Xxxxxx Xxx or Xxxxxxx Mac, the Servicer shall notify any successor Servicer and such Mortgagor, and such successor Servicer shall use its best efforts, as permitted by applicable law, to obtain from another Qualified Insurer a replacement hazard insurance policy or flood insurance policy substantially and materially similar in all respects to the original policy.

Maintenance of Hazard Insurance. The Servicer shall cause to be maintained for each First Lien Loan, Mortgage Loan fire and hazard insurance such that all buildings upon with extended coverage customary in the area where the Mortgaged Property are insured is located by a generally acceptable an insurer acceptable under the Xxxxxx Mae Guides against loss by fireto Fxxxxx Mxx or Fxxxxxx Mac and FHA or VA, hazards of extended coverage and such other hazards as are required to be insured pursuant to the Fannie Mae Guidesapplicable, in an amount which is at least equal to the lesser of (ia) the maximum full insurable value of the improvements securing such First Lien Loan Mortgaged Property or (iib) the greater of (i) the outstanding principal balance owing on the Mortgage Loan and (ii) an amount such that the proceeds of such insurance shall be sufficient to avoid the First Lien Loan plus, application to the Mortgagor or loss payee of any coinsurance clause under the policy. If the Mortgaged Property is in an area identified in the case of each Second from Loan, the outstanding principal of any mortgage loan senior to such Second Lien Loan, provided that such aggregate amount represents at least 80% of the insurable value of the Mortgaged Property. If required Federal Register by the National Flood Insurance Act of 1968, Federal Emergency Management Agency as amended, each First Lien Loan is, a special flood hazard area (and shall continue such flood insurance has been made available) the Servicer will cause to be, covered by be maintained a flood insurance policy meeting the requirements of the current guidelines of the Federal National Flood Insurance Administration is in effect with a generally acceptable insurance carrier acceptable under the Xxxxxx Xxx Guides Program, in an amount representing coverage not less than the lesser of (iA) the aggregate unpaid minimum amount required under the terms of the coverage to compensate for any damage or loss to the Mortgaged Property on a replacement-cost basis (or the outstanding principal balance of the First Lien Loan, Mortgage Loan if replacement-cost basis is not available) or (iiB) the maximum amount of insurance which is available under the National Flood Insurance Act of 1968, as amended (regardless of whether Program. The Servicer shall also maintain on REO Property fire and hazard insurance with extended coverage in an amount which is at least equal to the area in which such Mortgaged Property is located is participating in such program), and (iii) the full replacement maximum insurable value of the improvements which are a part of such Mortgaged Property. If a Mortgaged Property is located in a special flood hazard area property, liability insurance and, to the extent required and is not covered by flood insurance or is covered in an amount less than the amount required by available under the National Flood Insurance Act of 1968Program, as amended, flood insurance in an amount required above. Any amounts collected by the Servicer shall notify under any such policies (other than amounts to be deposited in the Escrow Account and applied to the restoration or repair of the property subject to the related Mortgagor that Mortgage or property acquired in liquidation of the Mortgage Loan, or to be released to the Mortgagor must obtain such flood insurance coverage, and if said Mortgagor fails to obtain the required flood insurance coverage within forty five (45) days after such notification, the Servicer shall immediately force place the required flood insurance on the Mortgagor’s behalf. If a Mortgage is secured by a unit in a condominium project, the Servicer shall verify that the coverage required of the owner’s association, including hazard, flood, liability, and fidelity coverage, is being maintained in accordance with then current Xxxxxx Mae requirementsCustomary Servicing Procedures) shall be deposited in the Custodial Account, subject to withdrawal pursuant to Subsection 11.05. It is understood and secure from the owner’s association its agreement to notify agreed that no earthquake or other additional insurance need be required by the Servicer promptly of any change in the insurance coverage Mortgagor or of any condemnation or casualty loss that may have a material effect on the value of the Mortgaged Property as security. The Servicer shall cause to be maintained on each Mortgaged REO Property such other or additional insurance as may be required than pursuant to such applicable laws and regulations as shall at any time be in force and as shall require such additional insurance, or pursuant to the requirements of any private mortgage guaranty insurer, or as may be required to conform with Accepted Servicing Practices. The Servicer shall cause to be maintained on each REO Property to be insured against risks, hazards and liabilities, in an amount with respect to hazards which is at least equal to the full replacement cost of the improvements which are a part of such REO Property and shall indemnify and hold harmless the Owner with respect to Liabilities in connection therewith in an amount of at least $1 million per occurrence and $2 million in the aggregate. In the event that the Owner or the Servicer shall determine that the Mortgaged Property should be insured against loss or damage by hazards and risks not covered by the insurance required to be maintained by the Mortgagor pursuant to the terms of the Mortgage, the Servicer shall communicate and consult with the Mortgagor with respect to the need for such insurance and bring to the Mortgagor’s attention the desirability of protection of the Mortgaged Property. All policies required hereunder shall name the Servicer and its successors and assigns as a mortgagee and loss payee and shall be endorsed with non contributory standard or New York mortgagee clauses which with loss payable to Servicer, and shall provide for at least 30 thirty (30) days prior written notice of any cancellation, reduction in amount or material change in coveragecoverage to the Servicer. The Servicer shall not interfere with the Mortgagor’s freedom of choice in selecting either his its insurance carrier or agent, ; provided, however, that the Servicer shall not accept any such insurance policies from insurance companies unless such companies are acceptable under the Xxxxxx Xxx Guides to Fxxxxx Mae or Fxxxxxx Mac and FHA or VA, as applicable, and are licensed to do business in the jurisdiction in which state wherein the Mortgaged Property property subject to the policy is located. The Servicer shall determine that such policies provide sufficient risk coverage and amounts as required pursuant to the Xxxxxx Mae Guides, that they insure the property owner, and that they properly describe the property address. The Servicer shall furnish to the Mortgagor a formal notice of expiration of any such insurance in conformance with Servicer’s standard practices; provided, however, that in the event that no such notice is furnished by the Servicer, the Servicer shall ensure that replacement hazard insurance policies (whether forced placed for each Mortgage Loan secured by a unit in a condominium development or other insurance policies) are in place planned unit development shall be maintained with the required coverage respect to such Mortgage Loan and the Servicer shall be solely liable for any losses in the event coverage is not provided. Pursuant to Section 2.04, any amounts collected by the Servicer under any such policies (other than amounts to be deposited related development in a suspense account manner which is consistent with Fxxxxx Mae or Fxxxxxx Mac requirements and applied to the restoration FHA or repair of the related Mortgaged Property, or property acquired in liquidation of the First Lien Loan, or to be released to the Mortgagor, in accordance with the Servicer’s normal servicing procedures as specified in Section 2.14) shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 2.05. With respect to each Second Lien Loan, the Servicer shall obtain and maintain the blanket hazard insurance policy described in Section 2.11. In the event a hazard insurance policy or a flood insurance policy shall be in danger of being terminated, the Servicer shall notify the related Mortgagor that the related Mortgagor must obtain hazard insurance coverage or flood insurance coverage, and if such Mortgagor fails to obtain the required hazard insurance or flood insurance coverage within forty-five (45) days after such notification, the Servicer shall immediately force place the required hazard insurance or flood insurance on such Mortgagor’s behalf, or in the event the insurer shall cease to be acceptable to Xxxxxx Xxx or Xxxxxxx Mac, the Servicer shall notify any successor Servicer and such Mortgagor, and such successor Servicer shall use its best effortsVA requirements, as permitted by applicable law, to obtain from another Qualified Insurer a replacement hazard insurance policy or flood insurance policy substantially and materially similar in all respects to the original policyapplicable.

Maintenance of Hazard Insurance. The Servicer Seller shall cause to be maintained for each First Lien Loan, Mortgage Loan fire and hazard insurance such that all buildings upon with extended coverage as is customary in the area where the Mortgaged Property is located in an amount which is at least equal to the lesser of (i) the amount necessary to fully compensate for any damage or loss to the improvements which are insured a part of such property on a replacement cost basis or (ii) the outstanding principal balance of the Mortgage Loan, in each case in an amount not less than such amount as is necessary to prevent the Mortgagor and/or the Mortgagee from becoming a co-insurer. If the Mortgaged Property is in an area identified on a Flood Hazard Boundary Map or Flood Insurance Rate Map issued by the Flood Emergency Management Agency as having special flood hazards and such flood insurance has been made available, the Seller will cause to be maintained a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration with a generally acceptable insurer acceptable insurance carrier, in an amount representing coverage not less than the lesser of (i) the outstanding principal balance of the Mortgage Loan or (ii) the maximum amount of insurance which is available under the Xxxxxx Mae Guides against loss by fireNational Flood Insurance Act of 1968 or the Flood Disaster Protection Act of 1973, hazards of as amended. The Seller also shall maintain on any REO Property, fire and hazard insurance with extended coverage and such other hazards as are required to be insured pursuant to the Fannie Mae Guides, in an amount which is at least equal to the lesser of (i) the maximum insurable value of the improvements securing which are a part of such First Lien Loan or property and (ii) the outstanding principal balance of the First Lien related Mortgage Loan plusat the time it became an REO Property plus accrued interest at the Mortgage Interest Rate and related Servicing Advances, in liability insurance and, to the case of each Second from Loan, the outstanding principal of any mortgage loan senior to such Second Lien Loan, provided that such aggregate amount represents at least 80% of the insurable value of the Mortgaged Property. If extent required by the National Flood Insurance Act of 1968, as amended, each First Lien Loan is, and shall continue to be, covered by a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect with a generally acceptable insurance carrier acceptable under the Xxxxxx Xxx Guides in an amount representing coverage not less than the lesser of (i) the aggregate unpaid principal balance of the First Lien Loan, (ii) maximum amount of insurance which is available under the National Flood Insurance Act of 1968, as amended (regardless of whether 1968 or the area in which such Mortgaged Property is located is participating in such program), and (iii) the full replacement value of the improvements which are part of such Mortgaged Property. If a Mortgaged Property is located in a special flood hazard area and is not covered by flood insurance or is covered in an amount less than the amount required by the National Flood Insurance Disaster Protection Act of 19681973, as amended, the Servicer shall notify the related Mortgagor that the Mortgagor must obtain such flood insurance coveragein an amount as provided above. Pursuant to Section 11.04, and if said Mortgagor fails any amounts collected by the Seller under any such policies other than amounts to obtain the required flood insurance coverage within forty five (45) days after such notification, the Servicer shall immediately force place the required flood insurance on the Mortgagor’s behalf. If a Mortgage is secured by a unit in a condominium project, the Servicer shall verify that the coverage required of the owner’s association, including hazard, flood, liability, and fidelity coverage, is being maintained in accordance with then current Xxxxxx Mae requirements, and secure from the owner’s association its agreement to notify the Servicer promptly of any change be deposited in the insurance coverage Escrow Account and applied to the restoration or of any condemnation or casualty loss that may have a material effect on the value repair of the Mortgaged Property as securityor REO Property, or released to the Mortgagor in accordance with the Seller's normal servicing procedures, shall be deposited in the Custodial Account, subject to withdrawal pursuant to Section 11.05. The Servicer Any cost incurred by the Seller in maintaining any such insurance shall cause not, for the purpose of calculating distributions to the Purchaser, be added to the unpaid principal balance of the related Mortgage Loan, notwithstanding that the terms of such Mortgage Loan so permit. It is understood and agreed that no earthquake or other additional insurance need be required by the Seller of the Mortgagor or maintained on each Mortgaged Property such property acquired in respect of the Mortgage Loan, other or additional insurance as may be required than pursuant to such applicable laws and regulations as shall at any time be in force and as shall require such additional insurance, or pursuant to the requirements of any private mortgage guaranty insurer, or as may be required to conform with Accepted Servicing Practices. The Servicer shall cause to be maintained on each REO Property to be insured against risks, hazards and liabilities, in an amount with respect to hazards which is at least equal to the full replacement cost of the improvements which are a part of such REO Property and shall indemnify and hold harmless the Owner with respect to Liabilities in connection therewith in an amount of at least $1 million per occurrence and $2 million in the aggregate. In the event that the Owner or the Servicer shall determine that the Mortgaged Property should be insured against loss or damage by hazards and risks not covered by the insurance required to be maintained by the Mortgagor pursuant to the terms of the Mortgage, the Servicer shall communicate and consult with the Mortgagor with respect to the need for such insurance and bring to the Mortgagor’s attention the desirability of protection of the Mortgaged Property. All such policies required hereunder shall name the Servicer and its successors and assigns as a mortgagee and loss payee and shall be endorsed with non contributory standard or New York mortgagee clauses which with loss payable to the Seller, or upon request to the Purchaser, and shall provide for at least 30 thirty days prior written notice of any cancellation, reduction in the amount of, or material change in coveragein, coverage to the Seller. The Servicer Seller shall not interfere with the Mortgagor’s 's freedom of choice in selecting either his insurance carrier or agent, provided, however, that the Servicer Seller shall not accept any such insurance policies from insurance companies unless such companies are acceptable under the Xxxxxx Xxx Guides currently reflect a General Policy Rating of A:VI or better in Best's Key Rating Guide and are licensed to do business in the jurisdiction in which state wherein the Mortgaged Property property subject to the policy is located. The Servicer shall determine that such policies provide sufficient risk coverage and amounts as required pursuant to the Xxxxxx Mae Guides, that they insure the property owner, and that they properly describe the property address. The Servicer shall furnish to the Mortgagor a formal notice of expiration of any such insurance in conformance with Servicer’s standard practices; provided, however, that in the event that no such notice is furnished by the Servicer, the Servicer shall ensure that replacement insurance policies (whether forced placed or other insurance policies) are in place with the required coverage and the Servicer shall be solely liable for any losses in the event coverage is not provided. Pursuant to Section 2.04, any amounts collected by the Servicer under any such policies (other than amounts to be deposited in a suspense account and applied to the restoration or repair of the related Mortgaged Property, or property acquired in liquidation of the First Lien Loan, or to be released to the Mortgagor, in accordance with the Servicer’s normal servicing procedures as specified in Section 2.14) shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 2.05. With respect to each Second Lien Loan, the Servicer shall obtain and maintain the blanket hazard insurance policy described in Section 2.11. In the event a hazard insurance policy or a flood insurance policy shall be in danger of being terminated, the Servicer shall notify the related Mortgagor that the related Mortgagor must obtain hazard insurance coverage or flood insurance coverage, and if such Mortgagor fails to obtain the required hazard insurance or flood insurance coverage within forty-five (45) days after such notification, the Servicer shall immediately force place the required hazard insurance or flood insurance on such Mortgagor’s behalf, or in the event the insurer shall cease to be acceptable to Xxxxxx Xxx or Xxxxxxx Mac, the Servicer shall notify any successor Servicer and such Mortgagor, and such successor Servicer shall use its best efforts, as permitted by applicable law, to obtain from another Qualified Insurer a replacement hazard insurance policy or flood insurance policy substantially and materially similar in all respects to the original policy.

Maintenance of Hazard Insurance. The Master Servicer shall cause to be maintained for each First Lien Loan, Mortgage Loan fire and hazard insurance such that all buildings upon with extended coverage as is customary in the area where the Mortgaged Property are insured by a generally acceptable insurer acceptable under the Xxxxxx Mae Guides against loss by fire, hazards of extended coverage and such other hazards as are required to be insured pursuant to the Fannie Mae Guides, is located in an amount which is at least equal to the lesser of (i) the maximum insurable value of amount necessary to fully compensate for any damage or loss to the improvements securing which are a part of such First Lien Loan property on a replacement cost basis or (ii) the outstanding principal balance Principal Balance of the First Lien Loan plusMortgage Loan, in each case in an amount not less than such amount as is necessary to prevent the case of each Second Mortgagor and/or the Mortgagee from Loanbecoming a co-insurer. If the Mortgaged Property is in an area identified in the Federal Register by the Flood Emergency Management Agency as having special flood hazards and flood insurance has been made available, the outstanding principal of any mortgage loan senior Master Servicer will cause to such Second Lien Loan, provided that such aggregate amount represents at least 80% of the insurable value of the Mortgaged Property. If required by the National Flood Insurance Act of 1968, as amended, each First Lien Loan is, and shall continue to be, covered by be maintained a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect with a generally acceptable insurance carrier acceptable under the Xxxxxx Xxx Guides carrier, in an amount representing coverage not less than the lesser least of (i) the aggregate unpaid principal balance Principal Balance of the First Lien Mortgage Loan, (ii) the maximum insurable value of the improvements securing such Mortgage Loan or (iii) the maximum amount of insurance which is available under the National Flood Insurance Act of 1968, as amended amended. The Master Servicer shall also maintain on the REO Property for the benefit of the Certificateholders, (regardless x) fire and hazard insurance with extended coverage in an amount which is at least equal to the lesser of whether (i) 100% of the area in which such Mortgaged Property is located is participating in such program), and (iii) the full replacement maximum insurable value of the improvements which are part securing the Mortgage Loan and (ii) the outstanding Principal Balance of such Mortgaged the Mortgage Loan at the time it became an REO Property. If a Mortgaged Property is located in a special flood hazard area , (y) public liability insurance and, (z) to the extent required and is not covered by flood insurance or is covered in an amount less than the amount required by available under the National Flood Insurance Act of 1968, as amended, the Servicer shall notify the related Mortgagor that the Mortgagor must obtain such flood insurance coverage, and if said Mortgagor fails in an amount as provided above. Any amounts collected by the Master Servicer under any such policies other than amounts to obtain the required flood insurance coverage within forty five (45) days after such notification, the Servicer shall immediately force place the required flood insurance on the Mortgagor’s behalf. If a Mortgage is secured by a unit in a condominium project, the Servicer shall verify that the coverage required of the owner’s association, including hazard, flood, liability, and fidelity coverage, is being maintained in accordance with then current Xxxxxx Mae requirements, and secure from the owner’s association its agreement to notify the Servicer promptly of any change be deposited in the insurance coverage Escrow Account and applied to the restoration or of any condemnation or casualty loss that may have a material effect on the value repair of the Mortgaged Property as securityor REO Property, or released to the Mortgagor in accordance with the Master Servicer's normal servicing procedures, shall be deposited in the Collection Account, subject to withdrawal pursuant to Section 3.05. The Servicer shall cause It is understood and agreed that no earthquake or other additional insurance is required to be maintained by the Master Servicer or the Mortgagor or maintained on each Mortgaged Property such property acquired in respect of the Mortgage Loan, other or additional insurance as may be required than pursuant to such applicable laws and regulations Applicable Regulations as shall at any time be in force and as shall require such additional insurance, or pursuant to the requirements of any private mortgage guaranty insurer, or as may be required to conform with Accepted Servicing Practices. The Servicer shall cause to be maintained on each REO Property to be insured against risks, hazards and liabilities, in an amount with respect to hazards which is at least equal to the full replacement cost of the improvements which are a part of such REO Property and shall indemnify and hold harmless the Owner with respect to Liabilities in connection therewith in an amount of at least $1 million per occurrence and $2 million in the aggregate. In the event that the Owner or the Servicer shall determine that the Mortgaged Property should be insured against loss or damage by hazards and risks not covered by the insurance required to be maintained by the Mortgagor pursuant to the terms of the Mortgage, the Servicer shall communicate and consult with the Mortgagor with respect to the need for such insurance and bring to the Mortgagor’s attention the desirability of protection of the Mortgaged Property. All such policies required hereunder shall name the Servicer and its successors and assigns as a mortgagee and loss payee and shall be endorsed with non contributory standard or New York mortgagee clauses which with loss payable to the Master Servicer and shall provide for at least 30 thirty days prior written notice of any cancellation, reduction in the amount of or material change in coveragecoverage to the Master Servicer. The Master Servicer shall not interfere with the Mortgagor’s 's freedom of choice in selecting either his insurance carrier or agent, provided, however, that the Master Servicer shall not accept any such insurance policies from insurance companies unless such companies are acceptable under the Xxxxxx Xxx Guides currently reflect a general policy rating of B:III or better in Best's Key Rating Guide and are licensed to do business in the jurisdiction in which state wherein the Mortgaged Property property subject to the policy is located. The Servicer shall determine that such policies provide sufficient risk coverage and amounts as required pursuant to the Xxxxxx Mae Guides, that they insure the property owner, and that they properly describe the property address. The Servicer shall furnish to the Mortgagor a formal notice of expiration of any such insurance in conformance with Servicer’s standard practices; provided, however, that in the event that no such notice is furnished by the Servicer, the Servicer shall ensure that replacement insurance policies (whether forced placed or other insurance policies) are in place with the required coverage and the Servicer shall be solely liable for any losses in the event coverage is not provided. Pursuant to Section 2.04, any amounts collected by the Servicer under any such policies (other than amounts to be deposited in a suspense account and applied to the restoration or repair of the related Mortgaged Property, or property acquired in liquidation of the First Lien Loan, or to be released to the Mortgagor, in accordance with the Servicer’s normal servicing procedures as specified in Section 2.14) shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 2.05. With respect to each Second Lien Loan, the Servicer shall obtain and maintain the blanket hazard insurance policy described in Section 2.11. In the event a hazard insurance policy or a flood insurance policy shall be in danger of being terminated, the Servicer shall notify the related Mortgagor that the related Mortgagor must obtain hazard insurance coverage or flood insurance coverage, and if such Mortgagor fails to obtain the required hazard insurance or flood insurance coverage within forty-five (45) days after such notification, the Servicer shall immediately force place the required hazard insurance or flood insurance on such Mortgagor’s behalf, or in the event the insurer shall cease to be acceptable to Xxxxxx Xxx or Xxxxxxx Mac, the Servicer shall notify any successor Servicer and such Mortgagor, and such successor Servicer shall use its best efforts, as permitted by applicable law, to obtain from another Qualified Insurer a replacement hazard insurance policy or flood insurance policy substantially and materially similar in all respects to the original policy.

Maintenance of Hazard Insurance. The Servicer Seller shall cause to be maintained for each First Lien Loan, Mortgage Loan fire and hazard insurance such that all buildings upon with extended coverage as is customary in the area where the Mortgaged Property is located in an amount which is at least equal to the lesser of (i) the amount necessary to fully compensate for any damage or loss to the improvements which are insured a part of such property on a replacement cost basis or (ii) the outstanding principal balance of the Mortgage Loan, in each case in an amount not less than such amount as is necessary to prevent the Mortgagor and/or the Mortgagee from becoming a co-insurer. If the Mortgaged Property is in an area identified on a Flood Hazard Boundary Map or Flood Insurance Rate Map issued by the Flood Emergency Management Agency as having special flood hazards and such flood insurance has been made available, the Seller will cause to be maintained a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration with a generally acceptable insurer acceptable insurance carrier, in an amount representing coverage not less than the lesser of (i) the outstanding principal balance of the Mortgage Loan or (ii) the maximum amount of insurance which is available under the Xxxxxx Mae Guides against loss by fireNational Flood Insurance Act of 1968 or the Flood Disaster Protection Act of 1973, hazards of as amended. The Seller also shall maintain on any REO Property, fire and hazard insurance with extended coverage and such other hazards as are required to be insured pursuant to the Fannie Mae Guides, in an amount which is at least equal to the lesser of (i) the maximum insurable value of the improvements securing which are a part of such First Lien Loan or property and (ii) the outstanding principal balance of the First Lien related Mortgage Loan plusat the time it became an REO Property plus accrued interest at the Mortgage Interest Rate and related Servicing Advances, in liability insurance and, to the case of each Second from Loan, the outstanding principal of any mortgage loan senior to such Second Lien Loan, provided that such aggregate amount represents at least 80% of the insurable value of the Mortgaged Property. If extent required by the National Flood Insurance Act of 1968, as amended, each First Lien Loan is, and shall continue to be, covered by a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect with a generally acceptable insurance carrier acceptable under the Xxxxxx Xxx Guides in an amount representing coverage not less than the lesser of (i) the aggregate unpaid principal balance of the First Lien Loan, (ii) maximum amount of insurance which is available under the National Flood Insurance Act of 1968, as amended (regardless of whether 1968 or the area in which such Mortgaged Property is located is participating in such program), and (iii) the full replacement value of the improvements which are part of such Mortgaged Property. If a Mortgaged Property is located in a special flood hazard area and is not covered by flood insurance or is covered in an amount less than the amount required by the National Flood Insurance Disaster Protection Act of 19681973, as amended, the Servicer shall notify the related Mortgagor that the Mortgagor must obtain such flood insurance coveragein an amount as provided above. Pursuant to Section 11.04, and if said Mortgagor fails any amounts collected by the Seller under any such policies other than amounts to obtain the required flood insurance coverage within forty five (45) days after such notification, the Servicer shall immediately force place the required flood insurance on the Mortgagor’s behalf. If a Mortgage is secured by a unit in a condominium project, the Servicer shall verify that the coverage required of the owner’s association, including hazard, flood, liability, and fidelity coverage, is being maintained in accordance with then current Xxxxxx Mae requirements, and secure from the owner’s association its agreement to notify the Servicer promptly of any change be deposited in the insurance coverage Escrow Account and applied to the restoration or of any condemnation or casualty loss that may have a material effect on the value repair of the Mortgaged Property as securityor REO Property, or released to the Mortgagor in accordance with the Seller's normal servicing procedures, shall be deposited in the Custodial Account, subject to withdrawal pursuant to Section 11.06. The Servicer Any cost incurred by the Seller in maintaining any such insurance shall cause not, for the purpose of calculating distributions to the Purchaser, be added to the unpaid principal balance of the related Mortgage Loan, notwithstanding that the terms of such Mortgage Loan so permit. It is understood and agreed that no earthquake or other additional insurance need be required by the Seller or the Mortgagor or maintained on each Mortgaged Property such property acquired in respect of the Mortgage Loan, other or additional insurance as may be required than pursuant to such applicable laws and regulations as shall at any time be in force and as shall require such additional insurance, or pursuant to the requirements of any private mortgage guaranty insurer, or as may be required to conform with Accepted Servicing Practices. The Servicer shall cause to be maintained on each REO Property to be insured against risks, hazards and liabilities, in an amount with respect to hazards which is at least equal to the full replacement cost of the improvements which are a part of such REO Property and shall indemnify and hold harmless the Owner with respect to Liabilities in connection therewith in an amount of at least $1 million per occurrence and $2 million in the aggregate. In the event that the Owner or the Servicer shall determine that the Mortgaged Property should be insured against loss or damage by hazards and risks not covered by the insurance required to be maintained by the Mortgagor pursuant to the terms of the Mortgage, the Servicer shall communicate and consult with the Mortgagor with respect to the need for such insurance and bring to the Mortgagor’s attention the desirability of protection of the Mortgaged Property. All such policies required hereunder shall name the Servicer and its successors and assigns as a mortgagee and loss payee and shall be endorsed with non contributory standard or New York mortgagee clauses which with loss payable to the Seller, or upon request to the Purchaser, and shall provide for at least 30 thirty (30) days prior written notice of any cancellation, reduction in the amount of, or material change in coveragein, coverage to the Seller. The Servicer Seller shall not interfere with the Mortgagor’s 's freedom of choice in selecting either his insurance carrier or agent, provided, however, that the Servicer Seller shall not accept any such insurance policies from insurance companies unless such companies are acceptable under the Xxxxxx Xxx Guides to FNMA or FHLMC and are licensed to do business in the jurisdiction in which state wherein the Mortgaged Property property subject to the policy is located. The Servicer shall determine that such policies provide sufficient risk coverage and amounts as required pursuant to the Xxxxxx Mae Guides, that they insure the property owner, and that they properly describe the property address. The Servicer shall furnish to the Mortgagor a formal notice of expiration of any such insurance in conformance with Servicer’s standard practices; provided, however, that in the event that no such notice is furnished by the Servicer, the Servicer shall ensure that replacement insurance policies (whether forced placed or other insurance policies) are in place with the required coverage and the Servicer shall be solely liable for any losses in the event coverage is not provided. Pursuant to Section 2.04, any amounts collected by the Servicer under any such policies (other than amounts to be deposited in a suspense account and applied to the restoration or repair of the related Mortgaged Property, or property acquired in liquidation of the First Lien Loan, or to be released to the Mortgagor, in accordance with the Servicer’s normal servicing procedures as specified in Section 2.14) shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 2.05. With respect to each Second Lien Loan, the Servicer shall obtain and maintain the blanket hazard insurance policy described in Section 2.11. In the event a hazard insurance policy or a flood insurance policy shall be in danger of being terminated, the Servicer shall notify the related Mortgagor that the related Mortgagor must obtain hazard insurance coverage or flood insurance coverage, and if such Mortgagor fails to obtain the required hazard insurance or flood insurance coverage within forty-five (45) days after such notification, the Servicer shall immediately force place the required hazard insurance or flood insurance on such Mortgagor’s behalf, or in the event the insurer shall cease to be acceptable to Xxxxxx Xxx or Xxxxxxx Mac, the Servicer shall notify any successor Servicer and such Mortgagor, and such successor Servicer shall use its best efforts, as permitted by applicable law, to obtain from another Qualified Insurer a replacement hazard insurance policy or flood insurance policy substantially and materially similar in all respects to the original policy.

Maintenance of Hazard Insurance. The Servicer shall cause to be maintained for each First Lien Loan, Mortgage Loan fire and hazard insurance such that all buildings upon with extended coverage as is customary in the area where the Mortgaged Property are insured by a generally acceptable insurer acceptable under the Xxxxxx Mae Guides against loss by fire, hazards of extended coverage and such other hazards as are required to be insured pursuant to the Fannie Mae Guides, is located in an amount which is at least equal to the lesser of (i) the maximum insurable value of the improvements securing such First Lien Mortgage Loan or (ii) the greater of (a) the outstanding principal balance of the First Lien Loan plusMortgage Loan, and (b) the percentage such that the proceeds thereof shall be sufficient to prevent the Mortgagor and/or the Mortgagee from becoming a co-insurer. If the Mortgaged Property is in an area identified in the case of each Second from LoanFederal Register by the Federal Emergency Management Agency as being a special flood hazard area that has federally-mandated flood insurance requirements, the outstanding principal of any mortgage loan senior Servicer will cause to such Second Lien Loan, provided that such aggregate amount represents at least 80% of the insurable value of the Mortgaged Property. If required by the National Flood Insurance Act of 1968, as amended, each First Lien Loan is, and shall continue to be, covered by be maintained a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect with a generally acceptable insurance carrier acceptable under the Xxxxxx Xxx Guides carrier, in an amount representing coverage not less than the lesser least of (i) the aggregate unpaid outstanding principal balance of the First Lien Mortgage Loan, (ii) the maximum insurable value of the improvements securing such Mortgage Loan or (iii) the maximum amount of insurance which is available under the National Flood Insurance Disaster Protection Act of 19681973, as amended (regardless of whether amended. The Servicer shall also maintain on the area REO Property, fire and hazard insurance with extended coverage in an amount which such Mortgaged Property is located is participating in such program), and (iii) at least equal to the full replacement maximum insurable value of the improvements which are a part of such Mortgaged Property. If a Mortgaged Property is located in a special flood hazard area property, liability insurance and, to the extent required and is not covered by flood insurance or is covered in an amount less than available under the amount required by the National Flood Insurance Disaster Protection Act of 19681973, as amended, flood insurance in an amount as provided above. Any amounts collected by the Servicer shall notify the related Mortgagor that the Mortgagor must obtain under any such flood insurance coverage, and if said Mortgagor fails policies other than amounts to obtain the required flood insurance coverage within forty five (45) days after such notification, the Servicer shall immediately force place the required flood insurance on the Mortgagor’s behalf. If a Mortgage is secured by a unit in a condominium project, the Servicer shall verify that the coverage required of the owner’s association, including hazard, flood, liability, and fidelity coverage, is being maintained in accordance with then current Xxxxxx Mae requirements, and secure from the owner’s association its agreement to notify the Servicer promptly of any change be deposited in the insurance coverage Escrow Account and applied to the restoration or of any condemnation or casualty loss that may have a material effect on the value repair of the Mortgaged Property as securityor REO Property, or released to the Mortgagor in accordance with the Servicer's normal servicing procedures, shall be deposited in the Custodial Account, subject to withdrawal pursuant to Section 4.05. The It is understood and agreed that no other additional insurance need be required by the Servicer shall cause to be or the Mortgagor or maintained on each Mortgaged Property such property acquired in respect of the Mortgage Loans, other or additional insurance as may be required than pursuant to the Fxxxxx Mae Guide or such applicable state or federal laws and regulations as shall at any time be in force and as shall require such additional insurance, or pursuant to the requirements of any private mortgage guaranty insurer, or as may be required to conform with Accepted Servicing Practices. The Servicer shall cause to be maintained on each REO Property to be insured against risks, hazards and liabilities, in an amount with respect to hazards which is at least equal to the full replacement cost of the improvements which are a part of such REO Property and shall indemnify and hold harmless the Owner with respect to Liabilities in connection therewith in an amount of at least $1 million per occurrence and $2 million in the aggregate. In the event that the Owner or the Servicer shall determine that the Mortgaged Property should be insured against loss or damage by hazards and risks not covered by the insurance required to be maintained by the Mortgagor pursuant to the terms of the Mortgage, the Servicer shall communicate and consult with the Mortgagor with respect to the need for such insurance and bring to the Mortgagor’s attention the desirability of protection of the Mortgaged Property. All such policies required hereunder shall name be endorsed with standard mortgagee clauses with loss payable to the Servicer and its successors and/or assigns and assigns as a mortgagee and loss payee and shall be endorsed with non contributory standard or New York mortgagee clauses which shall provide for at least 30 thirty days prior written notice of any cancellation, reduction in the amount or material change in coveragecoverage to the Servicer. The Servicer shall not interfere with the Mortgagor’s 's freedom of choice in selecting either his insurance carrier or agent, provided, however, that the Servicer shall not accept any such insurance policies from insurance companies unless such companies are currently reflect a General Policy Rating in Best's Key Rating Guide currently acceptable under the Xxxxxx Xxx Guides to Fxxxxx Mxx and are licensed to do business in the jurisdiction in which state wherein the Mortgaged Property property subject to the policy is located. The Servicer shall determine that such policies provide sufficient risk coverage and amounts as required pursuant to the Xxxxxx Mae Guides, that they insure the property owner, and that they properly describe the property address. The Servicer shall furnish to the Mortgagor a formal notice of expiration of any such insurance in conformance with Servicer’s standard practices; provided, however, that in the event that no such notice is furnished by the Servicer, the Servicer shall ensure that replacement insurance policies (whether forced placed or other insurance policies) are in place with the required coverage and the Servicer shall be solely liable for any losses in the event coverage is not provided. Pursuant to Section 2.04, any amounts collected by the Servicer under any such policies (other than amounts to be deposited in a suspense account and applied to the restoration or repair of the related Mortgaged Property, or property acquired in liquidation of the First Lien Loan, or to be released to the Mortgagor, in accordance with the Servicer’s normal servicing procedures as specified in Section 2.14) shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 2.05. With respect to each Second Lien Loan, the Servicer shall obtain and maintain the blanket hazard insurance policy described in Section 2.11. In the event a hazard insurance policy or a flood insurance policy shall be in danger of being terminated, the Servicer shall notify the related Mortgagor that the related Mortgagor must obtain hazard insurance coverage or flood insurance coverage, and if such Mortgagor fails to obtain the required hazard insurance or flood insurance coverage within forty-five (45) days after such notification, the Servicer shall immediately force place the required hazard insurance or flood insurance on such Mortgagor’s behalf, or in the event the insurer shall cease to be acceptable to Xxxxxx Xxx or Xxxxxxx Mac, the Servicer shall notify any successor Servicer and such Mortgagor, and such successor Servicer shall use its best efforts, as permitted by applicable law, to obtain from another Qualified Insurer a replacement hazard insurance policy or flood insurance policy substantially and materially similar in all respects to the original policy.

Maintenance of Hazard Insurance. The Servicer shall cause to be maintained for each First Lien Loan, Mortgage Loan fire and hazard insurance such that all buildings upon with extended coverage as is customary in the area where the Mortgaged Property are insured by a generally acceptable insurer acceptable under the Xxxxxx Mae Guides against loss by fire, hazards of extended coverage and such other hazards as are required to be insured pursuant to the Fannie Mae Guides, is located in an amount which is at least equal to the lesser of (i) the maximum insurable value of amount necessary to fully compensate for any damage or loss to the improvements securing which are a part of such First Lien Loan property on a replacement cost basis or (ii) the outstanding principal balance Principal Balance of the First Lien Loan plusMortgage Loan, in each case in an amount not less than such amount as is necessary to prevent the case of each Second Mortgagor and/or the Mortgagee from Loanbecoming a co-insurer. If the Mortgaged Property is in an area identified in the Federal Register by the Flood Emergency Management Agency as having special flood hazards and flood insurance has been made available, the outstanding principal of any mortgage loan senior Servicer will cause to such Second Lien Loan, provided that such aggregate amount represents at least 80% of the insurable value of the Mortgaged Property. If required by the National Flood Insurance Act of 1968, as amended, each First Lien Loan is, and shall continue to be, covered by be maintained a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect with a generally acceptable insurance carrier acceptable under the Xxxxxx Xxx Guides carrier, in an amount representing coverage not less than the lesser least of (i) the aggregate unpaid principal balance Principal Balance of the First Lien Mortgage Loan, (ii) the maximum insurable value of the improvements securing such Mortgage Loan or (iii) the maximum amount of insurance which is available under the National Flood Insurance Act of 1968, as amended amended. The Servicer shall also maintain on the REO Property for the benefit of the Certificateholders, (regardless of whether x) fire and hazard insurance with extended coverage in an amount which is at least equal to the area in which such Mortgaged Property is located is participating in such program), and (iii) the full replacement value cost of the improvements which are a part of such Mortgaged Property. If a Mortgaged Property is located in a special flood hazard area property and is not covered by flood insurance or is covered in an amount less than (y) to the amount extent required by and available under the National Flood Insurance Disaster Protection Act of 19681973, as amended, flood insurance in an amount as provided above. Any amounts collected by the Servicer shall notify the related Mortgagor that the Mortgagor must obtain under any such flood insurance coverage, and if said Mortgagor fails policies other than amounts to obtain the required flood insurance coverage within forty five (45) days after such notification, the Servicer shall immediately force place the required flood insurance on the Mortgagor’s behalf. If a Mortgage is secured by a unit in a condominium project, the Servicer shall verify that the coverage required of the owner’s association, including hazard, flood, liability, and fidelity coverage, is being maintained in accordance with then current Xxxxxx Mae requirements, and secure from the owner’s association its agreement to notify the Servicer promptly of any change be deposited in the insurance coverage Escrow Account and applied to the restoration or of any condemnation or casualty loss that may have a material effect on the value repair of the Mortgaged Property as securityor REO Property, or released to the Mortgagor in accordance with the Servicer's normal servicing procedures, shall be deposited in the Collection Account, subject to withdrawal pursuant to Section 3.05. The Servicer shall cause It is understood and agreed that no earthquake or other additional insurance is required to be maintained by the Servicer or the Mortgagor or maintained on each Mortgaged Property such property acquired in respect of the Mortgage Loan, other or additional insurance as may be required than pursuant to such applicable laws and regulations Applicable Regulations as shall at any time be in force and as shall require such additional insurance, or pursuant to the requirements of any private mortgage guaranty insurer, or as may be required to conform with Accepted Servicing Practices. The Servicer shall cause to be maintained on each REO Property to be insured against risks, hazards and liabilities, in an amount with respect to hazards which is at least equal to the full replacement cost of the improvements which are a part of such REO Property and shall indemnify and hold harmless the Owner with respect to Liabilities in connection therewith in an amount of at least $1 million per occurrence and $2 million in the aggregate. In the event that the Owner or the Servicer shall determine that the Mortgaged Property should be insured against loss or damage by hazards and risks not covered by the insurance required to be maintained by the Mortgagor pursuant to the terms of the Mortgage, the Servicer shall communicate and consult with the Mortgagor with respect to the need for such insurance and bring to the Mortgagor’s attention the desirability of protection of the Mortgaged Property. All such policies required hereunder shall name the Servicer and its successors and assigns as a mortgagee and loss payee and shall be endorsed with non contributory standard or New York mortgagee clauses which with loss payable to the Servicer and shall provide for at least 30 thirty days prior written notice of any cancellation, reduction in the amount of or material change in coveragecoverage to the Servicer. The Servicer shall not interfere with the Mortgagor’s 's freedom of choice in selecting either his insurance carrier or agent, provided, however, that the Servicer shall not accept any such insurance policies from insurance companies unless such companies are acceptable under the Xxxxxx Xxx Guides currently reflect a general policy rating of B:VI or better in Best's Key Rating Guide and are licensed to do business in the jurisdiction in which state wherein the Mortgaged Property property subject to the policy is located. The Servicer shall determine that such policies provide sufficient risk coverage and amounts as required pursuant to the Xxxxxx Mae Guides, that they insure the property owner, and that they properly describe the property address. The Servicer shall furnish to the Mortgagor a formal notice of expiration of any such insurance in conformance with Servicer’s standard practices; provided, however, that in the event that no such notice is furnished by the Servicer, the Servicer shall ensure that replacement insurance policies (whether forced placed or other insurance policies) are in place with the required coverage and the Servicer shall be solely liable for any losses in the event coverage is not provided. Pursuant to Section 2.04, any amounts collected by the Servicer under any such policies (other than amounts to be deposited in a suspense account and applied to the restoration or repair of the related Mortgaged Property, or property acquired in liquidation of the First Lien Loan, or to be released to the Mortgagor, in accordance with the Servicer’s normal servicing procedures as specified in Section 2.14) shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 2.05. With respect to each Second Lien Loan, the Servicer shall obtain and maintain the blanket hazard insurance policy described in Section 2.11. In the event a hazard insurance policy or a flood insurance policy shall be in danger of being terminated, the Servicer shall notify the related Mortgagor that the related Mortgagor must obtain hazard insurance coverage or flood insurance coverage, and if such Mortgagor fails to obtain the required hazard insurance or flood insurance coverage within forty-five (45) days after such notification, the Servicer shall immediately force place the required hazard insurance or flood insurance on such Mortgagor’s behalf, or in the event the insurer shall cease to be acceptable to Xxxxxx Xxx or Xxxxxxx Mac, the Servicer shall notify any successor Servicer and such Mortgagor, and such successor Servicer shall use its best efforts, as permitted by applicable law, to obtain from another Qualified Insurer a replacement hazard insurance policy or flood insurance policy substantially and materially similar in all respects to the original policy.

Maintenance of Hazard Insurance. The Servicer shall cause to be maintained for each First Lien Loan, Mortgage Loan fire and hazard insurance such that all buildings upon with extended coverage customary in the area where the Mortgaged Property are insured is located by a generally acceptable an insurer acceptable under the to Xxxxxx Mae Guides against loss by fire, hazards of extended coverage and such other hazards as are required to be insured pursuant to the Fannie Mae Guides, Xxx or Xxxxxxx Mac in an amount which is at least equal to the lesser of (ia) the maximum full insurable value of the improvements securing such First Lien Loan Mortgaged Property or (iib) the greater of (i) the outstanding principal balance owing on the Mortgage Loan and (ii) an amount such that the proceeds of such insurance shall be sufficient to avoid the First Lien Loan plus, application to the Mortgagor or loss payee of any coinsurance clause under the policy. If the Mortgaged Property is in an area identified in the case of each Second from Loan, the outstanding principal of any mortgage loan senior to such Second Lien Loan, provided that such aggregate amount represents at least 80% of the insurable value of the Mortgaged Property. If required Federal Register by the National Flood Insurance Act of 1968, Federal Emergency Management Agency as amended, each First Lien Loan is, a special flood hazard area (and shall continue such flood insurance has been made available) the Servicer will cause to be, covered by be maintained a flood insurance policy meeting the requirements of the current guidelines of the Federal National Flood Insurance Administration is in effect with a generally acceptable insurance carrier acceptable under the Xxxxxx Xxx Guides Program, in an amount representing coverage not less than the lesser of (iA) the aggregate unpaid minimum amount required under the terms of the coverage to compensate for any damage or loss to the Mortgaged Property on a replacement-cost basis (or the outstanding principal balance of the First Lien Loan, Mortgage Loan if replacement-cost basis is not available) or (iiB) the maximum amount of insurance which is available under the National Flood Insurance Act of 1968, as amended (regardless of whether Program. The Servicer shall also maintain on REO Property fire and hazard insurance with extended coverage in an amount which is at least equal to the area in which such Mortgaged Property is located is participating in such program), and (iii) the full replacement maximum insurable value of the improvements which are a part of such Mortgaged Property. If a Mortgaged Property is located in a special flood hazard area property, liability insurance and, to the extent required and is not covered by flood insurance or is covered in an amount less than the amount required by available under the National Flood Insurance Act of 1968Program, as amended, flood insurance in an amount required above. Any amounts collected by the Servicer shall notify under any such policies (other than amounts to be deposited in the Escrow Account and applied to the restoration or repair of the property subject to the related Mortgagor that Mortgage or property acquired in liquidation of the Mortgage Loan, or to be released to the Mortgagor must obtain such flood insurance coverage, and if said Mortgagor fails to obtain the required flood insurance coverage within forty five (45) days after such notification, the Servicer shall immediately force place the required flood insurance on the Mortgagor’s behalf. If a Mortgage is secured by a unit in a condominium project, the Servicer shall verify that the coverage required of the owner’s association, including hazard, flood, liability, and fidelity coverage, is being maintained in accordance with then current Xxxxxx Mae requirementsCustomary Servicing Procedures) shall be deposited in the Custodial Account, subject to withdrawal pursuant to Subsection 11.05. It is understood and secure from the owner’s association its agreement to notify agreed that no earthquake or other additional insurance need be required by the Servicer promptly of any change in the insurance coverage Mortgagor or of any condemnation or casualty loss that may have a material effect on the value of the Mortgaged Property as security. The Servicer shall cause to be maintained on each Mortgaged REO Property such other or additional insurance as may be required than pursuant to such applicable laws and regulations as shall at any time be in force and as shall require such additional insurance, or pursuant to the requirements of any private mortgage guaranty insurer, or as may be required to conform with Accepted Servicing Practices. The Servicer shall cause to be maintained on each REO Property to be insured against risks, hazards and liabilities, in an amount with respect to hazards which is at least equal to the full replacement cost of the improvements which are a part of such REO Property and shall indemnify and hold harmless the Owner with respect to Liabilities in connection therewith in an amount of at least $1 million per occurrence and $2 million in the aggregate. In the event that the Owner or the Servicer shall determine that the Mortgaged Property should be insured against loss or damage by hazards and risks not covered by the insurance required to be maintained by the Mortgagor pursuant to the terms of the Mortgage, the Servicer shall communicate and consult with the Mortgagor with respect to the need for such insurance and bring to the Mortgagor’s attention the desirability of protection of the Mortgaged Property. All policies required hereunder shall name the Servicer and its successors and assigns as a mortgagee and loss payee and shall be endorsed with non contributory standard or New York mortgagee clauses which with loss payable to Servicer, and shall provide for at least 30 thirty (30) days prior written notice of any cancellation, reduction in amount or material change in coveragecoverage to the Servicer. The Servicer shall not interfere with the Mortgagor’s 's freedom of choice in selecting either his its insurance carrier or agent, ; provided, however, that the Servicer shall not accept any such insurance policies from insurance companies unless such companies are acceptable under the to Xxxxxx Xxx Guides Mae or Xxxxxxx Mac, and are licensed to do business in the jurisdiction in which state wherein the Mortgaged Property property subject to the policy is located. The Servicer hazard insurance policies for each Mortgage Loan secured by a unit in a condominium development or planned unit development shall determine that be maintained with respect to such policies provide sufficient risk coverage Mortgage Loan and amounts as required pursuant to the related development in a manner which is consistent with Xxxxxx Mae Guides, that they insure the property owner, and that they properly describe the property address. The Servicer shall furnish to the Mortgagor a formal notice of expiration of any such insurance in conformance with Servicer’s standard practices; provided, however, that in the event that no such notice is furnished by the Servicer, the Servicer shall ensure that replacement insurance policies (whether forced placed or other insurance policies) are in place with the required coverage and the Servicer shall be solely liable for any losses in the event coverage is not provided. Pursuant to Section 2.04, any amounts collected by the Servicer under any such policies (other than amounts to be deposited in a suspense account and applied to the restoration or repair of the related Mortgaged Property, or property acquired in liquidation of the First Lien Loan, or to be released to the Mortgagor, in accordance with the Servicer’s normal servicing procedures as specified in Section 2.14) shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 2.05. With respect to each Second Lien Loan, the Servicer shall obtain and maintain the blanket hazard insurance policy described in Section 2.11. In the event a hazard insurance policy or a flood insurance policy shall be in danger of being terminated, the Servicer shall notify the related Mortgagor that the related Mortgagor must obtain hazard insurance coverage or flood insurance coverage, and if such Mortgagor fails to obtain the required hazard insurance or flood insurance coverage within forty-five (45) days after such notification, the Servicer shall immediately force place the required hazard insurance or flood insurance on such Mortgagor’s behalf, or in the event the insurer shall cease to be acceptable to Xxxxxx Xxx or Xxxxxxx Mac, the Servicer shall notify any successor Servicer and such Mortgagor, and such successor Servicer shall use its best efforts, as permitted by applicable law, to obtain from another Qualified Insurer a replacement hazard insurance policy or flood insurance policy substantially and materially similar in all respects to the original policyMac requirements.

Maintenance of Hazard Insurance. The Servicer shall cause to be maintained for each First Lien Loan, Mortgage Loan fire and hazard insurance such that all buildings upon with extended coverage customary in the area where the Mortgaged Property are insured is located by a generally acceptable an insurer acceptable under the to Xxxxxx Mae Guides against loss by fireXxx or Xxxxxxx Mac, hazards of extended coverage and such other hazards as are required to be insured pursuant to the Fannie Mae Guidesapplicable, in an amount which that is at least equal to the lesser of (ia) the maximum insurable value of the improvements securing such First Lien Loan or (ii) the outstanding principal balance of the First Lien Loan plus, in the case of each Second from Loan, the outstanding principal of any mortgage loan senior to such Second Lien Loan, provided that such aggregate amount represents at least 80% of the full insurable value of the Mortgaged Property, or (b) the greater of (i) the outstanding principal balance owing on the Mortgage Loan and (ii) an amount such that the proceeds of such insurance shall be sufficient to avoid the application to the Mortgagor or loss payee of any coinsurance clause under the policy. If required the Mortgaged Property is in an area identified in the Federal Register by the National Flood Insurance Act of 1968, Federal Emergency Management Agency as amended, each First Lien Loan is, a special flood hazard area (and shall continue such flood insurance has been made available) the Servicer will cause to be, covered by be maintained a flood insurance policy meeting the requirements of the current guidelines of the Federal National Flood Insurance Administration is in effect with a generally acceptable insurance carrier acceptable under the Xxxxxx Xxx Guides Program, in an amount representing coverage not less than the lesser of (iA) the aggregate unpaid minimum amount required under the terms of the coverage to compensate for any damage or loss to the Mortgaged Property on a replacement-cost basis (or the outstanding principal balance of the First Lien Loan, Mortgage Loan if replacement-cost basis is not available) or (iiB) the maximum amount of insurance which is available under the National Flood Insurance Act of 1968, as amended (regardless of whether Program. The Servicer shall also maintain on REO Property fire and hazard insurance with extended coverage in an amount which is at least equal to the area in which such Mortgaged Property is located is participating in such program), and (iii) the full replacement maximum insurable value of the improvements which are a part of such Mortgaged Property. If a Mortgaged Property is located in a special flood hazard area property, liability insurance and, to the extent required and is not covered by flood insurance or is covered in an amount less than the amount required by available under the National Flood Insurance Act of 1968Program, as amended, flood insurance in an amount required above. Any amounts collected by the Servicer shall notify under any such policies (other than amounts to be deposited in the Escrow Account and applied to the restoration or repair of the property subject to the related Mortgagor that Mortgage or property acquired in liquidation of the Mortgage Loan, or to be released to the Mortgagor must obtain such flood insurance coverage, and if said Mortgagor fails to obtain the required flood insurance coverage within forty five (45) days after such notification, the Servicer shall immediately force place the required flood insurance on the Mortgagor’s behalf. If a Mortgage is secured by a unit in a condominium project, the Servicer shall verify that the coverage required of the owner’s association, including hazard, flood, liability, and fidelity coverage, is being maintained in accordance with then current Xxxxxx Mae requirementsCustomary Servicing Procedures) shall be deposited in the Custodial Account, subject to withdrawal pursuant to Subsection 11.05. It is understood and secure from the owner’s association its agreement to notify agreed that no earthquake or other additional insurance need be required by the Servicer promptly of any change in the insurance coverage Mortgagor or of any condemnation or casualty loss that may have a material effect on the value of the Mortgaged Property as security. The Servicer shall cause to be maintained on each Mortgaged REO Property such other or additional insurance as may be required than pursuant to such applicable laws and regulations as shall at any time be in force and as shall require such additional insurance, or pursuant to the requirements of any private mortgage guaranty insurer, or as may be required to conform with Accepted Servicing Practices. The Servicer shall cause to be maintained on each REO Property to be insured against risks, hazards and liabilities, in an amount with respect to hazards which is at least equal to the full replacement cost of the improvements which are a part of such REO Property and shall indemnify and hold harmless the Owner with respect to Liabilities in connection therewith in an amount of at least $1 million per occurrence and $2 million in the aggregate. In the event that the Owner or the Servicer shall determine that the Mortgaged Property should be insured against loss or damage by hazards and risks not covered by the insurance required to be maintained by the Mortgagor pursuant to the terms of the Mortgage, the Servicer shall communicate and consult with the Mortgagor with respect to the need for such insurance and bring to the Mortgagor’s attention the desirability of protection of the Mortgaged Property. All policies required hereunder shall name the Servicer and its successors and assigns as a mortgagee and loss payee and shall be endorsed with non contributory standard or New York mortgagee clauses which with loss payable to Servicer, and shall provide for at least 30 thirty (30) days prior written notice of any cancellation, reduction in amount or material change in coveragecoverage to the Servicer. The Servicer shall not interfere with the Mortgagor’s freedom of choice in selecting either his its insurance carrier or agent, ; provided, however, that unless otherwise required by the terms of the related Mortgage Note or applicable law, the Servicer shall not accept any such insurance policies from insurance companies unless such companies are acceptable under the to Xxxxxx Xxx Guides Mae or Xxxxxxx Mac, as applicable, and are licensed to do business in the jurisdiction in which state wherein the Mortgaged Property property subject to the policy is located. The Servicer hazard insurance policies for each Mortgage Loan secured by a unit in a condominium development or planned unit development shall determine that be maintained with respect to such policies provide sufficient risk coverage Mortgage Loan and amounts as required pursuant to the related development in a manner which is consistent with Xxxxxx Mae Guidesor Xxxxxxx Mac requirements, that they insure the property owneras applicable, and that they properly describe the property address. The Servicer shall furnish to the Mortgagor a formal notice of expiration of any such insurance in conformance with Servicer’s standard practices; provided, however, that in the event that no such notice is furnished unless otherwise required by the Servicer, the Servicer shall ensure that replacement insurance policies (whether forced placed or other insurance policies) are in place with the required coverage and the Servicer shall be solely liable for any losses in the event coverage is not provided. Pursuant to Section 2.04, any amounts collected by the Servicer under any such policies (other than amounts to be deposited in a suspense account and applied to the restoration or repair terms of the related Mortgaged Property, Mortgage Note or property acquired in liquidation of the First Lien Loan, or to be released to the Mortgagor, in accordance with the Servicer’s normal servicing procedures as specified in Section 2.14) shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 2.05. With respect to each Second Lien Loan, the Servicer shall obtain and maintain the blanket hazard insurance policy described in Section 2.11. In the event a hazard insurance policy or a flood insurance policy shall be in danger of being terminated, the Servicer shall notify the related Mortgagor that the related Mortgagor must obtain hazard insurance coverage or flood insurance coverage, and if such Mortgagor fails to obtain the required hazard insurance or flood insurance coverage within forty-five (45) days after such notification, the Servicer shall immediately force place the required hazard insurance or flood insurance on such Mortgagor’s behalf, or in the event the insurer shall cease to be acceptable to Xxxxxx Xxx or Xxxxxxx Mac, the Servicer shall notify any successor Servicer and such Mortgagor, and such successor Servicer shall use its best efforts, as permitted by applicable law, to obtain from another Qualified Insurer a replacement hazard insurance policy or flood insurance policy substantially and materially similar in all respects to the original policy.

Maintenance of Hazard Insurance. (a) The Servicer shall cause to be maintained maintained, with a Qualified Insurer for each First Lien LoanMortgage Loan serviced by it, fire and hazard insurance such that all buildings upon with extended coverage customary in the area where the Mortgaged Property are insured by a generally acceptable insurer acceptable under the Xxxxxx Mae Guides against loss by fire, hazards of extended coverage and such other hazards as are required to be insured is located pursuant to insurance policies conforming to the Fannie Mae GuidesUnderwriting Guidelines, in an amount which is at least equal to the lesser of (ia) the maximum full insurable value of the improvements securing such First Lien Loan Mortgaged Property or (iib) the greater of (i) the outstanding principal balance owing on the Mortgage Loan and (ii) an amount such that the proceeds of such insurance shall be sufficient to avoid the First Lien Loan plus, application to the Mortgagor or loss payee of any coinsurance clause under the policy. If the Mortgaged Property is in an area then identified on a flood hazard boundary map or flood insurance rate map issued by the case of each Second from LoanFederal Emergency Management Agency as having special flood hazards (and such flood insurance is available), the outstanding principal of any mortgage loan senior Servicer will cause to such Second Lien Loan, provided that such aggregate amount represents at least 80% of the insurable value of the Mortgaged Property. If required by the National Flood Insurance Act of 1968, as amended, each First Lien Loan is, and shall continue to be, covered by be maintained a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect with a generally acceptable insurance carrier acceptable under the to Xxxxxx Xxx Guides Mae or Xxxxxxx Mac. Such flood insurance shall be in an amount representing coverage not less than the lesser least of (i) the aggregate unpaid outstanding principal balance of the First Lien Mortgage Loan, (ii) the full insurable value of the improvements securing such Mortgage Loan or (iii) the maximum amount of insurance which available under the National Flood Insurance Act of 1968 and the Flood Disaster Protection Act of 1973, each as amended. The Servicer shall also maintain on each REO Property with an insurer acceptable under the Underwriting Guidelines (x) fire and hazard insurance with extended coverage in an amount that is at least equal to the maximum insurable value of the improvements securing the Mortgage Loan that are a part of such property, (y) liability insurance and (z) to the extent required and available under the National Flood Insurance Act of 1968, the Flood Disaster Protection Act of 1973, each as amended (regardless amended, or other applicable federal law, flood insurance in an amount as provided above. Any costs incurred by the Servicer maintaining insurance under this Section 3.10 shall be recoverable as Servicing Advances. Any amounts collected by the Servicer under any such policies shall be paid over or applied by the Servicer in accordance with Acceptable Servicing Procedures for the restoration or repair of whether the area Mortgaged Property subject to the related Mortgage, for release to the Mortgagor in accordance with Acceptable Servicing Procedures, or for application in reduction of the Mortgage Loan. Any such amounts shall be deposited in the Custodial Account and subject to withdrawal pursuant to Section 3.5. It is understood and agreed that no earthquake or other additional insurance is required to be maintained by the Servicer hereunder in connection with any Mortgage Loan or Mortgaged Property, other than pursuant to applicable laws and regulations that are at any time in force and require such additional insurance. All policies required hereunder shall be endorsed with standard mortgagee clauses with loss payable to the Servicer, and shall provide for at least 30 days prior written notice to the Servicer of any cancellation, reduction in amount, or material change in coverage. The Servicer shall not interfere with the Mortgagor's freedom of choice in selecting either his insurance carrier or agent upon any policy renewal; provided, however, upon any such policy renewal, the Servicer shall not accept any such insurance policies, unless the insurers are acceptable under the Underwriting Guidelines and are licensed to do business in the jurisdiction in which such the Mortgaged Property is located is participating located. In the event a hazard insurance policy shall be in such program)danger of being terminated, and (iii) or in the full replacement value of event the improvements which are part of such Mortgaged Property. If a Mortgaged Property is located in a special flood hazard area and is not covered by flood insurance or is covered in an amount less than insurer shall cease to be acceptable under the amount required by the National Flood Insurance Act of 1968, as amendedUnderwriting Guidelines, the Servicer shall notify the Owner and the related Mortgagor that the Mortgagor must obtain such flood insurance coverageMortgagor, and if said Mortgagor fails shall use its best efforts, as permitted by applicable law, to obtain from another Qualified Insurer a replacement hazard insurance policy substantially and materially similar in all respects to the required flood original policy. In no event, however, shall a Mortgage Loan be without a hazard insurance coverage within forty five (45) days after such notification, the Servicer shall immediately force place the required flood insurance on the Mortgagor’s behalfpolicy at any time. If a Mortgage is secured by a unit in a condominium project, the Servicer shall verify that the coverage required of the owner’s 's association, including hazard, flood, liability, and fidelity coverage, is being maintained in accordance with then current Xxxxxx Mae requirementsrequirements under the Underwriting Guidelines. Notwithstanding anything set forth in the preceding paragraphs, the Servicer agrees to indemnify the Owner for any Losses and related costs, judgments, and secure from the owner’s association its agreement to notify the Servicer promptly of any change in the insurance coverage or of any condemnation or casualty loss that may have a material effect on the value of the Mortgaged Property as security. The Servicer shall cause to be maintained on each Mortgaged Property such other or additional insurance as may be required pursuant to such applicable laws costs, fees and regulations as shall at any time be in force and as shall require such additional insurance, or pursuant to the requirements of any private mortgage guaranty insurer, or as may be required to conform with Accepted Servicing Practices. The Servicer shall cause to be maintained on each REO Property to be insured against risks, hazards and liabilities, in an amount with respect to hazards which is at least equal to the full replacement cost of the improvements which are a part of such REO Property and shall indemnify and hold harmless the Owner with respect to Liabilities in connection therewith in an amount of at least $1 million per occurrence and $2 million in the aggregate. In the event expenses that the Owner may sustain in any way related to the failure of the Mortgagor (or the Servicer shall determine that the Mortgaged Property should be insured against loss or damage by hazards and risks not covered by the insurance required Servicer) to be maintained by the Mortgagor pursuant to the terms of the Mortgage, the Servicer shall communicate and consult with the Mortgagor with respect to the need for such insurance and bring to the Mortgagor’s attention the desirability of protection of the Mortgaged Property. All policies required hereunder shall name the Servicer and its successors and assigns as a mortgagee and loss payee and shall be endorsed with non contributory standard or New York mortgagee clauses which shall provide for at least 30 days prior written notice of any cancellation, reduction in amount or material change in coverage. The Servicer shall not interfere with the Mortgagor’s freedom of choice in selecting either his insurance carrier or agent, provided, however, that the Servicer shall not accept any such insurance policies from insurance companies unless such companies are acceptable under the Xxxxxx Xxx Guides and are licensed to do business in the jurisdiction in which the Mortgaged Property is located. The Servicer shall determine that such policies provide sufficient risk coverage and amounts as required pursuant to the Xxxxxx Mae Guides, that they insure the property owner, and that they properly describe the property address. The Servicer shall furnish to the Mortgagor a formal notice of expiration of any such insurance in conformance with Servicer’s standard practices; provided, however, that in the event that no such notice is furnished by the Servicer, the Servicer shall ensure that replacement insurance policies (whether forced placed or other insurance policies) are in place with the required coverage and the Servicer shall be solely liable for any losses in the event coverage is not provided. Pursuant to Section 2.04, any amounts collected by the Servicer under any such policies (other than amounts to be deposited in a suspense account and applied to the restoration or repair of the related Mortgaged Property, or property acquired in liquidation of the First Lien Loan, or to be released to the Mortgagor, in accordance with the Servicer’s normal servicing procedures as specified in Section 2.14) shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 2.05. With respect to each Second Lien Loan, the Servicer shall obtain and maintain the blanket hazard insurance policy described in Section 2.11. In the event a hazard insurance policy or a flood insurance policy shall be in danger of being terminated, the Servicer shall notify the related Mortgagor that the related Mortgagor must obtain hazard insurance coverage or flood insurance coverage, and if such Mortgagor fails to obtain the required hazard insurance or flood insurance coverage within forty-five (45) days after such notification, the Servicer shall immediately force place the required hazard insurance or flood insurance on such Mortgagor’s behalf, or in the event the insurer shall cease to be acceptable to Xxxxxx Xxx or Xxxxxxx Mac, the Servicer shall notify any successor Servicer and such Mortgagor, and such successor Servicer shall use its best efforts, as permitted by applicable law, to obtain from another Qualified Insurer a replacement hazard insurance policy or flood insurance policy substantially and materially similar in all respects with respect to the original policyrelated Mortgaged Property which complies with the requirements of this section.

Maintenance of Hazard Insurance. The Servicer Purchaser shall cause to be maintained for each First Lien Loan, Mortgage Loan fire and hazard insurance such that all buildings upon with extended coverage customary in the area where the Mortgaged Property are insured by a generally acceptable insurer acceptable under the Xxxxxx Mae Guides against loss by fire, hazards of extended coverage and such other hazards as are required to be insured pursuant to the Fannie Mae Guidesis located, in an amount which is at least equal to the lesser of (ia) the maximum full insurable value of the improvements securing such First Lien Loan Mortgaged Property or (iib) the greater of (i) the outstanding principal balance owing on the Mortgage Loan and (ii) an amount such that the proceeds of such insurance shall be sufficient to avoid the First Lien Loan plus, application to the Mortgagor or loss payee of any coinsurance clause under the policy. If the Mortgaged Property is in an area identified in the case of each Second from Loan, the outstanding principal of any mortgage loan senior to such Second Lien Loan, provided that such aggregate amount represents at least 80% of the insurable value of the Mortgaged Property. If required Federal Register by the National Flood Insurance Act of 1968, Federal Emergency Management Agency as amended, each First Lien Loan is, having special flood hazards (and shall continue such flood insurance has been made available) Purchaser will cause to be, covered by be maintained a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect with a generally acceptable insurance carrier acceptable under the Xxxxxx Xxx Guides carrier, in an amount representing coverage not less than the lesser least of (ia) the aggregate unpaid outstanding principal balance of the First Lien Mortgage Loan, (iib) the full insurable value of the Mortgaged Property, or (c) the maximum amount of insurance which is available under the National Flood Insurance Disaster Protection Act of 19681973, each as amended (regardless amended. Purchaser shall also maintain on property acquired upon foreclosure, or by deed in lieu of whether foreclosure, of any Mortgage Loan, fire and hazard insurance with extended coverage in an amount which is at least equal to the area in which such Mortgaged Property is located is participating in such program), and (iii) the full replacement maximum insurable value of the improvements which are a part of such Mortgaged Property. If a Mortgaged Property is located in a special flood hazard area property, liability insurance and, to the extent required and is not covered by available under the Flood Disaster Protection Act of 1973, each as amended, flood insurance or is covered in an amount less required above. Any amounts collected by Purchaser under any such policies (other than the amount required by the National Flood Insurance Act of 1968, as amended, the Servicer shall notify the related Mortgagor that the Mortgagor must obtain such flood insurance coverage, and if said Mortgagor fails amounts to obtain the required flood insurance coverage within forty five (45) days after such notification, the Servicer shall immediately force place the required flood insurance on the Mortgagor’s behalf. If a Mortgage is secured by a unit in a condominium project, the Servicer shall verify that the coverage required of the owner’s association, including hazard, flood, liability, and fidelity coverage, is being maintained in accordance with then current Xxxxxx Mae requirements, and secure from the owner’s association its agreement to notify the Servicer promptly of any change be deposited in the insurance coverage Escrow Account and applied to the restoration or of any condemnation or casualty loss that may have a material effect on the value repair of the Mortgaged Property as security. The Servicer shall cause or property acquired in liquidation of the Mortgage Loan, or to be released to the Mortgagor in accordance with Customary Servicing Procedures) shall be deposited in the Custodial Account, subject to withdrawal pursuant to this Exhibit. It is understood and agreed that no earthquake or other additional insurance need be required by Purchaser of any Mortgagor or maintained on each Mortgaged Property such property acquired in respect of a Mortgage Loan, other or additional insurance as may be required than pursuant to such applicable laws and regulations as shall at any time be in force and as shall require such additional insurance, or pursuant to the requirements of any private mortgage guaranty insurer, or as may be required to conform with Accepted Servicing Practices. The Servicer shall cause to be maintained on each REO Property to be insured against risks, hazards and liabilities, in an amount with respect to hazards which is at least equal to the full replacement cost of the improvements which are a part of such REO Property and shall indemnify and hold harmless the Owner with respect to Liabilities in connection therewith in an amount of at least $1 million per occurrence and $2 million in the aggregate. In the event that the Owner or the Servicer shall determine that the Mortgaged Property should be insured against loss or damage by hazards and risks not covered by the insurance required to be maintained by the Mortgagor pursuant to the terms of the Mortgage, the Servicer shall communicate and consult with the Mortgagor with respect to the need for such insurance and bring to the Mortgagor’s attention the desirability of protection of the Mortgaged Property. All policies required hereunder shall name the Servicer be endorsed with standard mortgagee clauses with loss payable to Purchaser and its successors and/or assigns, and assigns as a mortgagee and loss payee and shall be endorsed with non contributory standard or New York mortgagee clauses which shall provide for at least 30 thirty (30) days prior written notice of any cancellation, reduction in amount or material change in coveragecoverage to Purchaser. The Servicer Purchaser shall not interfere with the Mortgagor’s 's freedom of choice in selecting either his insurance carrier or agent, provided, however, that the Servicer shall not accept any such insurance policies from insurance companies unless such companies are acceptable under the Xxxxxx Xxx Guides and are licensed to do business in the jurisdiction in which the Mortgaged Property is located. The Servicer shall determine that such policies provide sufficient risk coverage and amounts as required pursuant to the Xxxxxx Mae Guides, that they insure the property owner, and that they properly describe the property address. The Servicer shall furnish to the Mortgagor a formal notice of expiration of any such insurance in conformance with Servicer’s standard practices; provided, however, that in the event that no such notice is furnished by the Servicer, the Servicer shall ensure that replacement insurance policies (whether forced placed or other insurance policies) are in place with the required coverage and the Servicer shall be solely liable for any losses in the event coverage is not provided. Pursuant to Section 2.04, any amounts collected by the Servicer under any such policies (other than amounts to be deposited in a suspense account and applied to the restoration or repair of the related Mortgaged Property, or property acquired in liquidation of the First Lien Loan, or to be released to the Mortgagor, in accordance with the Servicer’s normal servicing procedures as specified in Section 2.14) shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 2.05. With respect to each Second Lien Loan, the Servicer shall obtain and maintain the blanket hazard insurance policy described in Section 2.11. In the event a hazard insurance policy or a flood insurance policy shall be in danger of being terminated, the Servicer shall notify the related Mortgagor that the related Mortgagor must obtain hazard insurance coverage or flood insurance coverage, and if such Mortgagor fails to obtain the required hazard insurance or flood insurance coverage within forty-five (45) days after such notification, the Servicer shall immediately force place the required hazard insurance or flood insurance on such Mortgagor’s behalf, or in the event the insurer shall cease to be acceptable to Xxxxxx Xxx or Xxxxxxx Mac, the Servicer shall notify any successor Servicer and such Mortgagor, and such successor Servicer shall use its best efforts, as permitted by applicable law, to obtain from another Qualified Insurer a replacement hazard insurance policy or flood insurance policy substantially and materially similar in all respects to the original policy.

Maintenance of Hazard Insurance. (a) The Servicer shall cause to be maintained for each First Lien Loan, Mortgage Loan serviced by it fire and hazard insurance such that all buildings upon with extended coverage customary in the area where the related Mortgaged Property are insured by a generally acceptable insurer acceptable under the Xxxxxx Mae Guides against loss by fire, hazards of extended coverage and such other hazards as are required to be insured pursuant to the Fannie Mae Guidesis located, in an amount which is at least equal to the lesser of (i) 100% of the maximum insurable replacement value of the improvements securing such First Lien Loan the Mortgage Loan, or (ii) the outstanding principal balance Unpaid Principal Balance of the First Lien Mortgage Loan plus, in the case of each Second from Loan, the outstanding principal of any mortgage loan senior to such Second Lien Loan, provided that such aggregate amount represents at least (so long as it equals 80% of the insurable value of the Mortgaged Propertyimprovements); provided that in any case such amount shall be sufficient to prevent the Mortgagor and/or Mortgagee from becoming a co-insurer. If required the Mortgaged Property is in an area that, at the time of origination of the related Mortgage Loan, is identified on a flood hazard boundary map or flood insurance rate map issued by the National Flood Insurance Act of 1968Federal Emergency Management Agency as having special flood hazards (and such flood insurance was then available), as amended, each First Lien Loan is, and the Servicer shall continue cause to be, covered by be maintained a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect with a generally acceptable insurance carrier acceptable under the Xxxxxx Xxx Guides carrier, if such insurance is available. Such flood insurance shall be in an amount representing coverage not less than the lesser least of (i) the aggregate unpaid principal balance Unpaid Principal Balance of the First Lien Mortgage Loan, (ii) the full insurable value of the improvements securing such Mortgage Loan and (iii) the maximum amount of insurance which is available under the National Flood Insurance Act of 19681968 and the Flood Disaster Protection Act of 1973, each as amended amended. The Servicer shall also maintain on REO Property (regardless of whether x) fire and hazard insurance with extended coverage in an amount that is at least equal to the area in which such Mortgaged Property is located is participating in such program), and (iii) the full replacement maximum insurable value of the improvements which that are a part of such Mortgaged Property. If a Mortgaged Property is located in a special flood hazard area property, (y) liability insurance and is not covered by flood insurance or is covered in an amount less than (z) to the amount extent required by and available under the National Flood Insurance Act of 19681968 and the Flood Disaster Protection Act of 1973, each as amended, flood insurance in an amount as provided above. Any amounts collected by the Servicer under any such policies shall be paid over or applied by the Servicer in accordance with Applicable Requirements whether (i) for the restoration or repair of the Mortgaged Property, subject to the related Mortgage, (ii) for release to the Mortgagor, or (iii) for application in reduction of the Mortgage Loan, in which event such amounts shall be deposited in the Account, as amendedprovided in Section 2.4. It is understood and agreed that no earthquake or other additional insurance need be maintained by the Servicer on any Mortgage Loan or property acquired in respect of a Mortgage Loan, other than as required under applicable laws and regulations as shall at any time be in force. All policies required hereunder shall be endorsed with standard mortgagee clauses with loss payable to the Servicer and shall provide for at least 30 days prior written notice to the Servicer of any cancellation, reduction in amount, or material change in coverage. The Servicer shall not interfere with the Mortgagor's freedom of choice in selecting either the Mortgagor's insurance carrier or agent upon any policy renewal; provided, however, that upon any such policy renewal, the Servicer shall notify accept such insurance policies only from insurance companies that (A) have a rating of B:III or better in Best's Key Rating Guide or a financial performance index rating of 6 or better in Best's Insurance Reports and (B) are licensed to do business in the jurisdiction in which the related Mortgagor that the Mortgagor must obtain such flood insurance coverage, and if said Mortgagor fails to obtain the required flood insurance coverage within forty five (45) days after such notification, the Servicer shall immediately force place the required flood insurance on the Mortgagor’s behalfMortgaged Property is located. If a Mortgage is secured by a unit in a condominium project, the Servicer shall verify that the coverage required of the owner’s 's association, including hazard, flood, liability, and fidelity coverage, is being maintained in accordance with then the current Xxxxxx Mae Xxx requirements, and secure from the owner’s 's association its agreement to notify the Servicer promptly of any change in the insurance coverage or of any condemnation or casualty loss that may have a material adverse effect on the value of the Mortgaged Property as security. The Servicer shall cause to be maintained on each Mortgaged Property such other or additional insurance as may be required pursuant to such applicable laws and regulations as shall at any time be in force and as shall require such additional insurance, or pursuant to the requirements of any private mortgage guaranty insurer, or as may be required to conform with Accepted Servicing Practices. The Servicer shall cause to be maintained on each REO Property to be insured against risks, hazards and liabilities, in an amount with respect to hazards which is at least equal to the full replacement cost of the improvements which are a part of such REO Property and shall indemnify and hold harmless the Owner with respect to Liabilities in connection therewith in an amount of at least $1 million per occurrence and $2 million in the aggregate. In the event that the Owner or the Servicer shall determine that the Mortgaged Property should be insured against loss or damage by hazards and risks not covered by the insurance required to be maintained by the Mortgagor pursuant to the terms of the Mortgage, the Servicer shall communicate and consult with the Mortgagor with respect to the need for such insurance and bring to the Mortgagor’s attention the desirability of protection of the Mortgaged Property. All policies required hereunder shall name the Servicer and its successors and assigns as a mortgagee and loss payee and shall be endorsed with non contributory standard or New York mortgagee clauses which shall provide for at least 30 days prior written notice of any cancellation, reduction in amount or material change in coverage. The Servicer shall not interfere with the Mortgagor’s freedom of choice in selecting either his insurance carrier or agent, provided, however, that the Servicer shall not accept any such insurance policies from insurance companies unless such companies are acceptable under the Xxxxxx Xxx Guides and are licensed to do business in the jurisdiction in which the Mortgaged Property is located. The Servicer shall determine that such policies provide sufficient risk coverage and amounts as required pursuant to the Xxxxxx Mae Guides, that they insure the property owner, and that they properly describe the property address. The Servicer shall furnish to the Mortgagor a formal notice of expiration of any such insurance in conformance with Servicer’s standard practices; provided, however, that in the event that no such notice is furnished by the Servicer, the Servicer shall ensure that replacement insurance policies (whether forced placed or other insurance policies) are in place with the required coverage and the Servicer shall be solely liable for any losses in the event coverage is not provided. Pursuant to Section 2.04, any amounts collected by the Servicer under any such policies (other than amounts to be deposited in a suspense account and applied to the restoration or repair of the related Mortgaged Property, or property acquired in liquidation of the First Lien Loan, or to be released to the Mortgagor, in accordance with the Servicer’s normal servicing procedures as specified in Section 2.14) shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 2.05. With respect to each Second Lien Loan, the Servicer shall obtain and maintain the blanket hazard insurance policy described in Section 2.11. In the event a hazard insurance policy or a flood insurance policy shall be in danger of being terminated, the Servicer shall notify the related Mortgagor that the related Mortgagor must obtain hazard insurance coverage or flood insurance coverage, and if such Mortgagor fails to obtain the required hazard insurance or flood insurance coverage within forty-five (45) days after such notification, the Servicer shall immediately force place the required hazard insurance or flood insurance on such Mortgagor’s behalf, or in the event the insurer shall cease to be acceptable to Xxxxxx Xxx or Xxxxxxx Mac, the Servicer shall notify any successor Servicer and such Mortgagor, and such successor Servicer shall use its best efforts, as permitted by applicable law, to obtain from another Qualified Insurer a replacement hazard insurance policy or flood insurance policy substantially and materially similar in all respects to the original policy.

Maintenance of Hazard Insurance. The Servicer Countrywide shall cause to be maintained maintained, for each First Lien Mortgage Loan, fire and hazard insurance such that all buildings upon with extended coverage as is customary in the area where the Mortgaged Property are insured by a generally acceptable insurer acceptable under the Xxxxxx Mae Guides against loss by fire, hazards of extended coverage and such other hazards as are required to be insured pursuant to the Fannie Mae Guides, is located in an amount which that is at least equal to the lesser of (ia) the maximum insurable value of the improvements securing such First Lien Mortgage Loan or (b) the greater of (i) the unpaid principal balance of the Mortgage Loan, and (ii) the outstanding principal balance percentage such that the proceeds thereof shall be sufficient to prevent the Mortgagor and/or the Mortgagee from becoming a co-insurer. In the event a hazard insurance policy shall be in danger of the First Lien Loan plusbeing terminated, or in the case of each Second from Loanevent the insurer shall cease to be acceptable to an Agency, Countrywide shall notify the outstanding principal of any mortgage loan senior to such Second Lien Loan, provided that such aggregate amount represents at least 80% of Purchaser and the insurable value of the Mortgaged Property. If required by the National Flood Insurance Act of 1968, as amended, each First Lien Loan isrelated Mortgagor, and shall continue use its best efforts, as permitted by applicable law, to beassure that a replacement hazard insurance policy substantially and materially similar in all respects to the original policy is obtained from a qualified insurer. If the Mortgaged Property is in an area identified in the Federal Register by the Flood Emergency Management Agency as having special flood hazards and such flood insurance has been made available, covered by Countrywide shall cause to be maintained a flood insurance policy meeting the requirements of the current guidelines of the Federal National Flood Insurance Administration is in effect program (or any successor thereto) with a generally acceptable insurance carrier acceptable under the Xxxxxx Xxx Guides and with coverage in an amount representing coverage not less than the lesser of (ix) the aggregate unpaid principal balance of the First Lien Mortgage Loan, ; (iiy) full replacement value of the improvements which are a part of the Mortgaged Property; or (z) the maximum amount of insurance which is available under the National Flood Insurance Reform Act of 19681994. Countrywide shall also maintain on REO Property, as amended (regardless of whether 1) fire and hazard insurance with extended coverage in an amount that is not less than the area in which such Mortgaged Property is located is participating in such program), and (iii) the full replacement maximum insurable value of the improvements which are part of such Mortgaged Property. If a Mortgaged Property is located in a special flood hazard area and is not covered by flood insurance or is covered in an amount less than the amount required by the National Flood Insurance Act of 1968, as amended, the Servicer shall notify the related Mortgagor that the Mortgagor must obtain such flood insurance coverage, and if said Mortgagor fails to obtain the required flood insurance coverage within forty five (45) days after such notification, the Servicer shall immediately force place the required flood insurance on the Mortgagor’s behalf. If a Mortgage is secured by a unit in a condominium project, the Servicer shall verify that the coverage required of the owner’s association, including hazard, flood, liability, and fidelity coverage, is being maintained in accordance with then current Xxxxxx Mae requirements, and secure from the owner’s association its agreement to notify the Servicer promptly of any change in the insurance coverage or of any condemnation or casualty loss that may have a material effect on the value of the Mortgaged Property as security. The Servicer shall cause to be maintained on each Mortgaged Property such other or additional insurance as may be required pursuant to such applicable laws and regulations as shall at any time be in force and as shall require such additional insurance, or pursuant to the requirements of any private mortgage guaranty insurer, or as may be required to conform with Accepted Servicing Practices. The Servicer shall cause to be maintained on each REO Property to be insured against risks, hazards and liabilities, in an amount with respect to hazards which is at least equal to the full replacement cost of the improvements which are a part of such REO Property property; (2) liability insurance; and shall indemnify (3) to the extent required and hold harmless available under the Owner with respect to Liabilities in connection therewith National Flood Insurance Reform Act of 1994, flood insurance in an amount of at least $1 million per occurrence and $2 million as provided above. Countrywide shall deposit in the aggregate. In the event that the Owner or the Servicer shall determine that the Mortgaged Property should be insured against loss or damage by hazards and risks not covered by the insurance required to be maintained by the Mortgagor pursuant to the terms of the Mortgage, the Servicer shall communicate and consult with the Mortgagor with respect to the need for such insurance and bring to the Mortgagor’s attention the desirability of protection of the Mortgaged Property. All policies required hereunder shall name the Servicer and its successors and assigns as a mortgagee and loss payee and shall be endorsed with non contributory standard or New York mortgagee clauses which shall provide for at least 30 days prior written notice of any cancellation, reduction in amount or material change in coverage. The Servicer shall not interfere with the Mortgagor’s freedom of choice in selecting either his insurance carrier or agent, provided, however, that the Servicer shall not accept any such insurance policies from insurance companies unless such companies are acceptable under the Xxxxxx Xxx Guides and are licensed to do business in the jurisdiction in which the Mortgaged Property is located. The Servicer shall determine that such policies provide sufficient risk coverage and amounts as required pursuant to the Xxxxxx Mae Guides, that they insure the property owner, and that they properly describe the property address. The Servicer shall furnish to the Mortgagor a formal notice of expiration of any such insurance in conformance with Servicer’s standard practices; provided, however, that in the event that no such notice is furnished by the Servicer, the Servicer shall ensure that replacement insurance policies (whether forced placed or other insurance policies) are in place with the required coverage and the Servicer shall be solely liable for any losses in the event coverage is not provided. Pursuant to Section 2.04, any Custodial Account all amounts collected by the Servicer under any such policies except (other than A) amounts to be deposited in a suspense account the Escrow Account and applied to the restoration or repair of the related Mortgaged Property, Property or property acquired in liquidation of the First Lien Loan, or REO Property and (B) amounts to be released to the Mortgagor, Mortgagor in accordance with the Servicer’s normal servicing procedures as specified Accepted Servicing Practices. The Purchaser understands and agrees that no earthquake or other additional insurance on property acquired in Section 2.14) respect of the Mortgage Loan shall be deposited maintained by Countrywide or Mortgagor. All policies required hereunder shall be endorsed with standard mortgagee clauses with loss payable to Countrywide and shall provide for at least thirty (30) days prior written notice to Countrywide of any cancellation, reduction in the Custodial Account amount of coverage or material change in coverage. Countrywide shall not interfere with the Mortgagor's freedom of choice in selecting either the insurance carrier or agent; provided, however, that Countrywide shall only accept insurance policies from insurance companies acceptable to an Agency and licensed to do business in the state wherein the property subject to withdrawal pursuant to Section 2.05. With respect to each Second Lien Loan, the Servicer shall obtain and maintain the blanket hazard insurance policy described in Section 2.11. In the event a hazard insurance policy or a flood insurance policy shall be in danger of being terminated, the Servicer shall notify the related Mortgagor that the related Mortgagor must obtain hazard insurance coverage or flood insurance coverage, and if such Mortgagor fails to obtain the required hazard insurance or flood insurance coverage within forty-five (45) days after such notification, the Servicer shall immediately force place the required hazard insurance or flood insurance on such Mortgagor’s behalf, or in the event the insurer shall cease to be acceptable to Xxxxxx Xxx or Xxxxxxx Mac, the Servicer shall notify any successor Servicer and such Mortgagor, and such successor Servicer shall use its best efforts, as permitted by applicable law, to obtain from another Qualified Insurer a replacement hazard insurance policy or flood insurance policy substantially and materially similar in all respects to the original policyis located.

Maintenance of Hazard Insurance. The Servicer shall cause to be maintained for each First Lien Loan, Mortgage Loan fire and hazard insurance such that all buildings upon with extended coverage customary in the area where the Mortgaged Property are insured is located by a generally acceptable an insurer acceptable under the to Xxxxxx Mae Guides against loss by fire, hazards of extended coverage and such other hazards as are required to be insured pursuant to the Fannie Mae Guides, Xxx or Xxxxxxx Mac in an amount which is at least equal to the lesser of (ia) the maximum full insurable value of the improvements securing such First Lien Loan Mortgaged Property or (iib) the greater of (i) the outstanding principal balance owing on the Mortgage Loan and (ii) an amount such that the proceeds of such insurance shall be sufficient to avoid the First Lien Loan plus, application to the Mortgagor or loss payee of any coinsurance clause under the policy. If the Mortgaged Property is in an area identified in the case of each Second from Loan, the outstanding principal of any mortgage loan senior to such Second Lien Loan, provided that such aggregate amount represents at least 80% of the insurable value of the Mortgaged Property. If required Federal Register by the National Flood Insurance Act of 1968, Federal Emergency Management Agency as amended, each First Lien Loan is, a special flood hazard area (and shall continue such flood insurance has been made available) the Servicer will cause to be, covered by be maintained a flood insurance policy meeting the requirements of the current guidelines of the Federal National Flood Insurance Administration is in effect with a generally acceptable insurance carrier acceptable under the Xxxxxx Xxx Guides Program, in an amount representing coverage not less than the lesser of (iA) the aggregate unpaid minimum amount required under the terms of the coverage to compensate for any damage or loss to the Mortgaged Property on a replacement-cost basis (or the outstanding principal balance of the First Lien Loan, Mortgage Loan if replacement-cost basis is not available) or (iiB) the maximum amount of insurance which is available under the National Flood Insurance Act of 1968, as amended (regardless of whether Program. The Servicer shall also maintain on REO Property fire and hazard insurance with extended coverage in an amount which is at least equal to the area in which such Mortgaged Property is located is participating in such program), and (iii) the full replacement maximum insurable value of the improvements which are a part of such Mortgaged Property. If a Mortgaged Property is located in a special flood hazard area property, liability insurance and, to the extent required and is not covered by flood insurance or is covered in an amount less than the amount required by available under the National Flood Insurance Act of 1968Program, as amended, flood insurance in an amount required above. Any amounts collected by the Servicer shall notify under any such policies (other than amounts to be deposited in the Escrow Account and applied to the restoration or repair of the property subject to the related Mortgagor that Mortgage or property acquired in liquidation of the Mortgage Loan, or to be released to the Mortgagor must obtain such flood insurance coverage, and if said Mortgagor fails to obtain the required flood insurance coverage within forty five (45) days after such notification, the Servicer shall immediately force place the required flood insurance on the Mortgagor’s behalf. If a Mortgage is secured by a unit in a condominium project, the Servicer shall verify that the coverage required of the owner’s association, including hazard, flood, liability, and fidelity coverage, is being maintained in accordance with then current Xxxxxx Mae requirementsCustomary Servicing Procedures) shall be deposited in the Custodial Account, subject to withdrawal pursuant to Subsection 11.05. It is understood and secure from the owner’s association its agreement to notify agreed that no earthquake or other additional insurance need be required by the Servicer promptly of any change in the insurance coverage Mortgagor or of any condemnation or casualty loss that may have a material effect on the value of the Mortgaged Property as security. The Servicer shall cause to be maintained on each Mortgaged REO Property such other or additional insurance as may be required than pursuant to such applicable laws and regulations as shall at any time be in force and as shall require such additional insurance, or pursuant to the requirements of any private mortgage guaranty insurer, or as may be required to conform with Accepted Servicing Practices. The Servicer shall cause to be maintained on each REO Property to be insured against risks, hazards and liabilities, in an amount with respect to hazards which is at least equal to the full replacement cost of the improvements which are a part of such REO Property and shall indemnify and hold harmless the Owner with respect to Liabilities in connection therewith in an amount of at least $1 million per occurrence and $2 million in the aggregate. In the event that the Owner or the Servicer shall determine that the Mortgaged Property should be insured against loss or damage by hazards and risks not covered by the insurance required to be maintained by the Mortgagor pursuant to the terms of the Mortgage, the Servicer shall communicate and consult with the Mortgagor with respect to the need for such insurance and bring to the Mortgagor’s attention the desirability of protection of the Mortgaged Property. All policies required hereunder shall name the Servicer and its successors and assigns as a mortgagee and loss payee and shall be endorsed with non contributory standard or New York mortgagee clauses which with loss payable to Servicer, and shall provide for at least 30 thirty (30) days prior written notice of any cancellation, reduction in amount or material change in coveragecoverage to the Servicer. The Servicer shall not interfere with the Mortgagor’s 's freedom of choice in selecting either his its insurance carrier or agent, ; provided, however, that the Servicer shall not accept any such insurance policies from insurance companies unless such companies are acceptable under the to Xxxxxx Xxx Guides Mae and Xxxxxxx Mac and are licensed to do business in the jurisdiction in which state wherein the Mortgaged Property property subject to the policy is located. The Servicer hazard insurance policies for each Mortgage Loan secured by a unit in a condominium development or planned unit development shall determine that be maintained with respect to such policies provide sufficient risk coverage Mortgage Loan and amounts as required pursuant to the related development in a manner which is consistent with Xxxxxx Mae Guides, that they insure the property owner, and that they properly describe the property address. The Servicer shall furnish to the Mortgagor a formal notice of expiration of any such insurance in conformance with Servicer’s standard practices; provided, however, that in the event that no such notice is furnished by the Servicer, the Servicer shall ensure that replacement insurance policies (whether forced placed or other insurance policies) are in place with the required coverage and the Servicer shall be solely liable for any losses in the event coverage is not provided. Pursuant to Section 2.04, any amounts collected by the Servicer under any such policies (other than amounts to be deposited in a suspense account and applied to the restoration or repair of the related Mortgaged Property, or property acquired in liquidation of the First Lien Loan, or to be released to the Mortgagor, in accordance with the Servicer’s normal servicing procedures as specified in Section 2.14) shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 2.05. With respect to each Second Lien Loan, the Servicer shall obtain and maintain the blanket hazard insurance policy described in Section 2.11. In the event a hazard insurance policy or a flood insurance policy shall be in danger of being terminated, the Servicer shall notify the related Mortgagor that the related Mortgagor must obtain hazard insurance coverage or flood insurance coverage, and if such Mortgagor fails to obtain the required hazard insurance or flood insurance coverage within forty-five (45) days after such notification, the Servicer shall immediately force place the required hazard insurance or flood insurance on such Mortgagor’s behalf, or in the event the insurer shall cease to be acceptable to Xxxxxx Xxx or Xxxxxxx Mac, the Servicer shall notify any successor Servicer and such Mortgagor, and such successor Servicer shall use its best efforts, as permitted by applicable law, to obtain from another Qualified Insurer a replacement hazard insurance policy or flood insurance policy substantially and materially similar in all respects to the original policyMac requirements.

Maintenance of Hazard Insurance. The Servicer shall cause to be maintained for each First Lien Loan, Mortgage Loan fire and hazard insurance such that all buildings upon with extended coverage as is customary in the area where the Mortgaged Property are insured by a generally acceptable insurer acceptable under the Xxxxxx Mae Guides against loss by fire, hazards of extended coverage and such other hazards as are required to be insured pursuant to the Fannie Mae Guides, is located in an amount which is at least equal to the lesser of (i) the maximum insurable value of amount necessary to fully compensate for any damage or loss to the improvements securing which are a part of such First Lien Loan property on a replacement cost basis or (ii) the outstanding principal balance Principal Balance of the First Lien Loan plusMortgage Loan, in each case in an amount not less than such amount as is necessary to prevent the case of each Second Mortgagor and/or the Mortgagee from Loanbecoming a co-insurer. If the Mortgaged Property is in an area identified in the Federal Register by the Flood Emergency Management Agency as having special flood hazards and flood insurance has been made available, the outstanding principal of any mortgage loan senior Servicer will cause to such Second Lien Loan, provided that such aggregate amount represents at least 80% of the insurable value of the Mortgaged Property. If required by the National Flood Insurance Act of 1968, as amended, each First Lien Loan is, and shall continue to be, covered by be maintained a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect with a generally acceptable insurance carrier acceptable under the Xxxxxx Xxx Guides carrier, in an amount representing coverage not less than the lesser least of (i) the aggregate unpaid principal balance Principal Balance of the First Lien Mortgage Loan, (ii) the maximum insurable value of the improvements securing such Mortgage Loan or (iii) the maximum amount of insurance which is available under the National Flood Insurance Act of 1968, as amended amended. The Servicer shall also maintain on the REO Property for the benefit of the Certificateholders, (regardless x) fire and hazard insurance with extended coverage in an amount which is at least equal to the lesser of whether (i) 100% of the area in which such Mortgaged Property is located is participating in such program), and (iii) the full replacement maximum insurable value of the improvements which are part securing the Mortgage Loan and (ii) the outstanding Principal Balance of such Mortgaged the Mortgage Loan at the time it became an REO Property. If a Mortgaged Property is located in a special flood hazard area , (y) public liability insurance and, (z) to the extent required and is not covered by flood insurance or is covered in an amount less than the amount required by available under the National Flood Insurance Act of 1968, as amended, flood insurance in an amount as provided above. Any amounts collected by the Servicer shall notify the related Mortgagor that the Mortgagor must obtain under any such flood insurance coverage, and if said Mortgagor fails policies other than amounts to obtain the required flood insurance coverage within forty five (45) days after such notification, the Servicer shall immediately force place the required flood insurance on the Mortgagor’s behalf. If a Mortgage is secured by a unit in a condominium project, the Servicer shall verify that the coverage required of the owner’s association, including hazard, flood, liability, and fidelity coverage, is being maintained in accordance with then current Xxxxxx Mae requirements, and secure from the owner’s association its agreement to notify the Servicer promptly of any change be deposited in the insurance coverage Escrow Account and applied to the restoration or of any condemnation or casualty loss that may have a material effect on the value repair of the Mortgaged Property as securityor REO Property, or released to the Mortgagor in accordance with the Servicer's normal servicing procedures, shall be deposited in the Collection Account, subject to withdrawal pursuant to Section 3.05. The Servicer shall cause It is understood and agreed that no earthquake or other additional insurance is required to be maintained by the Servicer or the Mortgagor or maintained on each Mortgaged Property such property acquired in respect of the Mortgage Loan, other or additional insurance as may be required than pursuant to such applicable laws and regulations Applicable Regulations as shall at any time be in force and as shall require such additional insurance, or pursuant to the requirements of any private mortgage guaranty insurer, or as may be required to conform with Accepted Servicing Practices. The Servicer shall cause to be maintained on each REO Property to be insured against risks, hazards and liabilities, in an amount with respect to hazards which is at least equal to the full replacement cost of the improvements which are a part of such REO Property and shall indemnify and hold harmless the Owner with respect to Liabilities in connection therewith in an amount of at least $1 million per occurrence and $2 million in the aggregate. In the event that the Owner or the Servicer shall determine that the Mortgaged Property should be insured against loss or damage by hazards and risks not covered by the insurance required to be maintained by the Mortgagor pursuant to the terms of the Mortgage, the Servicer shall communicate and consult with the Mortgagor with respect to the need for such insurance and bring to the Mortgagor’s attention the desirability of protection of the Mortgaged Property. All such policies required hereunder shall name the Servicer and its successors and assigns as a mortgagee and loss payee and shall be endorsed with non contributory standard or New York mortgagee clauses which with loss payable to the Servicer and shall provide for at least 30 thirty days prior written notice of any cancellation, reduction in the amount of or material change in coveragecoverage to the Servicer. The Servicer shall not interfere with the Mortgagor’s 's freedom of choice in selecting either his insurance carrier or agent, provided, however, that the Servicer shall not accept any such insurance policies from insurance companies unless such companies are acceptable under the Xxxxxx Xxx Guides currently reflect a general policy rating of B:III or better in Best's Key Rating Guide and are licensed to do business in the jurisdiction in which state wherein the Mortgaged Property property subject to the policy is located. The Servicer shall determine that such policies provide sufficient risk coverage and amounts as required pursuant to the Xxxxxx Mae Guides, that they insure the property owner, and that they properly describe the property address. The Servicer shall furnish to the Mortgagor a formal notice of expiration of any such insurance in conformance with Servicer’s standard practices; provided, however, that in the event that no such notice is furnished by the Servicer, the Servicer shall ensure that replacement insurance policies (whether forced placed or other insurance policies) are in place with the required coverage and the Servicer shall be solely liable for any losses in the event coverage is not provided. Pursuant to Section 2.04, any amounts collected by the Servicer under any such policies (other than amounts to be deposited in a suspense account and applied to the restoration or repair of the related Mortgaged Property, or property acquired in liquidation of the First Lien Loan, or to be released to the Mortgagor, in accordance with the Servicer’s normal servicing procedures as specified in Section 2.14) shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 2.05. With respect to each Second Lien Loan, the Servicer shall obtain and maintain the blanket hazard insurance policy described in Section 2.11. In the event a hazard insurance policy or a flood insurance policy shall be in danger of being terminated, the Servicer shall notify the related Mortgagor that the related Mortgagor must obtain hazard insurance coverage or flood insurance coverage, and if such Mortgagor fails to obtain the required hazard insurance or flood insurance coverage within forty-five (45) days after such notification, the Servicer shall immediately force place the required hazard insurance or flood insurance on such Mortgagor’s behalf, or in the event the insurer shall cease to be acceptable to Xxxxxx Xxx or Xxxxxxx Mac, the Servicer shall notify any successor Servicer and such Mortgagor, and such successor Servicer shall use its best efforts, as permitted by applicable law, to obtain from another Qualified Insurer a replacement hazard insurance policy or flood insurance policy substantially and materially similar in all respects to the original policy.

Maintenance of Hazard Insurance. The Servicer shall cause to be maintained maintained, for each First Lien Mortgage Loan, fire and hazard insurance such that all buildings upon with extended coverage as is customary in the area where the Mortgaged Property are insured by a generally acceptable insurer acceptable under the Xxxxxx Mae Guides against loss by fire, hazards of extended coverage and such other hazards as are required to be insured pursuant to the Fannie Mae Guides, is located in an amount which that is at least equal to the lesser of (ia) the maximum insurable value of the improvements securing such First Lien Mortgage Loan or (b) the greater of (i) the unpaid principal balance of the Mortgage Loan, and (ii) the outstanding principal balance of percentage such that the First Lien Loan plus, proceeds thereof shall be sufficient to prevent the Mortgagor and/or the mortgagee from becoming a co-insurer. If the Mortgaged Property is in an area identified in the case of each Second from Loan, the outstanding principal of any mortgage loan senior to such Second Lien Loan, provided that such aggregate amount represents at least 80% of the insurable value of the Mortgaged Property. If required Federal Register by the National Flood Insurance Act of 1968Federal Emergency Management Agency as having special flood hazards and such flood insurance has been made available, as amended, each First Lien Loan is, and Servicer shall continue cause to be, covered by be maintained a flood insurance policy meeting the requirements of the current guidelines of the Federal National Flood Insurance Administration is in effect program (or any successor thereto) with a generally acceptable insurance carrier acceptable under the Xxxxxx Xxx Guides Qualified Insurer and with coverage in an amount representing coverage not less than the lesser of (ix) the aggregate unpaid principal balance of the First Lien Mortgage Loan, ; (iiy) the maximum insurable value of the improvements securing such Mortgage Loan; or (z) the maximum amount of insurance which is available under the National Flood Insurance Reform Act of 19681994. Servicer shall also maintain on REO Property, as amended (regardless of whether 1) fire and hazard insurance with extended coverage in an amount that is not less than the area in which such Mortgaged Property is located is participating in such program), and (iii) the full replacement maximum insurable value of the improvements which are part of such Mortgaged Property. If a Mortgaged Property is located in a special flood hazard area and is not covered by flood insurance or is covered in an amount less than the amount required by the National Flood Insurance Act of 1968, as amended, the Servicer shall notify the related Mortgagor that the Mortgagor must obtain such flood insurance coverage, and if said Mortgagor fails to obtain the required flood insurance coverage within forty five (45) days after such notification, the Servicer shall immediately force place the required flood insurance on the Mortgagor’s behalf. If a Mortgage is secured by a unit in a condominium project, the Servicer shall verify that the coverage required of the owner’s association, including hazard, flood, liability, and fidelity coverage, is being maintained in accordance with then current Xxxxxx Mae requirements, and secure from the owner’s association its agreement to notify the Servicer promptly of any change in the insurance coverage or of any condemnation or casualty loss that may have a material effect on the value of the Mortgaged Property as security. The Servicer shall cause to be maintained on each Mortgaged Property such other or additional insurance as may be required pursuant to such applicable laws and regulations as shall at any time be in force and as shall require such additional insurance, or pursuant to the requirements of any private mortgage guaranty insurer, or as may be required to conform with Accepted Servicing Practices. The Servicer shall cause to be maintained on each REO Property to be insured against risks, hazards and liabilities, in an amount with respect to hazards which is at least equal to the full replacement cost of the improvements which are a part of such REO Property property; (2) liability insurance; and shall indemnify (3) to the extent required and hold harmless available under the Owner with respect to Liabilities in connection therewith National Flood Insurance Reform Act of 1994, flood insurance in an amount of at least $1 million per occurrence and $2 million as provided above. Servicer shall deposit in the aggregate. In the event that the Owner or the Servicer shall determine that the Mortgaged Property should be insured against loss or damage by hazards and risks not covered by the insurance required to be maintained by the Mortgagor pursuant to the terms of the Mortgage, the Servicer shall communicate and consult with the Mortgagor with respect to the need for such insurance and bring to the Mortgagor’s attention the desirability of protection of the Mortgaged Property. All policies required hereunder shall name the Servicer and its successors and assigns as a mortgagee and loss payee and shall be endorsed with non contributory standard or New York mortgagee clauses which shall provide for at least 30 days prior written notice of any cancellation, reduction in amount or material change in coverage. The Servicer shall not interfere with the Mortgagor’s freedom of choice in selecting either his insurance carrier or agent, provided, however, that the Servicer shall not accept any such insurance policies from insurance companies unless such companies are acceptable under the Xxxxxx Xxx Guides and are licensed to do business in the jurisdiction in which the Mortgaged Property is located. The Servicer shall determine that such policies provide sufficient risk coverage and amounts as required pursuant to the Xxxxxx Mae Guides, that they insure the property owner, and that they properly describe the property address. The Servicer shall furnish to the Mortgagor a formal notice of expiration of any such insurance in conformance with Servicer’s standard practices; provided, however, that in the event that no such notice is furnished by the Servicer, the Servicer shall ensure that replacement insurance policies (whether forced placed or other insurance policies) are in place with the required coverage and the Servicer shall be solely liable for any losses in the event coverage is not provided. Pursuant to Section 2.04, any Custodial Account all amounts collected by the Servicer under any such policies except (other than A) amounts to be deposited in a suspense account the Escrow Account and applied to the restoration or repair of the related Mortgaged Property, Property or property acquired in liquidation of the First Lien Loan, or REO Property and (B) amounts to be released to the Mortgagor, Mortgagor in accordance with the Servicer’s 's normal servicing procedures as specified procedures. The Seller understands and agrees that no earthquake or other additional insurance on property acquired in Section 2.14) respect of the Mortgage Loan shall be deposited maintained by Servicer or Mortgagor. All such policies shall be endorsed with standard mortgagee clauses with loss payable to Servicer and shall provide for at least thirty (30) days prior written notice to Servicer of any cancellation, reduction in the Custodial Account amount of coverage or material change in coverage. Servicer shall not interfere with the Mortgagor's freedom of choice in selecting either the insurance carrier or agent; provided, however, that Servicer shall only accept insurance policies from insurance companies acceptable to an Agency and licensed to do business in the state wherein the property subject to withdrawal pursuant to Section 2.05. With respect to each Second Lien Loan, the Servicer shall obtain and maintain the blanket hazard insurance policy described in Section 2.11. In the event a hazard insurance policy or a flood insurance policy shall be in danger of being terminated, the Servicer shall notify the related Mortgagor that the related Mortgagor must obtain hazard insurance coverage or flood insurance coverage, and if such Mortgagor fails to obtain the required hazard insurance or flood insurance coverage within forty-five (45) days after such notification, the Servicer shall immediately force place the required hazard insurance or flood insurance on such Mortgagor’s behalf, or in the event the insurer shall cease to be acceptable to Xxxxxx Xxx or Xxxxxxx Mac, the Servicer shall notify any successor Servicer and such Mortgagor, and such successor Servicer shall use its best efforts, as permitted by applicable law, to obtain from another Qualified Insurer a replacement hazard insurance policy or flood insurance policy substantially and materially similar in all respects to the original policyis located.

Maintenance of Hazard Insurance. The Servicer shall cause to be maintained for each First Lien Loan, first lien Mortgage Loan fire and hazard insurance such that all buildings upon with extended coverage as is customary in the area where the Mortgaged Property are insured by a generally acceptable insurer acceptable under the Xxxxxx Mae Guides against loss by fire, hazards of extended coverage and such other hazards as are required to be insured pursuant to the Fannie Mae Guides, is located in an amount which is at least equal to the lesser of (i) the maximum insurable value of amount necessary to fully compensate for any damage or loss to the improvements securing which are a part of such First Lien Loan or property on a replacement cost basis and (ii) the outstanding principal balance Principal Balance of the First Lien Loan plusMortgage Loan, in each case in an amount not less than such amount as is necessary to prevent the case of each Second Mortgagor and/or the Mortgagee from Loanbecoming a co-insurer. If the Mortgaged Property is in an area identified in the Federal Register by the Flood Emergency Management Agency as having special flood hazards and flood insurance has been made available, the outstanding principal of any mortgage loan senior Servicer will cause to such Second Lien Loan, provided that such aggregate amount represents at least 80% of the insurable value of the Mortgaged Property. If required by the National Flood Insurance Act of 1968, as amended, each First Lien Loan is, and shall continue to be, covered by be maintained a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect with a generally acceptable insurance carrier acceptable under the Xxxxxx Xxx Guides carrier, in an amount representing coverage not less than the lesser least of (i) the aggregate unpaid principal balance Principal Balance of the First Lien Mortgage Loan, (ii) the maximum insurable value of the improvements securing such Mortgage Loan or (iii) the maximum amount of insurance which is available under the National Flood Insurance Disaster Protection Act of 19681973, as amended amended. The Servicer shall also maintain on the REO Property for the benefit of the Certificateholders, (regardless of whether x) fire and hazard insurance with extended coverage in an amount which is at least equal to the area in which such Mortgaged Property is located is participating in such program), and (iii) the full replacement value cost of the improvements which are a part of such Mortgaged Property. If a Mortgaged Property is located in a special flood hazard area property, (y) public liability insurance and, (z) to the extent required and is not covered by flood insurance or is covered in an amount less than available under the amount required by the National Flood Insurance Disaster Protection Act of 19681973, as amended, flood insurance in an amount as provided above. Any amounts collected by the Servicer shall notify the related Mortgagor that the Mortgagor must obtain under any such flood insurance coverage, and if said Mortgagor fails policies other than amounts to obtain the required flood insurance coverage within forty five (45) days after such notification, the Servicer shall immediately force place the required flood insurance on the Mortgagor’s behalf. If a Mortgage is secured by a unit in a condominium project, the Servicer shall verify that the coverage required of the owner’s association, including hazard, flood, liability, and fidelity coverage, is being maintained in accordance with then current Xxxxxx Mae requirements, and secure from the owner’s association its agreement to notify the Servicer promptly of any change be deposited in the insurance coverage Escrow Account and applied to the restoration or of any condemnation or casualty loss that may have a material effect on the value repair of the Mortgaged Property as securityor REO Property, or released to the Mortgagor in accordance with the Servicer's normal servicing procedures, shall be deposited in the Collection Account, subject to withdrawal pursuant to Section 3.05. The Servicer shall cause It is understood and agreed that no earthquake or other additional insurance is required to be maintained by the Servicer or the Mortgagor or maintained on each Mortgaged Property such property acquired in respect of the Mortgage Loan, other or additional insurance as may be required than pursuant to such applicable laws and regulations Applicable Regulations as shall at any time be in force and as shall require such additional insurance, or pursuant to the requirements of any private mortgage guaranty insurer, or as may be required to conform with Accepted Servicing Practices. The Servicer shall cause to be maintained on each REO Property to be insured against risks, hazards and liabilities, in an amount with respect to hazards which is at least equal to the full replacement cost of the improvements which are a part of such REO Property and shall indemnify and hold harmless the Owner with respect to Liabilities in connection therewith in an amount of at least $1 million per occurrence and $2 million in the aggregate. In the event that the Owner or the Servicer shall determine that the Mortgaged Property should be insured against loss or damage by hazards and risks not covered by the insurance required to be maintained by the Mortgagor pursuant to the terms of the Mortgage, the Servicer shall communicate and consult with the Mortgagor with respect to the need for such insurance and bring to the Mortgagor’s attention the desirability of protection of the Mortgaged Property. All such policies required hereunder shall name the Servicer and its successors and assigns as a mortgagee and loss payee and shall be endorsed with non contributory standard or New York mortgagee clauses which with loss payable to the Servicer and shall provide for at least 30 thirty days prior written notice of any cancellation, reduction in the amount of or material change in coveragecoverage to the Servicer. The Servicer shall not interfere with the Mortgagor’s 's freedom of choice in selecting either his insurance carrier or agent, provided, however, that the Servicer shall not accept any such insurance policies from insurance companies unless such companies are acceptable under the Xxxxxx Xxx Guides currently reflect a general policy rating of B:VI or better in Best's Key Rating Guide and are licensed to do business in the jurisdiction in which state wherein the Mortgaged Property property subject to the policy is located. The Servicer shall determine that such policies provide sufficient risk coverage and amounts as required pursuant to the Xxxxxx Mae Guides, that they insure the property owner, and that they properly describe the property address. The Servicer shall furnish to the Mortgagor a formal notice of expiration of any such insurance in conformance with Servicer’s standard practices; provided, however, that in the event that no such notice is furnished by the Servicer, the Servicer shall ensure that replacement insurance policies (whether forced placed or other insurance policies) are in place with the required coverage and the Servicer shall be solely liable for any losses in the event coverage is not provided. Pursuant to Section 2.04, any amounts collected by the Servicer under any such policies (other than amounts to be deposited in a suspense account and applied to the restoration or repair of the related Mortgaged Property, or property acquired in liquidation of the First Lien Loan, or to be released to the Mortgagor, in accordance with the Servicer’s normal servicing procedures as specified in Section 2.14) shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 2.05. With respect to each Second Lien Loan, the Servicer shall obtain and maintain the blanket hazard insurance policy described in Section 2.11. In the event a hazard insurance policy or a flood insurance policy shall be in danger of being terminated, the Servicer shall notify the related Mortgagor that the related Mortgagor must obtain hazard insurance coverage or flood insurance coverage, and if such Mortgagor fails to obtain the required hazard insurance or flood insurance coverage within forty-five (45) days after such notification, the Servicer shall immediately force place the required hazard insurance or flood insurance on such Mortgagor’s behalf, or in the event the insurer shall cease to be acceptable to Xxxxxx Xxx or Xxxxxxx Mac, the Servicer shall notify any successor Servicer and such Mortgagor, and such successor Servicer shall use its best efforts, as permitted by applicable law, to obtain from another Qualified Insurer a replacement hazard insurance policy or flood insurance policy substantially and materially similar in all respects to the original policy.

Maintenance of Hazard Insurance. The Servicer shall cause to be maintained for each First Lien Loan, Mortgage Loan fire and hazard insurance such that all buildings upon with extended coverage as is customary in the area where the Mortgaged Property are insured by a generally acceptable insurer acceptable under the Xxxxxx Mae Guides against loss by fire, hazards of extended coverage and such other hazards as are required to be insured pursuant to the Fannie Mae Guides, is located in an amount which is at least equal to the lesser of (i) the maximum insurable value of the improvements securing such First Lien Mortgage Loan or and (ii) the greater of (a) the outstanding principal balance of the First Lien Loan plusMortgage Loan, and (b) the percentage such that the proceeds thereof shall be sufficient to prevent the Mortgagor and/or the mortgagee from becoming a co-insurer. If the Mortgaged Property is in an area identified in the case of each Second from LoanFederal Register by the Federal Emergency Management Agency as being a special flood hazard area that has federally-mandated flood insurance requirements, the outstanding principal of any mortgage loan senior Servicer will cause to such Second Lien Loan, provided that such aggregate amount represents at least 80% of the insurable value of the Mortgaged Property. If required by the National Flood Insurance Act of 1968, as amended, each First Lien Loan is, and shall continue to be, covered by be maintained a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect with a generally acceptable insurance carrier acceptable under the Xxxxxx Xxx Guides carrier, in an amount representing coverage not less than the lesser least of (i) the aggregate unpaid outstanding principal balance of the First Lien Mortgage Loan, (ii) the maximum insurable value of the improvements securing such Mortgage Loan and (iii) the maximum amount of insurance which is available under the National Flood Insurance Disaster Protection Act of 19681973, as amended (regardless of whether amended. The Servicer shall also maintain on each REO Property, fire and hazard insurance with extended coverage in an amount which is at least equal to the area in which such Mortgaged Property is located is participating in such program), and (iii) the full replacement maximum insurable value of the improvements which are a part of such Mortgaged Property. If a Mortgaged Property is located in a special flood hazard area property, liability insurance and, to the extent required and is not covered by flood insurance or is covered in an amount less than available under the amount required by the National Flood Insurance Disaster Protection Act of 19681973, as amended, flood insurance in an amount as provided above. Any amounts collected by the Servicer shall notify the related Mortgagor that the Mortgagor must obtain under any such flood insurance coverage, and if said Mortgagor fails policies other than amounts to obtain the required flood insurance coverage within forty five (45) days after such notification, the Servicer shall immediately force place the required flood insurance on the Mortgagor’s behalf. If a Mortgage is secured by a unit be deposited in a condominium project, restricted escrow account and applied to the Servicer shall verify that the coverage required of the owner’s association, including hazard, flood, liability, and fidelity coverage, is being maintained in accordance with then current Xxxxxx Mae requirements, and secure from the owner’s association its agreement to notify the Servicer promptly of any change in the insurance coverage restoration or of any condemnation or casualty loss that may have a material effect on the value repair of the Mortgaged Property as securityor REO Property, or released to the Mortgagor in accordance with the Servicer’s normal servicing procedures, shall be deposited in the Custodial Account, subject to withdrawal pursuant to Section 4.05. The It is understood and agreed that no other additional insurance need be required by the Servicer shall cause to be or the Mortgagor or maintained on each Mortgaged Property such property acquired in respect of the Mortgage Loans, other than as provided for under applicable state or additional insurance as may be required pursuant to such applicable federal laws and regulations as shall at any time be in force and as shall require such additional insurance, or pursuant to the requirements of any private mortgage guaranty insurer, or as may be required to conform with Accepted Servicing Practices. The Servicer shall cause to be maintained on each REO Property to be insured against risks, hazards and liabilities, in an amount with respect to hazards which is at least equal to the full replacement cost of the improvements which are a part of such REO Property and shall indemnify and hold harmless the Owner with respect to Liabilities in connection therewith in an amount of at least $1 million per occurrence and $2 million in the aggregate. In the event that the Owner or the Servicer shall determine that the Mortgaged Property should be insured against loss or damage by hazards and risks not covered by the insurance required to be maintained by the Mortgagor pursuant to the terms of the Mortgage, the Servicer shall communicate and consult with the Mortgagor with respect to the need for such insurance and bring to the Mortgagor’s attention the desirability of protection of the Mortgaged Property. All such policies required hereunder shall name be endorsed with standard mortgagee clauses with loss payable to the Servicer and its successors and/or assigns and assigns as a mortgagee and loss payee and shall be endorsed with non contributory standard or New York mortgagee clauses which shall provide for at least 30 thirty days prior written notice of any cancellation, reduction in the amount or material change in coveragecoverage to the Servicer. The Servicer shall not interfere with the Mortgagor’s freedom of choice in selecting either his insurance carrier or agent, ; provided, however, that the Servicer shall not accept any such insurance policies from insurance companies unless such companies are acceptable under the Xxxxxx Xxx Guides currently reflect a General Policy Rating in Best’s Key Rating Guide of B:III or better and are licensed to do business in the jurisdiction in which state wherein the Mortgaged Property property subject to the policy is located. The Servicer shall determine that such All insurance policies provide sufficient risk coverage and amounts as required maintained pursuant to the Xxxxxx Mae Guides, that they insure the property owner, and that they properly describe the property address. The Servicer shall furnish to the Mortgagor a formal notice of expiration of any such insurance in conformance with Servicer’s standard practices; provided, however, that in the event that no such notice is furnished by the Servicer, the Servicer shall ensure that replacement insurance policies (whether forced placed or other insurance policies) are in place with the required coverage and the Servicer this Section 4.10 shall be solely liable for any losses in the event coverage is not provided. Pursuant to Section 2.04, any amounts collected by the Servicer under any such policies (other than amounts to be deposited in maintained with a suspense account and applied to the restoration or repair of the related Mortgaged Property, or property acquired in liquidation of the First Lien Loan, or to be released to the Mortgagor, in accordance with the Servicer’s normal servicing procedures as specified in Section 2.14) shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 2.05. With respect to each Second Lien Loan, the Servicer shall obtain and maintain the blanket hazard insurance policy described in Section 2.11. In the event a hazard insurance policy or a flood insurance policy shall be in danger of being terminated, the Servicer shall notify the related Mortgagor that the related Mortgagor must obtain hazard insurance coverage or flood insurance coverage, and if such Mortgagor fails to obtain the required hazard insurance or flood insurance coverage within forty-five (45) days after such notification, the Servicer shall immediately force place the required hazard insurance or flood insurance on such Mortgagor’s behalf, or in the event the insurer shall cease to be acceptable to Xxxxxx Xxx or Xxxxxxx Mac, the Servicer shall notify any successor Servicer and such Mortgagor, and such successor Servicer shall use its best efforts, as permitted by applicable law, to obtain from another Qualified Insurer a replacement hazard insurance policy or flood insurance policy substantially and materially similar in all respects to the original policyInsurer.

Maintenance of Hazard Insurance. The Servicer Company shall cause to be maintained for each First Lien LoanMortgage Loan fire, and hazard insurance such that all buildings upon with extended coverage as is customary in the area where the Mortgaged Property is located in an amount which is at least equal to the lesser of (i) the amount necessary to fully compensate for any damage or loss to the improvements which are insured a part of such property on a replacement cost basis or (ii) the outstanding principal balance of the Mortgage Loan, in each case in an amount not less than such amount as is necessary to prevent the Mortgagor and/or the Mortgagee from becoming a co-insurer. If the Mortgaged Property is in an area identified on a Flood Hazard Boundary Map or Flood Insurance Rate Map issued by the Flood Emergency Management Agency as having special flood hazards and such flood insurance has been made available, the Company will cause to be maintained a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration with a generally acceptable insurer acceptable insurance carrier, in an amount representing coverage not less than the lesser of (i) the outstanding principal balance of the Mortgage Loan or (ii) the maximum amount of insurance which is available under the Xxxxxx Mae Guides against loss by fireNational Flood Insurance Act of 1968 or the Flood Disaster Protection Act of 1973, hazards of as amended. The Company also shall maintain on any REO Property, fire and hazard insurance with extended coverage and such other hazards as are required to be insured pursuant to the Fannie Mae Guides, in an amount which is at least equal to the lesser of (i) the maximum insurable value of the improvements securing which are a part of such First Lien Loan or property and (ii) the outstanding principal balance of the First Lien related Mortgage Loan plusat the time it became an REO Property plus accrued interest at the Mortgage Interest Rate and related Servicing Advances, in liability insurance and, to the case of each Second from Loan, the outstanding principal of any mortgage loan senior to such Second Lien Loan, provided that such aggregate amount represents at least 80% of the insurable value of the Mortgaged Property. If extent required by the National Flood Insurance Act of 1968, as amended, each First Lien Loan is, and shall continue to be, covered by a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect with a generally acceptable insurance carrier acceptable under the Xxxxxx Xxx Guides in an amount representing coverage not less than the lesser of (i) the aggregate unpaid principal balance of the First Lien Loan, (ii) maximum amount of insurance which is available under the National Flood Insurance Act of 1968, as amended (regardless of whether 1968 or the area in which such Mortgaged Property is located is participating in such program), and (iii) the full replacement value of the improvements which are part of such Mortgaged Property. If a Mortgaged Property is located in a special flood hazard area and is not covered by flood insurance or is covered in an amount less than the amount required by the National Flood Insurance Disaster Protection Act of 19681973, as amended, the Servicer shall notify the related Mortgagor that the Mortgagor must obtain such flood insurance coveragein an amount as provided above. Pursuant to Subsection 11.04, and if said Mortgagor fails any amounts collected by the Company under any such policies other than amounts to obtain the required flood insurance coverage within forty five (45) days after such notification, the Servicer shall immediately force place the required flood insurance on the Mortgagor’s behalf. If a Mortgage is secured by a unit in a condominium project, the Servicer shall verify that the coverage required of the owner’s association, including hazard, flood, liability, and fidelity coverage, is being maintained in accordance with then current Xxxxxx Mae requirements, and secure from the owner’s association its agreement to notify the Servicer promptly of any change be deposited in the insurance coverage Escrow Account and applied to the restoration or of any condemnation or casualty loss that may have a material effect on the value repair of the Mortgaged Property as securityor REO Property, or released to the Mortgagor in accordance with the Company's normal servicing procedures, shall be deposited in the Custodial Account, subject to withdrawal pursuant to Subsection 11.05. The Servicer Any cost incurred by the Company in maintaining any such insurance shall cause not, for the purpose of calculating distributions to the Purchaser, be added to the unpaid principal balance of the related Mortgage Loan, notwithstanding that the terms of such Mortgage Loan so permit. It is understood and agreed that no earthquake or other additional insurance need be required by the Company of the Mortgagor or maintained on each Mortgaged Property such property acquired in respect of the Mortgage Loan, other or additional insurance as may be required than pursuant to such applicable laws and regulations as shall at any time be in force and as shall require such additional insurance, or pursuant to the requirements of any private mortgage guaranty insurer, or as may be required to conform with Accepted Servicing Practices. The Servicer shall cause to be maintained on each REO Property to be insured against risks, hazards and liabilities, in an amount with respect to hazards which is at least equal to the full replacement cost of the improvements which are a part of such REO Property and shall indemnify and hold harmless the Owner with respect to Liabilities in connection therewith in an amount of at least $1 million per occurrence and $2 million in the aggregate. In the event that the Owner or the Servicer shall determine that the Mortgaged Property should be insured against loss or damage by hazards and risks not covered by the insurance required to be maintained by the Mortgagor pursuant to the terms of the Mortgage, the Servicer shall communicate and consult with the Mortgagor with respect to the need for such insurance and bring to the Mortgagor’s attention the desirability of protection of the Mortgaged Property. All such policies required hereunder shall name the Servicer and its successors and assigns as a mortgagee and loss payee and shall be endorsed with non contributory standard or New York mortgagee clauses which with loss payable to the Company, or upon request to the Purchaser, and shall provide for at least 30 days thirty (30) days' prior written notice of any cancellation, reduction in the amount of, or material change in coveragein, coverage to the Company. The Servicer Company shall not interfere with the Mortgagor’s 's freedom of choice in selecting either his insurance carrier or agent, provided, however, that the Servicer Company shall not accept any such insurance policies from insurance companies unless such companies are acceptable under the Xxxxxx Xxx Guides currently reflect a General Policy Rating of A:VI or better in Best's Key Rating Guide and are licensed to do business in the jurisdiction in which state wherein the Mortgaged Property property subject to the policy is located. The Servicer shall determine that such policies provide sufficient risk coverage and amounts as required pursuant to the Xxxxxx Mae Guides, that they insure the property owner, and that they properly describe the property address. The Servicer shall furnish to the Mortgagor a formal notice of expiration of any such insurance in conformance with Servicer’s standard practices; provided, however, that in the event that no such notice is furnished by the Servicer, the Servicer shall ensure that replacement insurance policies (whether forced placed or other insurance policies) are in place with the required coverage and the Servicer shall be solely liable for any losses in the event coverage is not provided. Pursuant to Section 2.04, any amounts collected by the Servicer under any such policies (other than amounts to be deposited in a suspense account and applied to the restoration or repair of the related Mortgaged Property, or property acquired in liquidation of the First Lien Loan, or to be released to the Mortgagor, in accordance with the Servicer’s normal servicing procedures as specified in Section 2.14) shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 2.05. With respect to each Second Lien Loan, the Servicer shall obtain and maintain the blanket hazard insurance policy described in Section 2.11. In the event a hazard insurance policy or a flood insurance policy shall be in danger of being terminated, the Servicer shall notify the related Mortgagor that the related Mortgagor must obtain hazard insurance coverage or flood insurance coverage, and if such Mortgagor fails to obtain the required hazard insurance or flood insurance coverage within forty-five (45) days after such notification, the Servicer shall immediately force place the required hazard insurance or flood insurance on such Mortgagor’s behalf, or in the event the insurer shall cease to be acceptable to Xxxxxx Xxx or Xxxxxxx Mac, the Servicer shall notify any successor Servicer and such Mortgagor, and such successor Servicer shall use its best efforts, as permitted by applicable law, to obtain from another Qualified Insurer a replacement hazard insurance policy or flood insurance policy substantially and materially similar in all respects to the original policy.

Maintenance of Hazard Insurance. The Servicer Seller shall cause to be maintained for each First Lien Loan, Mortgage Loan fire and hazard insurance such that all buildings upon with extended coverage as is customary in the area where the Mortgaged Property is located in an amount which is at least equal to the lesser of (i) the amount necessary to fully compensate for any damage or loss to the improvements which are insured a part of such property on a replacement cost basis or (ii) the outstanding principal balance of the Mortgage Loan, in each case in an amount not less than such amount as is necessary to prevent the Mortgagor and/or the Mortgagee from becoming a co-insurer. If the Mortgaged Property is in an area identified on a Flood Hazard Boundary Map or Flood Insurance Rate Map issued by the Flood Emergency Management Agency as having special flood hazards and such flood insurance has been made available, the Seller will cause to be maintained a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration with a generally acceptable insurer acceptable insurance carrier, in an amount representing coverage not less than the lesser of (i) the outstanding principal balance of the Mortgage Loan or (ii) the maximum amount of insurance which is available under the Xxxxxx Mae Guides against loss by fireNational Flood Insurance Act of 1968 or the Flood Disaster Protection Act of 1973, hazards of as amended. The Seller also shall maintain on any REO Property, fire and hazard insurance with extended coverage and such other hazards as are required to be insured pursuant to the Fannie Mae Guides, in an amount which is at least equal to the lesser of (i) the maximum insurable value of the improvements securing which are a part of such First Lien Loan or property and (ii) the outstanding principal balance of the First Lien related Mortgage Loan plusat the time it became an REO Property plus accrued interest at the Mortgage Interest Rate and related Servicing Advances, in liability insurance and, to the case of each Second from Loan, the outstanding principal of any mortgage loan senior to such Second Lien Loan, provided that such aggregate amount represents at least 80% of the insurable value of the Mortgaged Property. If extent required by the National Flood Insurance Act of 1968, as amended, each First Lien Loan is, and shall continue to be, covered by a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect with a generally acceptable insurance carrier acceptable under the Xxxxxx Xxx Guides in an amount representing coverage not less than the lesser of (i) the aggregate unpaid principal balance of the First Lien Loan, (ii) maximum amount of insurance which is available under the National Flood Insurance Act of 1968, as amended (regardless of whether 1968 or the area in which such Mortgaged Property is located is participating in such program), and (iii) the full replacement value of the improvements which are part of such Mortgaged Property. If a Mortgaged Property is located in a special flood hazard area and is not covered by flood insurance or is covered in an amount less than the amount required by the National Flood Insurance Disaster Protection Act of 19681973, as amended, the Servicer shall notify the related Mortgagor that the Mortgagor must obtain such flood insurance coveragein an amount as provided above. Pursuant to Subsection 11.04, and if said Mortgagor fails any amounts collected by the Seller under any such policies other than amounts to obtain the required flood insurance coverage within forty five (45) days after such notification, the Servicer shall immediately force place the required flood insurance on the Mortgagor’s behalf. If a Mortgage is secured by a unit in a condominium project, the Servicer shall verify that the coverage required of the owner’s association, including hazard, flood, liability, and fidelity coverage, is being maintained in accordance with then current Xxxxxx Mae requirements, and secure from the owner’s association its agreement to notify the Servicer promptly of any change be deposited in the insurance coverage Escrow Account and applied to the restoration or of any condemnation or casualty loss that may have a material effect on the value repair of the Mortgaged Property as securityor REO Property, or released to the Mortgagor in accordance with the Seller’s normal servicing procedures, shall be deposited in the related Custodial Account, subject to withdrawal pursuant to Subsection 11.05. The Servicer Any cost incurred by the Seller in maintaining any such insurance shall cause not, for the purpose of calculating distributions to the Purchaser, be added to the unpaid principal balance of the related Mortgage Loan, notwithstanding that the terms of such Mortgage Loan so permit. It is understood and agreed that no earthquake or other additional insurance need be required by the Seller of the Mortgagor or maintained on each Mortgaged Property such property acquired in respect of the Mortgage Loan, other or additional insurance as may be required than pursuant to such applicable laws and regulations as shall at any time be in force and as shall require such additional insurance, or pursuant to the requirements of any private mortgage guaranty insurer, or as may be required to conform with Accepted Servicing Practices. The Servicer shall cause to be maintained on each REO Property to be insured against risks, hazards and liabilities, in an amount with respect to hazards which is at least equal to the full replacement cost of the improvements which are a part of such REO Property and shall indemnify and hold harmless the Owner with respect to Liabilities in connection therewith in an amount of at least $1 million per occurrence and $2 million in the aggregate. In the event that the Owner or the Servicer shall determine that the Mortgaged Property should be insured against loss or damage by hazards and risks not covered by the insurance required to be maintained by the Mortgagor pursuant to the terms of the Mortgage, the Servicer shall communicate and consult with the Mortgagor with respect to the need for such insurance and bring to the Mortgagor’s attention the desirability of protection of the Mortgaged Property. All such policies required hereunder shall name the Servicer and its successors and assigns as a mortgagee and loss payee and shall be endorsed with non contributory standard or New York mortgagee clauses which with loss payable to the Seller, or upon request to the Purchaser, and shall provide for at least 30 thirty days prior written notice of any cancellation, reduction in the amount of, or material change in coveragein, coverage to the Seller. The Servicer Seller shall not interfere with the Mortgagor’s freedom of choice in selecting either his insurance carrier or agent, provided, however, that the Servicer Seller shall not accept any such insurance policies from insurance companies unless such companies are acceptable under the Xxxxxx Xxx Guides currently reflect a General Policy Rating of A:VI or better in Best’s Key Rating Guide and are licensed to do business in the jurisdiction in which state wherein the Mortgaged Property property subject to the policy is located. The Servicer shall determine that such policies provide sufficient risk coverage and amounts as required pursuant to the Xxxxxx Mae Guides, that they insure the property owner, and that they properly describe the property address. The Servicer shall furnish to the Mortgagor a formal notice of expiration of any such insurance in conformance with Servicer’s standard practices; provided, however, that in the event that no such notice is furnished by the Servicer, the Servicer shall ensure that replacement insurance policies (whether forced placed or other insurance policies) are in place with the required coverage and the Servicer shall be solely liable for any losses in the event coverage is not provided. Pursuant to Section 2.04, any amounts collected by the Servicer under any such policies (other than amounts to be deposited in a suspense account and applied to the restoration or repair of the related Mortgaged Property, or property acquired in liquidation of the First Lien Loan, or to be released to the Mortgagor, in accordance with the Servicer’s normal servicing procedures as specified in Section 2.14) shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 2.05. With respect to each Second Lien Loan, the Servicer shall obtain and maintain the blanket hazard insurance policy described in Section 2.11. In the event a hazard insurance policy or a flood insurance policy shall be in danger of being terminated, the Servicer shall notify the related Mortgagor that the related Mortgagor must obtain hazard insurance coverage or flood insurance coverage, and if such Mortgagor fails to obtain the required hazard insurance or flood insurance coverage within forty-five (45) days after such notification, the Servicer shall immediately force place the required hazard insurance or flood insurance on such Mortgagor’s behalf, or in the event the insurer shall cease to be acceptable to Xxxxxx Xxx or Xxxxxxx Mac, the Servicer shall notify any successor Servicer and such Mortgagor, and such successor Servicer shall use its best efforts, as permitted by applicable law, to obtain from another Qualified Insurer a replacement hazard insurance policy or flood insurance policy substantially and materially similar in all respects to the original policy.

Maintenance of Hazard Insurance. The Servicer Seller shall cause to be maintained for each First Lien Loan, Mortgage Loan during the related Interim Servicing Period fire and hazard insurance such that all buildings upon with extended coverage as is acceptable to Xxxxxx Xxx or Xxxxxxx Mac and customary in the area where the Mortgaged Property are insured by a generally acceptable insurer acceptable under the Xxxxxx Mae Guides against loss by fire, hazards of extended coverage and such other hazards as are required to be insured pursuant to the Fannie Mae Guides, is located in an amount which is at least equal to the lesser of (i) the maximum insurable value of the improvements securing such First Lien Mortgage Loan or and (ii) the greater of (a) the outstanding principal balance of the First Lien Loan plus, in the case of each Second from Mortgage Loan, and (b) an amount such that the outstanding principal of any mortgage loan senior proceeds thereof shall be sufficient to such Second Lien Loan, provided that such aggregate amount represents at least 80% of prevent the insurable value of Mortgagor and/or the Mortgaged Propertymortgagee from becoming a co-insurer. If required by the National Flood Insurance Disaster Protection Act of 19681973, as amended, each First Lien Mortgage Loan is, and shall continue to be, be covered by a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect with a generally acceptable an insurance carrier acceptable under the to Xxxxxx Xxx Guides Mae or Xxxxxxx Mac, in an amount representing coverage not less than the lesser least of (i) the aggregate unpaid outstanding principal balance of the First Lien Mortgage Loan, (ii) the maximum insurable value of the improvements securing such Mortgage Loan and (iii) the maximum amount of insurance which is available under the National Flood Insurance Disaster Protection Act of 19681973, as amended (regardless of whether amended. If at any time during the area in which such Mortgaged Property is located is participating in such program), and (iii) the full replacement value term of the improvements which are part of such Mortgaged Property. If Mortgage Loan, the Seller determines in accordance with applicable law and pursuant to the Xxxxxx Mae Guides that a Mortgaged Property is located in a special flood hazard area and is not covered by flood insurance or is covered in an amount less than the amount required by the National Flood Insurance Disaster Protection Act of 19681973, as amended, the Servicer Seller shall notify the related Mortgagor that the Mortgagor must obtain such flood insurance coverage, and if said the related Mortgagor fails to obtain the required flood insurance coverage within forty forty-five (45) days after such notification, the Servicer Seller shall immediately force place the required flood insurance on the Mortgagor’s behalf. If a Mortgage is secured Any amounts collected by a unit the Seller under any such policies other than amounts to be deposited in a condominium project, the Servicer shall verify that Escrow Account and applied to the coverage required restoration or repair of the owner’s associationMortgaged Property, including hazard, flood, liability, and fidelity coverage, is being maintained or released to the Mortgagor in accordance with then current Xxxxxx Mae requirementsAccepted Servicing Practices, and secure from the owner’s association its agreement to notify the Servicer promptly of any change shall be deposited in the Custodial Account, subject to withdrawal pursuant to Section 4.04. It is understood and agreed that no other additional insurance coverage need be required by the Seller or of any condemnation or casualty loss that may have a material effect maintained on the value property acquired in respect of the Mortgaged Property as security. The Servicer shall cause to be maintained on each Mortgaged Property such Mortgage Loan, other or additional insurance as may be required than pursuant to this Agreement, the Xxxxxx Xxx Guides or such applicable state or federal laws and regulations as shall at any time be in force and as shall require such additional insurance, or pursuant to the requirements of any private mortgage guaranty insurer, or as may be required to conform with Accepted Servicing Practices. The Servicer shall cause to be maintained on each REO Property to be insured against risks, hazards and liabilities, in an amount with respect to hazards which is at least equal to the full replacement cost of the improvements which are a part of such REO Property and shall indemnify and hold harmless the Owner with respect to Liabilities in connection therewith in an amount of at least $1 million per occurrence and $2 million in the aggregate. In the event that the Owner or the Servicer shall determine that the Mortgaged Property should be insured against loss or damage by hazards and risks not covered by the insurance required to be maintained by the Mortgagor pursuant to the terms of the Mortgage, the Servicer shall communicate and consult with the Mortgagor with respect to the need for such insurance and bring to the Mortgagor’s attention the desirability of protection of the Mortgaged Property. All such policies required hereunder shall name the Servicer and its successors and assigns as a mortgagee and loss payee and shall be endorsed with non contributory standard or New York mortgagee clauses which with loss payable to the Seller and its successors and/or assigns and shall provide for at least 30 thirty (30) days prior written notice of any cancellation, reduction in the amount or material change in coveragecoverage to the Seller. The Servicer Seller shall not interfere with the Mortgagor’s freedom of choice in selecting either his insurance carrier or agent, provided, however, that the Servicer Seller shall not accept any such insurance policies from insurance companies unless such companies are acceptable under the Xxxxxx Xxx Guides and are licensed to do business in the jurisdiction in which the Mortgaged Property is located. The Servicer shall determine that such policies provide sufficient risk coverage and amounts as required pursuant to the Xxxxxx Mae Guides, that they insure the property owner, and that they properly describe the property address. The Servicer shall furnish to the Mortgagor a formal notice of expiration of any such insurance in conformance with Servicer’s standard practices; provided, however, that in the event that no such notice is furnished by the Servicer, the Servicer shall ensure that replacement insurance policies (whether forced placed or other insurance policies) are in place with the required coverage and the Servicer shall be solely liable for any losses in the event coverage is not provided. Pursuant to Section 2.04, any amounts collected by the Servicer under any such policies (other than amounts to be deposited in a suspense account and applied to the restoration or repair of the related Mortgaged Property, or property acquired in liquidation of the First Lien Loan, or to be released to the Mortgagor, in accordance with the Servicer’s normal servicing procedures as specified in Section 2.14) shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 2.05. With respect to each Second Lien Loan, the Servicer shall obtain and maintain the blanket hazard insurance policy described in Section 2.11. In the event a hazard insurance policy or a flood insurance policy shall be in danger of being terminated, the Servicer shall notify the related Mortgagor that the related Mortgagor must obtain hazard insurance coverage or flood insurance coverage, and if such Mortgagor fails to obtain the required hazard insurance or flood insurance coverage within forty-five (45) days after such notification, the Servicer shall immediately force place the required hazard insurance or flood insurance on such Mortgagor’s behalf, or in the event the insurer shall cease to be acceptable to Xxxxxx Xxx or Xxxxxxx Mac, the Servicer shall notify any successor Servicer and such Mortgagor, and such successor Servicer shall use its best efforts, as permitted by applicable law, to obtain from another Qualified Insurer a replacement hazard insurance policy or flood insurance policy substantially and materially similar in all respects to the original policyInsurers.

Maintenance of Hazard Insurance. The Servicer shall cause to be maintained maintained, for each First Lien Mortgage Loan, fire and hazard insurance such that all buildings upon with extended coverage as is customary in the area where the Mortgaged Property are insured by a generally acceptable insurer acceptable under the Xxxxxx Mae Guides against loss by fire, hazards of extended coverage and such other hazards as are required to be insured pursuant to the Fannie Mae Guides, is located in an amount which that is at least equal to the lesser of (ia) the maximum insurable value of the improvements securing such First Lien Mortgage Loan or (b) the greater of (i) the unpaid principal balance of the Mortgage Loan, and (ii) the outstanding principal balance of percentage such that the First Lien Loan plus, proceeds thereof shall be sufficient to prevent the Mortgagor and/or the mortgagee from becoming a co-insurer. If the Mortgaged Property is in an area identified in the case of each Second from Loan, the outstanding principal of any mortgage loan senior to such Second Lien Loan, provided that such aggregate amount represents at least 80% of the insurable value of the Mortgaged Property. If required Federal Register by the National Flood Insurance Act of 1968Emergency Management Agency as having special flood hazards and such flood insurance has been made available, as amended, each First Lien Loan is, and Servicer shall continue cause to be, covered by be maintained a flood insurance policy meeting the requirements of the current guidelines of the Federal National Flood Insurance Administration is in effect program (or any successor thereto) with a generally acceptable insurance carrier acceptable under the Xxxxxx Xxx Guides and with coverage in an amount representing coverage not less than the lesser of (ix) the aggregate unpaid principal balance of the First Lien Mortgage Loan, ; (iiy) the maximum insurable value of the improvements securing such Mortgage Loan; or (z) the maximum amount of insurance which is available under the National Flood Insurance Reform Act of 19681994. Servicer shall also maintain on REO Property, as amended (regardless of whether 1) fire and hazard insurance with extended coverage in an amount that is not less than the area in which such Mortgaged Property is located is participating in such program), and (iii) the full replacement maximum insurable value of the improvements which are part of such Mortgaged Property. If a Mortgaged Property is located in a special flood hazard area and is not covered by flood insurance or is covered in an amount less than the amount required by the National Flood Insurance Act of 1968, as amended, the Servicer shall notify the related Mortgagor that the Mortgagor must obtain such flood insurance coverage, and if said Mortgagor fails to obtain the required flood insurance coverage within forty five (45) days after such notification, the Servicer shall immediately force place the required flood insurance on the Mortgagor’s behalf. If a Mortgage is secured by a unit in a condominium project, the Servicer shall verify that the coverage required of the owner’s association, including hazard, flood, liability, and fidelity coverage, is being maintained in accordance with then current Xxxxxx Mae requirements, and secure from the owner’s association its agreement to notify the Servicer promptly of any change in the insurance coverage or of any condemnation or casualty loss that may have a material effect on the value of the Mortgaged Property as security. The Servicer shall cause to be maintained on each Mortgaged Property such other or additional insurance as may be required pursuant to such applicable laws and regulations as shall at any time be in force and as shall require such additional insurance, or pursuant to the requirements of any private mortgage guaranty insurer, or as may be required to conform with Accepted Servicing Practices. The Servicer shall cause to be maintained on each REO Property to be insured against risks, hazards and liabilities, in an amount with respect to hazards which is at least equal to the full replacement cost of the improvements which are a part of such REO Property property; (2) liability insurance; and shall indemnify (3) to the extent required and hold harmless available under the Owner with respect to Liabilities in connection therewith National Flood Insurance Reform Act of 1994, flood insurance in an amount of at least $1 million per occurrence and $2 million as provided above. Servicer shall deposit in the aggregate. In the event that the Owner or the Servicer shall determine that the Mortgaged Property should be insured against loss or damage by hazards and risks not covered by the insurance required to be maintained by the Mortgagor pursuant to the terms of the Mortgage, the Servicer shall communicate and consult with the Mortgagor with respect to the need for such insurance and bring to the Mortgagor’s attention the desirability of protection of the Mortgaged Property. All policies required hereunder shall name the Servicer and its successors and assigns as a mortgagee and loss payee and shall be endorsed with non contributory standard or New York mortgagee clauses which shall provide for at least 30 days prior written notice of any cancellation, reduction in amount or material change in coverage. The Servicer shall not interfere with the Mortgagor’s freedom of choice in selecting either his insurance carrier or agent, provided, however, that the Servicer shall not accept any such insurance policies from insurance companies unless such companies are acceptable under the Xxxxxx Xxx Guides and are licensed to do business in the jurisdiction in which the Mortgaged Property is located. The Servicer shall determine that such policies provide sufficient risk coverage and amounts as required pursuant to the Xxxxxx Mae Guides, that they insure the property owner, and that they properly describe the property address. The Servicer shall furnish to the Mortgagor a formal notice of expiration of any such insurance in conformance with Servicer’s standard practices; provided, however, that in the event that no such notice is furnished by the Servicer, the Servicer shall ensure that replacement insurance policies (whether forced placed or other insurance policies) are in place with the required coverage and the Servicer shall be solely liable for any losses in the event coverage is not provided. Pursuant to Section 2.04, any Custodial Account all amounts collected by the Servicer under any such policies except (other than A) amounts to be deposited in a suspense account the Escrow Account and applied to the restoration or repair of the related Mortgaged Property, Property or property acquired in liquidation of the First Lien Loan, or REO Property and (B) amounts to be released to the Mortgagor, Mortgagor in accordance with the Servicer’s 's normal servicing procedures as specified procedures. The Seller understands and agrees that no earthquake or other additional insurance on property acquired in Section 2.14) respect of the Mortgage Loan shall be deposited maintained by Servicer or Mortgagor. All such policies shall be endorsed with standard mortgagee clauses with loss payable to Servicer and shall provide for at least thirty (30) days prior written notice to Servicer of any cancellation, reduction in the Custodial Account amount of coverage or material change in coverage. Servicer shall not interfere with the Mortgagor's freedom of choice in selecting either the insurance carrier or agent; provided, however, that Servicer shall only accept insurance policies from insurance companies acceptable to an Agency and licensed to do business in the state wherein the property subject to withdrawal pursuant to Section 2.05. With respect to each Second Lien Loan, the Servicer shall obtain and maintain the blanket hazard insurance policy described in Section 2.11. In the event a hazard insurance policy or a flood insurance policy shall be in danger of being terminated, the Servicer shall notify the related Mortgagor that the related Mortgagor must obtain hazard insurance coverage or flood insurance coverage, and if such Mortgagor fails to obtain the required hazard insurance or flood insurance coverage within forty-five (45) days after such notification, the Servicer shall immediately force place the required hazard insurance or flood insurance on such Mortgagor’s behalf, or in the event the insurer shall cease to be acceptable to Xxxxxx Xxx or Xxxxxxx Mac, the Servicer shall notify any successor Servicer and such Mortgagor, and such successor Servicer shall use its best efforts, as permitted by applicable law, to obtain from another Qualified Insurer a replacement hazard insurance policy or flood insurance policy substantially and materially similar in all respects to the original policyis located.

Maintenance of Hazard Insurance. The Servicer shall cause to be maintained for each First Lien Loan, Mortgage Loan fire and hazard insurance such that all buildings upon with extended coverage as is customary in the area where the Mortgaged Property are insured by a generally acceptable insurer acceptable under the Xxxxxx Mae Guides against loss by fire, hazards of extended coverage and such other hazards as are required to be insured pursuant to the Fannie Mae Guides, is located in an amount which is at least equal to the lesser of (i) the maximum insurable value of the improvements securing such First Lien Mortgage Loan or (ii) the greater of (a) the outstanding principal balance of the First Lien Loan plusMortgage Loan, and (b) the percentage such that the proceeds thereof shall be sufficient to prevent the Mortgagor and/or the Mortgagee from becoming a co-insurer. If the Mortgaged Property is in an area identified in the case of each Second from LoanFederal Register by the Federal Emergency Management Agency as being a special flood hazard area that has federally-mandated flood insurance requirements, the outstanding principal of any mortgage loan senior Servicer will cause to such Second Lien Loan, provided that such aggregate amount represents at least 80% of the insurable value of the Mortgaged Property. If required by the National Flood Insurance Act of 1968, as amended, each First Lien Loan is, and shall continue to be, covered by be maintained a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect with a generally acceptable insurance carrier acceptable under the Xxxxxx Xxx Guides carrier, in an amount representing coverage not less than the lesser least of (i) the aggregate unpaid outstanding principal balance of the First Lien Mortgage Loan, (ii) the maximum insurable value of the improvements securing such Mortgage Loan or (iii) the maximum amount of insurance which is available under the National Flood Insurance Disaster Protection Act of 19681973, as amended (regardless of whether amended. The Servicer shall also maintain on the area REO Property, fire and hazard insurance with extended coverage in an amount which such Mortgaged Property is located is participating in such program), and (iii) at least equal to the full replacement maximum insurable value of the improvements which are a part of such Mortgaged Property. If a Mortgaged Property is located in a special flood hazard area property, liability insurance and, to the extent required and is not covered by flood insurance or is covered in an amount less than available under the amount required by the National Flood Insurance Disaster Protection Act of 19681973, as amended, flood insurance in an amount as provided above. Any amounts collected by the Servicer shall notify the related Mortgagor that the Mortgagor must obtain under any such flood insurance coverage, and if said Mortgagor fails policies other than amounts to obtain the required flood insurance coverage within forty five (45) days after such notification, the Servicer shall immediately force place the required flood insurance on the Mortgagor’s behalf. If a Mortgage is secured by a unit in a condominium project, the Servicer shall verify that the coverage required of the owner’s association, including hazard, flood, liability, and fidelity coverage, is being maintained in accordance with then current Xxxxxx Mae requirements, and secure from the owner’s association its agreement to notify the Servicer promptly of any change be deposited in the insurance coverage Escrow Account and applied to the restoration or of any condemnation or casualty loss that may have a material effect on the value repair of the Mortgaged Property as securityor REO Property, or released to the Mortgagor in accordance with the Servicer's normal servicing procedures, shall be deposited in the Custodial Account, subject to withdrawal pursuant to Section 4.05. The It is understood and agreed that no other additional insurance need be required by the Servicer shall cause to be or the Mortgagor or maintained on each Mortgaged Property such property acquired in respect of the Mortgage Loans, other or additional insurance as may be required than pursuant to the Fxxxxx Mxx Guide or such applicable state or federal laws and regulations as shall at any time be in force and as shall require such additional insurance, or pursuant to the requirements of any private mortgage guaranty insurer, or as may be required to conform with Accepted Servicing Practices. The Servicer shall cause to be maintained on each REO Property to be insured against risks, hazards and liabilities, in an amount with respect to hazards which is at least equal to the full replacement cost of the improvements which are a part of such REO Property and shall indemnify and hold harmless the Owner with respect to Liabilities in connection therewith in an amount of at least $1 million per occurrence and $2 million in the aggregate. In the event that the Owner or the Servicer shall determine that the Mortgaged Property should be insured against loss or damage by hazards and risks not covered by the insurance required to be maintained by the Mortgagor pursuant to the terms of the Mortgage, the Servicer shall communicate and consult with the Mortgagor with respect to the need for such insurance and bring to the Mortgagor’s attention the desirability of protection of the Mortgaged Property. All such policies required hereunder shall name be endorsed with standard mortgagee clauses with loss payable to the Servicer and its successors and/or assigns and assigns as a mortgagee and loss payee and shall be endorsed with non contributory standard or New York mortgagee clauses which shall provide for at least 30 thirty days prior written notice of any cancellation, reduction in the amount or material change in coveragecoverage to the Servicer. The Servicer shall not interfere with the Mortgagor’s 's freedom of choice in selecting either his insurance carrier or agent, provided, however, that the Servicer shall not accept any such insurance policies from insurance companies unless such companies are currently reflect a General Policy Rating in Best's Key Rating Guide currently acceptable under the Xxxxxx Xxx Guides to Fxxxxx Mae and are licensed to do business in the jurisdiction in which state wherein the Mortgaged Property property subject to the policy is located. The Servicer shall determine that such policies provide sufficient risk coverage and amounts as required pursuant to the Xxxxxx Mae Guides, that they insure the property owner, and that they properly describe the property address. The Servicer shall furnish to the Mortgagor a formal notice of expiration of any such insurance in conformance with Servicer’s standard practices; provided, however, that in the event that no such notice is furnished by the Servicer, the Servicer shall ensure that replacement insurance policies (whether forced placed or other insurance policies) are in place with the required coverage and the Servicer shall be solely liable for any losses in the event coverage is not provided. Pursuant to Section 2.04, any amounts collected by the Servicer under any such policies (other than amounts to be deposited in a suspense account and applied to the restoration or repair of the related Mortgaged Property, or property acquired in liquidation of the First Lien Loan, or to be released to the Mortgagor, in accordance with the Servicer’s normal servicing procedures as specified in Section 2.14) shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 2.05. With respect to each Second Lien Loan, the Servicer shall obtain and maintain the blanket hazard insurance policy described in Section 2.11. In the event a hazard insurance policy or a flood insurance policy shall be in danger of being terminated, the Servicer shall notify the related Mortgagor that the related Mortgagor must obtain hazard insurance coverage or flood insurance coverage, and if such Mortgagor fails to obtain the required hazard insurance or flood insurance coverage within forty-five (45) days after such notification, the Servicer shall immediately force place the required hazard insurance or flood insurance on such Mortgagor’s behalf, or in the event the insurer shall cease to be acceptable to Xxxxxx Xxx or Xxxxxxx Mac, the Servicer shall notify any successor Servicer and such Mortgagor, and such successor Servicer shall use its best efforts, as permitted by applicable law, to obtain from another Qualified Insurer a replacement hazard insurance policy or flood insurance policy substantially and materially similar in all respects to the original policy.

Maintenance of Hazard Insurance. The Servicer shall cause to be maintained for each Non-Agency Mortgage Loan that is a First Lien Mortgage Loan, hazard insurance (with extended coverage as is customary in the area where the Mortgaged Property is located) such that all buildings upon the related Mortgaged Property are insured by a generally acceptable insurer acceptable under the Xxxxxx Mae Xxx Guides against loss by fire, hazards of extended coverage and such other hazards as are required to be insured pursuant to the Fannie Xxxxxx Mae Guides, in an amount which is at least equal to the lesser of (i) the maximum insurable value of the improvements securing such First Lien Mortgage Loan or and (ii) the greater of (a) the outstanding principal balance of such Mortgage Loan or (b) an amount such that the First Lien Loan plusproceeds thereof shall be sufficient to prevent the related Mortgagor or the loss payee from becoming a co-insurer (or, in the case of each Second from Loanany related REO Property, the outstanding principal of any mortgage loan senior to such Second Lien Loan, provided that such aggregate amount represents at least 80% of the insurable fair market value of such REO Property). With respect to the Mortgaged Property. If Non-Agency Mortgage Loans, if required by the National Flood Insurance Act of 19681968 or Flood Disaster Prevention Act of 1973, as amended, each First Lien such Mortgage Loan is, and shall continue to be, covered by a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect with a generally acceptable insurance carrier acceptable under the Xxxxxx Xxx Guides in an amount representing coverage not less than the lesser least of (i) the aggregate unpaid principal balance of such Mortgage Loan (or, in the First Lien Loancase of a related REO Property, the fair market value of such REO Property), (ii) maximum amount of insurance which is available under the National Flood Insurance Act of 19681968 or Flood Disaster Prevention Act of 1973, as amended (regardless of whether the area in which such Mortgaged Property is located is participating in such program), and or (iii) the full replacement value of the improvements which are part of such Mortgaged Property. If a related Mortgaged Property is located in a special flood hazard area and is not covered by flood insurance or is covered in an amount less than the amount required by the National Flood Insurance Act of 19681968 or Flood Disaster Prevention Act of 1973, as amended, the Servicer shall notify the related Mortgagor that the Mortgagor must obtain such flood insurance coverage, and if said such Mortgagor fails to obtain the required flood insurance coverage within forty forty-five (45) days after such notification, the Servicer shall immediately force place the required flood insurance on the such Mortgagor’s behalf. Notwithstanding the foregoing, Servicer shall have no liability to Owner or any third party for any penalties or fines imposed based on Servicer’s failure to timely notify the Director of FEMA and the flood insurance provider related to a servicing transfer if Servicer is not provided with flood insurance information; provided that, the Servicer shall have promptly provided Owner with notice of such missing flood insurance information. Notwithstanding the foregoing, the Servicer shall maintain a blanket insurance policy in sufficient amounts to cover any uninsured loss due to any gap in Mortgagor-provided coverage. If a Non-Agency Mortgage Loan that is a First Lien Mortgage Loan is secured by a unit in a condominium project, the Servicer shall verify that the coverage required of the owner’s homeowners’ association, including hazard, flood, liability, and fidelity coverage, is being maintained in accordance with then current Xxxxxx Mae Xxx requirements, and secure from the owner’s homeowners’ association its agreement to notify the Servicer promptly of any change in the insurance coverage or of any condemnation or casualty loss that may have a material effect on the value of the related Mortgaged Property as security. The Servicer shall cause to be maintained on each Mortgaged Property securing a Non-Agency Mortgage Loan such other or additional insurance as may be required pursuant to such applicable laws and regulations as shall at any time be in force and as shall require such additional insurance, or pursuant to the requirements of any private mortgage guaranty insurer, or as may be required to conform with Accepted Servicing Practices. The Servicer shall cause to be maintained on each REO Property to be insured against risks, hazards and liabilities, in an amount with respect to hazards which is at least equal to the full replacement cost of the improvements which are a part of such REO Property and shall indemnify and hold harmless the Owner with respect to Liabilities in connection therewith in an amount of at least $1 million per occurrence and $2 million in the aggregate. In the event that the Owner or the Servicer shall determine that the Mortgaged Property securing a Non-Agency Mortgage Loan should be insured against loss or damage by hazards and risks not covered by the insurance required to be maintained by the Mortgagor pursuant to the terms of the Mortgage, the Servicer shall in accordance with the Xxxxxx Mae Guides make commercially reasonable efforts to communicate and consult with the Mortgagor with respect to the need for such insurance and bring to the Mortgagor’s attention the desirability of protection of the Mortgaged Property. All policies required hereunder shall name the Servicer and its successors and assigns as a mortgagee and loss payee and shall be endorsed with non contributory standard or New York mortgagee clauses which shall provide for at least 30 thirty (30) days prior written notice of any cancellation, reduction in amount or material change in coverage. The In all such cases, the Servicer shall not interfere with the Mortgagor’s freedom of choice in selecting either his insurance carrier or agent, provided, however, that the Servicer shall not accept any such insurance policies from insurance companies unless such companies currently reflect a General Policy Rating of A:VI or better under Best’s Key Rating Guides, are acceptable under the Xxxxxx Xxx Guides and are licensed to do business in the jurisdiction in which the Mortgaged Property is located. The Servicer shall determine that such policies provide sufficient risk coverage and amounts as required pursuant to the Xxxxxx Mae Guides, that they insure the property owner, and that they properly describe the property address. The Servicer shall furnish to the Mortgagor a formal notice of expiration of any such insurance in conformance with Servicer’s standard practicessufficient time for the Mortgagor to arrange for renewal coverage by the expiration date; provided, however, that in the event that no such notice is furnished by the Servicer, the Servicer shall ensure that replacement insurance policies (whether forced placed or other insurance policies) are in place with in the required coverage coverages and the Servicer shall be solely liable for any losses in the event coverage is not provided. Pursuant to Section 2.044.04, any amounts collected by the Servicer under any such policies (other than amounts to be deposited in a suspense account the Escrow Account and applied to the restoration or repair of the related Mortgaged Property, or property acquired in liquidation of the First Lien Mortgage Loan, or to be released to the Mortgagor, in accordance with the Servicer’s normal servicing procedures as specified in Section 2.144.14) shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 2.05. With respect to each Second Lien Loan, the Servicer shall obtain and maintain the blanket hazard insurance policy described in Section 2.11. In the event a hazard insurance policy or a flood insurance policy shall be in danger of being terminated, the Servicer shall notify the related Mortgagor that the related Mortgagor must obtain hazard insurance coverage or flood insurance coverage, and if such Mortgagor fails to obtain the required hazard insurance or flood insurance coverage within forty-five (45) days after such notification, the Servicer shall immediately force place the required hazard insurance or flood insurance on such Mortgagor’s behalf, or in the event the insurer shall cease to be acceptable to Xxxxxx Xxx or Xxxxxxx Mac, the Servicer shall notify any successor Servicer and such Mortgagor, and such successor Servicer shall use its best efforts, as permitted by applicable law, to obtain from another Qualified Insurer a replacement hazard insurance policy or flood insurance policy substantially and materially similar in all respects to the original policy4.05.

Maintenance of Hazard Insurance. The Servicer Company shall cause to be maintained for each First Lien Loan, Mortgage Loan fire and hazard insurance such that all buildings upon with extended coverage as is customary in the area where the Mortgaged Property are insured by a generally acceptable insurer acceptable under the Xxxxxx Mae Guides against loss by fire, hazards of extended coverage and such other hazards as are required to be insured pursuant to the Fannie Mae Guides, is located in an amount which is at least equal to the lesser of (i) the maximum insurable value of the improvements securing such First Lien Mortgage Loan or (ii) the greater of (a) the outstanding principal balance of the First Lien Loan plusMortgage Loan, and (b) the percentage such that the proceeds thereof shall be sufficient to prevent the Mortgagor and/or the Mortgagee from becoming a co-insurer. If the Mortgaged Property is in an area identified in the case of each Second from LoanFederal Register by the Flood Emergency Management Agency as having special flood hazards and such flood insurance has been made available, the outstanding principal of any mortgage loan senior Company will cause to such Second Lien Loan, provided that such aggregate amount represents at least 80% of the insurable value of the Mortgaged Property. If required by the National Flood Insurance Act of 1968, as amended, each First Lien Loan is, and shall continue to be, covered by be maintained a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect with a generally acceptable insurance carrier acceptable under the Xxxxxx Xxx Guides carrier, in an amount representing coverage not less than the lesser least of (i) the aggregate unpaid outstanding principal balance of the First Lien Mortgage Loan, (ii) the maximum insurable value of the improvements securing such Mortgage Loan or (iii) the maximum amount of insurance which is available under the National Flood Insurance Disaster Protection Act of 19681973, as amended (regardless of whether amended. The Company shall also maintain on the area REO Property, fire and hazard insurance with extended coverage in an amount which such Mortgaged Property is located is participating in such program), and (iii) at least equal to the full replacement maximum insurable value of the improvements which are a part of such Mortgaged Property. If a Mortgaged Property is located in a special flood hazard area property, liability insurance and, to the extent required and is not covered by flood insurance or is covered in an amount less than available under the amount required by the National Flood Insurance Disaster Protection Act of 19681973, as amended, the Servicer shall notify the related Mortgagor that the Mortgagor must obtain such flood insurance coverage, and if said Mortgagor fails in an amount as provided above. Any amounts collected by the Company under any such policies other than amounts to obtain the required flood insurance coverage within forty five (45) days after such notification, the Servicer shall immediately force place the required flood insurance on the Mortgagor’s behalf. If a Mortgage is secured by a unit in a condominium project, the Servicer shall verify that the coverage required of the owner’s association, including hazard, flood, liability, and fidelity coverage, is being maintained in accordance with then current Xxxxxx Mae requirements, and secure from the owner’s association its agreement to notify the Servicer promptly of any change be deposited in the insurance coverage Escrow Account and applied to the restoration or of any condemnation or casualty loss that may have a material effect on the value repair of the Mortgaged Property as securityor REO Property, or released to the Mortgagor in accordance with the Company’s normal servicing procedures, shall be deposited in the Custodial Account, subject to withdrawal pursuant to Section 4.05. The Servicer shall cause to It is understood and agreed that no earthquake or other additional insurance need be required by the Company or the Mortgagor or maintained on each Mortgaged Property such property acquired in respect of the Mortgage Loan, other or additional insurance as may be required than pursuant to such applicable laws and regulations as shall at any time be in force and as shall require such additional insurance, or pursuant to the requirements of any private mortgage guaranty insurer, or as may be required to conform with Accepted Servicing Practices. The Servicer shall cause to be maintained on each REO Property to be insured against risks, hazards and liabilities, in an amount with respect to hazards which is at least equal to the full replacement cost of the improvements which are a part of such REO Property and shall indemnify and hold harmless the Owner with respect to Liabilities in connection therewith in an amount of at least $1 million per occurrence and $2 million in the aggregate. In the event that the Owner or the Servicer shall determine that the Mortgaged Property should be insured against loss or damage by hazards and risks not covered by the insurance required to be maintained by the Mortgagor pursuant to the terms of the Mortgage, the Servicer shall communicate and consult with the Mortgagor with respect to the need for such insurance and bring to the Mortgagor’s attention the desirability of protection of the Mortgaged Property. All such policies required hereunder shall name the Servicer and its successors and assigns as a mortgagee and loss payee and shall be endorsed with non contributory standard or New York mortgagee clauses which with loss payable to the Company and shall provide for at least 30 thirty days prior written notice of any cancellation, reduction in the amount or material change in coveragecoverage to the Company. The Servicer Company shall not interfere with the Mortgagor’s freedom of choice in selecting either his insurance carrier or agent, provided, however, that the Servicer Company shall not accept any such insurance policies from insurance companies unless such companies are acceptable under the Xxxxxx Xxx Guides currently reflect a General Policy Rating of B+:III or better in Best’s Key Rating Guide and are licensed to do business in the jurisdiction in which state wherein the Mortgaged Property property subject to the policy is located. The Servicer shall determine that such policies provide sufficient risk coverage and amounts as required pursuant to the Xxxxxx Mae Guides, that they insure the property owner, and that they properly describe the property address. The Servicer shall furnish to the Mortgagor a formal notice of expiration of any such insurance in conformance with Servicer’s standard practices; provided, however, that in the event that no such notice is furnished by the Servicer, the Servicer shall ensure that replacement insurance policies (whether forced placed or other insurance policies) are in place with the required coverage and the Servicer shall be solely liable for any losses in the event coverage is not provided. Pursuant to Section 2.04, any amounts collected by the Servicer under any such policies (other than amounts to be deposited in a suspense account and applied to the restoration or repair of the related Mortgaged Property, or property acquired in liquidation of the First Lien Loan, or to be released to the Mortgagor, in accordance with the Servicer’s normal servicing procedures as specified in Section 2.14) shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 2.05. With respect to each Second Lien Loan, the Servicer shall obtain and maintain the blanket hazard insurance policy described in Section 2.11. In the event a hazard insurance policy or a flood insurance policy shall be in danger of being terminated, the Servicer shall notify the related Mortgagor that the related Mortgagor must obtain hazard insurance coverage or flood insurance coverage, and if such Mortgagor fails to obtain the required hazard insurance or flood insurance coverage within forty-five (45) days after such notification, the Servicer shall immediately force place the required hazard insurance or flood insurance on such Mortgagor’s behalf, or in the event the insurer shall cease to be acceptable to Xxxxxx Xxx or Xxxxxxx Mac, the Servicer shall notify any successor Servicer and such Mortgagor, and such successor Servicer shall use its best efforts, as permitted by applicable law, to obtain from another Qualified Insurer a replacement hazard insurance policy or flood insurance policy substantially and materially similar in all respects to the original policy.

Maintenance of Hazard Insurance. (a) The Servicer shall cause to be maintained for each First Lien Loan, Mortgage Loan serviced by it fire and hazard insurance such that all buildings upon with extended coverage customary in the area where the related Mortgaged Property are insured by a generally acceptable insurer acceptable under the Xxxxxx Mae Guides against loss by fire, hazards of extended coverage and such other hazards as are required to be insured pursuant to the Fannie Mae Guidesis located, in an amount which is at least equal to the lesser of (i) 100% of the maximum insurable replacement value of the improvements securing such First Lien Loan the Mortgage Loan, or (ii) the outstanding principal balance Unpaid Principal Balance of the First Lien Mortgage Loan plus, in the case of each Second from Loan, the outstanding principal of any mortgage loan senior to such Second Lien Loan, provided that such aggregate amount represents (so long as it equals at least 80% of the insurable value of the Mortgaged Propertyimprovements); provided that in any case such amount shall be sufficient to prevent the Mortgagor and/or Mortgagee from becoming a co-insurer. If required the Mortgaged Property is in an area that, at the time of origination of the related Mortgage Loan, is identified on a flood hazard boundary map or flood insurance rate map issued by the National Flood Insurance Act of 1968Federal Emergency Management Agency as having special flood hazards (and such flood insurance was then available), as amended, each First Lien Loan is, and the Servicer shall continue cause to be, covered by be maintained a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect with a generally acceptable insurance carrier acceptable under the Xxxxxx Xxx Guides carrier, if such insurance is available. Such flood insurance shall be in an amount representing coverage not less than the lesser least of (i) the aggregate unpaid principal balance Unpaid Principal Balance of the First Lien Mortgage Loan, (ii) the full insurable value of the improvements securing such Mortgage Loan and (iii) the maximum amount of insurance which is available under the National Flood Insurance Act of 19681968 and the Flood Disaster Protection Act of 1973, each as amended amended. The Servicer shall also maintain on REO Property (regardless of whether x) fire and hazard insurance with extended coverage in an amount that is at least equal to the area in which such Mortgaged Property is located is participating in such program), and (iii) the full replacement maximum insurable value of the improvements which that are a part of such Mortgaged Property. If a Mortgaged Property is located in a special flood hazard area property, (y) liability insurance and is not covered by flood insurance or is covered in an amount less than (z) to the amount extent required by and available under the National Flood Insurance Act of 19681968 and the Flood Disaster Protection Act of 1973, each as amended, flood insurance in an amount as provided above. Any amounts collected by the Servicer under any such policies shall notify the related Mortgagor that the Mortgagor must obtain such flood insurance coverage, and if said Mortgagor fails to obtain the required flood insurance coverage within forty five (45) days after such notification, be paid over or applied by the Servicer shall immediately force place the required flood insurance on the Mortgagor’s behalf. If a Mortgage is secured by a unit in a condominium project, the Servicer shall verify that the coverage required of the owner’s association, including hazard, flood, liability, and fidelity coverage, is being maintained in accordance with then current Xxxxxx Mae requirements, and secure from Applicable Requirements whether (i) for the owner’s association its agreement to notify the Servicer promptly of any change in the insurance coverage restoration or of any condemnation or casualty loss that may have a material effect on the value repair of the Mortgaged Property Property, subject to the related Mortgage, (ii) for release to the Mortgagor, or (iii) for application in reduction of the Mortgage Loan, in which event such amounts shall be deposited in the Account, as securityprovided in Section 2.4. The Servicer shall cause to It is understood and agreed that no earthquake or other additional insurance need be maintained by the Servicer on each Mortgaged Property such any Mortgage Loan or property acquired in respect of a Mortgage Loan, other or additional insurance than as may be required pursuant to such under applicable laws and regulations as shall at any time be in force and as shall require such additional insurance, or pursuant to the requirements of any private mortgage guaranty insurer, or as may be required to conform with Accepted Servicing Practices. The Servicer shall cause to be maintained on each REO Property to be insured against risks, hazards and liabilities, in an amount with respect to hazards which is at least equal to the full replacement cost of the improvements which are a part of such REO Property and shall indemnify and hold harmless the Owner with respect to Liabilities in connection therewith in an amount of at least $1 million per occurrence and $2 million in the aggregate. In the event that the Owner or the Servicer shall determine that the Mortgaged Property should be insured against loss or damage by hazards and risks not covered by the insurance required to be maintained by the Mortgagor pursuant to the terms of the Mortgage, the Servicer shall communicate and consult with the Mortgagor with respect to the need for such insurance and bring to the Mortgagor’s attention the desirability of protection of the Mortgaged Propertyforce. All policies required hereunder shall name be endorsed with standard mortgagee clauses with loss payable to the Servicer and its successors and assigns as a mortgagee and loss payee and shall be endorsed with non contributory standard or New York mortgagee clauses which shall provide for at least 30 days prior written notice to the Servicer of any cancellation, reduction in amount amount, or material change in coverage. The Servicer shall not interfere with the Mortgagor’s freedom of choice in selecting either his the Mortgagor’s insurance carrier or agent, agent upon any policy renewal; provided, however, that upon any such policy renewal, the Servicer shall not accept any such insurance policies only from insurance companies unless such companies are acceptable under the Xxxxxx Xxx Guides that (A) have a rating of B:III or better in Best’s Key Rating Guide or a financial performance index rating of 6 or better in Best’s Insurance Reports and (B) are licensed to do business in the jurisdiction in which the related Mortgaged Property is located. The Servicer shall determine that such policies provide sufficient risk coverage and amounts as required pursuant to the Xxxxxx Mae Guides, that they insure the property owner, and that they properly describe the property address. The Servicer shall furnish to the Mortgagor a formal notice of expiration of any such insurance in conformance with Servicer’s standard practices; provided, however, that in the event that no such notice is furnished by the Servicer, the Servicer shall ensure that replacement insurance policies (whether forced placed or other insurance policies) are in place with the required coverage and the Servicer shall be solely liable for any losses in the event coverage is not provided. Pursuant to Section 2.04, any amounts collected by the Servicer under any such policies (other than amounts to be deposited in a suspense account and applied to the restoration or repair of the related Mortgaged Property, or property acquired in liquidation of the First Lien Loan, or to be released to the Mortgagor, in accordance with the Servicer’s normal servicing procedures as specified in Section 2.14) shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 2.05. With respect to each Second Lien Loan, the Servicer shall obtain and maintain the blanket hazard insurance policy described in Section 2.11. In the event a hazard insurance policy or a flood insurance policy shall be in danger of being terminated, the Servicer shall notify the related Mortgagor that the related Mortgagor must obtain hazard insurance coverage or flood insurance coverage, and if such Mortgagor fails to obtain the required hazard insurance or flood insurance coverage within forty-five (45) days after such notification, the Servicer shall immediately force place the required hazard insurance or flood insurance on such Mortgagor’s behalf, or in the event the insurer shall cease to be acceptable to Xxxxxx Xxx or Xxxxxxx Mac, the Servicer shall notify any successor Servicer and such Mortgagor, and such successor Servicer shall use its best efforts, as permitted by applicable law, to obtain from another Qualified Insurer a replacement hazard insurance policy or flood insurance policy substantially and materially similar in all respects to the original policy.

Maintenance of Hazard Insurance. The Servicer Seller shall cause to be maintained for each First Lien Loan, Loan fire and hazard insurance such that all buildings upon with extended coverage as is customary in the area where the Mortgaged Property is located in an amount which is at least equal to the lesser of (i) the amount necessary to fully compensate for any damage or loss to the improvements which are insured a part of such property on a replacement cost basis or (ii) the outstanding principal balance of the Loan (including any cumulative related Negative Amortization), in each case in an amount not less than such amount as is necessary to prevent the Borrower and/or the Mortgagee from becoming a co-insurer. If the Mortgaged Property is in an area identified on a Flood Hazard Boundary Map or Flood Insurance Rate Map issued by the Flood Emergency Management Agency as having special flood hazards and such flood insurance has been made available, the Seller will cause to be maintained a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration with a generally acceptable insurer acceptable insurance carrier, in an amount representing coverage not less than the lesser of (i) the outstanding principal balance of the Loan (plus, if the Loan provides for negative amortization, the maximum amount of Negative Amortization in accordance with the Mortgage) or (ii) the maximum amount of insurance which is available under the Xxxxxx Mae Guides against loss by fireNational Flood Insurance Act of 1968 or the Flood Disaster Protection Act of 1973, hazards of as amended. The Seller also shall maintain on any REO Property, fire and hazard insurance with extended coverage and such other hazards as are required to be insured pursuant to the Fannie Mae Guides, in an amount which is at least equal to the lesser of (i) the maximum insurable value of the improvements securing which are a part of such First Lien Loan or property and (ii) the outstanding principal balance of the First Lien related Loan plus(including any cumulative related Negative Amortization) at the time it became an REO Property, in liability insurance and, to the case of each Second from Loan, the outstanding principal of any mortgage loan senior to such Second Lien Loan, provided that such aggregate amount represents at least 80% of the insurable value of the Mortgaged Property. If extent required by the National Flood Insurance Act of 1968, as amended, each First Lien Loan is, and shall continue to be, covered by a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect with a generally acceptable insurance carrier acceptable under the Xxxxxx Xxx Guides in an amount representing coverage not less than the lesser of (i) the aggregate unpaid principal balance of the First Lien Loan, (ii) maximum amount of insurance which is available under the National Flood Insurance Act of 1968, as amended (regardless of whether 1968 or the area in which such Mortgaged Property is located is participating in such program), and (iii) the full replacement value of the improvements which are part of such Mortgaged Property. If a Mortgaged Property is located in a special flood hazard area and is not covered by flood insurance or is covered in an amount less than the amount required by the National Flood Insurance Disaster Protection Act of 19681973, as amended, the Servicer shall notify the related Mortgagor that the Mortgagor must obtain such flood insurance coveragein an amount as provided above. Pursuant to Section 11.04, and if said Mortgagor fails any amounts collected by the Seller under any such policies other than amounts to obtain the required flood insurance coverage within forty five (45) days after such notification, the Servicer shall immediately force place the required flood insurance on the Mortgagor’s behalf. If a Mortgage is secured by a unit in a condominium project, the Servicer shall verify that the coverage required of the owner’s association, including hazard, flood, liability, and fidelity coverage, is being maintained in accordance with then current Xxxxxx Mae requirements, and secure from the owner’s association its agreement to notify the Servicer promptly of any change be deposited in the insurance coverage Escrow Account and applied to the restoration or of any condemnation or casualty loss that may have a material effect on the value repair of the Mortgaged Property as securityor REO Property, or released to the Borrower in accordance with the Seller’s normal servicing procedures, shall be deposited in the Custodial Account, subject to withdrawal pursuant to Section 11.05. The Servicer Any cost incurred by the Seller in maintaining any such insurance shall cause not, for the purpose of calculating distributions to the Purchaser, be added to the unpaid principal balance of the related Loan, notwithstanding that the terms of such Loan so permit. It is understood and agreed that no earthquake or other additional insurance need be required by the Seller of the Borrower or maintained on each Mortgaged Property such property acquired in respect of the Loan, other or additional insurance as may be required than pursuant to such applicable laws and regulations as shall at any time be in force and as shall require such additional insurance, or pursuant to the requirements of any private mortgage guaranty insurer, or as may be required to conform with Accepted Servicing Practices. The Servicer shall cause to be maintained on each REO Property to be insured against risks, hazards and liabilities, in an amount with respect to hazards which is at least equal to the full replacement cost of the improvements which are a part of such REO Property and shall indemnify and hold harmless the Owner with respect to Liabilities in connection therewith in an amount of at least $1 million per occurrence and $2 million in the aggregate. In the event that the Owner or the Servicer shall determine that the Mortgaged Property should be insured against loss or damage by hazards and risks not covered by the insurance required to be maintained by the Mortgagor pursuant to the terms of the Mortgage, the Servicer shall communicate and consult with the Mortgagor with respect to the need for such insurance and bring to the Mortgagor’s attention the desirability of protection of the Mortgaged Property. All such policies required hereunder shall name the Servicer and its successors and assigns as a mortgagee and loss payee and shall be endorsed with non contributory standard or New York mortgagee clauses which with loss payable to the Seller, or upon request to the Purchaser, and shall provide for at least 30 thirty days prior written notice of any cancellation, reduction in the amount of, or material change in coveragein, coverage to the Seller. The Servicer Seller shall not interfere with the MortgagorBorrower’s freedom of choice in selecting either his insurance carrier or agent, provided, however, that the Servicer Seller shall not accept any such insurance policies from insurance companies unless such companies are acceptable under currently meet the requirements of the Xxxxxx Xxx Mae Guides and are licensed to do business in the jurisdiction in which state wherein the Mortgaged Property property subject to the policy is located. The Servicer shall determine that such policies provide sufficient risk coverage and amounts as required pursuant to the Xxxxxx Mae Guides, that they insure the property owner, and that they properly describe the property address. The Servicer shall furnish to the Mortgagor a formal notice of expiration of any such insurance in conformance with Servicer’s standard practices; provided, however, that in the event that no such notice is furnished by the Servicer, the Servicer shall ensure that replacement insurance policies (whether forced placed or other insurance policies) are in place with the required coverage and the Servicer shall be solely liable for any losses in the event coverage is not provided. Pursuant to Section 2.04, any amounts collected by the Servicer under any such policies (other than amounts to be deposited in a suspense account and applied to the restoration or repair of the related Mortgaged Property, or property acquired in liquidation of the First Lien Loan, or to be released to the Mortgagor, in accordance with the Servicer’s normal servicing procedures as specified in Section 2.14) shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 2.05. With respect to each Second Lien Loan, the Servicer shall obtain and maintain the blanket hazard insurance policy described in Section 2.11. In the event a hazard insurance policy or a flood insurance policy shall be in danger of being terminated, the Servicer shall notify the related Mortgagor that the related Mortgagor must obtain hazard insurance coverage or flood insurance coverage, and if such Mortgagor fails to obtain the required hazard insurance or flood insurance coverage within forty-five (45) days after such notification, the Servicer shall immediately force place the required hazard insurance or flood insurance on such Mortgagor’s behalf, or in the event the insurer shall cease to be acceptable to Xxxxxx Xxx or Xxxxxxx Mac, the Servicer shall notify any successor Servicer and such Mortgagor, and such successor Servicer shall use its best efforts, as permitted by applicable law, to obtain from another Qualified Insurer a replacement hazard insurance policy or flood insurance policy substantially and materially similar in all respects to the original policy.

Maintenance of Hazard Insurance. The Servicer shall cause to be maintained for each First Lien Loan, Mortgage Loan fire and hazard insurance such that all buildings upon with extended coverage as is customary in the area where the Mortgaged Property are insured by a generally acceptable insurer acceptable under the Xxxxxx Mae Guides against loss by fire, hazards of extended coverage and such other hazards as are required to be insured pursuant to the Fannie Mae Guides, is located in an amount which is at least equal to the lesser of (i) the maximum insurable value of the improvements securing such First Lien Mortgage Loan or and (ii) the greater of (a) the outstanding principal balance of the First Lien Loan plusMortgage Loan, and (b) the percentage such that the proceeds thereof shall be sufficient to prevent the Mortgagor and/or the mortgagee from becoming a co-insurer. If the Mortgaged Property is in an area identified in the case of each Second from LoanFederal Register by the Federal Emergency Management Agency as being a special flood hazard area that has federally-mandated flood insurance requirements, the outstanding principal of any mortgage loan senior Servicer will cause to such Second Lien Loan, provided that such aggregate amount represents at least 80% of the insurable value of the Mortgaged Property. If required by the National Flood Insurance Act of 1968, as amended, each First Lien Loan is, and shall continue to be, covered by be maintained a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect with a generally acceptable insurance carrier acceptable under the Xxxxxx Xxx Guides carrier, in an amount representing coverage not less than the lesser least of (i) the aggregate unpaid outstanding principal balance of the First Lien Mortgage Loan, (ii) the maximum insurable value of the improvements securing such Mortgage Loan and (iii) the maximum amount of insurance which is available under the National Flood Insurance Disaster Protection Act of 19681973, as amended (regardless of whether amended. The Servicer shall also maintain on each REO Property, fire and hazard insurance with extended coverage in an amount which is at least equal to the area in which such Mortgaged Property is located is participating in such program), and (iii) the full replacement maximum insurable value of the improvements which are a part of such Mortgaged Property. If a Mortgaged Property is located in a special flood hazard area property, liability insurance and, to the extent required and is not covered by flood insurance or is covered in an amount less than available under the amount required by the National Flood Insurance Disaster Protection Act of 19681973, as amended, flood insurance in an amount as provided above. Any amounts collected by the Servicer shall notify the related Mortgagor that the Mortgagor must obtain under any such flood insurance coverage, and if said Mortgagor fails policies other than amounts to obtain the required flood insurance coverage within forty five (45) days after such notification, the Servicer shall immediately force place the required flood insurance on the Mortgagor’s behalf. If a Mortgage is secured by a unit in a condominium project, the Servicer shall verify that the coverage required of the owner’s association, including hazard, flood, liability, and fidelity coverage, is being maintained in accordance with then current Xxxxxx Mae requirements, and secure from the owner’s association its agreement to notify the Servicer promptly of any change be deposited in the insurance coverage Escrow Account and applied to the restoration or of any condemnation or casualty loss that may have a material effect on the value repair of the Mortgaged Property as securityor REO Property, or released to the Mortgagor in accordance with the Servicer’s normal servicing procedures, shall be deposited in the Custodial Account, subject to withdrawal pursuant to Section 4.05. The It is understood and agreed that no other additional insurance need be required by the Servicer shall cause to be or the Mortgagor or maintained on each Mortgaged Property such property acquired in respect of the Mortgage Loans, other than as provided in the Xxxxxx Xxx Guide or additional insurance as may be required pursuant to such applicable state or federal laws and regulations as shall at any time be in force and as shall require such additional insurance, or pursuant to the requirements of any private mortgage guaranty insurer, or as may be required to conform with Accepted Servicing Practices. The Servicer shall cause to be maintained on each REO Property to be insured against risks, hazards and liabilities, in an amount with respect to hazards which is at least equal to the full replacement cost of the improvements which are a part of such REO Property and shall indemnify and hold harmless the Owner with respect to Liabilities in connection therewith in an amount of at least $1 million per occurrence and $2 million in the aggregate. In the event that the Owner or the Servicer shall determine that the Mortgaged Property should be insured against loss or damage by hazards and risks not covered by the insurance required to be maintained by the Mortgagor pursuant to the terms of the Mortgage, the Servicer shall communicate and consult with the Mortgagor with respect to the need for such insurance and bring to the Mortgagor’s attention the desirability of protection of the Mortgaged Property. All such policies required hereunder shall name be endorsed with standard mortgagee clauses with loss payable to the Servicer and its successors and/or assigns and assigns as a mortgagee and loss payee and shall be endorsed with non contributory standard or New York mortgagee clauses which shall provide for at least 30 thirty days prior written notice of any cancellation, reduction in the amount or material change in coveragecoverage to the Servicer. The Servicer shall not interfere with the Mortgagor’s freedom of choice in selecting either his insurance carrier or agent, ; provided, however, that the Servicer shall not accept any such insurance policies from insurance companies unless such companies are currently reflect a General Policy Rating in Best’s Key Rating Guide currently acceptable under the to Xxxxxx Xxx Guides Mae and are licensed to do business in the jurisdiction in which state wherein the Mortgaged Property property subject to the policy is located. The Servicer shall determine that such All insurance policies provide sufficient risk coverage and amounts as required maintained pursuant to the Xxxxxx Mae Guides, that they insure the property owner, and that they properly describe the property address. The Servicer shall furnish to the Mortgagor a formal notice of expiration of any such insurance in conformance with Servicer’s standard practices; provided, however, that in the event that no such notice is furnished by the Servicer, the Servicer shall ensure that replacement insurance policies (whether forced placed or other insurance policies) are in place with the required coverage and the Servicer this Section 4.10 shall be solely liable for any losses in the event coverage is not provided. Pursuant to Section 2.04, any amounts collected by the Servicer under any such policies (other than amounts to be deposited in maintained with a suspense account and applied to the restoration or repair of the related Mortgaged Property, or property acquired in liquidation of the First Lien Loan, or to be released to the Mortgagor, in accordance with the Servicer’s normal servicing procedures as specified in Section 2.14) shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 2.05. With respect to each Second Lien Loan, the Servicer shall obtain and maintain the blanket hazard insurance policy described in Section 2.11. In the event a hazard insurance policy or a flood insurance policy shall be in danger of being terminated, the Servicer shall notify the related Mortgagor that the related Mortgagor must obtain hazard insurance coverage or flood insurance coverage, and if such Mortgagor fails to obtain the required hazard insurance or flood insurance coverage within forty-five (45) days after such notification, the Servicer shall immediately force place the required hazard insurance or flood insurance on such Mortgagor’s behalf, or in the event the insurer shall cease to be acceptable to Xxxxxx Xxx or Xxxxxxx Mac, the Servicer shall notify any successor Servicer and such Mortgagor, and such successor Servicer shall use its best efforts, as permitted by applicable law, to obtain from another Qualified Insurer a replacement hazard insurance policy or flood insurance policy substantially and materially similar in all respects to the original policyInsurer.

Maintenance of Hazard Insurance. The Master Servicer shall enforce the obligations of the Servicer (to the extent provided by the ECC Capital Servicing Agreement) to cause to be maintained maintained, for each First Lien Mortgage Loan, hazard insurance such that all buildings upon the Mortgaged Property are insured by a generally acceptable insurer acceptable under the Xxxxxx Mae Guides against loss by fire, hazards of with extended coverage and such other hazards as are required to be insured pursuant to the Fannie Mae Guides, in an amount which that is at least equal to the lesser of (i) the maximum insurable value of the improvements securing such First Lien Mortgage Loan or and (ii) the greater of (a) the outstanding principal balance of the First Lien Mortgage Loan plusand (b) an amount such that the proceeds of such policy shall be sufficient to prevent the related Mortgagor and/or mortgagee from becoming a co-insurer. Each such policy of standard hazard insurance shall contain, or have an accompanying endorsement that contains, a standard mortgagee clause. The Master Servicer shall also enforce any obligation of the Servicer under the ECC Capital Servicing Agreement to cause flood insurance to be maintained on property acquired upon foreclosure or deed in lieu of foreclosure of any Mortgage Loan, to the extent described below. Pursuant to Section 3.05 hereof, any amounts collected by the Master Servicer or by the Servicer (to the extent provided by the ECC Capital Servicing Agreement) under any such policies (other than the amounts to be applied to the restoration or repair of the related Mortgaged Property or property thus acquired or amounts released to the Mortgagor in accordance with the Master Servicer’s or the Servicer’s normal servicing procedures) shall be deposited in the case of each Second from Loan, the outstanding principal of any mortgage loan senior to such Second Lien Loan, provided that such aggregate amount represents at least 80% of the insurable value of the Mortgaged PropertyCollection Account. If required Any cost incurred by the National Flood Insurance Act Master Servicer or the Servicer (to the extent provided for by the ECC Capital Servicing Agreement) in maintaining any such insurance shall not, for the purpose of 1968calculating monthly distributions to the Noteholders or remittances to the Indenture Trustee for their benefit, as amended, each First Lien Loan is, and shall continue be added to be, covered by a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect with a generally acceptable insurance carrier acceptable under the Xxxxxx Xxx Guides in an amount representing coverage not less than the lesser of (i) the aggregate unpaid principal balance of the First Lien Mortgage Loan, (ii) maximum amount of insurance which is available under notwithstanding that the National Flood Insurance Act of 1968, as amended (regardless of whether the area in which such Mortgaged Property is located is participating in such program), and (iii) the full replacement value terms of the improvements which are part of such Mortgaged PropertyMortgage Loan so permit. If a Mortgaged Property is located in a special flood hazard area and is not covered by flood insurance or is covered in an amount less than the amount required Such costs shall be recoverable by the National Flood Insurance Act of 1968, as amended, Master Servicer or the Servicer shall notify (to the extent provided for by the ECC Capital Servicing Agreement) out of late payments by the related Mortgagor or out of Liquidation Proceeds to the extent permitted by Section 3.08 hereof. It is understood and agreed that the no earthquake or other additional insurance is to be required of any Mortgagor must obtain such flood insurance coverage, and if said Mortgagor fails to obtain the required flood insurance coverage within forty five (45) days after such notification, the Servicer shall immediately force place the required flood insurance or maintained on the Mortgagor’s behalf. If property acquired in respect of a Mortgage is secured by a unit in a condominium project, the Servicer shall verify that the coverage required of the owner’s association, including hazard, flood, liability, and fidelity coverage, is being maintained in accordance with then current Xxxxxx Mae requirements, and secure from the owner’s association its agreement to notify the Servicer promptly of any change in the insurance coverage or of any condemnation or casualty loss that may have a material effect on the value of the Mortgaged Property as security. The Servicer shall cause to be maintained on each Mortgaged Property such other or additional insurance as may be required than pursuant to such applicable laws and regulations as shall at any time be in force and as shall require such additional insurance, or pursuant to the requirements of any private mortgage guaranty insurer, or as may be required to conform with Accepted Servicing Practices. The Servicer shall cause to be maintained on each REO Property to be insured against risks, hazards and liabilities, in an amount with respect to hazards which is at least equal to the full replacement cost of the improvements which are a part of such REO Property and shall indemnify and hold harmless the Owner with respect to Liabilities in connection therewith in an amount of at least $1 million per occurrence and $2 million in the aggregate. In the event that the Owner or the Servicer shall determine that the Mortgaged Property should be insured against loss or damage by hazards and risks not covered by the insurance required to be maintained by the Mortgagor pursuant to the terms of the Mortgage, the Servicer shall communicate and consult with the Mortgagor with respect to the need for such insurance and bring to the Mortgagor’s attention the desirability of protection of the Mortgaged Property. All policies required hereunder shall name the Servicer and its successors and assigns as a mortgagee and loss payee and shall be endorsed with non contributory standard or New York mortgagee clauses which shall provide for at least 30 days prior written notice of any cancellation, reduction in amount or material change in coverage. The Servicer shall not interfere with the Mortgagor’s freedom of choice in selecting either his insurance carrier or agent, provided, however, that the Servicer shall not accept any such insurance policies from insurance companies unless such companies are acceptable under the Xxxxxx Xxx Guides and are licensed to do business in the jurisdiction in which If the Mortgaged Property is located. The located at the time of origination of the Mortgage Loan in a federally designated special flood hazard area and such area is participating in the national flood insurance program, the Master Servicer shall determine that such policies provide sufficient risk coverage and amounts as required pursuant enforce the obligation of the Servicer (to the Xxxxxx Mae Guidesextent provided in the ECC Capital Servicing Agreement), that they insure the property owner, and that they properly describe the property addressto cause flood insurance to be maintained with respect to such Mortgage Loan. The Servicer Such flood insurance shall furnish be in an amount equal to the Mortgagor a formal notice lesser of expiration of any such insurance in conformance with Servicer’s standard practices; provided, however, that in (i) the event that no such notice is furnished by the Servicer, the Servicer shall ensure that replacement insurance policies (whether forced placed or other insurance policies) are in place with the required coverage and the Servicer shall be solely liable for any losses in the event coverage is not provided. Pursuant to Section 2.04, any amounts collected by the Servicer under any such policies (other than amounts to be deposited in a suspense account and applied to the restoration or repair original principal balance of the related Mortgage Loan, (ii) the replacement value of the improvements that are part of such Mortgaged Property, or property acquired in liquidation (iii) the maximum amount of the First Lien Loan, or to be released to the Mortgagor, in accordance with the Servicer’s normal servicing procedures as specified in Section 2.14) shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 2.05. With respect to each Second Lien Loan, the Servicer shall obtain and maintain the blanket hazard such insurance policy described in Section 2.11. In the event a hazard insurance policy or a flood insurance policy shall be in danger of being terminated, the Servicer shall notify available for the related Mortgagor that Mortgaged Property under the related Mortgagor must obtain hazard insurance coverage or flood insurance coverage, and if such Mortgagor fails to obtain the required hazard insurance or flood insurance coverage within forty-five (45) days after such notification, the Servicer shall immediately force place the required hazard insurance or flood insurance on such Mortgagor’s behalf, or in the event the insurer shall cease to be acceptable to Xxxxxx Xxx or Xxxxxxx Mac, the Servicer shall notify any successor Servicer and such Mortgagor, and such successor Servicer shall use its best effortsFlood Disaster Protection Act of 1973, as permitted by applicable law, to obtain from another Qualified Insurer a replacement hazard insurance policy or flood insurance policy substantially and materially similar in all respects to the original policyamended.

Maintenance of Hazard Insurance. The Servicer Seller shall cause to be maintained for each First Lien Loan, Mortgage Loan fire and hazard insurance such that all buildings upon with extended coverage as is customary in the area where the Mortgaged Property is located in an amount which is at least equal to the lesser of (i) the amount necessary to fully compensate for any damage or loss to the improvements which are insured a part of such property on a replacement cost basis or (ii) the outstanding principal balance of the Mortgage Loan, in each case in an amount not less than such amount as is necessary to prevent the Mortgagor and/or the Mortgagee from becoming a co-insurer. If the Mortgaged Property is in an area identified on a Flood Hazard Boundary Map or Flood Insurance Rate Map issued by the Flood Emergency Management Agency as having special flood hazards and such flood insurance has been made available, the Seller will cause to be maintained a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration with a generally acceptable insurer acceptable insurance carrier, in an amount representing coverage not less than the lesser of (i) the outstanding principal balance of the Mortgage Loan or (ii) the maximum amount of insurance which is available under the Xxxxxx Mae Guides against loss by fireNational Flood Insurance Act of 1968 or the Flood Disaster Protection Act of 1973, hazards of as amended. The Seller also shall maintain on any REO Property, fire and hazard insurance with extended coverage and such other hazards as are required to be insured pursuant to the Fannie Mae Guides, in an amount which is at least equal to the lesser of (i) the maximum insurable value of the improvements securing which are a part of such First Lien Loan or property and (ii) the outstanding principal balance of the First Lien related Mortgage Loan plusat the time it became an REO Property plus accrued interest at the Mortgage Interest Rate and related Servicing Advances, in liability insurance and, to the case of each Second from Loan, the outstanding principal of any mortgage loan senior to such Second Lien Loan, provided that such aggregate amount represents at least 80% of the insurable value of the Mortgaged Property. If extent required by the National Flood Insurance Act of 1968, as amended, each First Lien Loan is, and shall continue to be, covered by a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect with a generally acceptable insurance carrier acceptable under the Xxxxxx Xxx Guides in an amount representing coverage not less than the lesser of (i) the aggregate unpaid principal balance of the First Lien Loan, (ii) maximum amount of insurance which is available under the National Flood Insurance Act of 1968, as amended (regardless of whether 1968 or the area in which such Mortgaged Property is located is participating in such program), and (iii) the full replacement value of the improvements which are part of such Mortgaged Property. If a Mortgaged Property is located in a special flood hazard area and is not covered by flood insurance or is covered in an amount less than the amount required by the National Flood Insurance Disaster Protection Act of 19681973, as amended, the Servicer shall notify the related Mortgagor that the Mortgagor must obtain such flood insurance coveragein an amount as provided above. Pursuant to Subsection 33.04, and if said Mortgagor fails any amounts collected by the Seller under any such policies other than amounts to obtain the required flood insurance coverage within forty five (45) days after such notification, the Servicer shall immediately force place the required flood insurance on the Mortgagor’s behalf. If a Mortgage is secured by a unit in a condominium project, the Servicer shall verify that the coverage required of the owner’s association, including hazard, flood, liability, and fidelity coverage, is being maintained in accordance with then current Xxxxxx Mae requirements, and secure from the owner’s association its agreement to notify the Servicer promptly of any change be deposited in the insurance coverage Escrow Account and applied to the restoration or of any condemnation or casualty loss that may have a material effect on the value repair of the Mortgaged Property as securityor REO Property, or released to the Mortgagor in accordance with the Seller's normal servicing procedures, shall be deposited in the related Custodial Account, subject to withdrawal pursuant to Subsection 33.05. The Servicer Any cost incurred by the Seller in maintaining any such insurance shall cause not, for the purpose of calculating distributions to the Purchaser, be added to the unpaid principal balance of the related Mortgage Loan, notwithstanding that the terms of such Mortgage Loan so permit. It is understood and agreed that no earthquake or other additional insurance need be required by the Seller of the Mortgagor or maintained on each Mortgaged Property such property acquired in respect of the Mortgage Loan, other or additional insurance as may be required than pursuant to such applicable laws and regulations as shall at any time be in force and as shall require such additional insurance, or pursuant to the requirements of any private mortgage guaranty insurer, or as may be required to conform with Accepted Servicing Practices. The Servicer shall cause to be maintained on each REO Property to be insured against risks, hazards and liabilities, in an amount with respect to hazards which is at least equal to the full replacement cost of the improvements which are a part of such REO Property and shall indemnify and hold harmless the Owner with respect to Liabilities in connection therewith in an amount of at least $1 million per occurrence and $2 million in the aggregate. In the event that the Owner or the Servicer shall determine that the Mortgaged Property should be insured against loss or damage by hazards and risks not covered by the insurance required to be maintained by the Mortgagor pursuant to the terms of the Mortgage, the Servicer shall communicate and consult with the Mortgagor with respect to the need for such insurance and bring to the Mortgagor’s attention the desirability of protection of the Mortgaged Property. All such policies required hereunder shall name the Servicer and its successors and assigns as a mortgagee and loss payee and shall be endorsed with non contributory standard or New York mortgagee clauses which with loss payable to the Seller, or upon request to the Purchaser, and shall provide for at least 30 thirty days prior written notice of any cancellation, reduction in the amount of, or material change in coveragein, coverage to the Seller. The Servicer Seller shall not interfere with the Mortgagor’s 's freedom of choice in selecting either his insurance carrier or agent, provided, however, that the Servicer Seller shall not accept any such insurance policies from insurance companies unless such companies are acceptable under the Xxxxxx Xxx Guides currently reflect a General Policy Rating of B:III or better in Best's Key Rating Guide and are licensed to do business in the jurisdiction in which state wherein the Mortgaged Property property subject to the policy is located. The Servicer shall determine that such policies provide sufficient risk coverage and amounts as required pursuant to the Xxxxxx Mae Guides, that they insure the property owner, and that they properly describe the property address. The Servicer shall furnish to the Mortgagor a formal notice of expiration of any such insurance in conformance with Servicer’s standard practices; provided, however, that in the event that no such notice is furnished by the Servicer, the Servicer shall ensure that replacement insurance policies (whether forced placed or other insurance policies) are in place with the required coverage and the Servicer shall be solely liable for any losses in the event coverage is not provided. Pursuant to Section 2.04, any amounts collected by the Servicer under any such policies (other than amounts to be deposited in a suspense account and applied to the restoration or repair of the related Mortgaged Property, or property acquired in liquidation of the First Lien Loan, or to be released to the Mortgagor, in accordance with the Servicer’s normal servicing procedures as specified in Section 2.14) shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 2.05. With respect to each Second Lien Loan, the Servicer shall obtain and maintain the blanket hazard insurance policy described in Section 2.11. In the event a hazard insurance policy or a flood insurance policy shall be in danger of being terminated, the Servicer shall notify the related Mortgagor that the related Mortgagor must obtain hazard insurance coverage or flood insurance coverage, and if such Mortgagor fails to obtain the required hazard insurance or flood insurance coverage within forty-five (45) days after such notification, the Servicer shall immediately force place the required hazard insurance or flood insurance on such Mortgagor’s behalf, or in the event the insurer shall cease to be acceptable to Xxxxxx Xxx or Xxxxxxx Mac, the Servicer shall notify any successor Servicer and such Mortgagor, and such successor Servicer shall use its best efforts, as permitted by applicable law, to obtain from another Qualified Insurer a replacement hazard insurance policy or flood insurance policy substantially and materially similar in all respects to the original policy.

Maintenance of Hazard Insurance. The Servicer shall cause to be maintained for each Non-Agency Mortgage Loan that is a First Lien Mortgage Loan, hazard insurance (with extended coverage as is customary in the area where the Mortgaged Property is located) such that all buildings upon the related Mortgaged Property are insured by a generally acceptable insurer acceptable under the Xxxxxx Mae Xxx Guides against loss by fire, hazards of extended coverage and such other hazards as are required to be insured pursuant to the Fannie Xxxxxx Mae Guides, in an amount which is at least equal to the lesser of (i) the maximum insurable value of the improvements securing such First Lien Mortgage Loan or and (ii) the greater of (a) the outstanding principal balance of such Mortgage Loan or (b) an amount such that the First Lien Loan plusproceeds thereof shall be sufficient to prevent the related Mortgagor or the loss payee from becoming a co-insurer (or, in the case of each Second from Loanany related REO Property, the outstanding principal of any mortgage loan senior to such Second Lien Loan, provided that such aggregate amount represents at least 80% of the insurable fair market value of such REO Property). With respect to the Mortgaged Property. If Non-Agency Mortgage Loans, if required by the National Flood Insurance Act of 19681968 or Flood Disaster Prevention Act of 1973, as amended, each First Lien such Mortgage Loan is, and shall continue to be, covered by a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect with a generally acceptable insurance carrier acceptable under the Xxxxxx Xxx Guides in an amount representing coverage not less than the lesser least of (i) the aggregate unpaid principal balance of such Mortgage Loan (or, in the First Lien Loancase of a related REO Property, the fair market value of such REO Property), (ii) maximum amount of insurance which is available under the National Flood Insurance Act of 19681968 or Flood Disaster Prevention Act of 1973, as amended (regardless of whether the area in which such Mortgaged Property is located is participating in such program), and or (iii) the full replacement value of the improvements which are part of such Mortgaged Property. If a related Mortgaged Property is located in a special flood hazard area and is not covered by flood insurance or is covered in an amount less than the amount required by the National Flood Insurance Act of 19681968 or Flood Disaster Prevention Act of 1973, as amended, the Servicer shall notify the related Mortgagor that the Mortgagor must obtain such flood insurance coverage, and if said such Mortgagor fails to obtain the required flood insurance coverage within forty forty-five (45) days after such notification, the Servicer shall immediately force place the required flood insurance on the such Mortgagor’s behalf. Notwithstanding the foregoing, Servicer shall have no liability to Owner or any third party for any penalties or fines imposed based on Servicer’s failure to timely notify the Director of FEMA and the flood insurance provider related to a servicing transfer if Servicer is not provided with flood insurance information; provided that, the Servicer shall have promptly provided Owner with notice of such missing flood insurance information. Notwithstanding the foregoing, the Servicer shall maintain a blanket insurance policy in sufficient amounts to cover any uninsured loss due to any gap in Mortgagor-provided coverage. If a Non-Agency Mortgage Loan that is a First Lien Mortgage Loan is secured by a unit in a condominium project, the Servicer shall verify that the coverage required of the owner’s homeowners’ association, including hazard, flood, liability, and fidelity coverage, is being maintained in accordance with then current Xxxxxx Mae requirements, and secure from the owner’s homeowners’ association its agreement to notify the Servicer promptly of any change in the insurance coverage or of any condemnation or casualty loss that may have a material effect on the value of the related Mortgaged Property as security. The Servicer shall cause to be maintained on each Mortgaged Property securing a Non-Agency Mortgage Loan such other or additional insurance as may be required pursuant to such applicable laws and regulations as shall at any time be in force and as shall require such additional insurance, or pursuant to the requirements of any private mortgage guaranty insurer, or as may be required to conform with Accepted Servicing Practices. The Servicer shall cause to be maintained on each REO Property to be insured against risks, hazards and liabilities, in an amount with respect to hazards which is at least equal to the full replacement cost of the improvements which are a part of such REO Property and shall indemnify and hold harmless the Owner with respect to Liabilities in connection therewith in an amount of at least $1 million per occurrence and $2 million in the aggregate. In the event that the Owner or the Servicer shall determine that the Mortgaged Property securing a Non-Agency Mortgage Loan should be insured against loss or damage by hazards and risks not covered by the insurance required to be maintained by the Mortgagor pursuant to the terms of the Mortgage, the Servicer shall in accordance with the Xxxxxx Xxx Guides make commercially reasonable efforts to communicate and consult with the Mortgagor with respect to the need for such insurance and bring to the Mortgagor’s attention the desirability of protection of the Mortgaged Property. All policies required hereunder shall name the Servicer and its successors and assigns as a mortgagee and loss payee and shall be endorsed with non contributory standard or New York mortgagee clauses which shall provide for at least 30 thirty (30) days prior written notice of any cancellation, reduction in amount or material change in coverage. The In all such cases, the Servicer shall not interfere with the Mortgagor’s freedom of choice in selecting either his insurance carrier or agent, provided, however, that the Servicer shall not accept any such insurance policies from insurance companies unless such companies currently reflect a General Policy Rating of A:VI or better under Best’s Key Rating Guides, are acceptable under the Xxxxxx Xxx Mae Guides and are licensed to do business in the jurisdiction in which the Mortgaged Property is located. The Servicer shall determine that such policies provide sufficient risk coverage and amounts as required pursuant to the Xxxxxx Mae Xxx Guides, that they insure the property owner, and that they properly describe the property address. The Servicer shall furnish to the Mortgagor a formal notice of expiration of any such insurance in conformance with Servicer’s standard practicessufficient time for the Mortgagor to arrange for renewal coverage by the expiration date; provided, however, that in the event that no such notice is furnished by the Servicer, the Servicer shall ensure that replacement insurance policies (whether forced placed or other insurance policies) are in place with in the required coverage coverages and the Servicer shall be solely liable for any losses in the event coverage is not provided. Pursuant to Section 2.044.04, any amounts collected by the Servicer under any such policies (other than amounts to be deposited in a suspense account the Escrow Account and applied to the restoration or repair of the related Mortgaged Property, or property acquired in liquidation of the First Lien Mortgage Loan, or to be released to the Mortgagor, in accordance with the Servicer’s normal servicing procedures as specified in Section 2.144.14) shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 2.05. With respect to each Second Lien Loan, the Servicer shall obtain and maintain the blanket hazard insurance policy described in Section 2.11. In the event a hazard insurance policy or a flood insurance policy shall be in danger of being terminated, the Servicer shall notify the related Mortgagor that the related Mortgagor must obtain hazard insurance coverage or flood insurance coverage, and if such Mortgagor fails to obtain the required hazard insurance or flood insurance coverage within forty-five (45) days after such notification, the Servicer shall immediately force place the required hazard insurance or flood insurance on such Mortgagor’s behalf, or in the event the insurer shall cease to be acceptable to Xxxxxx Xxx or Xxxxxxx Mac, the Servicer shall notify any successor Servicer and such Mortgagor, and such successor Servicer shall use its best efforts, as permitted by applicable law, to obtain from another Qualified Insurer a replacement hazard insurance policy or flood insurance policy substantially and materially similar in all respects to the original policy4.05.

Maintenance of Hazard Insurance. The Servicer shall cause to be maintained for each First Lien Loan, Mortgage Loan fire and hazard insurance such that all buildings upon with extended coverage as is customary in the area where the Mortgaged Property are insured by a generally acceptable insurer acceptable under the Xxxxxx Mae Guides against loss by fire, hazards of extended coverage and such other hazards as are required to be insured pursuant to the Fannie Mae Guides, is located in an amount which is at least equal to the lesser of (i) the maximum insurable value of the improvements securing such First Lien Mortgage Loan or (ii) the greater of (a) the outstanding principal balance of the First Lien Loan plusMortgage Loan, and (b) the percentage such that the proceeds thereof shall be sufficient to prevent the Mortgagor and/or the Mortgagee from becoming a co-insurer. If the Mortgaged Property is in an area identified in the case of each Second from LoanFederal Register by the Federal Emergency Management Agency as being a special flood hazard area that has federally-mandated flood insurance requirements, the outstanding principal of any mortgage loan senior Servicer will cause to such Second Lien Loan, provided that such aggregate amount represents at least 80% of the insurable value of the Mortgaged Property. If required by the National Flood Insurance Act of 1968, as amended, each First Lien Loan is, and shall continue to be, covered by be maintained a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect with a generally acceptable insurance carrier acceptable under the Xxxxxx Xxx Guides carrier, in an amount representing coverage not less than the lesser least of (i) the aggregate unpaid outstanding principal balance of the First Lien Mortgage Loan, (ii) the maximum insurable value of the improvements securing such Mortgage Loan or (iii) the maximum amount of insurance which is available under the National Flood Insurance Disaster Protection Act of 19681973, as amended (regardless of whether amended. The Servicer shall also maintain on the area REO Property, fire and hazard insurance with extended coverage in an amount which such Mortgaged Property is located is participating in such program), and (iii) at least equal to the full replacement maximum insurable value of the improvements which are a part of such Mortgaged Property. If a Mortgaged Property is located in a special flood hazard area property, liability insurance and, to the extent required and is not covered by flood insurance or is covered in an amount less than available under the amount required by the National Flood Insurance Disaster Protection Act of 19681973, as amended, flood insurance in an amount as provided above. Any amounts collected by the Servicer shall notify the related Mortgagor that the Mortgagor must obtain under any such flood insurance coverage, and if said Mortgagor fails policies other than amounts to obtain the required flood insurance coverage within forty five (45) days after such notification, the Servicer shall immediately force place the required flood insurance on the Mortgagor’s behalf. If a Mortgage is secured by a unit in a condominium project, the Servicer shall verify that the coverage required of the owner’s association, including hazard, flood, liability, and fidelity coverage, is being maintained in accordance with then current Xxxxxx Mae requirements, and secure from the owner’s association its agreement to notify the Servicer promptly of any change be deposited in the insurance coverage Escrow Account and applied to the restoration or of any condemnation or casualty loss that may have a material effect on the value repair of the Mortgaged Property as securityor REO Property, or released to the Mortgagor in accordance with the Servicer's normal servicing procedures, shall be deposited in the Custodial Account, subject to withdrawal pursuant to Section 4.05. The It is understood and agreed that no other additional insurance need be required by the Servicer shall cause to be or the Mortgagor or maintained on each Mortgaged Property such property acquired in respect of the Mortgage Loans, other or additional insurance as may be required than pursuant to the Xxxxxx Mae Guide or such applicable state or federal laws and regulations as shall at any time be in force and as shall require such additional insurance, or pursuant to the requirements of any private mortgage guaranty insurer, or as may be required to conform with Accepted Servicing Practices. The Servicer shall cause to be maintained on each REO Property to be insured against risks, hazards and liabilities, in an amount with respect to hazards which is at least equal to the full replacement cost of the improvements which are a part of such REO Property and shall indemnify and hold harmless the Owner with respect to Liabilities in connection therewith in an amount of at least $1 million per occurrence and $2 million in the aggregate. In the event that the Owner or the Servicer shall determine that the Mortgaged Property should be insured against loss or damage by hazards and risks not covered by the insurance required to be maintained by the Mortgagor pursuant to the terms of the Mortgage, the Servicer shall communicate and consult with the Mortgagor with respect to the need for such insurance and bring to the Mortgagor’s attention the desirability of protection of the Mortgaged Property. All such policies required hereunder shall name be endorsed with standard mortgagee clauses with loss payable to the Servicer and its successors and/or assigns and assigns as a mortgagee and loss payee and shall be endorsed with non contributory standard or New York mortgagee clauses which shall provide for at least 30 thirty days prior written notice of any cancellation, reduction in the amount or material change in coveragecoverage to the Servicer. The Servicer shall not interfere with the Mortgagor’s 's freedom of choice in selecting either his insurance carrier or agent, provided, however, that the Servicer shall not accept any such insurance policies from insurance companies unless such companies are currently reflect a General Policy Rating in Best's Key Rating Guide currently acceptable under the to Xxxxxx Xxx Guides and are licensed to do business in the jurisdiction in which state wherein the Mortgaged Property property subject to the policy is located. The Servicer shall determine that such policies provide sufficient risk coverage and amounts as required pursuant to the Xxxxxx Mae Guides, that they insure the property owner, and that they properly describe the property address. The Servicer shall furnish to the Mortgagor a formal notice of expiration of any such insurance in conformance with Servicer’s standard practices; provided, however, that in the event that no such notice is furnished by the Servicer, the Servicer shall ensure that replacement insurance policies (whether forced placed or other insurance policies) are in place with the required coverage and the Servicer shall be solely liable for any losses in the event coverage is not provided. Pursuant to Section 2.04, any amounts collected by the Servicer under any such policies (other than amounts to be deposited in a suspense account and applied to the restoration or repair of the related Mortgaged Property, or property acquired in liquidation of the First Lien Loan, or to be released to the Mortgagor, in accordance with the Servicer’s normal servicing procedures as specified in Section 2.14) shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 2.05. With respect to each Second Lien Loan, the Servicer shall obtain and maintain the blanket hazard insurance policy described in Section 2.11. In the event a hazard insurance policy or a flood insurance policy shall be in danger of being terminated, the Servicer shall notify the related Mortgagor that the related Mortgagor must obtain hazard insurance coverage or flood insurance coverage, and if such Mortgagor fails to obtain the required hazard insurance or flood insurance coverage within forty-five (45) days after such notification, the Servicer shall immediately force place the required hazard insurance or flood insurance on such Mortgagor’s behalf, or in the event the insurer shall cease to be acceptable to Xxxxxx Xxx or Xxxxxxx Mac, the Servicer shall notify any successor Servicer and such Mortgagor, and such successor Servicer shall use its best efforts, as permitted by applicable law, to obtain from another Qualified Insurer a replacement hazard insurance policy or flood insurance policy substantially and materially similar in all respects to the original policy.

Maintenance of Hazard Insurance. The Servicer shall cause to be maintained for each First Lien Loan, Mortgage Loan fire and hazard insurance such that all buildings upon with extended coverage customary in the area where the Mortgaged Property are insured is located by a generally acceptable an insurer acceptable under the to Xxxxxx Mae Guides against loss by fire, hazards of extended coverage and such other hazards as are required to be insured pursuant to the Fannie Mae Guides, Xxx or Xxxxxxx Mac in an amount which is at least equal to the lesser of (ia) the maximum full insurable value of the improvements securing such First Lien Loan Mortgaged Property or (iib) the greater of (i) the outstanding principal balance owing on the Mortgage Loan and (ii) an amount such that the proceeds of such insurance shall be sufficient to avoid the First Lien Loan plus, application to the Mortgagor or loss payee of any coinsurance clause under the policy. If the Mortgaged Property is in an area identified in the case of each Second from Loan, the outstanding principal of any mortgage loan senior to such Second Lien Loan, provided that such aggregate amount represents at least 80% of the insurable value of the Mortgaged Property. If required Federal Register by the National Flood Insurance Act of 1968, Federal Emergency Management Agency as amended, each First Lien Loan is, a special flood hazard area (and shall continue such flood insurance has been made available) the Servicer will cause to be, covered by be maintained a flood insurance policy meeting the requirements of the current guidelines of the Federal National Flood Insurance Administration is in effect with a generally acceptable insurance carrier acceptable under the Xxxxxx Xxx Guides Program, in an amount representing coverage not less than the lesser of (iA) the aggregate unpaid minimum amount required under the terms of the coverage to compensate for any damage or loss to the Mortgaged Property on a replacement-cost basis (or the outstanding principal balance of the First Lien Loan, Mortgage Loan if replacement-cost basis is not available) or (iiB) the maximum amount of insurance which is available under the National Flood Insurance Act of 1968, as amended (regardless of whether Program. The Servicer shall also maintain on REO Property fire and hazard insurance with extended coverage in an amount which is at least equal to the area in which such Mortgaged Property is located is participating in such program), and (iii) the full replacement maximum insurable value of the improvements which are a part of such Mortgaged Property. If a Mortgaged Property is located in a special flood hazard area property, liability insurance and, to the extent required and is not covered by flood insurance or is covered in an amount less than the amount required by available under the National Flood Insurance Act of 1968Program, as amended, flood insurance in an amount required above. Any amounts collected by the Servicer shall notify under any such policies (other than amounts to be deposited in the Escrow Account and applied to the restoration or repair of the property subject to the related Mortgagor that Mortgage or property acquired in liquidation of the Mortgage Loan, or to be released to the Mortgagor must obtain such flood insurance coverage, and if said Mortgagor fails to obtain the required flood insurance coverage within forty five (45) days after such notification, the Servicer shall immediately force place the required flood insurance on the Mortgagor’s behalf. If a Mortgage is secured by a unit in a condominium project, the Servicer shall verify that the coverage required of the owner’s association, including hazard, flood, liability, and fidelity coverage, is being maintained in accordance with then current Xxxxxx Mae requirementsCustomary Servicing Procedures) shall be deposited in the Custodial Account, subject to withdrawal pursuant to Subsection 11.05. It is understood and secure from the owner’s association its agreement to notify agreed that no earthquake or other additional insurance need be required by the Servicer promptly of any change in the insurance coverage Mortgagor or of any condemnation or casualty loss that may have a material effect on the value of the Mortgaged Property as security. The Servicer shall cause to be maintained on each Mortgaged REO Property such other or additional insurance as may be required than pursuant to such applicable laws and regulations as shall at any time be in force and as shall require such additional insurance, or pursuant to the requirements of any private mortgage guaranty insurer, or as may be required to conform with Accepted Servicing Practices. The Servicer shall cause to be maintained on each REO Property to be insured against risks, hazards and liabilities, in an amount with respect to hazards which is at least equal to the full replacement cost of the improvements which are a part of such REO Property and shall indemnify and hold harmless the Owner with respect to Liabilities in connection therewith in an amount of at least $1 million per occurrence and $2 million in the aggregate. In the event that the Owner or the Servicer shall determine that the Mortgaged Property should be insured against loss or damage by hazards and risks not covered by the insurance required to be maintained by the Mortgagor pursuant to the terms of the Mortgage, the Servicer shall communicate and consult with the Mortgagor with respect to the need for such insurance and bring to the Mortgagor’s attention the desirability of protection of the Mortgaged Property. All policies required hereunder shall name the Servicer and its successors and assigns as a mortgagee and loss payee and shall be endorsed with non contributory standard or New York mortgagee clauses which with loss payable to Servicer, and shall provide for at least 30 thirty (30) days prior written notice of any cancellation, reduction in amount or material change in coveragecoverage to the Servicer. The Servicer shall not interfere with the Mortgagor’s freedom of choice in selecting either his its insurance carrier or agent, ; provided, however, that the Servicer shall not accept any such insurance policies from insurance companies unless such companies are acceptable under the to Xxxxxx Xxx Guides Mae and Xxxxxxx Mac and are licensed to do business in the jurisdiction in which state wherein the Mortgaged Property property subject to the policy is located. The Servicer hazard insurance policies for each Mortgage Loan secured by a unit in a condominium development or planned unit development shall determine that be maintained with respect to such policies provide sufficient risk coverage Mortgage Loan and amounts as required pursuant to the related development in a manner which is consistent with Xxxxxx Mae Guides, that they insure the property owner, and that they properly describe the property address. The Servicer shall furnish to the Mortgagor a formal notice of expiration of any such insurance in conformance with Servicer’s standard practices; provided, however, that in the event that no such notice is furnished by the Servicer, the Servicer shall ensure that replacement insurance policies (whether forced placed or other insurance policies) are in place with the required coverage and the Servicer shall be solely liable for any losses in the event coverage is not provided. Pursuant to Section 2.04, any amounts collected by the Servicer under any such policies (other than amounts to be deposited in a suspense account and applied to the restoration or repair of the related Mortgaged Property, or property acquired in liquidation of the First Lien Loan, or to be released to the Mortgagor, in accordance with the Servicer’s normal servicing procedures as specified in Section 2.14) shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 2.05. With respect to each Second Lien Loan, the Servicer shall obtain and maintain the blanket hazard insurance policy described in Section 2.11. In the event a hazard insurance policy or a flood insurance policy shall be in danger of being terminated, the Servicer shall notify the related Mortgagor that the related Mortgagor must obtain hazard insurance coverage or flood insurance coverage, and if such Mortgagor fails to obtain the required hazard insurance or flood insurance coverage within forty-five (45) days after such notification, the Servicer shall immediately force place the required hazard insurance or flood insurance on such Mortgagor’s behalf, or in the event the insurer shall cease to be acceptable to Xxxxxx Xxx or Xxxxxxx Mac, the Servicer shall notify any successor Servicer and such Mortgagor, and such successor Servicer shall use its best efforts, as permitted by applicable law, to obtain from another Qualified Insurer a replacement hazard insurance policy or flood insurance policy substantially and materially similar in all respects to the original policyMac requirements.

Maintenance of Hazard Insurance. The Servicer Seller shall cause to be maintained for each First Lien Loan, Mortgage Loan fire and hazard insurance such that all buildings upon with extended coverage as is customary in the area where the Mortgaged Property is located in an amount which is at least equal to the lesser of (i) the amount necessary to fully compensate for any damage or loss to the improvements which are insured a part of such property on a replacement cost basis or (ii) the outstanding principal balance of the Mortgage Loan (including any cumulative related Negative Amortization), in each case in an amount not less than such amount as is necessary to prevent the Mortgagor and/or the Mortgagee from becoming a co-insurer. If the Mortgaged Property is in an area identified on a Flood Hazard Boundary Map or Flood Insurance Rate Map issued by the Flood Emergency Management Agency as having special flood hazards and such flood insurance has been made available, the Seller will cause to be maintained a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration with a generally acceptable insurer acceptable insurance carrier, in an amount representing coverage not less than the lesser of (i) the outstanding principal balance of the Mortgage Loan or (ii) the maximum amount of insurance which is available under the Xxxxxx Mae Guides against loss by fireNational Flood Insurance Act of 1968 or the Flood Disaster Protection Act of 1973, hazards of as amended. The Seller also shall maintain on any REO Property, fire and hazard insurance with extended coverage and such other hazards as are required to be insured pursuant to the Fannie Mae Guides, in an amount which is at least equal to the lesser of (i) the maximum insurable value of the improvements securing which are a part of such First Lien Loan or property and (ii) the outstanding principal balance amount equal to the last known coverage of the First Lien related Mortgage Loan plusat the time it became an REO. Pursuant to Subsection 11.04, any amounts collected by the Seller under any such policies other than amounts to be deposited in the case of each Second from Loan, Escrow Account and applied to the outstanding principal of any mortgage loan senior to such Second Lien Loan, provided that such aggregate amount represents at least 80% of the insurable value restoration or repair of the Mortgaged Property or REO Property, or released to the Mortgagor in accordance with the Seller’s normal servicing procedures, shall be deposited in the Custodial Account, subject to withdrawal pursuant to Subsection 11.05. If required Any cost incurred by the National Flood Insurance Act Seller in maintaining any such insurance shall not, for the purpose of 1968calculating distributions to the Purchaser, as amended, each First Lien Loan is, and shall continue be added to be, covered by a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect with a generally acceptable insurance carrier acceptable under the Xxxxxx Xxx Guides in an amount representing coverage not less than the lesser of (i) the aggregate unpaid principal balance of the First Lien related Mortgage Loan, (ii) maximum amount of insurance which is available under notwithstanding that the National Flood Insurance Act of 1968, as amended (regardless of whether the area in which such Mortgaged Property is located is participating in such program), and (iii) the full replacement value of the improvements which are part terms of such Mortgaged PropertyMortgage Loan so permit. If a Mortgaged Property It is located in a special flood hazard area understood and is not covered by flood agreed that no earthquake or other additional insurance or is covered in an amount less than the amount need be required by the National Flood Insurance Act Seller of 1968, as amended, the Servicer shall notify the related Mortgagor that the Mortgagor must obtain such flood insurance coverage, and if said Mortgagor fails to obtain the required flood insurance coverage within forty five (45) days after such notification, the Servicer shall immediately force place the required flood insurance or maintained on the Mortgagor’s behalf. If a Mortgage is secured by a unit property acquired in a condominium project, the Servicer shall verify that the coverage required respect of the owner’s associationMortgage Loan, including hazard, flood, liability, and fidelity coverage, is being maintained in accordance with then current Xxxxxx Mae requirements, and secure from the owner’s association its agreement to notify the Servicer promptly of any change in the insurance coverage or of any condemnation or casualty loss that may have a material effect on the value of the Mortgaged Property as security. The Servicer shall cause to be maintained on each Mortgaged Property such other or additional insurance as may be required than pursuant to such applicable laws and regulations as shall at any time be in force and as shall require such additional insurance, or pursuant to the requirements of any private mortgage guaranty insurer, or as may be required to conform with Accepted Servicing Practices. The Servicer shall cause to be maintained on each REO Property to be insured against risks, hazards and liabilities, in an amount with respect to hazards which is at least equal to the full replacement cost of the improvements which are a part of such REO Property and shall indemnify and hold harmless the Owner with respect to Liabilities in connection therewith in an amount of at least $1 million per occurrence and $2 million in the aggregate. In the event that the Owner or the Servicer shall determine that the Mortgaged Property should be insured against loss or damage by hazards and risks not covered by the insurance required to be maintained by the Mortgagor pursuant to the terms of the Mortgage, the Servicer shall communicate and consult with the Mortgagor with respect to the need for such insurance and bring to the Mortgagor’s attention the desirability of protection of the Mortgaged Property. All such policies required hereunder shall name the Servicer and its successors and assigns as a mortgagee and loss payee and shall be endorsed with non contributory standard or New York mortgagee clauses which with loss payable to the Seller, or upon request to the Purchaser, and shall provide for at least 30 thirty days prior written notice of any cancellation, reduction in the amount of, or material change in coveragein, coverage to the Seller. The Servicer Seller shall not interfere with the Mortgagor’s freedom of choice in selecting either his insurance carrier or agent, provided, however, that the Servicer Seller shall not accept any such insurance policies from insurance companies unless such companies are acceptable under the Xxxxxx Xxx Guides currently reflect a General Policy Rating of A:VI or better in Best’s Key Rating Guide and are licensed to do business in the jurisdiction in which state wherein the Mortgaged Property property subject to the policy is located. The Servicer shall determine that such policies provide sufficient risk coverage and amounts as required pursuant to the Xxxxxx Mae Guides, that they insure the property owner, and that they properly describe the property address. The Servicer shall furnish to the Mortgagor a formal notice of expiration of any such insurance in conformance with Servicer’s standard practices; provided, however, that in the event that no such notice is furnished by the Servicer, the Servicer shall ensure that replacement insurance policies (whether forced placed or other insurance policies) are in place with the required coverage and the Servicer shall be solely liable for any losses in the event coverage is not provided. Pursuant to Section 2.04, any amounts collected by the Servicer under any such policies (other than amounts to be deposited in a suspense account and applied to the restoration or repair of the related Mortgaged Property, or property acquired in liquidation of the First Lien Loan, or to be released to the Mortgagor, in accordance with the Servicer’s normal servicing procedures as specified in Section 2.14) shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 2.05. With respect to each Second Lien Loan, the Servicer shall obtain and maintain the blanket hazard insurance policy described in Section 2.11. In the event a hazard insurance policy or a flood insurance policy shall be in danger of being terminated, the Servicer shall notify the related Mortgagor that the related Mortgagor must obtain hazard insurance coverage or flood insurance coverage, and if such Mortgagor fails to obtain the required hazard insurance or flood insurance coverage within forty-five (45) days after such notification, the Servicer shall immediately force place the required hazard insurance or flood insurance on such Mortgagor’s behalf, or in the event the insurer shall cease to be acceptable to Xxxxxx Xxx or Xxxxxxx Mac, the Servicer shall notify any successor Servicer and such Mortgagor, and such successor Servicer shall use its best efforts, as permitted by applicable law, to obtain from another Qualified Insurer a replacement hazard insurance policy or flood insurance policy substantially and materially similar in all respects to the original policy.

Maintenance of Hazard Insurance. The Servicer shall cause to be maintained for each First Lien Loan, Mortgage Loan fire and hazard insurance such that all buildings upon with extended coverage customary in the area where the Mortgaged Property are insured is located by an insurer rated A by Demotech or A- or better by the most current Best Key Guide (or comparable rating with A.M. Best Company in the event Best Key Guide changes its rating scale, or a generally acceptable insurer acceptable under comparable rating with a comparable service in the Xxxxxx Mae Guides against loss by fire, hazards of extended coverage and such other hazards as are required to be insured pursuant to the Fannie Mae Guidesevent A.M. Best Company is no longer providing ratings), in an amount which is at least equal to the lesser of (ia) the maximum insurable value of the improvements securing such First Lien Loan or (ii) the outstanding principal balance of the First Lien Loan plus, in the case of each Second from Loan, the outstanding principal of any mortgage loan senior to such Second Lien Loan, provided that such aggregate amount represents at least 80% of the full insurable value of the Mortgaged Property, as determined by the last known coverage amount, or (b) the greater of (i) the outstanding principal balance owing on the Mortgage Loan and (ii) an amount such that the proceeds of such insurance shall be sufficient to avoid the application to the Mortgagor or loss payee of any coinsurance clause under the policy. If required the Mortgaged Property is in an area identified in the Federal Register by the National Flood Insurance Act of 1968, Federal Emergency Management Agency as amended, each First Lien Loan is, a special flood hazard area (and shall continue such flood insurance has been made available) the Servicer will cause to be, covered by be maintained a flood insurance policy meeting the requirements of the current guidelines of the Federal National Flood Insurance Administration is in effect with a generally acceptable insurance carrier acceptable under the Xxxxxx Xxx Guides Program, in an amount representing coverage not less than the lesser of (iA) the aggregate unpaid minimum amount required under the terms of the coverage to compensate for any damage or loss to the Mortgaged Property on a replacement-cost basis (or the outstanding principal balance of the First Lien Loan, Mortgage Loan if replacement-cost basis is not available) or (iiB) the maximum amount of insurance which is available under the National Flood Insurance Act of 1968, as amended (regardless of whether Program. The Servicer shall also maintain on REO Property fire and hazard insurance with extended coverage in an amount which is at least equal to the area in which such Mortgaged Property is located is participating in such program), and (iii) the full replacement maximum insurable value of the improvements which are a part of such Mortgaged Property. If a Mortgaged Property is located in a special flood hazard area property, liability insurance and, to the extent required and is not covered by flood insurance or is covered in an amount less than the amount required by available under the National Flood Insurance Act of 1968Program, as amended, flood insurance in an amount required above. Any amounts collected by the Servicer shall notify under any such policies (other than amounts to be deposited in the Escrow Account and applied to the restoration or repair of the property subject to the related Mortgagor that Mortgage or property acquired in liquidation of the Mortgage Loan, or to be released to the Mortgagor must obtain such flood insurance coverage, and if said Mortgagor fails to obtain the required flood insurance coverage within forty five (45) days after such notification, the Servicer shall immediately force place the required flood insurance on the Mortgagor’s behalf. If a Mortgage is secured by a unit in a condominium project, the Servicer shall verify that the coverage required of the owner’s association, including hazard, flood, liability, and fidelity coverage, is being maintained in accordance with then current Xxxxxx Mae requirementsCustomary Servicing Procedures) shall be deposited in the Custodial Account, subject to withdrawal pursuant to Subsection 11.05. It is understood and secure from the owner’s association its agreement to notify agreed that no earthquake or other additional insurance need be required by the Servicer promptly of any change in the insurance coverage Mortgagor or of any condemnation or casualty loss that may have a material effect on the value of the Mortgaged Property as security. The Servicer shall cause to be maintained on each Mortgaged REO Property such other or additional insurance as may be required than pursuant to such applicable laws and regulations as shall at any time be in force and as shall require such additional insurance, or pursuant to the requirements of any private mortgage guaranty insurer, or as may be required to conform with Accepted Servicing Practices. The Servicer shall cause to be maintained on each REO Property to be insured against risks, hazards and liabilities, in an amount with respect to hazards which is at least equal to the full replacement cost of the improvements which are a part of such REO Property and shall indemnify and hold harmless the Owner with respect to Liabilities in connection therewith in an amount of at least $1 million per occurrence and $2 million in the aggregate. In the event that the Owner or the Servicer shall determine that the Mortgaged Property should be insured against loss or damage by hazards and risks not covered by the insurance required to be maintained by the Mortgagor pursuant to the terms of the Mortgage, the Servicer shall communicate and consult with the Mortgagor with respect to the need for such insurance and bring to the Mortgagor’s attention the desirability of protection of the Mortgaged Property. All policies required hereunder shall name the Servicer and its successors and assigns as a mortgagee and loss payee and shall be endorsed with non contributory standard or New York mortgagee clauses which with loss payable to Servicer, and shall provide for at least 30 thirty (30) days prior written notice of any cancellation, reduction in amount or material change in coveragecoverage to the Servicer. The Servicer shall not interfere with the Mortgagor’s freedom of choice in selecting either his its insurance carrier or agent, ; provided, however, that unless otherwise required by the terms of the related Mortgage Note or applicable law, the Servicer shall not accept any such insurance policies from insurance companies unless such companies are acceptable under the Xxxxxx Xxx Guides in accordance with Customary Servicing Procedures and are licensed to do business in the jurisdiction in which state wherein the Mortgaged Property property subject to the policy is located. The Servicer hazard insurance policies for each Mortgage Loan secured by a unit in a condominium development or planned unit development shall determine that be maintained with respect to such policies provide sufficient risk coverage Mortgage Loan and amounts the related development in a manner which is consistent with Fxxxxx Mxx or Fxxxxxx Mac requirements and FHA or VA requirements, as applicable unless otherwise required pursuant to the Xxxxxx Mae Guides, that they insure the property owner, and that they properly describe the property address. The Servicer shall furnish to the Mortgagor a formal notice of expiration of any such insurance in conformance with Servicer’s standard practices; provided, however, that in the event that no such notice is furnished by the Servicer, the Servicer shall ensure that replacement insurance policies (whether forced placed or other insurance policies) are in place with the required coverage and the Servicer shall be solely liable for any losses in the event coverage is not provided. Pursuant to Section 2.04, any amounts collected by the Servicer under any such policies (other than amounts to be deposited in a suspense account and applied to the restoration or repair terms of the related Mortgaged Property, Mortgage Note or property acquired in liquidation of the First Lien Loan, or to be released to the Mortgagor, in accordance with the Servicer’s normal servicing procedures as specified in Section 2.14) shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 2.05. With respect to each Second Lien Loan, the Servicer shall obtain and maintain the blanket hazard insurance policy described in Section 2.11. In the event a hazard insurance policy or a flood insurance policy shall be in danger of being terminated, the Servicer shall notify the related Mortgagor that the related Mortgagor must obtain hazard insurance coverage or flood insurance coverage, and if such Mortgagor fails to obtain the required hazard insurance or flood insurance coverage within forty-five (45) days after such notification, the Servicer shall immediately force place the required hazard insurance or flood insurance on such Mortgagor’s behalf, or in the event the insurer shall cease to be acceptable to Xxxxxx Xxx or Xxxxxxx Mac, the Servicer shall notify any successor Servicer and such Mortgagor, and such successor Servicer shall use its best efforts, as permitted by applicable law, to obtain from another Qualified Insurer a replacement hazard insurance policy or flood insurance policy substantially and materially similar in all respects to the original policy.

Maintenance of Hazard Insurance. The Servicer shall cause to be maintained for each First Lien Loan, Mortgage Loan fire and hazard insurance such that all buildings upon with extended coverage as is customary in the area where the Mortgaged Property are insured by a generally acceptable insurer acceptable under the Xxxxxx Mae Guides against loss by fire, hazards of extended coverage and such other hazards as are required to be insured pursuant to the Fannie Mae Guides, is located in an amount which is at least equal to the lesser of (i) the maximum insurable value of amount necessary to fully compensate for any damage or loss to the improvements securing which are a part of such First Lien Loan property on a replacement cost basis or (ii) the outstanding principal balance Principal Balance of the First Lien Loan plusMortgage Loan, in each case in an amount not less than such amount as is necessary to prevent the case of each Second Mortgagor and/or the Mortgagee from Loanbecoming a co-insurer. If the Mortgaged Property is in an area identified in the Federal Register by the Flood Emergency Management Agency as having special flood hazards and flood insurance has been made available, the outstanding principal of any mortgage loan senior Servicer will cause to such Second Lien Loan, provided that such aggregate amount represents at least 80% of the insurable value of the Mortgaged Property. If required by the National Flood Insurance Act of 1968, as amended, each First Lien Loan is, and shall continue to be, covered by be maintained a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect with a generally acceptable insurance carrier acceptable under the Xxxxxx Xxx Guides carrier, in an amount representing coverage not less than the lesser least of (i) the aggregate unpaid principal balance Principal Balance of the First Lien Mortgage Loan, (ii) the maximum insurable value of the improvements securing such Mortgage Loan or (iii) the maximum amount of insurance which is available under the National Flood Insurance Act of 1968, as amended amended. The Servicer shall also maintain on the REO Properties for the benefit of the Certificateholders, (regardless x) fire and hazard insurance with extended coverage in an amount which is at least equal to the lesser of whether (i) 100% of the area in which such Mortgaged Property is located is participating in such program), and (iii) the full replacement maximum insurable value of the improvements which are part securing the Mortgage Loan and (ii) the outstanding Principal Balance of such Mortgaged the Mortgage Loan at the time it became an REO Property. If a Mortgaged Property is located in a special flood hazard area , (y) public liability insurance and, (z) to the extent required and is not covered by flood insurance or is covered in an amount less than the amount required by available under the National Flood Insurance Act of 1968, as amended, flood insurance in an amount as provided above. Any amounts collected by the Servicer shall notify the related Mortgagor that the Mortgagor must obtain under any such flood insurance coverage, and if said Mortgagor fails policies other than amounts to obtain the required flood insurance coverage within forty five (45) days after such notification, the Servicer shall immediately force place the required flood insurance on the Mortgagor’s behalf. If a Mortgage is secured by a unit in a condominium project, the Servicer shall verify that the coverage required of the owner’s association, including hazard, flood, liability, and fidelity coverage, is being maintained in accordance with then current Xxxxxx Mae requirements, and secure from the owner’s association its agreement to notify the Servicer promptly of any change be deposited in the insurance coverage Escrow Account and applied to the restoration or of any condemnation or casualty loss that may have a material effect on the value repair of the Mortgaged Property as securityor REO Property, or released to the Mortgagor in accordance with the Servicer's normal servicing procedures, shall be deposited in the Trust Collection Account, subject to withdrawal pursuant to Section 3.05(a). The Servicer shall cause It is understood and agreed that no earthquake or other additional insurance is required to be maintained by the Servicer or the Mortgagor or maintained on each Mortgaged Property such property acquired in respect of the Mortgage Loan, other or additional insurance as may be required than pursuant to such applicable laws and regulations Applicable Regulations as shall at any time be in force and as shall require such additional insurance, or pursuant to the requirements of any private mortgage guaranty insurer, or as may be required to conform with Accepted Servicing Practices. The Servicer shall cause to be maintained on each REO Property to be insured against risks, hazards and liabilities, in an amount with respect to hazards which is at least equal to the full replacement cost of the improvements which are a part of such REO Property and shall indemnify and hold harmless the Owner with respect to Liabilities in connection therewith in an amount of at least $1 million per occurrence and $2 million in the aggregate. In the event that the Owner or the Servicer shall determine that the Mortgaged Property should be insured against loss or damage by hazards and risks not covered by the insurance required to be maintained by the Mortgagor pursuant to the terms of the Mortgage, the Servicer shall communicate and consult with the Mortgagor with respect to the need for such insurance and bring to the Mortgagor’s attention the desirability of protection of the Mortgaged Property. All such policies required hereunder shall name the Servicer and its successors and assigns as a mortgagee and loss payee and shall be endorsed with non contributory standard or New York mortgagee clauses which with loss payable to the Servicer and shall provide for at least 30 thirty days prior written notice of any cancellation, reduction in the amount of or material change in coveragecoverage to the Servicer. The Servicer shall not interfere with the Mortgagor’s 's freedom of choice in selecting either his insurance carrier or agent, provided, however, that the Servicer shall not accept any such insurance policies from insurance companies unless such companies are acceptable under the Xxxxxx Xxx Guides currently reflect a general policy rating of A:X or better in Best's Key Rating Guide and are licensed to do business in the jurisdiction in which state wherein the Mortgaged Property property subject to the policy is located. The Servicer shall determine that such policies provide sufficient risk coverage and amounts as required pursuant to the Xxxxxx Mae Guides, that they insure the property owner, and that they properly describe the property address. The Servicer shall furnish to the Mortgagor a formal notice of expiration of any such insurance in conformance with Servicer’s standard practices; provided, however, that in the event that no such notice is furnished by the Servicer, the Servicer shall ensure that replacement insurance policies (whether forced placed or other insurance policies) are in place with the required coverage and the Servicer shall be solely liable for any losses in the event coverage is not provided. Pursuant to Section 2.04, any amounts collected by the Servicer under any such policies (other than amounts to be deposited in a suspense account and applied to the restoration or repair of the related Mortgaged Property, or property acquired in liquidation of the First Lien Loan, or to be released to the Mortgagor, in accordance with the Servicer’s normal servicing procedures as specified in Section 2.14) shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 2.05. With respect to each Second Lien Loan, the Servicer shall obtain and maintain the blanket hazard insurance policy described in Section 2.11. In the event a hazard insurance policy or a flood insurance policy shall be in danger of being terminated, the Servicer shall notify the related Mortgagor that the related Mortgagor must obtain hazard insurance coverage or flood insurance coverage, and if such Mortgagor fails to obtain the required hazard insurance or flood insurance coverage within forty-five (45) days after such notification, the Servicer shall immediately force place the required hazard insurance or flood insurance on such Mortgagor’s behalf, or in the event the insurer shall cease to be acceptable to Xxxxxx Xxx or Xxxxxxx Mac, the Servicer shall notify any successor Servicer and such Mortgagor, and such successor Servicer shall use its best efforts, as permitted by applicable law, to obtain from another Qualified Insurer a replacement hazard insurance policy or flood insurance policy substantially and materially similar in all respects to the original policy.

Maintenance of Hazard Insurance. The Servicer Company shall cause to be maintained for each First Lien LoanMortgage Loan fire, and hazard insurance such that all buildings upon with extended coverage as is customary in the area where the Mortgaged Property is located in an amount which is at least equal to the lesser of (i) the amount necessary to fully compensate for any damage or loss to the improvements which are insured a part of such property on a replacement cost basis or (ii) the outstanding principal balance of the Mortgage Loan, in each case in an amount not less than such amount as is necessary to prevent the Mortgagor and/or the Mortgagee from becoming a co insurer. If the Mortgaged Property is in an area identified on a Flood Hazard Boundary Map or Flood Insurance Rate Map issued by the Flood Emergency Management Agency as having special flood hazards and such flood insurance has been made available, the Company will cause to be maintained a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration with a generally acceptable insurer acceptable insurance carrier, in an amount representing coverage not less than the lesser of (i) the outstanding principal balance of the Mortgage Loan or (ii) the maximum amount of insurance which is available under the Xxxxxx Mae Guides against loss by fireNational Flood Insurance Act of 1968 or the Flood Disaster Protection Act of 1973, hazards of as amended. The Company also shall maintain on any REO Property, fire and hazard insurance with extended coverage and such other hazards as are required to be insured pursuant to the Fannie Mae Guides, in an amount which is at least equal to the lesser of (i) the maximum insurable value of the improvements securing which are a part of such First Lien Loan or property and (ii) the outstanding principal balance of the First Lien related Mortgage Loan plusat the time it became an REO Property plus accrued interest at the Mortgage Interest Rate and related Servicing Advances, in liability insurance and, to the case of each Second from Loan, the outstanding principal of any mortgage loan senior to such Second Lien Loan, provided that such aggregate amount represents at least 80% of the insurable value of the Mortgaged Property. If extent required by the National Flood Insurance Act of 1968, as amended, each First Lien Loan is, and shall continue to be, covered by a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect with a generally acceptable insurance carrier acceptable under the Xxxxxx Xxx Guides in an amount representing coverage not less than the lesser of (i) the aggregate unpaid principal balance of the First Lien Loan, (ii) maximum amount of insurance which is available under the National Flood Insurance Act of 1968, as amended (regardless of whether 1968 or the area in which such Mortgaged Property is located is participating in such program), and (iii) the full replacement value of the improvements which are part of such Mortgaged Property. If a Mortgaged Property is located in a special flood hazard area and is not covered by flood insurance or is covered in an amount less than the amount required by the National Flood Insurance Disaster Protection Act of 19681973, as amended, the Servicer shall notify the related Mortgagor that the Mortgagor must obtain such flood insurance coveragein an amount as provided above. Pursuant to Subsection 11.04, and if said Mortgagor fails any amounts collected by the Company under any such policies other than amounts to obtain the required flood insurance coverage within forty five (45) days after such notification, the Servicer shall immediately force place the required flood insurance on the Mortgagor’s behalf. If a Mortgage is secured by a unit in a condominium project, the Servicer shall verify that the coverage required of the owner’s association, including hazard, flood, liability, and fidelity coverage, is being maintained in accordance with then current Xxxxxx Mae requirements, and secure from the owner’s association its agreement to notify the Servicer promptly of any change be deposited in the insurance coverage Escrow Account and applied to the restoration or of any condemnation or casualty loss that may have a material effect on the value repair of the Mortgaged Property as securityor REO Property, or released to the Mortgagor in accordance with the Company's normal servicing procedures, shall be deposited in the Custodial Account, subject to withdrawal pursuant to Subsection 11.05. The Servicer Any cost incurred by the Company in maintaining any such insurance shall cause not, for the purpose of calculating distributions to the Purchaser, be added to the unpaid principal balance of the related Mortgage Loan, notwithstanding that the terms of such Mortgage Loan so permit. It is understood and agreed that no earthquake or other additional insurance need be required by the Company of the Mortgagor or maintained on each Mortgaged Property such property acquired in respect of the Mortgage Loan, other or additional insurance as may be required than pursuant to such applicable laws and regulations as shall at any time be in force and as shall require such additional insurance, or pursuant to the requirements of any private mortgage guaranty insurer, or as may be required to conform with Accepted Servicing Practices. The Servicer shall cause to be maintained on each REO Property to be insured against risks, hazards and liabilities, in an amount with respect to hazards which is at least equal to the full replacement cost of the improvements which are a part of such REO Property and shall indemnify and hold harmless the Owner with respect to Liabilities in connection therewith in an amount of at least $1 million per occurrence and $2 million in the aggregate. In the event that the Owner or the Servicer shall determine that the Mortgaged Property should be insured against loss or damage by hazards and risks not covered by the insurance required to be maintained by the Mortgagor pursuant to the terms of the Mortgage, the Servicer shall communicate and consult with the Mortgagor with respect to the need for such insurance and bring to the Mortgagor’s attention the desirability of protection of the Mortgaged Property. All such policies required hereunder shall name the Servicer and its successors and assigns as a mortgagee and loss payee and shall be endorsed with non contributory standard or New York mortgagee clauses which with loss payable to the Company, or upon request to the Purchaser, and shall provide for at least 30 days thirty (30) days' prior written notice of any cancellation, reduction in the amount of, or material change in coveragein, coverage to the Company. The Servicer Company shall not interfere with the Mortgagor’s 's freedom of choice in selecting either his insurance carrier or agent, provided, however, that the Servicer Company shall not accept any such insurance policies from insurance companies unless such companies are acceptable under the Xxxxxx Xxx Guides currently reflect a General Policy Rating of A:VI or better in Best's Key Rating Guide and are licensed to do business in the jurisdiction in which state wherein the Mortgaged Property property subject to the policy is located. The Servicer shall determine that such policies provide sufficient risk coverage and amounts as required pursuant to the Xxxxxx Mae Guides, that they insure the property owner, and that they properly describe the property address. The Servicer shall furnish to the Mortgagor a formal notice of expiration of any such insurance in conformance with Servicer’s standard practices; provided, however, that in the event that no such notice is furnished by the Servicer, the Servicer shall ensure that replacement insurance policies (whether forced placed or other insurance policies) are in place with the required coverage and the Servicer shall be solely liable for any losses in the event coverage is not provided. Pursuant to Section 2.04, any amounts collected by the Servicer under any such policies (other than amounts to be deposited in a suspense account and applied to the restoration or repair of the related Mortgaged Property, or property acquired in liquidation of the First Lien Loan, or to be released to the Mortgagor, in accordance with the Servicer’s normal servicing procedures as specified in Section 2.14) shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 2.05. With respect to each Second Lien Loan, the Servicer shall obtain and maintain the blanket hazard insurance policy described in Section 2.11. In the event a hazard insurance policy or a flood insurance policy shall be in danger of being terminated, the Servicer shall notify the related Mortgagor that the related Mortgagor must obtain hazard insurance coverage or flood insurance coverage, and if such Mortgagor fails to obtain the required hazard insurance or flood insurance coverage within forty-five (45) days after such notification, the Servicer shall immediately force place the required hazard insurance or flood insurance on such Mortgagor’s behalf, or in the event the insurer shall cease to be acceptable to Xxxxxx Xxx or Xxxxxxx Mac, the Servicer shall notify any successor Servicer and such Mortgagor, and such successor Servicer shall use its best efforts, as permitted by applicable law, to obtain from another Qualified Insurer a replacement hazard insurance policy or flood insurance policy substantially and materially similar in all respects to the original policy.

Maintenance of Hazard Insurance. The Servicer Seller shall cause to be maintained for each First Lien Loan, Mortgage Loan fire and hazard insurance such that all buildings upon with extended coverage as is customary in the area where the Mortgaged Property is located in an amount which is at least equal to the lesser of (i) the amount necessary to fully compensate for any damage or loss to the improvements which are insured a part of such property on a replacement cost basis or (ii) the outstanding principal balance of the Mortgage Loan, in each case in an amount not less than such amount as is necessary to prevent the Mortgagor and/or the Mortgagee from becoming a co-insurer. If the Mortgaged Property is in an area identified on a Flood Hazard Boundary Map or Flood Insurance Rate Map issued by the Flood Emergency Management Agency as having special flood hazards and such flood insurance has been made available, the Seller will cause to be maintained a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration with a generally acceptable insurer acceptable insurance carrier, in an amount representing coverage not less than the lesser of (i) the outstanding principal balance of the Mortgage Loan or (ii) the maximum amount of insurance which is available under the Xxxxxx Mae Guides against loss by fireNational Flood Insurance Act of 1968 or the Flood Disaster Protection Act of 1973, hazards of as amended. The Seller also shall maintain on any REO Property, fire and hazard insurance with extended coverage and such other hazards as are required to be insured pursuant to the Fannie Mae Guides, in an amount which is at least equal to the lesser of (i) the maximum insurable value of the improvements securing which are a part of such First Lien Loan or property and (ii) the outstanding principal balance of the First Lien related Mortgage Loan plusat the time it became an REO Property plus accrued interest at the Mortgage Interest Rate and related Servicing Advances, in liability insurance and, to the case of each Second from Loan, the outstanding principal of any mortgage loan senior to such Second Lien Loan, provided that such aggregate amount represents at least 80% of the insurable value of the Mortgaged Property. If extent required by the National Flood Insurance Act of 1968, as amended, each First Lien Loan is, and shall continue to be, covered by a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect with a generally acceptable insurance carrier acceptable under the Xxxxxx Xxx Guides in an amount representing coverage not less than the lesser of (i) the aggregate unpaid principal balance of the First Lien Loan, (ii) maximum amount of insurance which is available under the National Flood Insurance Act of 1968, as amended (regardless of whether 1968 or the area in which such Mortgaged Property is located is participating in such program), and (iii) the full replacement value of the improvements which are part of such Mortgaged Property. If a Mortgaged Property is located in a special flood hazard area and is not covered by flood insurance or is covered in an amount less than the amount required by the National Flood Insurance Disaster Protection Act of 19681973, as amended, the Servicer shall notify the related Mortgagor that the Mortgagor must obtain such flood insurance coveragein an amount as provided above. Pursuant to Section 11.04, and if said Mortgagor fails any amounts collected by the Seller under any such policies other than amounts to obtain the required flood insurance coverage within forty five (45) days after such notification, the Servicer shall immediately force place the required flood insurance on the Mortgagor’s behalf. If a Mortgage is secured by a unit in a condominium project, the Servicer shall verify that the coverage required of the owner’s association, including hazard, flood, liability, and fidelity coverage, is being maintained in accordance with then current Xxxxxx Mae requirements, and secure from the owner’s association its agreement to notify the Servicer promptly of any change be deposited in the insurance coverage Escrow Account and applied to the restoration or of any condemnation or casualty loss that may have a material effect on the value repair of the Mortgaged Property as securityor REO Property, or released to the Mortgagor in accordance with the Seller’s normal servicing procedures, shall be deposited in the Custodial Account, subject to withdrawal pursuant to Section 11.05. The Servicer Any cost incurred by the Seller in maintaining any such insurance shall cause not, for the purpose of calculating distributions to the Purchaser, be added to the unpaid principal balance of the related Mortgage Loan, notwithstanding that the terms of such Mortgage Loan so permit. It is understood and agreed that no earthquake or other additional insurance need be required by the Seller of the Mortgagor or maintained on each Mortgaged Property such property acquired in respect of the Mortgage Loan, other or additional insurance as may be required than pursuant to such applicable laws and regulations as shall at any time be in force and as shall require such additional insurance, or pursuant to the requirements of any private mortgage guaranty insurer, or as may be required to conform with Accepted Servicing Practices. The Servicer shall cause to be maintained on each REO Property to be insured against risks, hazards and liabilities, in an amount with respect to hazards which is at least equal to the full replacement cost of the improvements which are a part of such REO Property and shall indemnify and hold harmless the Owner with respect to Liabilities in connection therewith in an amount of at least $1 million per occurrence and $2 million in the aggregate. In the event that the Owner or the Servicer shall determine that the Mortgaged Property should be insured against loss or damage by hazards and risks not covered by the insurance required to be maintained by the Mortgagor pursuant to the terms of the Mortgage, the Servicer shall communicate and consult with the Mortgagor with respect to the need for such insurance and bring to the Mortgagor’s attention the desirability of protection of the Mortgaged Property. All such policies required hereunder shall name the Servicer and its successors and assigns as a mortgagee and loss payee and shall be endorsed with non contributory standard or New York mortgagee clauses which with loss payable to the Seller, or upon request to the Purchaser, and shall provide for at least 30 thirty days prior written notice of any cancellation, reduction in the amount of, or material change in coveragein, coverage to the Seller. The Servicer Seller shall not interfere with the Mortgagor’s freedom of choice in selecting either his insurance carrier or agent, provided, however, that the Servicer Seller shall not accept any such insurance policies from insurance companies unless such companies are acceptable under the Xxxxxx Xxx Guides currently reflect a General Policy Rating of A:VI or better in Best’s Key Rating Guide and are licensed to do business in the jurisdiction in which state wherein the Mortgaged Property property subject to the policy is located. The Servicer shall determine that such policies provide sufficient risk coverage and amounts as required pursuant to the Xxxxxx Mae Guides, that they insure the property owner, and that they properly describe the property address. The Servicer shall furnish to the Mortgagor a formal notice of expiration of any such insurance in conformance with Servicer’s standard practices; provided, however, that in the event that no such notice is furnished by the Servicer, the Servicer shall ensure that replacement insurance policies (whether forced placed or other insurance policies) are in place with the required coverage and the Servicer shall be solely liable for any losses in the event coverage is not provided. Pursuant to Section 2.04, any amounts collected by the Servicer under any such policies (other than amounts to be deposited in a suspense account and applied to the restoration or repair of the related Mortgaged Property, or property acquired in liquidation of the First Lien Loan, or to be released to the Mortgagor, in accordance with the Servicer’s normal servicing procedures as specified in Section 2.14) shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 2.05. With respect to each Second Lien Loan, the Servicer shall obtain and maintain the blanket hazard insurance policy described in Section 2.11. In the event a hazard insurance policy or a flood insurance policy shall be in danger of being terminated, the Servicer shall notify the related Mortgagor that the related Mortgagor must obtain hazard insurance coverage or flood insurance coverage, and if such Mortgagor fails to obtain the required hazard insurance or flood insurance coverage within forty-five (45) days after such notification, the Servicer shall immediately force place the required hazard insurance or flood insurance on such Mortgagor’s behalf, or in the event the insurer shall cease to be acceptable to Xxxxxx Xxx or Xxxxxxx Mac, the Servicer shall notify any successor Servicer and such Mortgagor, and such successor Servicer shall use its best efforts, as permitted by applicable law, to obtain from another Qualified Insurer a replacement hazard insurance policy or flood insurance policy substantially and materially similar in all respects to the original policy.

Maintenance of Hazard Insurance. The Servicer Seller shall cause to be maintained for each First Lien Loan, Loan fire and hazard insurance such that all buildings upon with extended coverage as is customary in the area where the Mortgaged Property is located in an amount which is at least equal to the lesser of (i) the amount necessary to fully compensate for any damage or loss to the improvements which are insured a part of such property on a replacement cost basis or (ii) the outstanding principal balance of the Loan, in each case in an amount not less than such amount as is necessary to prevent the Borrower and/or the Mortgagee from becoming a co-insurer. If the Mortgaged Property is in an area identified on a Flood Hazard Boundary Map or Flood Insurance Rate Map issued by the Flood Emergency Management Agency as having special flood hazards and such flood insurance has been made available, the Seller will cause to be maintained a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration with a generally acceptable insurer acceptable insurance carrier, in an amount representing coverage not less than the lesser of (i) the outstanding principal balance of the Loan or (ii) the maximum amount of insurance which is available under the Xxxxxx Mae Guides against loss by fireNational Flood Insurance Act of 1968 or the Flood Disaster Protection Act of 1973, hazards of as amended. The Seller also shall maintain on any REO Property, fire and hazard insurance with extended coverage and such other hazards as are required to be insured pursuant to the Fannie Mae Guides, in an amount which is at least equal to the lesser of (i) the maximum insurable value of the improvements securing which are a part of such First Lien Loan or property and (ii) the outstanding principal balance of the First Lien related Loan plusat the time it became an REO Property, in liability insurance and, to the case of each Second from Loan, the outstanding principal of any mortgage loan senior to such Second Lien Loan, provided that such aggregate amount represents at least 80% of the insurable value of the Mortgaged Property. If extent required by the National Flood Insurance Act of 1968, as amended, each First Lien Loan is, and shall continue to be, covered by a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect with a generally acceptable insurance carrier acceptable under the Xxxxxx Xxx Guides in an amount representing coverage not less than the lesser of (i) the aggregate unpaid principal balance of the First Lien Loan, (ii) maximum amount of insurance which is available under the National Flood Insurance Act of 1968, as amended (regardless of whether 1968 or the area in which such Mortgaged Property is located is participating in such program), and (iii) the full replacement value of the improvements which are part of such Mortgaged Property. If a Mortgaged Property is located in a special flood hazard area and is not covered by flood insurance or is covered in an amount less than the amount required by the National Flood Insurance Disaster Protection Act of 19681973, as amended, the Servicer shall notify the related Mortgagor that the Mortgagor must obtain such flood insurance coveragein an amount as provided above. Pursuant to Section 11.04, and if said Mortgagor fails any amounts collected by the Seller under any such policies other than amounts to obtain the required flood insurance coverage within forty five (45) days after such notification, the Servicer shall immediately force place the required flood insurance on the Mortgagor’s behalf. If a Mortgage is secured by a unit in a condominium project, the Servicer shall verify that the coverage required of the owner’s association, including hazard, flood, liability, and fidelity coverage, is being maintained in accordance with then current Xxxxxx Mae requirements, and secure from the owner’s association its agreement to notify the Servicer promptly of any change be deposited in the insurance coverage Escrow Account and applied to the restoration or of any condemnation or casualty loss that may have a material effect on the value repair of the Mortgaged Property as securityor REO Property, or released to the Borrower in accordance with the Seller’s normal servicing procedures, shall be deposited in the Custodial Account, subject to withdrawal pursuant to Section 11.05. The Servicer Any cost incurred by the Seller in maintaining any such insurance shall cause not, for the purpose of calculating distributions to the Purchaser, be added to the unpaid principal balance of the related Loan, notwithstanding that the terms of such Loan so permit. It is understood and agreed that no earthquake or other additional insurance need be required by the Seller of the Borrower or maintained on each Mortgaged Property such property acquired in respect of the Loan, other or additional insurance as may be required than pursuant to such applicable laws and regulations as shall at any time be in force and as shall require such additional insurance, or pursuant to the requirements of any private mortgage guaranty insurer, or as may be required to conform with Accepted Servicing Practices. The Servicer shall cause to be maintained on each REO Property to be insured against risks, hazards and liabilities, in an amount with respect to hazards which is at least equal to the full replacement cost of the improvements which are a part of such REO Property and shall indemnify and hold harmless the Owner with respect to Liabilities in connection therewith in an amount of at least $1 million per occurrence and $2 million in the aggregate. In the event that the Owner or the Servicer shall determine that the Mortgaged Property should be insured against loss or damage by hazards and risks not covered by the insurance required to be maintained by the Mortgagor pursuant to the terms of the Mortgage, the Servicer shall communicate and consult with the Mortgagor with respect to the need for such insurance and bring to the Mortgagor’s attention the desirability of protection of the Mortgaged Property. All such policies required hereunder shall name the Servicer and its successors and assigns as a mortgagee and loss payee and shall be endorsed with non contributory standard or New York mortgagee clauses which with loss payable to the Seller, or upon request to the Purchaser, and shall provide for at least 30 thirty days prior written notice of any cancellation, reduction in the amount of, or material change in coveragein, coverage to the Seller. The Servicer Seller shall not interfere with the MortgagorBorrower’s freedom of choice in selecting either his insurance carrier or agent, provided, however, that the Servicer Seller shall not accept any such insurance policies from insurance companies unless such companies are acceptable under the Xxxxxx Xxx Guides currently reflect a General Policy Rating of A:VI or better in Best’s Key Rating Guide and are licensed to do business in the jurisdiction in which state wherein the Mortgaged Property property subject to the policy is located. The Servicer shall determine that such policies provide sufficient risk coverage and amounts as required pursuant to the Xxxxxx Mae Guides, that they insure the property owner, and that they properly describe the property address. The Servicer shall furnish to the Mortgagor a formal notice of expiration of any such insurance in conformance with Servicer’s standard practices; provided, however, that in the event that no such notice is furnished by the Servicer, the Servicer shall ensure that replacement insurance policies (whether forced placed or other insurance policies) are in place with the required coverage and the Servicer shall be solely liable for any losses in the event coverage is not provided. Pursuant to Section 2.04, any amounts collected by the Servicer under any such policies (other than amounts to be deposited in a suspense account and applied to the restoration or repair of the related Mortgaged Property, or property acquired in liquidation of the First Lien Loan, or to be released to the Mortgagor, in accordance with the Servicer’s normal servicing procedures as specified in Section 2.14) shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 2.05. With respect to each Second Lien Loan, the Servicer shall obtain and maintain the blanket hazard insurance policy described in Section 2.11. In the event a hazard insurance policy or a flood insurance policy shall be in danger of being terminated, the Servicer shall notify the related Mortgagor that the related Mortgagor must obtain hazard insurance coverage or flood insurance coverage, and if such Mortgagor fails to obtain the required hazard insurance or flood insurance coverage within forty-five (45) days after such notification, the Servicer shall immediately force place the required hazard insurance or flood insurance on such Mortgagor’s behalf, or in the event the insurer shall cease to be acceptable to Xxxxxx Xxx or Xxxxxxx Mac, the Servicer shall notify any successor Servicer and such Mortgagor, and such successor Servicer shall use its best efforts, as permitted by applicable law, to obtain from another Qualified Insurer a replacement hazard insurance policy or flood insurance policy substantially and materially similar in all respects to the original policy.

Maintenance of Hazard Insurance. The Servicer shall cause to be maintained for each First Lien Loan, Mortgage Loan fire and hazard insurance such that all buildings upon with extended coverage as is acceptable to Fxxxxx Mxx or FHLMC and customary in the area where the Mortgaged Property are insured by a generally acceptable insurer acceptable under the Xxxxxx Mae Guides against loss by fire, hazards of extended coverage and such other hazards as are required to be insured pursuant to the Fannie Mae Guides, is located in an amount which is at least equal to the lesser of (i) the maximum insurable value of the improvements securing such First Lien Mortgage Loan or (ii) the greater of (a) the outstanding principal balance of the First Lien Loan plus, in the case of each Second from Mortgage Loan, and (b) an amount such that the outstanding principal of any mortgage loan senior proceeds thereof shall be sufficient to such Second Lien Loan, provided that such aggregate amount represents at least 80% of prevent the insurable value of Mortgagor and/or the Mortgaged Propertymortgagee from becoming a co-insurer. If required by the National Flood Insurance Disaster Protection Act of 19681973, as amended, each First Lien Mortgage Loan is, and shall continue to be, be covered by a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect with a generally acceptable an insurance carrier acceptable under the Xxxxxx Xxx Guides to Fxxxxx Mxx or FHLMC, in an amount representing coverage not less than the lesser least of (i) the aggregate unpaid outstanding principal balance of the First Lien Mortgage Loan, (ii) the maximum insurable value of the improvements securing such Mortgage Loan or (iii) the maximum amount of insurance which is available under the National Flood Insurance Disaster Protection Act of 19681973, as amended (regardless of whether amended. If at any time during the area in which such Mortgaged Property is located is participating in such program), and (iii) the full replacement value term of the improvements which are part of such Mortgaged Property. If Mortgage Loan, the Servicer determines in accordance with applicable law and pursuant to the Fxxxxx Mxx Guides that a Mortgaged Property is located in a special flood hazard area and is not covered by flood insurance or is covered in an amount less than the amount required by the National Flood Insurance Disaster Protection Act of 19681973, as amended, the Servicer shall notify the related Mortgagor that the Mortgagor must obtain such flood insurance coverage, and if said Mortgagor fails to obtain the required flood insurance coverage within forty forty-five (45) days after such notification, the Servicer shall immediately force place the required flood insurance on the Mortgagor’s behalf. If The Servicer shall also maintain on each REO Property, fire and hazard insurance with extended coverage in an amount which is at least equal to the maximum insurable value of the improvements which are a Mortgage is secured part of such property, and, to the extent required and available under the Flood Disaster Protection Act of 1973, as amended, flood insurance in an amount as provided above. Any amounts collected by a unit in a condominium project, the Servicer shall verify that the coverage required of the owner’s association, including hazard, flood, liability, and fidelity coverage, is being maintained in accordance with then current Xxxxxx Mae requirements, and secure from the owner’s association its agreement under any such policies other than amounts to notify the Servicer promptly of any change be deposited in the insurance coverage Escrow Account and applied to the restoration or of any condemnation or casualty loss that may have a material effect on the value repair of the Mortgaged Property as securityor REO Property, or released to the Mortgagor in accordance with Accepted Servicing Practices, shall be deposited in the Custodial Account, subject to withdrawal pursuant to Section 4.05. The It is understood and agreed that no other additional insurance need be required by the Servicer shall cause to be of the Mortgagor or maintained on each Mortgaged Property such property acquired in respect of the Mortgage Loan, other or additional insurance as may be required than pursuant to this Agreement, the Fxxxxx Mxx Guides or such applicable state or federal laws and regulations as shall at any time be in force and as shall require such additional insurance, or pursuant to the requirements of any private mortgage guaranty insurer, or as may be required to conform with Accepted Servicing Practices. The Servicer shall cause to be maintained on each REO Property to be insured against risks, hazards and liabilities, in an amount with respect to hazards which is at least equal to the full replacement cost of the improvements which are a part of such REO Property and shall indemnify and hold harmless the Owner with respect to Liabilities in connection therewith in an amount of at least $1 million per occurrence and $2 million in the aggregate. In the event that the Owner or the Servicer shall determine that the Mortgaged Property should be insured against loss or damage by hazards and risks not covered by the insurance required to be maintained by the Mortgagor pursuant to the terms of the Mortgage, the Servicer shall communicate and consult with the Mortgagor with respect to the need for such insurance and bring to the Mortgagor’s attention the desirability of protection of the Mortgaged Property. All such policies required hereunder shall name be endorsed with standard mortgagee clauses with loss payable to the Servicer and its successors and/or assigns and assigns as a mortgagee and loss payee and shall be endorsed with non contributory standard or New York mortgagee clauses which shall provide for at least 30 thirty (30) days prior written notice of any cancellation, reduction in the amount or material change in coveragecoverage to the Servicer. The Servicer shall not interfere with the Mortgagor’s 's freedom of choice in selecting either his insurance carrier or agent, provided, however, that the Servicer shall not accept any such insurance policies from insurance companies unless such companies are acceptable under the Xxxxxx Xxx Guides and are licensed to do business in the jurisdiction in which the Mortgaged Property is located. The Servicer shall determine that such policies provide sufficient risk coverage and amounts as required pursuant to the Xxxxxx Mae Guides, that they insure the property owner, and that they properly describe the property address. The Servicer shall furnish to the Mortgagor a formal notice of expiration of any such insurance in conformance with Servicer’s standard practices; provided, however, that in the event that no such notice is furnished by the Servicer, the Servicer shall ensure that replacement insurance policies (whether forced placed or other insurance policies) are in place with the required coverage and the Servicer shall be solely liable for any losses in the event coverage is not provided. Pursuant to Section 2.04, any amounts collected by the Servicer under any such policies (other than amounts to be deposited in a suspense account and applied to the restoration or repair of the related Mortgaged Property, or property acquired in liquidation of the First Lien Loan, or to be released to the Mortgagor, in accordance with the Servicer’s normal servicing procedures as specified in Section 2.14) shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 2.05. With respect to each Second Lien Loan, the Servicer shall obtain and maintain the blanket hazard insurance policy described in Section 2.11. In the event a hazard insurance policy or a flood insurance policy shall be in danger of being terminated, the Servicer shall notify the related Mortgagor that the related Mortgagor must obtain hazard insurance coverage or flood insurance coverage, and if such Mortgagor fails to obtain the required hazard insurance or flood insurance coverage within forty-five (45) days after such notification, the Servicer shall immediately force place the required hazard insurance or flood insurance on such Mortgagor’s behalf, or in the event the insurer shall cease to be acceptable to Xxxxxx Xxx or Xxxxxxx Mac, the Servicer shall notify any successor Servicer and such Mortgagor, and such successor Servicer shall use its best efforts, as permitted by applicable law, to obtain from another Qualified Insurer a replacement hazard insurance policy or flood insurance policy substantially and materially similar in all respects to the original policyInsurers.

Maintenance of Hazard Insurance. The Master Servicer shall cause to be maintained for each First Lien Loan, Mortgage Loan fire and hazard insurance such that all buildings upon with extended coverage as is customary in the area where the Mortgaged Property are insured by a generally acceptable insurer acceptable under the Xxxxxx Mae Guides against loss by fire, hazards of extended coverage and such other hazards as are required to be insured pursuant to the Fannie Mae Guides, is located in an amount which is at least equal to the lesser of (i) 100% of the maximum insurable value of the improvements securing such First Lien the Mortgage Loan or and (ii) the outstanding principal balance Stated Principal Balance of the First Lien Loan plusMortgage Loan, in each case in an amount not less than such amount as is necessary to prevent the case of each Second Mortgagor and/or the Mortgagee from Loanbecoming a co-insurer. If the Mortgaged Property or REO Property is at any time in an area identified in the Federal Register by the Federal Emergency Management Agency as having special flood hazards and flood insurance has been made available, the outstanding principal of any mortgage loan senior Master Servicer will cause to such Second Lien Loan, provided that such aggregate amount represents at least 80% of the insurable value of the Mortgaged Property. If required by the National Flood Insurance Act of 1968, as amended, each First Lien Loan is, and shall continue to be, covered by be maintained a flood insurance policy in respect thereof meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect with a generally acceptable insurance carrier acceptable under the Xxxxxx Xxx Guides carrier. Such flood insurance shall be in an amount representing coverage not less than equal to the lesser least of (i) the aggregate unpaid principal balance Stated Principal Balance of the First Lien Mortgage Loan, (ii) 100% of the maximum insurable value of the improvements securing the Mortgage Loan and (iii) the maximum amount of insurance which is available under the National Flood Insurance Act of 19681968 and the Flood Disaster Protection Act of 1973, each as amended amended. The Master Servicer shall also maintain on the REO Property for the benefit of the Certificateholders and the Guarantor, (regardless x) fire and hazard insurance with extended coverage in an amount which is at least equal to the lesser of whether (i) 100% of the area in which such Mortgaged Property is located is participating in such program), and (iii) the full replacement maximum insurable value of the improvements which are a part of such Mortgaged property and (ii) the Stated Principal Balance of the related Mortgage Loan at the time it became a REO Property. If a Mortgaged Property is located in a special flood hazard area , (y) public liability insurance covered under the Master Servicer's general liability policy and, (z) to the extent required and is not covered by flood insurance or is covered in an amount less than the amount required by available under the National Flood Insurance Act of 19681968 and the Flood Disaster Protection Act of 1973, each as amended, the Servicer shall notify the related Mortgagor that the Mortgagor must obtain such flood insurance coverage, and if said Mortgagor fails in an amount as provided above. Any amounts collected by the Master Servicer under any such policies other than amounts to obtain the required flood insurance coverage within forty five (45) days after such notification, the Servicer shall immediately force place the required flood insurance on the Mortgagor’s behalf. If a Mortgage is secured by a unit in a condominium project, the Servicer shall verify that the coverage required of the owner’s association, including hazard, flood, liability, and fidelity coverage, is being maintained in accordance with then current Xxxxxx Mae requirements, and secure from the owner’s association its agreement to notify the Servicer promptly of any change be deposited in the insurance coverage Escrow Account and applied to the restoration or of any condemnation or casualty loss that may have a material effect on the value repair of the Mortgaged Property as securityor REO Property, or released to the Mortgagor in accordance with the Servicing Standard, shall be deposited in the Collection Account, subject to withdrawal pursuant to Section 3.05. The Servicer shall cause It is understood and agreed that no earthquake or other additional insurance is required to be maintained by the Master Servicer or the Mortgagor or maintained on each Mortgaged Property such property acquired in respect of the Mortgage Loan, other or additional insurance as may be required than pursuant to such applicable laws and regulations Applicable Regulations as shall at any time be in force and as shall require such additional insurance, or pursuant to the requirements of any private mortgage guaranty insurer, or as may be required to conform with Accepted Servicing Practices. The Servicer shall cause to be maintained on each REO Property to be insured against risks, hazards and liabilities, in an amount with respect to hazards which is at least equal to the full replacement cost of the improvements which are a part of such REO Property and shall indemnify and hold harmless the Owner with respect to Liabilities in connection therewith in an amount of at least $1 million per occurrence and $2 million in the aggregate. In the event that the Owner or the Servicer shall determine that the Mortgaged Property should be insured against loss or damage by hazards and risks not covered by the insurance required to be maintained by the Mortgagor pursuant to the terms of the Mortgage, the Servicer shall communicate and consult with the Mortgagor with respect to the need for such insurance and bring to the Mortgagor’s attention the desirability of protection of the Mortgaged Property. All such policies required hereunder shall name the Servicer and its successors and assigns as a mortgagee and loss payee and shall be endorsed with non contributory standard or New York mortgagee clauses which with loss payable to the Master Servicer and shall provide for at least 30 thirty days prior written notice to the Master Servicer of any cancellation, reduction in the amount of or material change in coveragecoverage to the Master Servicer. The Master Servicer shall not interfere with the Mortgagor’s 's freedom of choice in selecting either his insurance carrier or agent, ; provided, however, that the Master Servicer shall not accept any such insurance policies from insurance companies unless such companies are acceptable under the Xxxxxx Xxx Guides currently reflect a general policy rating of B:III or better in Best's Key Rating Guide and are licensed to do business in the jurisdiction in which state wherein the Mortgaged Property property subject to the policy is located. The Servicer shall determine that such policies provide sufficient risk coverage and amounts as required pursuant to the Xxxxxx Mae Guides, that they insure the property owner, and that they properly describe the property address. The Servicer shall furnish to the Mortgagor a formal notice of expiration of any such insurance in conformance with Servicer’s standard practices; provided, however, that in the event that no such notice is furnished by the Servicer, the Servicer shall ensure that replacement insurance policies (whether forced placed or other insurance policies) are in place with the required coverage and the Servicer shall be solely liable for any losses in the event coverage is not provided. Pursuant to Section 2.04, any amounts collected by the Servicer under any such policies (other than amounts to be deposited in a suspense account and applied to the restoration or repair of the related Mortgaged Property, or property acquired in liquidation of the First Lien Loan, or to be released to the Mortgagor, in accordance with the Servicer’s normal servicing procedures as specified in Section 2.14) shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 2.05. With respect to each Second Lien Loan, the Servicer shall obtain and maintain the blanket hazard insurance policy described in Section 2.11. In the event a hazard insurance policy or a flood insurance policy shall be in danger of being terminated, the Servicer shall notify the related Mortgagor that the related Mortgagor must obtain hazard insurance coverage or flood insurance coverage, and if such Mortgagor fails to obtain the required hazard insurance or flood insurance coverage within forty-five (45) days after such notification, the Servicer shall immediately force place the required hazard insurance or flood insurance on such Mortgagor’s behalf, or in the event the insurer shall cease to be acceptable to Xxxxxx Xxx or Xxxxxxx Mac, the Servicer shall notify any successor Servicer and such Mortgagor, and such successor Servicer shall use its best efforts, as permitted by applicable law, to obtain from another Qualified Insurer a replacement hazard insurance policy or flood insurance policy substantially and materially similar in all respects to the original policy.

Maintenance of Hazard Insurance. The Servicer shall cause to be maintained for each First Lien Loan, Mortgage Loan fire and hazard insurance such that all buildings upon with extended coverage customary in the area where the Mortgaged Property are insured is located by a generally acceptable an insurer acceptable under the to Xxxxxx Mae Guides against loss by fire, hazards of extended coverage and such other hazards as are required to be insured pursuant to the Fannie Mae Guides, Xxx or Xxxxxxx Mac in an amount which is at least equal to the lesser of (ia) the maximum full insurable value of the improvements securing such First Lien Loan Mortgaged Property or (iib) the greater of (i) the outstanding principal balance owing on the Mortgage Loan and (ii) an amount such that the proceeds of such insurance shall be sufficient to avoid the First Lien Loan plus, application to the Mortgagor or loss payee of any coinsurance clause under the policy. If the Mortgaged Property is in an area identified in the case of each Second from Loan, the outstanding principal of any mortgage loan senior to such Second Lien Loan, provided that such aggregate amount represents at least 80% of the insurable value of the Mortgaged Property. If required Federal Register by the National Flood Insurance Act of 1968, Federal Emergency Management Agency as amended, each First Lien Loan is, a special flood hazard area (and shall continue such flood insurance has been made available) the Servicer will cause to be, covered by be maintained a flood insurance policy meeting the requirements of the current guidelines of the Federal National Flood Insurance Administration is in effect with a generally acceptable insurance carrier acceptable under the Xxxxxx Xxx Guides Program, in an amount representing coverage not less than the lesser of (iA) the aggregate unpaid minimum amount required under the terms of the coverage to compensate for any damage or loss to the Mortgaged Property on a replacement-cost basis (or the outstanding principal balance of the First Lien Loan, Mortgage Loan if replacement-cost basis is not available) or (iiB) the maximum amount of insurance which is available under the National Flood Insurance Act of 1968, as amended (regardless of whether Program. The Servicer shall also maintain on REO Property fire and hazard insurance with extended coverage in an amount which is at least equal to the area in which such Mortgaged Property is located is participating in such program), and (iii) the full replacement maximum insurable value of the improvements which are a part of such Mortgaged Property. If a Mortgaged Property is located in a special flood hazard area property, liability insurance and, to the extent required and is not covered by flood insurance or is covered in an amount less than the amount required by available under the National Flood Insurance Act of 1968Program, as amended, flood insurance in an amount required above. Any amounts collected by the Servicer shall notify under any such policies (other than amounts to be deposited in the Escrow Account and applied to the restoration or repair of the property subject to the related Mortgagor that Mortgage or property acquired in liquidation of the Mortgage Loan, or to be released to the Mortgagor must obtain such flood insurance coverage, and if said Mortgagor fails to obtain the required flood insurance coverage within forty five (45) days after such notification, the Servicer shall immediately force place the required flood insurance on the Mortgagor’s behalf. If a Mortgage is secured by a unit in a condominium project, the Servicer shall verify that the coverage required of the owner’s association, including hazard, flood, liability, and fidelity coverage, is being maintained in accordance with then current Xxxxxx Mae requirementsCustomary Servicing Procedures) shall be deposited in the Custodial Account, subject to withdrawal pursuant to Subsection 11.05. It is understood and secure from the owner’s association its agreement to notify agreed that no earthquake or other additional insurance need be required by the Servicer promptly of any change in the insurance coverage Mortgagor or of any condemnation or casualty loss that may have a material effect on the value of the Mortgaged Property as security. The Servicer shall cause to be maintained on each Mortgaged REO Property such other or additional insurance as may be required than pursuant to such applicable laws and regulations as shall at any time be in force and as shall require such additional insurance, or pursuant to the requirements of any private mortgage guaranty insurer, or as may be required to conform with Accepted Servicing Practices. The Servicer shall cause to be maintained on each REO Property to be insured against risks, hazards and liabilities, in an amount with respect to hazards which is at least equal to the full replacement cost of the improvements which are a part of such REO Property and shall indemnify and hold harmless the Owner with respect to Liabilities in connection therewith in an amount of at least $1 million per occurrence and $2 million in the aggregate. In the event that the Owner or the Servicer shall determine that the Mortgaged Property should be insured against loss or damage by hazards and risks not covered by the insurance required to be maintained by the Mortgagor pursuant to the terms of the Mortgage, the Servicer shall communicate and consult with the Mortgagor with respect to the need for such insurance and bring to the Mortgagor’s attention the desirability of protection of the Mortgaged Property. All policies required hereunder shall name the Servicer and its successors and assigns as a mortgagee and loss payee and shall be endorsed with non contributory standard or New York mortgagee clauses which with loss payable to Servicer, and shall provide for at least 30 thirty (30) days prior written notice of any cancellation, reduction in amount or material change in coveragecoverage to the Servicer. The Servicer shall not interfere with the Mortgagor’s freedom of choice in selecting either his its insurance carrier or agent, ; provided, however, that the Servicer shall not accept any such insurance policies from insurance companies unless such companies are acceptable under the to Xxxxxx Xxx Guides and Xxxxxxx Mac and are licensed to do business in the jurisdiction in which state wherein the Mortgaged Property property subject to the policy is located. The Servicer hazard insurance policies for each Mortgage Loan secured by a unit in a condominium development or planned unit development shall determine that be maintained with respect to such policies provide sufficient risk coverage Mortgage Loan and amounts as required pursuant to the related development in a manner which is consistent with Xxxxxx Mae Guides, that they insure the property owner, and that they properly describe the property address. The Servicer shall furnish to the Mortgagor a formal notice of expiration of any such insurance in conformance with Servicer’s standard practices; provided, however, that in the event that no such notice is furnished by the Servicer, the Servicer shall ensure that replacement insurance policies (whether forced placed or other insurance policies) are in place with the required coverage and the Servicer shall be solely liable for any losses in the event coverage is not provided. Pursuant to Section 2.04, any amounts collected by the Servicer under any such policies (other than amounts to be deposited in a suspense account and applied to the restoration or repair of the related Mortgaged Property, or property acquired in liquidation of the First Lien Loan, or to be released to the Mortgagor, in accordance with the Servicer’s normal servicing procedures as specified in Section 2.14) shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 2.05. With respect to each Second Lien Loan, the Servicer shall obtain and maintain the blanket hazard insurance policy described in Section 2.11. In the event a hazard insurance policy or a flood insurance policy shall be in danger of being terminated, the Servicer shall notify the related Mortgagor that the related Mortgagor must obtain hazard insurance coverage or flood insurance coverage, and if such Mortgagor fails to obtain the required hazard insurance or flood insurance coverage within forty-five (45) days after such notification, the Servicer shall immediately force place the required hazard insurance or flood insurance on such Mortgagor’s behalf, or in the event the insurer shall cease to be acceptable to Xxxxxx Xxx or Xxxxxxx Mac, the Servicer shall notify any successor Servicer and such Mortgagor, and such successor Servicer shall use its best efforts, as permitted by applicable law, to obtain from another Qualified Insurer a replacement hazard insurance policy or flood insurance policy substantially and materially similar in all respects to the original policyMac requirements.

Maintenance of Hazard Insurance. (a) The Servicer shall cause to be maintained for each First Lien Loan, Mortgage Loan serviced by it fire and hazard insurance such that all buildings upon with extended coverage customary in the area where the related Mortgaged Property are insured by a generally acceptable insurer acceptable under the Xxxxxx Mae Guides against loss by fire, hazards of extended coverage and such other hazards as are required to be insured pursuant to the Fannie Mae Guidesis located, in an amount which is at least equal to the lesser of (i) 100% of the maximum insurable replacement value of the improvements securing such First Lien Loan the Mortgage Loan, or (ii) the outstanding principal balance Unpaid Principal Balance of the First Lien Mortgage Loan plus, in the case of each Second from Loan, the outstanding principal of any mortgage loan senior to such Second Lien Loan, provided that such aggregate amount represents at least (so long as it equals 80% of the insurable value of the Mortgaged Propertyimprovements); provided that in any case such amount shall be sufficient to prevent the Mortgagor and/or Mortgagee from becoming a co-insurer. If required the Mortgaged Property is in an area that, at the time of origination of the related Mortgage Loan, is identified on a flood hazard boundary map or flood insurance rate map issued by the National Flood Insurance Act of 1968Federal Emergency Management Agency as having special flood hazards (and such flood insurance was then available), as amended, each First Lien Loan is, and the Servicer shall continue cause to be, covered by be maintained a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect with a generally acceptable insurance carrier acceptable under the Xxxxxx Xxx Guides carrier, if such insurance is available. Such flood insurance shall be in an amount representing coverage not less than the lesser least of (i) the aggregate unpaid principal balance Unpaid Principal Balance of the First Lien Mortgage Loan, (ii) the full insurable value of the improvements securing such Mortgage Loan and (iii) the maximum amount of insurance which is available under the National Flood Insurance Act of 19681968 and the Flood Disaster Protection Act of 1973, each as amended amended. The Servicer shall also maintain on REO Property (regardless of whether x) fire and hazard insurance with extended coverage in an amount that is at least equal to the area in which such Mortgaged Property is located is participating in such program), and (iii) the full replacement maximum insurable value of the improvements which that are a part of such Mortgaged Property. If a Mortgaged Property is located in a special flood hazard area property, (y) liability insurance and is not covered by flood insurance or is covered in an amount less than (z) to the amount extent required by and available under the National Flood Insurance Act of 19681968 and the Flood Disaster Protection Act of 1973, each as amended, flood insurance in an amount as provided above. Any amounts collected by the Servicer under any such policies shall notify the related Mortgagor that the Mortgagor must obtain such flood insurance coverage, and if said Mortgagor fails to obtain the required flood insurance coverage within forty five (45) days after such notification, be paid over or applied by the Servicer shall immediately force place the required flood insurance on the Mortgagor’s behalf. If a Mortgage is secured by a unit in a condominium project, the Servicer shall verify that the coverage required of the owner’s association, including hazard, flood, liability, and fidelity coverage, is being maintained in accordance with then current Xxxxxx Mae requirements, and secure from Applicable Requirements whether (i) for the owner’s association its agreement to notify the Servicer promptly of any change in the insurance coverage restoration or of any condemnation or casualty loss that may have a material effect on the value repair of the Mortgaged Property Property, subject to the related Mortgage, (ii) for release to the Mortgagor, or (iii) for application in reduction of the Mortgage Loan, in which event such amounts shall be deposited in the Collection Account, as securityprovided in Section 2.4. The Servicer shall cause to It is understood and agreed that no earthquake or other additional insurance need be maintained by the Servicer on each Mortgaged Property such any Mortgage Loan or property acquired in respect of a Mortgage Loan, other or additional insurance than as may be required pursuant to such under applicable laws and regulations as shall at any time be in force and as shall require such additional insurance, or pursuant to the requirements of any private mortgage guaranty insurer, or as may be required to conform with Accepted Servicing Practices. The Servicer shall cause to be maintained on each REO Property to be insured against risks, hazards and liabilities, in an amount with respect to hazards which is at least equal to the full replacement cost of the improvements which are a part of such REO Property and shall indemnify and hold harmless the Owner with respect to Liabilities in connection therewith in an amount of at least $1 million per occurrence and $2 million in the aggregate. In the event that the Owner or the Servicer shall determine that the Mortgaged Property should be insured against loss or damage by hazards and risks not covered by the insurance required to be maintained by the Mortgagor pursuant to the terms of the Mortgage, the Servicer shall communicate and consult with the Mortgagor with respect to the need for such insurance and bring to the Mortgagor’s attention the desirability of protection of the Mortgaged Propertyforce. All policies required hereunder shall name be endorsed with standard mortgagee clauses with loss payable to the Servicer and its successors and assigns as a mortgagee and loss payee and shall be endorsed with non contributory standard or New York mortgagee clauses which shall provide for at least 30 days prior written notice to the Servicer of any cancellation, reduction in amount amount, or material change in coverage. The Servicer shall not interfere with the Mortgagor’s 's freedom of choice in selecting either his the Mortgagor's insurance carrier or agent, agent upon any policy renewal; provided, however, that upon any such policy renewal, the Servicer shall not accept any such insurance policies only from insurance companies unless such companies are acceptable under the Xxxxxx Xxx Guides that (A) have a rating of B:III or better in Best's Key Rating Guide or a financial performance index rating of 6 or better in Best's Insurance Reports and (B) are licensed to do business in the jurisdiction in which the related Mortgaged Property is located. The Servicer shall determine that such policies provide sufficient risk coverage and amounts as required pursuant to the Xxxxxx Mae Guides, that they insure the property owner, and that they properly describe the property address. The Servicer shall furnish to the Mortgagor a formal notice of expiration of any such insurance in conformance with Servicer’s standard practices; provided, however, that in the event that no such notice is furnished by the Servicer, the Servicer shall ensure that replacement insurance policies (whether forced placed or other insurance policies) are in place with the required coverage and the Servicer shall be solely liable for any losses in the event coverage is not provided. Pursuant to Section 2.04, any amounts collected by the Servicer under any such policies (other than amounts to be deposited in a suspense account and applied to the restoration or repair of the related Mortgaged Property, or property acquired in liquidation of the First Lien Loan, or to be released to the Mortgagor, in accordance with the Servicer’s normal servicing procedures as specified in Section 2.14) shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 2.05. With respect to each Second Lien Loan, the Servicer shall obtain and maintain the blanket hazard insurance policy described in Section 2.11. In the event a hazard insurance policy or a flood insurance policy shall be in danger of being terminated, the Servicer shall notify the related Mortgagor that the related Mortgagor must obtain hazard insurance coverage or flood insurance coverage, and if such Mortgagor fails to obtain the required hazard insurance or flood insurance coverage within forty-five (45) days after such notification, the Servicer shall immediately force place the required hazard insurance or flood insurance on such Mortgagor’s behalf, or in the event the insurer shall cease to be acceptable to Xxxxxx Xxx or Xxxxxxx Mac, the Servicer shall notify any successor Servicer and such Mortgagor, and such successor Servicer shall use its best efforts, as permitted by applicable law, to obtain from another Qualified Insurer a replacement hazard insurance policy or flood insurance policy substantially and materially similar in all respects to the original policy.

Maintenance of Hazard Insurance. The Servicer shall cause to be maintained for each First Lien Loan, first lien Mortgage Loan fire and hazard insurance such that all buildings upon with extended coverage as is customary in the area where the Mortgaged Property are insured by a generally acceptable insurer acceptable under the Xxxxxx Mae Guides against loss by fire, hazards of extended coverage and such other hazards as are required to be insured pursuant to the Fannie Mae Guides, is located in an amount which is at least equal to the lesser of (i) the maximum insurable value of amount necessary to fully compensate for any damage or loss to the improvements securing which are a part of such First Lien Loan property on a replacement cost basis or (ii) the outstanding principal balance Principal Balance of the First Lien Loan plusMortgage Loan, in each case in an amount not less than such amount as is necessary to prevent the case of each Second Mortgagor and/or the Mortgagee from Loanbecoming a co-insurer. If the Mortgaged Property is in an area identified in the Federal Register by the Flood Emergency Management Agency as having special flood hazards and flood insurance has been made available, the outstanding principal of any mortgage loan senior Servicer will cause to such Second Lien Loan, provided that such aggregate amount represents at least 80% of the insurable value of the Mortgaged Property. If required by the National Flood Insurance Act of 1968, as amended, each First Lien Loan is, and shall continue to be, covered by be maintained a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect with a generally acceptable insurance carrier acceptable under the Xxxxxx Xxx Guides carrier, in an amount representing coverage not less than the lesser least of (i) the aggregate unpaid principal balance Principal Balance of the First Lien Mortgage Loan, (ii) the maximum insurable value of the improvements securing such Mortgage Loan or (iii) the maximum amount of insurance which is available under the National Flood Insurance Disaster Protection Act of 19681973, as amended amended. The Servicer shall also maintain on the REO Property for the benefit of the Certificateholders, (regardless of whether x) fire and hazard insurance with extended coverage in an amount which is at least equal to the area in which such Mortgaged Property is located is participating in such program), and (iii) the full replacement value cost of the improvements which are a part of such Mortgaged Property. If a Mortgaged Property is located in a special flood hazard area property, (y) public liability insurance and, (z) to the extent required and is not covered by flood insurance or is covered in an amount less than available under the amount required by the National Flood Insurance Disaster Protection Act of 19681973, as amended, flood insurance in an amount as provided above. Any amounts collected by the Servicer shall notify the related Mortgagor that the Mortgagor must obtain under any such flood insurance coverage, and if said Mortgagor fails policies other than amounts to obtain the required flood insurance coverage within forty five (45) days after such notification, the Servicer shall immediately force place the required flood insurance on the Mortgagor’s behalf. If a Mortgage is secured by a unit in a condominium project, the Servicer shall verify that the coverage required of the owner’s association, including hazard, flood, liability, and fidelity coverage, is being maintained in accordance with then current Xxxxxx Mae requirements, and secure from the owner’s association its agreement to notify the Servicer promptly of any change be deposited in the insurance coverage Escrow Account and applied to the restoration or of any condemnation or casualty loss that may have a material effect on the value repair of the Mortgaged Property as securityor REO Property, or released to the Mortgagor in accordance with the Servicer’s normal servicing procedures, shall be deposited in the Collection Account, subject to withdrawal pursuant to Section 3.05. The Servicer shall cause It is understood and agreed that no earthquake or other additional insurance is required to be maintained by the Servicer or the Mortgagor or maintained on each Mortgaged Property such property acquired in respect of the Mortgage Loan, other or additional insurance as may be required than pursuant to such applicable laws and regulations Applicable Regulations as shall at any time be in force and as shall require such additional insurance, or pursuant to the requirements of any private mortgage guaranty insurer, or as may be required to conform with Accepted Servicing Practices. The Servicer shall cause to be maintained on each REO Property to be insured against risks, hazards and liabilities, in an amount with respect to hazards which is at least equal to the full replacement cost of the improvements which are a part of such REO Property and shall indemnify and hold harmless the Owner with respect to Liabilities in connection therewith in an amount of at least $1 million per occurrence and $2 million in the aggregate. In the event that the Owner or the Servicer shall determine that the Mortgaged Property should be insured against loss or damage by hazards and risks not covered by the insurance required to be maintained by the Mortgagor pursuant to the terms of the Mortgage, the Servicer shall communicate and consult with the Mortgagor with respect to the need for such insurance and bring to the Mortgagor’s attention the desirability of protection of the Mortgaged Property. All such policies required hereunder shall name the Servicer and its successors and assigns as a mortgagee and loss payee and shall be endorsed with non contributory standard or New York mortgagee clauses which with loss payable to the Servicer and shall provide for at least 30 thirty days prior written notice of any cancellation, reduction in the amount of or material change in coveragecoverage to the Servicer. The Servicer shall not interfere with the Mortgagor’s freedom of choice in selecting either his insurance carrier or agent, provided, however, that the Servicer shall not accept any such insurance policies from insurance companies unless such companies are acceptable under the Xxxxxx Xxx Guides currently reflect a general policy rating of B:VI or better in Best’s Key Rating Guide and are licensed to do business in the jurisdiction in which state wherein the Mortgaged Property property subject to the policy is located. The Servicer shall determine that such policies provide sufficient risk coverage and amounts as required pursuant to the Xxxxxx Mae Guides, that they insure the property owner, and that they properly describe the property address. The Servicer shall furnish to the Mortgagor a formal notice of expiration of any such insurance in conformance with Servicer’s standard practices; provided, however, that in the event that no such notice is furnished by the Servicer, the Servicer shall ensure that replacement insurance policies (whether forced placed or other insurance policies) are in place with the required coverage and the Servicer shall be solely liable for any losses in the event coverage is not provided. Pursuant to Section 2.04, any amounts collected by the Servicer under any such policies (other than amounts to be deposited in a suspense account and applied to the restoration or repair of the related Mortgaged Property, or property acquired in liquidation of the First Lien Loan, or to be released to the Mortgagor, in accordance with the Servicer’s normal servicing procedures as specified in Section 2.14) shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 2.05. With respect to each Second Lien Loan, the Servicer shall obtain and maintain the blanket hazard insurance policy described in Section 2.11. In the event a hazard insurance policy or a flood insurance policy shall be in danger of being terminated, the Servicer shall notify the related Mortgagor that the related Mortgagor must obtain hazard insurance coverage or flood insurance coverage, and if such Mortgagor fails to obtain the required hazard insurance or flood insurance coverage within forty-five (45) days after such notification, the Servicer shall immediately force place the required hazard insurance or flood insurance on such Mortgagor’s behalf, or in the event the insurer shall cease to be acceptable to Xxxxxx Xxx or Xxxxxxx Mac, the Servicer shall notify any successor Servicer and such Mortgagor, and such successor Servicer shall use its best efforts, as permitted by applicable law, to obtain from another Qualified Insurer a replacement hazard insurance policy or flood insurance policy substantially and materially similar in all respects to the original policy.

Maintenance of Hazard Insurance. The Servicer Seller shall cause to be maintained for each First Lien Loan, Mortgage Loan fire and hazard insurance such that all buildings upon with extended coverage customary in the area where the Mortgaged Property are insured by a generally acceptable insurer acceptable under the Xxxxxx Mae Guides against loss by fire, hazards of extended coverage and such other hazards as are required to be insured pursuant to the Fannie Mae Guidesis located, in an amount which is at least equal to the lesser of (ia) the maximum full insurable value of the improvements securing such First Lien Loan Mortgaged Property or (iib) the greater of (i) the outstanding principal balance owing on the Mortgage Loan and (ii) an amount such that the proceeds of such insurance shall be sufficient to avoid the First Lien Loan plus, application to the Mortgagor or loss payee of any coinsurance clause under the policy. If the Mortgaged Property is in an area identified in the case of each Second from Loan, the outstanding principal of any mortgage loan senior to such Second Lien Loan, provided that such aggregate amount represents at least 80% of the insurable value of the Mortgaged Property. If required Federal Register by the National Flood Insurance Act of 1968, Federal Emergency Management Agency as amended, each First Lien Loan is, having special flood hazards (and shall continue such flood insurance has been made available) Seller will cause to be, covered by be maintained a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect with a generally acceptable insurance carrier acceptable under the Xxxxxx Xxx Guides carrier, in an amount representing coverage not less than the lesser least of (ia) the aggregate unpaid outstanding principal balance of the First Lien Mortgage Loan, (iib) the full insurable value of the Mortgaged Property, or (c) the maximum amount of insurance which is available under the National Flood Insurance Disaster Protection Act of 19681973, each as amended (regardless amended. Seller shall also maintain on property acquired upon foreclosure, or by deed in lieu of whether foreclosure, of any Mortgage Loan, fire and hazard insurance with extended coverage in an amount which is at least equal to the area in which such Mortgaged Property is located is participating in such program), and (iii) the full replacement maximum insurable value of the improvements which are a part of such Mortgaged Property. If a Mortgaged Property is located in a special flood hazard area property, liability insurance and, to the extent required and is not covered by available under the Flood Disaster Protection Act of 1973, each as amended, flood insurance or is covered in an amount less required above. Any amounts collected by Seller under any such policies (other than amounts to be deposited in the amount Escrow Account and applied to the restoration or repair of the Mortgaged Property or property acquired in liquidation of the Mortgage Loan, or to be released to the Mortgagor in accordance with Customary Servicing Procedures) shall be deposited in the Custodial Account, subject to withdrawal pursuant to Section 10.10. It is understood and agreed that no earthquake or other additional insurance need be required by the National Flood Insurance Act Seller of 1968any Mortgagor or maintained on property acquired in respect of a Mortgage Loan, other than pursuant to such applicable laws and regulations as amended, the Servicer shall notify the related Mortgagor that the Mortgagor must obtain at any time be in force and as shall require such flood insurance coverageadditional insurance. All policies required hereunder shall be endorsed with standard mortgagee clauses with loss payable to Seller and its successors and/or assigns, and if said Mortgagor fails to obtain the required flood insurance coverage within forty five shall provide for at least thirty (4530) days after such notificationprior written notice of any cancellation, the Servicer reduction in amount or material change in coverage to Seller. Seller shall immediately force place the required flood insurance on not interfere with the Mortgagor’s behalf's freedom of choice in selecting either his insurance carrier or agent. If a Mortgage is secured by a unit in a condominium project, the Servicer Seller shall verify that the coverage required of the owner’s 's association, including hazard, flood, liability, and fidelity coverage, is being maintained in accordance with then current Xxxxxx Mae Xxx requirements, and secure from the owner’s 's association its agreement to notify the Servicer Seller promptly of any change in the insurance coverage or of any condemnation or casualty loss that may have a material effect on the value of the Mortgaged Property as security. The Servicer shall cause to be maintained on each Mortgaged Property such other or additional insurance as may be required pursuant to such applicable laws and regulations as shall at any time be in force and as shall require such additional insurance, or pursuant to the requirements of any private mortgage guaranty insurer, or as may be required to conform with Accepted Servicing Practices. The Servicer shall cause to be maintained on each REO Property to be insured against risks, hazards and liabilities, in an amount with respect to hazards which is at least equal to the full replacement cost of the improvements which are a part of such REO Property and shall indemnify and hold harmless the Owner with respect to Liabilities in connection therewith in an amount of at least $1 million per occurrence and $2 million in the aggregate. In the event that the Owner or the Servicer shall determine that the Mortgaged Property should be insured against loss or damage by hazards and risks not covered by the insurance required to be maintained by the Mortgagor pursuant to the terms of the Mortgage, the Servicer shall communicate and consult with the Mortgagor with respect to the need for such insurance and bring to the Mortgagor’s attention the desirability of protection of the Mortgaged Property. All policies required hereunder shall name the Servicer and its successors and assigns as a mortgagee and loss payee and shall be endorsed with non contributory standard or New York mortgagee clauses which shall provide for at least 30 days prior written notice of any cancellation, reduction in amount or material change in coverage. The Servicer shall not interfere with the Mortgagor’s freedom of choice in selecting either his insurance carrier or agent, provided, however, that the Servicer shall not accept any such insurance policies from insurance companies unless such companies are acceptable under the Xxxxxx Xxx Guides and are licensed to do business in the jurisdiction in which the Mortgaged Property is located. The Servicer shall determine that such policies provide sufficient risk coverage and amounts as required pursuant to the Xxxxxx Mae Guides, that they insure the property owner, and that they properly describe the property address. The Servicer shall furnish to the Mortgagor a formal notice of expiration of any such insurance in conformance with Servicer’s standard practices; provided, however, that in the event that no such notice is furnished by the Servicer, the Servicer shall ensure that replacement insurance policies (whether forced placed or other insurance policies) are in place with the required coverage and the Servicer shall be solely liable for any losses in the event coverage is not provided. Pursuant to Section 2.04, any amounts collected by the Servicer under any such policies (other than amounts to be deposited in a suspense account and applied to the restoration or repair of the related Mortgaged Property, or property acquired in liquidation of the First Lien Loan, or to be released to the Mortgagor, in accordance with the Servicer’s normal servicing procedures as specified in Section 2.14) shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 2.05. With respect to each Second Lien Loan, the Servicer shall obtain and maintain the blanket hazard insurance policy described in Section 2.11. In the event a hazard insurance policy or a flood insurance policy shall be in danger of being terminated, the Servicer shall notify the related Mortgagor that the related Mortgagor must obtain hazard insurance coverage or flood insurance coverage, and if such Mortgagor fails to obtain the required hazard insurance or flood insurance coverage within forty-five (45) days after such notification, the Servicer shall immediately force place the required hazard insurance or flood insurance on such Mortgagor’s behalf, or in the event the insurer shall cease to be acceptable to Xxxxxx Xxx or Xxxxxxx Mac, the Servicer shall notify any successor Servicer and such Mortgagor, and such successor Servicer shall use its best efforts, as permitted by applicable law, to obtain from another Qualified Insurer a replacement hazard insurance policy or flood insurance policy substantially and materially similar in all respects to the original policy.

Maintenance of Hazard Insurance. The Master Servicer shall cause to be maintained for each First Lien Loan, Mortgage Loan fire and hazard insurance such that all buildings upon with extended coverage as is customary in the area where the Mortgaged Property are insured by a generally acceptable insurer acceptable under the Xxxxxx Mae Guides against loss by fire, hazards of extended coverage and such other hazards as are required to be insured pursuant to the Fannie Mae Guides, is located in an amount which is at least equal to the lesser of (i) the maximum insurable value of amount necessary to fully compensate for any damage or loss to the improvements securing which are a part of such First Lien Loan property on a replacement cost basis or (ii) the outstanding principal balance Principal Balance of the First Lien Loan plusMortgage Loan, in each case in an amount not less than such amount as is necessary to prevent the case of each Second Mortgagor and/or the Mortgagee from Loanbecoming a co-insurer. If the Mortgaged Property is in an area identified in the Federal Register by the Flood Emergency Management Agency as having special flood hazards and flood insurance has been made available, the outstanding principal of any mortgage loan senior Master Servicer will cause to such Second Lien Loan, provided that such aggregate amount represents at least 80% of the insurable value of the Mortgaged Property. If required by the National Flood Insurance Act of 1968, as amended, each First Lien Loan is, and shall continue to be, covered by be maintained a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect with a generally acceptable insurance carrier acceptable under the Xxxxxx Xxx Guides carrier, in an amount representing coverage not less than the lesser least of (i) the aggregate unpaid principal balance Principal Balance of the First Lien Mortgage Loan, (ii) the maximum insurable value of the improvements securing such Mortgage Loan or (iii) the maximum amount of insurance which is available under the National Flood Insurance Act of 1968, as amended amended. The Master Servicer shall also maintain on the REO Property for the benefit of the Certificateholders, (regardless x) fire and hazard insurance with extended coverage in an amount which is at least equal to the lesser of whether (i) 100% of the area in which such Mortgaged Property is located is participating in such program), and (iii) the full replacement maximum insurable value of the improvements which are part securing the Mortgage loan and (ii) the outstanding Principal Balance of such Mortgaged the Mortgage Loan at the time it became an REO Property. If a Mortgaged Property is located in a special flood hazard area , (y) public liability insurance and, (z) to the extent required and is not covered by flood insurance or is covered in an amount less than the amount required by available under the National Flood Insurance Act of 1968, as amended, the Servicer shall notify the related Mortgagor that the Mortgagor must obtain such flood insurance coverage, and if said Mortgagor fails in an amount as provided above. Any amounts collected by the Master Servicer under any such policies other than amounts to obtain the required flood insurance coverage within forty five (45) days after such notification, the Servicer shall immediately force place the required flood insurance on the Mortgagor’s behalf. If a Mortgage is secured by a unit in a condominium project, the Servicer shall verify that the coverage required of the owner’s association, including hazard, flood, liability, and fidelity coverage, is being maintained in accordance with then current Xxxxxx Mae requirements, and secure from the owner’s association its agreement to notify the Servicer promptly of any change be deposited in the insurance coverage Escrow Account and applied to the restoration or of any condemnation or casualty loss that may have a material effect on the value repair of the Mortgaged Property as securityor REO Property, or released to the Mortgagor in accordance with the Master Servicer's normal servicing procedures, shall be deposited in the Collection Account, subject to withdrawal pursuant to Section 3.05. The Servicer shall cause It is understood and agreed that no earthquake or other additional insurance is required to be maintained by the Master Servicer or the Mortgagor or maintained on each Mortgaged Property such property acquired in respect of the Mortgage Loan, other or additional insurance as may be required than pursuant to such applicable laws and regulations Applicable Regulations as shall at any time be in force and as shall require such additional insurance, or pursuant to the requirements of any private mortgage guaranty insurer, or as may be required to conform with Accepted Servicing Practices. The Servicer shall cause to be maintained on each REO Property to be insured against risks, hazards and liabilities, in an amount with respect to hazards which is at least equal to the full replacement cost of the improvements which are a part of such REO Property and shall indemnify and hold harmless the Owner with respect to Liabilities in connection therewith in an amount of at least $1 million per occurrence and $2 million in the aggregate. In the event that the Owner or the Servicer shall determine that the Mortgaged Property should be insured against loss or damage by hazards and risks not covered by the insurance required to be maintained by the Mortgagor pursuant to the terms of the Mortgage, the Servicer shall communicate and consult with the Mortgagor with respect to the need for such insurance and bring to the Mortgagor’s attention the desirability of protection of the Mortgaged Property. All such policies required hereunder shall name the Servicer and its successors and assigns as a mortgagee and loss payee and shall be endorsed with non contributory standard or New York mortgagee clauses which with loss payable to the Master Servicer and shall provide for at least 30 thirty days prior written notice of any cancellation, reduction in the amount of or material change in coveragecoverage to the Master Servicer. The Master Servicer shall not interfere with the Mortgagor’s 's freedom of choice in selecting either his insurance carrier or agent, provided, however, that the Master Servicer shall not accept any such insurance policies from insurance companies unless such companies are acceptable under the Xxxxxx Xxx Guides currently reflect a general policy rating of B:III or better in Best's Key Rating Guide and are licensed to do business in the jurisdiction in which state wherein the Mortgaged Property property subject to the policy is located. The Servicer shall determine that such policies provide sufficient risk coverage and amounts as required pursuant to the Xxxxxx Mae Guides, that they insure the property owner, and that they properly describe the property address. The Servicer shall furnish to the Mortgagor a formal notice of expiration of any such insurance in conformance with Servicer’s standard practices; provided, however, that in the event that no such notice is furnished by the Servicer, the Servicer shall ensure that replacement insurance policies (whether forced placed or other insurance policies) are in place with the required coverage and the Servicer shall be solely liable for any losses in the event coverage is not provided. Pursuant to Section 2.04, any amounts collected by the Servicer under any such policies (other than amounts to be deposited in a suspense account and applied to the restoration or repair of the related Mortgaged Property, or property acquired in liquidation of the First Lien Loan, or to be released to the Mortgagor, in accordance with the Servicer’s normal servicing procedures as specified in Section 2.14) shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 2.05. With respect to each Second Lien Loan, the Servicer shall obtain and maintain the blanket hazard insurance policy described in Section 2.11. In the event a hazard insurance policy or a flood insurance policy shall be in danger of being terminated, the Servicer shall notify the related Mortgagor that the related Mortgagor must obtain hazard insurance coverage or flood insurance coverage, and if such Mortgagor fails to obtain the required hazard insurance or flood insurance coverage within forty-five (45) days after such notification, the Servicer shall immediately force place the required hazard insurance or flood insurance on such Mortgagor’s behalf, or in the event the insurer shall cease to be acceptable to Xxxxxx Xxx or Xxxxxxx Mac, the Servicer shall notify any successor Servicer and such Mortgagor, and such successor Servicer shall use its best efforts, as permitted by applicable law, to obtain from another Qualified Insurer a replacement hazard insurance policy or flood insurance policy substantially and materially similar in all respects to the original policy.

Maintenance of Hazard Insurance. The Servicer shall cause to be maintained for each First Lien Loan, Mortgage Loan fire and hazard insurance such that all buildings upon with extended coverage as is customary in the area where the Mortgaged Property are insured by a generally acceptable insurer acceptable under the Xxxxxx Mae Guides against loss by fire, hazards of extended coverage and such other hazards as are required to be insured pursuant to the Fannie Mae Guides, is located in an amount which is at least equal to the lesser of (i) the maximum insurable value of amount necessary to fully compensate for any damage or loss to the improvements securing which are a part of such First Lien Loan property on a replacement cost basis or (ii) the outstanding principal balance Principal Balance of the First Lien Loan plusMortgage Loan, in each case in an amount not less than such amount as is necessary to prevent the case of each Second Mortgagor and/or the Mortgagee from Loanbecoming a co-insurer. If the Mortgaged Property is in an area identified in the Federal Register by the Flood Emergency Management Agency as having special flood hazards and flood insurance has been made available, the outstanding principal of any mortgage loan senior Servicer will cause to such Second Lien Loan, provided that such aggregate amount represents at least 80% of the insurable value of the Mortgaged Property. If required by the National Flood Insurance Act of 1968, as amended, each First Lien Loan is, and shall continue to be, covered by be maintained a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect with a generally acceptable insurance carrier acceptable under the Xxxxxx Xxx Guides carrier, in an amount representing coverage not less than the lesser least of (i) the aggregate unpaid principal balance Principal Balance of the First Lien Mortgage Loan, (ii) the maximum insurable value of the improvements securing such Mortgage Loan or (iii) the maximum amount of insurance which is available under the National Flood Insurance Act of 1968, as amended amended. The Servicer shall also maintain on the REO Property for the benefit of the Certificateholders, (regardless x) fire and hazard insurance with extended coverage in an amount which is at least equal to the lesser of whether (i) 100% of the area in which such Mortgaged Property is located is participating in such program), and (iii) the full replacement maximum insurable value of the improvements which are part securing the Mortgage Loan and (ii) the outstanding Principal Balance of such Mortgaged the Mortgage Loan at the time it became an REO Property. If a Mortgaged Property is located in a special flood hazard area , (y) public liability insurance and, (z) to the extent required and is not covered by flood insurance or is covered in an amount less than the amount required by available under the National Flood Insurance Act of 1968, as amended, flood insurance in an amount as provided above. Any amounts collected by the Servicer shall notify the related Mortgagor that the Mortgagor must obtain under any such flood insurance coverage, and if said Mortgagor fails policies other than amounts to obtain the required flood insurance coverage within forty five (45) days after such notification, the Servicer shall immediately force place the required flood insurance on the Mortgagor’s behalf. If a Mortgage is secured by a unit in a condominium project, the Servicer shall verify that the coverage required of the owner’s association, including hazard, flood, liability, and fidelity coverage, is being maintained in accordance with then current Xxxxxx Mae requirements, and secure from the owner’s association its agreement to notify the Servicer promptly of any change be deposited in the insurance coverage Escrow Account and applied to the restoration or of any condemnation or casualty loss that may have a material effect on the value repair of the Mortgaged Property as securityor REO Property, or released to the Mortgagor in accordance with the Servicer’s normal servicing procedures, shall be deposited in the Collection Account, subject to withdrawal pursuant to Section 3.05. The Servicer shall cause It is understood and agreed that no earthquake or other additional insurance is required to be maintained by the Servicer or the Mortgagor or maintained on each Mortgaged Property such property acquired in respect of the Mortgage Loan, other or additional insurance as may be required than pursuant to such applicable laws and regulations Applicable Regulations as shall at any time be in force and as shall require such additional insurance, or pursuant to the requirements of any private mortgage guaranty insurer, or as may be required to conform with Accepted Servicing Practices. The Servicer shall cause to be maintained on each REO Property to be insured against risks, hazards and liabilities, in an amount with respect to hazards which is at least equal to the full replacement cost of the improvements which are a part of such REO Property and shall indemnify and hold harmless the Owner with respect to Liabilities in connection therewith in an amount of at least $1 million per occurrence and $2 million in the aggregate. In the event that the Owner or the Servicer shall determine that the Mortgaged Property should be insured against loss or damage by hazards and risks not covered by the insurance required to be maintained by the Mortgagor pursuant to the terms of the Mortgage, the Servicer shall communicate and consult with the Mortgagor with respect to the need for such insurance and bring to the Mortgagor’s attention the desirability of protection of the Mortgaged Property. All such policies required hereunder shall name the Servicer and its successors and assigns as a mortgagee and loss payee and shall be endorsed with non contributory standard or New York mortgagee clauses which with loss payable to the Servicer and shall provide for at least 30 thirty days prior written notice of any cancellation, reduction in the amount of or material change in coveragecoverage to the Servicer. The Servicer shall not interfere with the Mortgagor’s freedom of choice in selecting either his insurance carrier or agent, provided, however, that the Servicer shall not accept any such insurance policies from insurance companies unless such companies are acceptable under the Xxxxxx Xxx Guides currently reflect a general policy rating of B:III or better in Best’s Key Rating Guide and are licensed to do business in the jurisdiction in which state wherein the Mortgaged Property property subject to the policy is located. The Servicer shall determine that such policies provide sufficient risk coverage and amounts as required pursuant to the Xxxxxx Mae Guides, that they insure the property owner, and that they properly describe the property address. The Servicer shall furnish to the Mortgagor a formal notice of expiration of any such insurance in conformance with Servicer’s standard practices; provided, however, that in the event that no such notice is furnished by the Servicer, the Servicer shall ensure that replacement insurance policies (whether forced placed or other insurance policies) are in place with the required coverage and the Servicer shall be solely liable for any losses in the event coverage is not provided. Pursuant to Section 2.04, any amounts collected by the Servicer under any such policies (other than amounts to be deposited in a suspense account and applied to the restoration or repair of the related Mortgaged Property, or property acquired in liquidation of the First Lien Loan, or to be released to the Mortgagor, in accordance with the Servicer’s normal servicing procedures as specified in Section 2.14) shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 2.05. With respect to each Second Lien Loan, the Servicer shall obtain and maintain the blanket hazard insurance policy described in Section 2.11. In the event a hazard insurance policy or a flood insurance policy shall be in danger of being terminated, the Servicer shall notify the related Mortgagor that the related Mortgagor must obtain hazard insurance coverage or flood insurance coverage, and if such Mortgagor fails to obtain the required hazard insurance or flood insurance coverage within forty-five (45) days after such notification, the Servicer shall immediately force place the required hazard insurance or flood insurance on such Mortgagor’s behalf, or in the event the insurer shall cease to be acceptable to Xxxxxx Xxx or Xxxxxxx Mac, the Servicer shall notify any successor Servicer and such Mortgagor, and such successor Servicer shall use its best efforts, as permitted by applicable law, to obtain from another Qualified Insurer a replacement hazard insurance policy or flood insurance policy substantially and materially similar in all respects to the original policy.

Maintenance of Hazard Insurance. The Servicer Seller shall cause to be maintained for each First Lien Loan, Mortgage Loan fire and hazard insurance such that all buildings upon with extended coverage as is customary in the area where the Mortgaged Property is located in an amount which is at least equal to the lesser of (i) the amount necessary to fully compensate for any damage or loss to the improvements which are insured a part of such property on a replacement cost basis or (ii) the outstanding principal balance of the Mortgage Loan, in each case in an amount not less than such amount as is necessary to prevent the Mortgagor and/or the Mortgagee from becoming a co-insurer. If the Mortgaged Property is in an area identified on a Flood Hazard Boundary Map or Flood Insurance Rate Map issued by the Flood Emergency Management Agency as having special flood hazards and such flood insurance has been made available, the Seller will cause to be maintained a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration with a generally acceptable insurer acceptable insurance carrier, in an amount representing coverage not less than the lesser of (i) the outstanding principal balance of the Mortgage Loan or (ii) the maximum amount of insurance which is available under the Xxxxxx Mae Guides against loss by fireNational Flood Insurance Act of 1968 or the Flood Disaster Protection Act of 1973, hazards of as amended. The Seller also shall maintain on any REO Property, fire and hazard insurance with extended coverage and such other hazards as are required to be insured pursuant to the Fannie Mae Guides, in an amount which is at least equal to the lesser of (i) the maximum insurable value of the improvements securing which are a part of such First Lien Loan or property and (ii) the outstanding principal balance of the First Lien related Mortgage Loan plusat the time it became an REO Property plus accrued interest at the Mortgage Interest Rate and related Servicing Advances, in liability insurance and, to the case of each Second from Loan, the outstanding principal of any mortgage loan senior to such Second Lien Loan, provided that such aggregate amount represents at least 80% of the insurable value of the Mortgaged Property. If extent required by the National Flood Insurance Act of 1968, as amended, each First Lien Loan is, and shall continue to be, covered by a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect with a generally acceptable insurance carrier acceptable under the Xxxxxx Xxx Guides in an amount representing coverage not less than the lesser of (i) the aggregate unpaid principal balance of the First Lien Loan, (ii) maximum amount of insurance which is available under the National Flood Insurance Act of 1968, as amended (regardless of whether 1968 or the area in which such Mortgaged Property is located is participating in such program), and (iii) the full replacement value of the improvements which are part of such Mortgaged Property. If a Mortgaged Property is located in a special flood hazard area and is not covered by flood insurance or is covered in an amount less than the amount required by the National Flood Insurance Disaster Protection Act of 19681973, as amended, the Servicer shall notify the related Mortgagor that the Mortgagor must obtain such flood insurance coveragein an amount as provided above. Pursuant to Subsection 11.04, and if said Mortgagor fails any amounts collected by the Seller under any such policies other than amounts to obtain the required flood insurance coverage within forty five (45) days after such notification, the Servicer shall immediately force place the required flood insurance on the Mortgagor’s behalf. If a Mortgage is secured by a unit in a condominium project, the Servicer shall verify that the coverage required of the owner’s association, including hazard, flood, liability, and fidelity coverage, is being maintained in accordance with then current Xxxxxx Mae requirements, and secure from the owner’s association its agreement to notify the Servicer promptly of any change be deposited in the insurance coverage Escrow Account and applied to the restoration or of any condemnation or casualty loss that may have a material effect on the value repair of the Mortgaged Property as securityor REO Property, or released to the Mortgagor in accordance with the Seller's normal servicing procedures, shall be deposited in the related Custodial Account, subject to withdrawal pursuant to Subsection 11.05. The Servicer Any cost incurred by the Seller in maintaining any such insurance shall cause not, for the purpose of calculating distributions to the Purchaser, be added to the unpaid principal balance of the related Mortgage Loan, notwithstanding that the terms of such Mortgage Loan so permit. It is understood and agreed that no earthquake or other additional insurance need be required by the Seller or the Mortgagor or maintained on each Mortgaged Property such property acquired in respect of the Mortgage Loan, other or additional insurance as may be required than pursuant to such applicable laws and regulations as shall at any time be in force and as shall require such additional insurance, or pursuant to the requirements of any private mortgage guaranty insurer, or as may be required to conform with Accepted Servicing Practices. The Servicer shall cause to be maintained on each REO Property to be insured against risks, hazards and liabilities, in an amount with respect to hazards which is at least equal to the full replacement cost of the improvements which are a part of such REO Property and shall indemnify and hold harmless the Owner with respect to Liabilities in connection therewith in an amount of at least $1 million per occurrence and $2 million in the aggregate. In the event that the Owner or the Servicer shall determine that the Mortgaged Property should be insured against loss or damage by hazards and risks not covered by the insurance required to be maintained by the Mortgagor pursuant to the terms of the Mortgage, the Servicer shall communicate and consult with the Mortgagor with respect to the need for such insurance and bring to the Mortgagor’s attention the desirability of protection of the Mortgaged Property. All such policies required hereunder shall name the Servicer and its successors and assigns as a mortgagee and loss payee and shall be endorsed with non contributory standard or New York mortgagee clauses which with loss payable to the Seller, or upon request to the Purchaser, and shall provide for at least 30 thirty days prior written notice of any cancellation, reduction in the amount of, or material change in coveragein, coverage to the Seller. The Servicer Seller shall not interfere with the Mortgagor’s 's freedom of choice in selecting either his insurance carrier or agent, provided, however, that the Servicer Seller shall not accept any such insurance policies from insurance companies unless such companies are acceptable under the Xxxxxx Xxx Guides currently reflect a General Policy Rating of A:VI or better in Best's Key Rating Guide and are licensed to do business in the jurisdiction in which state wherein the Mortgaged Property property subject to the policy is located. The Servicer shall determine that such policies provide sufficient risk coverage and amounts as required pursuant to the Xxxxxx Mae Guides, that they insure the property owner, and that they properly describe the property address. The Servicer shall furnish to the Mortgagor a formal notice of expiration of any such insurance in conformance with Servicer’s standard practices; provided, however, that in the event that no such notice is furnished by the Servicer, the Servicer shall ensure that replacement insurance policies (whether forced placed or other insurance policies) are in place with the required coverage and the Servicer shall be solely liable for any losses in the event coverage is not provided. Pursuant to Section 2.04, any amounts collected by the Servicer under any such policies (other than amounts to be deposited in a suspense account and applied to the restoration or repair of the related Mortgaged Property, or property acquired in liquidation of the First Lien Loan, or to be released to the Mortgagor, in accordance with the Servicer’s normal servicing procedures as specified in Section 2.14) shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 2.05. With respect to each Second Lien Loan, the Servicer shall obtain and maintain the blanket hazard insurance policy described in Section 2.11. In the event a hazard insurance policy or a flood insurance policy shall be in danger of being terminated, the Servicer shall notify the related Mortgagor that the related Mortgagor must obtain hazard insurance coverage or flood insurance coverage, and if such Mortgagor fails to obtain the required hazard insurance or flood insurance coverage within forty-five (45) days after such notification, the Servicer shall immediately force place the required hazard insurance or flood insurance on such Mortgagor’s behalf, or in the event the insurer shall cease to be acceptable to Xxxxxx Xxx or Xxxxxxx Mac, the Servicer shall notify any successor Servicer and such Mortgagor, and such successor Servicer shall use its best efforts, as permitted by applicable law, to obtain from another Qualified Insurer a replacement hazard insurance policy or flood insurance policy substantially and materially similar in all respects to the original policy.

Maintenance of Hazard Insurance. The Servicer shall cause to be maintained for each First Lien Loan, Mortgage Loan fire and hazard insurance such that all buildings upon with extended coverage as is customary in the area where the Mortgaged Property are insured by a generally acceptable insurer acceptable under the Xxxxxx Mae Guides against loss by fire, hazards of extended coverage and such other hazards as are required to be insured pursuant to the Fannie Mae Guides, is located in an amount which is at least equal to the lesser of (i) the maximum insurable value of the improvements securing such First Lien Mortgage Loan or (ii) the greater of (a) the outstanding principal balance of the First Lien Loan plusMortgage Loan, and (b) the percentage such that the proceeds thereof shall be sufficient to prevent the Mortgagor and/or the Mortgagee from becoming a co-insurer. If the Mortgaged Property is in an area identified in the case of each Second from LoanFederal Register by the Federal Emergency Management Agency as being a special flood hazard area that has federally-mandated flood insurance requirements, the outstanding principal of any mortgage loan senior Servicer will cause to such Second Lien Loan, provided that such aggregate amount represents at least 80% of the insurable value of the Mortgaged Property. If required by the National Flood Insurance Act of 1968, as amended, each First Lien Loan is, and shall continue to be, covered by be maintained a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect with a generally acceptable insurance carrier acceptable under the Xxxxxx Xxx Guides carrier, in an amount representing coverage not less than the lesser least of (i) the aggregate unpaid outstanding principal balance of the First Lien Mortgage Loan, (ii) the maximum insurable value of the improvements securing such Mortgage Loan or (iii) the maximum amount of insurance which is available under the National Flood Insurance Disaster Protection Act of 19681973, as amended (regardless of whether amended. The Servicer shall also maintain on the area REO Property, fire and hazard insurance with extended coverage in an amount which such Mortgaged Property is located is participating in such program), and (iii) at least equal to the full replacement maximum insurable value of the improvements which are a part of such Mortgaged Property. If a Mortgaged Property is located in a special flood hazard area property, liability insurance and, to the extent required and is not covered by flood insurance or is covered in an amount less than available under the amount required by the National Flood Insurance Disaster Protection Act of 19681973, as amended, flood insurance in an amount as provided above. Any amounts collected by the Servicer shall notify the related Mortgagor that the Mortgagor must obtain under any such flood insurance coverage, and if said Mortgagor fails policies other than amounts to obtain the required flood insurance coverage within forty five (45) days after such notification, the Servicer shall immediately force place the required flood insurance on the Mortgagor’s behalf. If a Mortgage is secured by a unit in a condominium project, the Servicer shall verify that the coverage required of the owner’s association, including hazard, flood, liability, and fidelity coverage, is being maintained in accordance with then current Xxxxxx Mae requirements, and secure from the owner’s association its agreement to notify the Servicer promptly of any change be deposited in the insurance coverage Escrow Account and applied to the restoration or of any condemnation or casualty loss that may have a material effect on the value repair of the Mortgaged Property as securityor REO Property, or released to the Mortgagor in accordance with the Servicer's normal servicing procedures, shall be deposited in the Custodial Account, subject to withdrawal pursuant to Section 4.05. The It is understood and agreed that no other additional insurance need be required by the Servicer shall cause to be or the Mortgagor or maintained on each Mortgaged Property such property acquired in respect of the Mortgage Loans, other or additional insurance as may be required than pursuant to the Fannie Mae Guide or such applicable state or federal laws and regulations as regulxxxxxx xx shall at any time be in force and as shall require such additional insurance, or pursuant to the requirements of any private mortgage guaranty insurer, or as may be required to conform with Accepted Servicing Practices. The Servicer shall cause to be maintained on each REO Property to be insured against risks, hazards and liabilities, in an amount with respect to hazards which is at least equal to the full replacement cost of the improvements which are a part of such REO Property and shall indemnify and hold harmless the Owner with respect to Liabilities in connection therewith in an amount of at least $1 million per occurrence and $2 million in the aggregate. In the event that the Owner or the Servicer shall determine that the Mortgaged Property should be insured against loss or damage by hazards and risks not covered by the insurance required to be maintained by the Mortgagor pursuant to the terms of the Mortgage, the Servicer shall communicate and consult with the Mortgagor with respect to the need for such insurance and bring to the Mortgagor’s attention the desirability of protection of the Mortgaged Property. All such policies required hereunder shall name be endorsed with standard mortgagee clauses with loss payable to the Servicer and its successors and/or assigns and assigns as a mortgagee and loss payee and shall be endorsed with non contributory standard or New York mortgagee clauses which shall provide for at least 30 thirty days prior written notice of any cancellation, reduction in the amount or material change in coveragecoverage to the Servicer. The Servicer shall not interfere with the Mortgagor’s 's freedom of choice in selecting either his insurance carrier or agent, provided, however, that the Servicer shall not accept any such insurance policies from insurance companies unless such companies are currently reflect a General Policy Rating in Best's Key Rating Guide currently acceptable under the Xxxxxx Xxx Guides to Fannie Mae and are licensed to do business in the jurisdiction in which state wherein the Mortgaged Property xxxxxrty subject to the policy is located. The Servicer shall determine that such policies provide sufficient risk coverage and amounts as required pursuant to the Xxxxxx Mae Guides, that they insure the property owner, and that they properly describe the property address. The Servicer shall furnish to the Mortgagor a formal notice of expiration of any such insurance in conformance with Servicer’s standard practices; provided, however, that in the event that no such notice is furnished by the Servicer, the Servicer shall ensure that replacement insurance policies (whether forced placed or other insurance policies) are in place with the required coverage and the Servicer shall be solely liable for any losses in the event coverage is not provided. Pursuant to Section 2.04, any amounts collected by the Servicer under any such policies (other than amounts to be deposited in a suspense account and applied to the restoration or repair of the related Mortgaged Property, or property acquired in liquidation of the First Lien Loan, or to be released to the Mortgagor, in accordance with the Servicer’s normal servicing procedures as specified in Section 2.14) shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 2.05. With respect to each Second Lien Loan, the Servicer shall obtain and maintain the blanket hazard insurance policy described in Section 2.11. In the event a hazard insurance policy or a flood insurance policy shall be in danger of being terminated, the Servicer shall notify the related Mortgagor that the related Mortgagor must obtain hazard insurance coverage or flood insurance coverage, and if such Mortgagor fails to obtain the required hazard insurance or flood insurance coverage within forty-five (45) days after such notification, the Servicer shall immediately force place the required hazard insurance or flood insurance on such Mortgagor’s behalf, or in the event the insurer shall cease to be acceptable to Xxxxxx Xxx or Xxxxxxx Mac, the Servicer shall notify any successor Servicer and such Mortgagor, and such successor Servicer shall use its best efforts, as permitted by applicable law, to obtain from another Qualified Insurer a replacement hazard insurance policy or flood insurance policy substantially and materially similar in all respects to the original policy.

Maintenance of Hazard Insurance. (a) The Servicer shall cause to be maintained for each First Lien Loan, Mortgage Loan serviced by it fire and hazard insurance such that all buildings upon with extended coverage customary in the area where the related Mortgaged Property are insured by a generally acceptable insurer acceptable under the Xxxxxx Mae Guides against loss by fire, hazards of extended coverage and such other hazards as are required to be insured pursuant to the Fannie Mae Guidesis located, in an amount which that is at least equal to the lesser of (i) 100% of the maximum insurable replacement value of the improvements securing such First Lien Loan the Mortgage Loan, or (ii) the outstanding principal balance Unpaid Principal Balance of the First Lien Mortgage Loan plus, in the case of each Second from Loan, the outstanding principal of any mortgage loan senior to such Second Lien Loan, provided that such aggregate amount represents at least (so long as it equals 80% of the insurable value of the Mortgaged Propertyimprovements); provided that in any case such amount shall be sufficient to prevent either the Mortgagor or the Mortgagee from becoming a co-insurer. If required the Mortgaged Property is in an area that, at the time of origination of the related Mortgage Loan or at any time thereafter during the life of such Mortgage Loan, is identified on a flood hazard boundary map or flood insurance rate map issued by the National Flood Insurance Act of 1968Federal Emergency Management Agency as having special flood hazards (and such flood insurance was then or is then available), as amended, each First Lien Loan is, and the Servicer shall continue cause to be, covered by be maintained a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect with a generally acceptable insurance carrier acceptable under the Xxxxxx Xxx Guides carrier, if such insurance is available. Such flood insurance shall be in an amount representing coverage not less than the lesser least of (i) the aggregate unpaid principal balance Unpaid Principal Balance of the First Lien Mortgage Loan, (ii) the full insurable value of the improvements securing such Mortgage Loan and (iii) the maximum amount of insurance which is available under the National Flood Insurance Act of 19681968 and the Flood Disaster Protection Act of 1973, each as amended amended. The Servicer shall also maintain on each REO Property (regardless of whether x) fire and hazard insurance with extended coverage in an amount that is at least equal to the area in which such Mortgaged Property is located is participating in such program), and (iii) the full replacement maximum insurable value of the improvements which that are a part of such Mortgaged Property. If a Mortgaged Property is located in a special flood hazard area property, (y) liability insurance and is not covered by flood insurance or is covered in an amount less than (z) to the amount extent required by and available under the National Flood Insurance Act of 19681968 and the Flood Disaster Protection Act of 1973, each as amended, flood insurance in an amount as provided above. Any amounts collected by the Servicer under any such policies shall notify the related Mortgagor that the Mortgagor must obtain such flood insurance coverage, and if said Mortgagor fails to obtain the required flood insurance coverage within forty five (45) days after such notification, be paid over or applied by the Servicer shall immediately force place the required flood insurance on the Mortgagor’s behalf. If a Mortgage is secured by a unit in a condominium project, the Servicer shall verify that the coverage required of the owner’s association, including hazard, flood, liability, and fidelity coverage, is being maintained in accordance with then current Xxxxxx Mae requirements, and secure from Applicable Requirements whether (i) for the owner’s association its agreement to notify the Servicer promptly of any change in the insurance coverage restoration or of any condemnation or casualty loss that may have a material effect on the value repair of the Mortgaged Property Property, subject to the related Mortgage, (ii) for release to the Mortgagor, or (iii) for application in reduction of the Mortgage Loan, in which event such amounts shall be deposited in the Account, as securityprovided in Section 2.4. The Servicer shall cause to It is understood and agreed that no earthquake or other additional insurance need be maintained by the Servicer on each Mortgaged Property such any Mortgage Loan or property acquired in respect of a Mortgage Loan, other or additional insurance than as may be required pursuant to such under applicable laws and regulations as shall at any time be in force and as shall require such additional insurance, or pursuant to the requirements of any private mortgage guaranty insurer, or as may be required to conform with Accepted Servicing Practices. The Servicer shall cause to be maintained on each REO Property to be insured against risks, hazards and liabilities, in an amount with respect to hazards which is at least equal to the full replacement cost of the improvements which are a part of such REO Property and shall indemnify and hold harmless the Owner with respect to Liabilities in connection therewith in an amount of at least $1 million per occurrence and $2 million in the aggregate. In the event that the Owner or the Servicer shall determine that the Mortgaged Property should be insured against loss or damage by hazards and risks not covered by the insurance required to be maintained by the Mortgagor pursuant to the terms of the Mortgage, the Servicer shall communicate and consult with the Mortgagor with respect to the need for such insurance and bring to the Mortgagor’s attention the desirability of protection of the Mortgaged Propertyforce. All policies required hereunder shall name be endorsed with standard mortgagee clauses with loss payable to the Servicer and its successors and assigns as a mortgagee and loss payee and shall be endorsed with non contributory standard or New York mortgagee clauses which shall provide for at least 30 thirty (30) days prior written notice to the Servicer of any cancellation, reduction in amount amount, or material change in coverage. The Servicer shall not interfere with the Mortgagor’s freedom of choice in selecting either his the Mortgagor’s insurance carrier or agent, agent upon any policy renewal; provided, however, that upon any such policy renewal, the Servicer shall not accept any such insurance policies only from insurance companies unless such companies are acceptable under the Xxxxxx Xxx Guides that (A) have a rating of B:III or better in Best’s Key Rating Guide or a financial performance index rating of 6 or better in Best’s Insurance Reports and (B) are licensed to do business in the jurisdiction in which the related Mortgaged Property is located. The Servicer shall determine that such policies provide sufficient risk coverage and amounts as required pursuant to the Xxxxxx Mae Guides, that they insure the property owner, and that they properly describe the property address. The Servicer shall furnish to the Mortgagor a formal notice of expiration of any such insurance in conformance with Servicer’s standard practices; provided, however, that in the event that no such notice is furnished by the Servicer, the Servicer shall ensure that replacement insurance policies (whether forced placed or other insurance policies) are in place with the required coverage and the Servicer shall be solely liable for any losses in the event coverage is not provided. Pursuant to Section 2.04, any amounts collected by the Servicer under any such policies (other than amounts to be deposited in a suspense account and applied to the restoration or repair of the related Mortgaged Property, or property acquired in liquidation of the First Lien Loan, or to be released to the Mortgagor, in accordance with the Servicer’s normal servicing procedures as specified in Section 2.14) shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 2.05. With respect to each Second Lien Loan, the Servicer shall obtain and maintain the blanket hazard insurance policy described in Section 2.11. In the event a hazard insurance policy or a flood insurance policy shall be in danger of being terminated, the Servicer shall notify the related Mortgagor that the related Mortgagor must obtain hazard insurance coverage or flood insurance coverage, and if such Mortgagor fails to obtain the required hazard insurance or flood insurance coverage within forty-five (45) days after such notification, the Servicer shall immediately force place the required hazard insurance or flood insurance on such Mortgagor’s behalf, or in the event the insurer shall cease to be acceptable to Xxxxxx Xxx or Xxxxxxx Mac, the Servicer shall notify any successor Servicer and such Mortgagor, and such successor Servicer shall use its best efforts, as permitted by applicable law, to obtain from another Qualified Insurer a replacement hazard insurance policy or flood insurance policy substantially and materially similar in all respects to the original policy.

Maintenance of Hazard Insurance. The Seller/Servicer shall cause to be maintained for each First Lien Loan, Mortgage Loan fire and hazard insurance such that all buildings upon with extended coverage customary in the area where the Mortgaged Property are insured is located by a generally acceptable an insurer acceptable under the to Xxxxxx Mae Guides against loss by fire, hazards of extended coverage and such other hazards as are required to be insured pursuant to the Fannie Mae GuidesXxx or Xxxxxxx Mac, in an amount which is at least equal to the lesser of (ia) the maximum full insurable value of the improvements securing such First Lien Loan Mortgaged Property or (iib) the greater of (i) the outstanding principal balance owing on the Mortgage Loan and (ii) an amount such that the proceeds of such insurance shall be sufficient to avoid the First Lien Loan plus, application to the Mortgagor or loss payee of any coinsurance clause under the policy. If the Mortgaged Property is in an area identified by the case of each Second from LoanFederal Emergency Management Agency as a special flood hazard area (and such flood insurance has been made available), the outstanding principal of any mortgage loan senior Seller/Servicer will cause to such Second Lien Loan, provided that such aggregate amount represents at least 80% of the insurable value of the Mortgaged Property. If required by the National Flood Insurance Act of 1968, as amended, each First Lien Loan is, and shall continue to be, covered by be maintained a flood insurance policy meeting the requirements of the current guidelines of the Federal National Flood Insurance Administration is in effect with a generally acceptable insurance carrier acceptable under the Xxxxxx Xxx Guides Program, in an amount representing coverage not less than the lesser least of (iA) the aggregate unpaid minimum amount required under the terms of the coverage to compensate for any damage or loss to the Mortgaged Property on a replacement-cost basis (or the outstanding principal balance of the First Lien Loan, Mortgage Loan if replacement-cost coverage is not available) or (iiB) the maximum amount of insurance which is available under the National Flood Insurance Act of 1968, as amended (regardless of whether Program. The Seller/Servicer shall also maintain on REO Property fire and hazard insurance with extended coverage in an amount which is at least equal to the area in which such Mortgaged Property is located is participating in such program), and (iii) the full replacement maximum insurable value of the improvements which are a part of such Mortgaged Property. If a Mortgaged Property is located in a special flood hazard area property, liability insurance and, to the extent required and is not covered by flood insurance or is covered in an amount less than the amount required by available under the National Flood Insurance Act of 1968, as amended, the Servicer shall notify the related Mortgagor that the Mortgagor must obtain such Program flood insurance coverage, and if said Mortgagor fails in an amount required above. Any amounts collected by the Seller/Servicer under any such policies (other than amounts to obtain the required flood insurance coverage within forty five (45) days after such notification, the Servicer shall immediately force place the required flood insurance on the Mortgagor’s behalf. If a Mortgage is secured by a unit in a condominium project, the Servicer shall verify that the coverage required of the owner’s association, including hazard, flood, liability, and fidelity coverage, is being maintained in accordance with then current Xxxxxx Mae requirements, and secure from the owner’s association its agreement to notify the Servicer promptly of any change be deposited in the insurance coverage Escrow Account and applied to the restoration or of any condemnation or casualty loss that may have a material effect on the value repair of the Mortgaged Property as security. The Servicer shall cause or REO Property, or to be released to the Mortgagor in accordance with Customary Servicing Procedures and the Mortgage Loan Documents) shall be deposited in the Custodial Account, subject to withdrawal pursuant to Subsection 11.05. It is understood and agreed that no earthquake or other additional insurance need be required by the Seller/Servicer of any Mortgagor or maintained on each Mortgaged REO Property such other or additional insurance as may be required than pursuant to such applicable laws and regulations as shall at any time be in force and as shall require such additional insurance, or pursuant to the requirements of any private mortgage guaranty insurer, or as may be required to conform with Accepted Servicing Practices. The Servicer shall cause to be maintained on each REO Property to be insured against risks, hazards and liabilities, in an amount with respect to hazards which is at least equal to the full replacement cost of the improvements which are a part of such REO Property and shall indemnify and hold harmless the Owner with respect to Liabilities in connection therewith in an amount of at least $1 million per occurrence and $2 million in the aggregate. In the event that the Owner or the Servicer shall determine that the Mortgaged Property should be insured against loss or damage by hazards and risks not covered by the insurance required to be maintained by the Mortgagor pursuant to the terms of the Mortgage, the Servicer shall communicate and consult with the Mortgagor with respect to the need for such insurance and bring to the Mortgagor’s attention the desirability of protection of the Mortgaged Property. All policies required hereunder shall name the Servicer and be endorsed with standard mortgagee clauses with loss payable to Seller/Servicer, its successors and assigns as a mortgagee assigns, and loss payee and shall be endorsed with non contributory standard or New York mortgagee clauses which shall provide for at least 30 thirty (30) days prior written notice of any cancellation, reduction in amount or material change in coveragecoverage to the Seller/Servicer. The Seller/Servicer shall not interfere with the Mortgagor’s freedom of choice in selecting either his insurance carrier or agent, ; provided, however, that the Seller/Servicer shall not accept any such insurance policies from insurance companies unless such companies are acceptable under comply with the Xxxxxx Xxx Guides and are licensed to do business in the jurisdiction in which the Mortgaged Property is located. The Servicer shall determine that such policies provide sufficient risk coverage and amounts as required pursuant to the standards set by Xxxxxx Mae Guides, that they insure the property owner, and that they properly describe the property address. The Servicer shall furnish to the Mortgagor a formal notice of expiration of any such insurance in conformance with Servicer’s standard practices; provided, however, that in the event that no such notice is furnished by the Servicer, the Servicer shall ensure that replacement insurance policies (whether forced placed or other insurance policies) are in place with the required coverage and the Servicer shall be solely liable for any losses in the event coverage is not provided. Pursuant to Section 2.04, any amounts collected by the Servicer under any such policies (other than amounts to be deposited in a suspense account and applied to the restoration or repair of the related Mortgaged Property, or property acquired in liquidation of the First Lien Loan, or to be released to the Mortgagor, in accordance with the Servicer’s normal servicing procedures as specified in Section 2.14) shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 2.05. With respect to each Second Lien Loan, the Servicer shall obtain and maintain the blanket hazard insurance policy described in Section 2.11. In the event a hazard insurance policy or a flood insurance policy shall be in danger of being terminated, the Servicer shall notify the related Mortgagor that the related Mortgagor must obtain hazard insurance coverage or flood insurance coverage, and if such Mortgagor fails to obtain the required hazard insurance or flood insurance coverage within forty-five (45) days after such notification, the Servicer shall immediately force place the required hazard insurance or flood insurance on such Mortgagor’s behalf, or in the event the insurer shall cease to be acceptable to Xxxxxx Xxx or Xxxxxxx Mac, the Servicer shall notify any successor Servicer and such Mortgagor, and such successor Servicer shall use its best efforts, as permitted by applicable law, to obtain from another Qualified Insurer a replacement hazard insurance policy or flood insurance policy substantially and materially similar in all respects to the original policy.

Maintenance of Hazard Insurance. The Seller/Servicer shall cause to be maintained for each First Lien Loan, Mortgage Loan fire and hazard insurance such that all buildings upon with extended coverage customary in the area where the Mortgaged Property are insured is located by a generally acceptable an insurer acceptable under the to Xxxxxx Mae Guides against loss by fire, hazards of extended coverage and such other hazards as are required to be insured pursuant to the Fannie Mae GuidesXxx or Xxxxxxx Mac, in an amount which is at least equal to the lesser of (ia) the maximum full insurable value of the improvements securing such First Lien Loan Mortgaged Property or (iib) the greater of (i) the outstanding principal balance owing on the Mortgage Loan and (ii) an amount such that the proceeds of such insurance shall be sufficient to avoid the First Lien Loan plus, application to the Mortgagor or loss payee of any coinsurance clause under the policy. If the Mortgaged Property is in an area identified by the case of each Second from LoanFederal Emergency Management Agency as a special flood hazard area (and such flood insurance has been made available), the outstanding principal of any mortgage loan senior Seller/Servicer will cause to such Second Lien Loan, provided that such aggregate amount represents at least 80% of the insurable value of the Mortgaged Property. If required by the National Flood Insurance Act of 1968, as amended, each First Lien Loan is, and shall continue to be, covered by be maintained a flood insurance policy meeting the requirements of the current guidelines of the Federal National Flood Insurance Administration is in effect with a generally acceptable insurance carrier acceptable under the Xxxxxx Xxx Guides Program, in an amount representing coverage not less than the lesser least of (iA) the aggregate unpaid minimum amount required under the terms of the coverage to compensate for any damage or loss to the Mortgaged Property on a replacement-cost basis (or the outstanding principal balance of the First Lien Loan, Mortgage Loan if replacement-cost coverage is not available) or (iiB) the maximum amount of insurance which is available under the National Flood Insurance Act of 1968, as amended (regardless of whether Program. The Seller/Servicer shall also maintain on REO Property fire and hazard insurance with extended coverage in an amount which is at least equal to the area in which such Mortgaged Property is located is participating in such program), and (iii) the full replacement maximum insurable value of the improvements which are a part of such Mortgaged Property. If a Mortgaged Property is located in a special flood hazard area property, liability insurance and, to the extent required and is not covered by flood insurance or is covered in an amount less than the amount required by available under the National Flood Insurance Act of 1968, as amended, the Servicer shall notify the related Mortgagor that the Mortgagor must obtain such Program flood insurance coverage, and if said Mortgagor fails in an amount required above. Any amounts collected by the Seller/Servicer under any such policies (other than amounts to obtain the required flood insurance coverage within forty five (45) days after such notification, the Servicer shall immediately force place the required flood insurance on the Mortgagor’s behalf. If a Mortgage is secured by a unit in a condominium project, the Servicer shall verify that the coverage required of the owner’s association, including hazard, flood, liability, and fidelity coverage, is being maintained in accordance with then current Xxxxxx Mae requirements, and secure from the owner’s association its agreement to notify the Servicer promptly of any change be deposited in the insurance coverage Escrow Account and applied to the restoration or of any condemnation or casualty loss that may have a material effect on the value repair of the Mortgaged Property as security. The Servicer shall cause or REO Property, or to be released to the Mortgagor in accordance with Customary Servicing Procedures and the Mortgage Loan Documents) shall be deposited in the Custodial Account, subject to withdrawal pursuant to Subsection 11.05. It is understood and agreed that no earthquake or other additional insurance need be required by the Seller/Servicer of any Mortgagor or maintained on each Mortgaged REO Property such other or additional insurance as may be required than pursuant to such applicable laws and regulations as shall at any time be in force and as shall require such additional insurance, or pursuant to the requirements of any private mortgage guaranty insurer, or as may be required to conform with Accepted Servicing Practices. The Servicer shall cause to be maintained on each REO Property to be insured against risks, hazards and liabilities, in an amount with respect to hazards which is at least equal to the full replacement cost of the improvements which are a part of such REO Property and shall indemnify and hold harmless the Owner with respect to Liabilities in connection therewith in an amount of at least $1 million per occurrence and $2 million in the aggregate. In the event that the Owner or the Servicer shall determine that the Mortgaged Property should be insured against loss or damage by hazards and risks not covered by the insurance required to be maintained by the Mortgagor pursuant to the terms of the Mortgage, the Servicer shall communicate and consult with the Mortgagor with respect to the need for such insurance and bring to the Mortgagor’s attention the desirability of protection of the Mortgaged Property. All policies required hereunder shall name be endorsed with standard mortgagee clauses with loss payable to the Servicer and Seller/Servicer, its successors and assigns as a mortgagee assigns, and loss payee and shall be endorsed with non contributory standard or New York mortgagee clauses which shall provide for at least 30 thirty (30) days prior written notice of any cancellation, reduction in amount or material change in coveragecoverage to the Seller/Servicer. The Seller/Servicer shall not interfere with the Mortgagor’s freedom of choice in selecting either his insurance carrier or agent, ; provided, however, that the Seller/Servicer shall not accept any such insurance policies from insurance companies unless such companies are acceptable under comply with the Xxxxxx Xxx Guides and are licensed to do business in the jurisdiction in which the Mortgaged Property is located. The Servicer shall determine that such policies provide sufficient risk coverage and amounts as required pursuant to the standards set by Xxxxxx Mae Guides, that they insure the property owner, and that they properly describe the property address. The Servicer shall furnish to the Mortgagor a formal notice of expiration of any such insurance in conformance with Servicer’s standard practices; provided, however, that in the event that no such notice is furnished by the Servicer, the Servicer shall ensure that replacement insurance policies (whether forced placed or other insurance policies) are in place with the required coverage and the Servicer shall be solely liable for any losses in the event coverage is not provided. Pursuant to Section 2.04, any amounts collected by the Servicer under any such policies (other than amounts to be deposited in a suspense account and applied to the restoration or repair of the related Mortgaged Property, or property acquired in liquidation of the First Lien Loan, or to be released to the Mortgagor, in accordance with the Servicer’s normal servicing procedures as specified in Section 2.14) shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 2.05. With respect to each Second Lien Loan, the Servicer shall obtain and maintain the blanket hazard insurance policy described in Section 2.11. In the event a hazard insurance policy or a flood insurance policy shall be in danger of being terminated, the Servicer shall notify the related Mortgagor that the related Mortgagor must obtain hazard insurance coverage or flood insurance coverage, and if such Mortgagor fails to obtain the required hazard insurance or flood insurance coverage within forty-five (45) days after such notification, the Servicer shall immediately force place the required hazard insurance or flood insurance on such Mortgagor’s behalf, or in the event the insurer shall cease to be acceptable to Xxxxxx Xxx or Xxxxxxx Mac, the Servicer shall notify any successor Servicer and such Mortgagor, and such successor Servicer shall use its best efforts, as permitted by applicable law, to obtain from another Qualified Insurer a replacement hazard insurance policy or flood insurance policy substantially and materially similar in all respects to the original policy.

Maintenance of Hazard Insurance. The Servicer Seller shall cause to be maintained for each First Lien Loan, Mortgage Loan fire and hazard insurance such that all buildings upon with extended coverage customary in the area where the Mortgaged Property are insured by a generally acceptable insurer acceptable under the Xxxxxx Mae Guides against loss by fire, hazards of extended coverage and such other hazards as are required to be insured pursuant to the Fannie Mae Guidesis located, in an amount which is at least equal to the lesser of (ia) the maximum full insurable value of the improvements securing such First Lien Loan Mortgaged Property or (iib) the greater of (i) the outstanding principal balance owing on the Mortgage Loan and (ii) an amount such that the proceeds of such insurance shall be sufficient to avoid the First Lien Loan plus, application to the Mortgagor or loss payee of any coinsurance clause under the policy. If the Mortgaged Property is in an area identified in the case of each Second from Loan, the outstanding principal of any mortgage loan senior to such Second Lien Loan, provided that such aggregate amount represents at least 80% of the insurable value of the Mortgaged Property. If required Federal Register by the National Flood Insurance Act of 1968, Federal Emergency Management Agency as amended, each First Lien Loan is, having special flood hazards (and shall continue such flood insurance has been made available) Seller will cause to be, covered by be maintained a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect with a generally acceptable insurance carrier acceptable under the Xxxxxx Xxx Guides carrier, in an amount representing coverage not less than the lesser least of (ia) the aggregate unpaid outstanding principal balance of the First Lien Mortgage Loan, (iib) the full insurable value of the Mortgaged Property, or (c) the maximum amount of insurance which is available under the National Flood Insurance Disaster Protection Act of 19681973, each as amended (regardless amended. Seller shall also maintain on property acquired upon foreclosure, or by deed in lieu of whether foreclosure, of any Mortgage Loan, fire and hazard insurance with extended coverage in an amount which is at least equal to the area in which such Mortgaged Property is located is participating in such program), and (iii) the full replacement maximum insurable value of the improvements which are a part of such Mortgaged Property. If a Mortgaged Property is located in a special flood hazard area property, liability insurance and, to the extent required and is not covered by available under the Flood Disaster Protection Act of 1973, each as amended, flood insurance or is covered in an amount less required above. Any amounts collected by Seller under any such policies (other than the amount required by the National Flood Insurance Act of 1968, as amended, the Servicer shall notify the related Mortgagor that the Mortgagor must obtain such flood insurance coverage, and if said Mortgagor fails amounts to obtain the required flood insurance coverage within forty five (45) days after such notification, the Servicer shall immediately force place the required flood insurance on the Mortgagor’s behalf. If a Mortgage is secured by a unit in a condominium project, the Servicer shall verify that the coverage required of the owner’s association, including hazard, flood, liability, and fidelity coverage, is being maintained in accordance with then current Xxxxxx Mae requirements, and secure from the owner’s association its agreement to notify the Servicer promptly of any change be deposited in the insurance coverage Escrow Account and applied to the restoration or of any condemnation or casualty loss that may have a material effect on the value repair of the Mortgaged Property as security. The Servicer shall cause or property acquired in liquidation of the Mortgage Loan, or to be released to the Mortgagor in accordance with Customary Servicing Procedures) shall be deposited in the Custodial Account, subject to withdrawal pursuant to Section 10.10. It is understood and agreed that no earthquake or other additional insurance need be required by Seller of any Mortgagor or maintained on each Mortgaged Property such property acquired in respect of a Mortgage Loan, other or additional insurance as may be required than pursuant to such applicable laws and regulations as shall at any time be in force and as shall require such additional insurance, or pursuant to the requirements of any private mortgage guaranty insurer, or as may be required to conform with Accepted Servicing Practices. The Servicer shall cause to be maintained on each REO Property to be insured against risks, hazards and liabilities, in an amount with respect to hazards which is at least equal to the full replacement cost of the improvements which are a part of such REO Property and shall indemnify and hold harmless the Owner with respect to Liabilities in connection therewith in an amount of at least $1 million per occurrence and $2 million in the aggregate. In the event that the Owner or the Servicer shall determine that the Mortgaged Property should be insured against loss or damage by hazards and risks not covered by the insurance required to be maintained by the Mortgagor pursuant to the terms of the Mortgage, the Servicer shall communicate and consult with the Mortgagor with respect to the need for such insurance and bring to the Mortgagor’s attention the desirability of protection of the Mortgaged Property. All policies required hereunder shall name the Servicer be endorsed with standard mortgagee clauses with loss payable to Seller and its successors and/or assigns, and assigns as a mortgagee and loss payee and shall be endorsed with non contributory standard or New York mortgagee clauses which shall provide for at least 30 thirty (30) days prior written notice of any cancellation, reduction in amount or material change in coveragecoverage to Seller. The Servicer Seller shall not interfere with the Mortgagor’s 's freedom of choice in selecting either his insurance carrier or agent, provided, however, that the Servicer shall not accept any such insurance policies from insurance companies unless such companies are acceptable under the Xxxxxx Xxx Guides and are licensed to do business in the jurisdiction in which the Mortgaged Property is located. The Servicer shall determine that such policies provide sufficient risk coverage and amounts as required pursuant to the Xxxxxx Mae Guides, that they insure the property owner, and that they properly describe the property address. The Servicer shall furnish to the Mortgagor a formal notice of expiration of any such insurance in conformance with Servicer’s standard practices; provided, however, that in the event that no such notice is furnished by the Servicer, the Servicer shall ensure that replacement insurance policies (whether forced placed or other insurance policies) are in place with the required coverage and the Servicer shall be solely liable for any losses in the event coverage is not provided. Pursuant to Section 2.04, any amounts collected by the Servicer under any such policies (other than amounts to be deposited in a suspense account and applied to the restoration or repair of the related Mortgaged Property, or property acquired in liquidation of the First Lien Loan, or to be released to the Mortgagor, in accordance with the Servicer’s normal servicing procedures as specified in Section 2.14) shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 2.05. With respect to each Second Lien Loan, the Servicer shall obtain and maintain the blanket hazard insurance policy described in Section 2.11. In the event a hazard insurance policy or a flood insurance policy shall be in danger of being terminated, the Servicer shall notify the related Mortgagor that the related Mortgagor must obtain hazard insurance coverage or flood insurance coverage, and if such Mortgagor fails to obtain the required hazard insurance or flood insurance coverage within forty-five (45) days after such notification, the Servicer shall immediately force place the required hazard insurance or flood insurance on such Mortgagor’s behalf, or in the event the insurer shall cease to be acceptable to Xxxxxx Xxx or Xxxxxxx Mac, the Servicer shall notify any successor Servicer and such Mortgagor, and such successor Servicer shall use its best efforts, as permitted by applicable law, to obtain from another Qualified Insurer a replacement hazard insurance policy or flood insurance policy substantially and materially similar in all respects to the original policy.

Maintenance of Hazard Insurance. (a) The Servicer shall cause to be maintained for each First Lien Loan, Mortgage Loan serviced by it fire and hazard insurance such that all buildings upon with extended coverage customary in the area where the related Mortgaged Property are insured by a generally acceptable insurer acceptable under the Xxxxxx Mae Guides against loss by fire, hazards of extended coverage and such other hazards as are required to be insured pursuant to the Fannie Mae Guidesis located, in an amount which is at least equal to the lesser of (i) 100% of the maximum insurable replacement value of the improvements securing such First Lien Loan the Mortgage Loan, or (ii) the outstanding principal balance Unpaid Principal Balance of the First Lien Mortgage Loan plus, in the case of each Second from Loan, the outstanding principal of any mortgage loan senior to such Second Lien Loan, provided that such aggregate amount represents at least (so long as it equals 80% of the insurable value of the Mortgaged Propertyimprovements); provided that in any case such amount shall be sufficient to prevent the Mortgagor and/or Mortgagee from becoming a co-insurer. If required the Mortgaged Property is in an area that, at the time of origination of the related Mortgage Loan, is identified on a flood hazard boundary map or flood insurance rate map issued by the National Flood Insurance Act of 1968Federal Emergency Management Agency as having special flood hazards (and such flood insurance was then available), as amended, each First Lien Loan is, and the Servicer shall continue cause to be, covered by be maintained a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect with a generally acceptable insurance carrier acceptable under the Xxxxxx Xxx Guides carrier, if such insurance is available. Such flood insurance shall be in an amount representing coverage not less than the lesser least of (i) the aggregate unpaid principal balance Unpaid Principal Balance of the First Lien Mortgage Loan, (ii) the full insurable value of the improvements securing such Mortgage Loan and (iii) the maximum amount of insurance which is available under the National Flood Insurance Act of 19681968 and the Flood Disaster Protection Act of 1973, each as amended amended. The Servicer shall also maintain on REO Property (regardless of whether x) fire and hazard insurance with extended coverage in an amount that is at least equal to the area in which such Mortgaged Property is located is participating in such program), and (iii) the full replacement maximum insurable value of the improvements which that are a part of such Mortgaged Property. If a Mortgaged Property is located in a special flood hazard area property, (y) liability insurance and is not covered by flood insurance or is covered in an amount less than (z) to the amount extent required by and available under the National Flood Insurance Act of 19681968 and the Flood Disaster Protection Act of 1973, each as amended, flood insurance in an amount as provided above. Any amounts collected by the Servicer under any such policies shall notify the related Mortgagor that the Mortgagor must obtain such flood insurance coverage, and if said Mortgagor fails to obtain the required flood insurance coverage within forty five (45) days after such notification, be paid over or applied by the Servicer shall immediately force place the required flood insurance on the Mortgagor’s behalf. If a Mortgage is secured by a unit in a condominium project, the Servicer shall verify that the coverage required of the owner’s association, including hazard, flood, liability, and fidelity coverage, is being maintained in accordance with then current Xxxxxx Mae requirements, and secure from Applicable Requirements whether (i) for the owner’s association its agreement to notify the Servicer promptly of any change in the insurance coverage restoration or of any condemnation or casualty loss that may have a material effect on the value repair of the Mortgaged Property Property, subject to the related Mortgage, (ii) for release to the Mortgagor, or (iii) for application in reduction of the Mortgage Loan, in which event such amounts shall be deposited in the Account, as securityprovided in Section 2.4. The Servicer shall cause to It is understood and agreed that no earthquake or other additional insurance need be maintained by the Servicer on each Mortgaged Property such any Mortgage Loan or property acquired in respect of a Mortgage Loan, other or additional insurance than as may be required pursuant to such under applicable laws and regulations as shall at any time be in force and as shall require such additional insurance, or pursuant to the requirements of any private mortgage guaranty insurer, or as may be required to conform with Accepted Servicing Practices. The Servicer shall cause to be maintained on each REO Property to be insured against risks, hazards and liabilities, in an amount with respect to hazards which is at least equal to the full replacement cost of the improvements which are a part of such REO Property and shall indemnify and hold harmless the Owner with respect to Liabilities in connection therewith in an amount of at least $1 million per occurrence and $2 million in the aggregate. In the event that the Owner or the Servicer shall determine that the Mortgaged Property should be insured against loss or damage by hazards and risks not covered by the insurance required to be maintained by the Mortgagor pursuant to the terms of the Mortgage, the Servicer shall communicate and consult with the Mortgagor with respect to the need for such insurance and bring to the Mortgagor’s attention the desirability of protection of the Mortgaged Propertyforce. All policies required hereunder shall name be endorsed with standard mortgagee clauses with loss payable to the Servicer and its successors and assigns as a mortgagee and loss payee and shall be endorsed with non contributory standard or New York mortgagee clauses which shall provide for at least 30 days prior written notice to the Servicer of any cancellation, reduction in amount amount, or material change in coverage. The Servicer shall not interfere with the Mortgagor’s 's freedom of choice in selecting either his the Mortgagor's insurance carrier or agent, agent upon any policy renewal; provided, however, that upon any such policy renewal, the Servicer shall not accept any such insurance policies only from insurance companies unless such companies are acceptable under the Xxxxxx Xxx Guides that (A) have a rating of B:III or better in Best's Key Rating Guide or a financial performance index rating of 6 or better in Best's Insurance Reports and (B) are licensed to do business in the jurisdiction in which the related Mortgaged Property is located. The Servicer shall determine that such policies provide sufficient risk coverage and amounts as required pursuant to the Xxxxxx Mae Guides, that they insure the property owner, and that they properly describe the property address. The Servicer shall furnish to the Mortgagor a formal notice of expiration of any such insurance in conformance with Servicer’s standard practices; provided, however, that in the event that no such notice is furnished by the Servicer, the Servicer shall ensure that replacement insurance policies (whether forced placed or other insurance policies) are in place with the required coverage and the Servicer shall be solely liable for any losses in the event coverage is not provided. Pursuant to Section 2.04, any amounts collected by the Servicer under any such policies (other than amounts to be deposited in a suspense account and applied to the restoration or repair of the related Mortgaged Property, or property acquired in liquidation of the First Lien Loan, or to be released to the Mortgagor, in accordance with the Servicer’s normal servicing procedures as specified in Section 2.14) shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 2.05. With respect to each Second Lien Loan, the Servicer shall obtain and maintain the blanket hazard insurance policy described in Section 2.11. In the event a hazard insurance policy or a flood insurance policy shall be in danger of being terminated, the Servicer shall notify the related Mortgagor that the related Mortgagor must obtain hazard insurance coverage or flood insurance coverage, and if such Mortgagor fails to obtain the required hazard insurance or flood insurance coverage within forty-five (45) days after such notification, the Servicer shall immediately force place the required hazard insurance or flood insurance on such Mortgagor’s behalf, or in the event the insurer shall cease to be acceptable to Xxxxxx Xxx or Xxxxxxx Mac, the Servicer shall notify any successor Servicer and such Mortgagor, and such successor Servicer shall use its best efforts, as permitted by applicable law, to obtain from another Qualified Insurer a replacement hazard insurance policy or flood insurance policy substantially and materially similar in all respects to the original policy.

Maintenance of Hazard Insurance. The Servicer Seller shall cause to be maintained for each First Lien Loan, Mortgage Loan fire and hazard insurance such that all buildings upon with extended coverage customary in the area where the Mortgaged Property are insured is located by a generally acceptable an insurer acceptable under the Xxxxxx Mae Guides against loss by fireto Faxxxx Xax xr Frxxxxx Xac and FHA or VA, hazards of extended coverage and such other hazards as are required to be insured pursuant to the Fannie Mae Guidesapplicable, in an amount which is at least equal to the lesser of (ia) the maximum full insurable value of the improvements securing such First Lien Loan Mortgaged Property or (iib) the greater of (i) the outstanding principal balance owing on the Mortgage Loan and (ii) an amount such that the proceeds of such insurance shall be sufficient to avoid the First Lien Loan plus, application to the Mortgagor or loss payee of any coinsurance clause under the policy. If the Mortgaged Property is in an area identified in the case of each Second from Loan, the outstanding principal of any mortgage loan senior to such Second Lien Loan, provided that such aggregate amount represents at least 80% of the insurable value of the Mortgaged Property. If required Federal Register by the National Flood Insurance Act of 1968, Federal Emergency Management Agency as amended, each First Lien Loan is, a special flood hazard area (and shall continue such flood insurance has been made available) the Seller will cause to be, covered by be maintained a flood insurance policy meeting the requirements of the current guidelines of the Federal National Flood Insurance Administration is in effect with a generally acceptable insurance carrier acceptable under the Xxxxxx Xxx Guides Program, in an amount representing coverage not less than the lesser of (iA) the aggregate unpaid minimum amount required under the terms of the coverage to compensate for any damage or loss to the Mortgaged Property on a replacement-cost basis (or the outstanding principal balance of the First Lien Loan, Mortgage Loan if replacement-cost basis is not available) or (iiB) the maximum amount of insurance which is available under the National Flood Insurance Act of 1968, as amended (regardless of whether Program. The Seller shall also maintain on REO Property fire and hazard insurance with extended coverage in an amount which is at least equal to the area in which such Mortgaged Property is located is participating in such program), and (iii) the full replacement maximum insurable value of the improvements which are a part of such Mortgaged Property. If a Mortgaged Property is located in a special flood hazard area property, liability insurance and, to the extent required and is not covered by flood insurance or is covered in an amount less than the amount required by available under the National Flood Insurance Act Program, flood insurance in an amount required above. Any amounts collected by the Seller under any such policies (other than amounts to be deposited in the Escrow Account and applied to the restoration or repair of 1968, as amended, the Servicer shall notify property subject to the related Mortgagor that Mortgage or property acquired in liquidation of the Mortgage Loan, or to be released to the Mortgagor must obtain such flood insurance coverage, and if said Mortgagor fails to obtain the required flood insurance coverage within forty five (45) days after such notification, the Servicer shall immediately force place the required flood insurance on the Mortgagor’s behalf. If a Mortgage is secured by a unit in a condominium project, the Servicer shall verify that the coverage required of the owner’s association, including hazard, flood, liability, and fidelity coverage, is being maintained in accordance with then current Xxxxxx Mae requirementsCustomary Servicing Procedures) shall be deposited in the Custodial Account, subject to withdrawal pursuant to Subsection 11.05. It is understood and secure from agreed that no earthquake or other additional insurance need be required by the owner’s association its agreement to notify the Servicer promptly Seller of any change in the insurance coverage Mortgagor or of any condemnation or casualty loss that may have a material effect on the value of the Mortgaged Property as security. The Servicer shall cause to be maintained on each Mortgaged REO Property such other or additional insurance as may be required than pursuant to such applicable laws and regulations as shall at any time be in force and as shall require such additional insurance, or pursuant to the requirements of any private mortgage guaranty insurer, or as may be required to conform with Accepted Servicing Practices. The Servicer shall cause to be maintained on each REO Property to be insured against risks, hazards and liabilities, in an amount with respect to hazards which is at least equal to the full replacement cost of the improvements which are a part of such REO Property and shall indemnify and hold harmless the Owner with respect to Liabilities in connection therewith in an amount of at least $1 million per occurrence and $2 million in the aggregate. In the event that the Owner or the Servicer shall determine that the Mortgaged Property should be insured against loss or damage by hazards and risks not covered by the insurance required to be maintained by the Mortgagor pursuant to the terms of the Mortgage, the Servicer shall communicate and consult with the Mortgagor with respect to the need for such insurance and bring to the Mortgagor’s attention the desirability of protection of the Mortgaged Property. All policies required hereunder shall name the Servicer and its successors and assigns as a mortgagee and loss payee and shall be endorsed with non contributory standard or New York mortgagee clauses which with loss payable to the Seller, and shall provide for at least 30 thirty (30) days prior written notice of any cancellation, reduction in amount or material change in coveragecoverage to the Seller. The Servicer Seller shall not interfere with the Mortgagor’s freedom of choice in selecting either his its insurance carrier or agent, ; provided, however, that unless otherwise required by the Servicer terms of the related Mortgage Note or applicable law, the Seller shall not accept any such insurance policies from insurance companies unless such companies are acceptable under the Xxxxxx Xxx Guides to Faxxxx Xae or Frxxxxx Xac and FHA or VA, as applicable, and are licensed to do business in the jurisdiction in which state wherein the Mortgaged Property property subject to the policy is located. The Servicer hazard insurance policies for each Mortgage Loan secured by a unit in a condominium development or planned unit development shall determine that be maintained with respect to such policies provide sufficient risk coverage Mortgage Loan and amounts the related development in a manner which is consistent with Faxxxx Xae or Frxxxxx Xac requirements and FHA or VA requirements, as applicable, unless otherwise required pursuant to the Xxxxxx Mae Guides, that they insure the property owner, and that they properly describe the property address. The Servicer shall furnish to the Mortgagor a formal notice of expiration of any such insurance in conformance with Servicer’s standard practices; provided, however, that in the event that no such notice is furnished by the Servicer, the Servicer shall ensure that replacement insurance policies (whether forced placed or other insurance policies) are in place with the required coverage and the Servicer shall be solely liable for any losses in the event coverage is not provided. Pursuant to Section 2.04, any amounts collected by the Servicer under any such policies (other than amounts to be deposited in a suspense account and applied to the restoration or repair terms of the related Mortgaged Property, Mortgage Note or property acquired in liquidation of the First Lien Loan, or to be released to the Mortgagor, in accordance with the Servicer’s normal servicing procedures as specified in Section 2.14) shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 2.05. With respect to each Second Lien Loan, the Servicer shall obtain and maintain the blanket hazard insurance policy described in Section 2.11. In the event a hazard insurance policy or a flood insurance policy shall be in danger of being terminated, the Servicer shall notify the related Mortgagor that the related Mortgagor must obtain hazard insurance coverage or flood insurance coverage, and if such Mortgagor fails to obtain the required hazard insurance or flood insurance coverage within forty-five (45) days after such notification, the Servicer shall immediately force place the required hazard insurance or flood insurance on such Mortgagor’s behalf, or in the event the insurer shall cease to be acceptable to Xxxxxx Xxx or Xxxxxxx Mac, the Servicer shall notify any successor Servicer and such Mortgagor, and such successor Servicer shall use its best efforts, as permitted by applicable law, to obtain from another Qualified Insurer a replacement hazard insurance policy or flood insurance policy substantially and materially similar in all respects to the original policy.

Maintenance of Hazard Insurance. (a) The Servicer shall cause to be maintained maintained, with a Qualified Insurer for each First Lien LoanMortgage Loan serviced by it, fire and hazard insurance such that all buildings upon with extended coverage customary in the area where the Mortgaged Property are insured by a generally acceptable insurer acceptable under the Xxxxxx Mae Guides against loss by fire, hazards of extended coverage and such other hazards as are required to be insured is located pursuant to insurance policies conforming to the Fannie Mae GuidesUnderwriting Guidelines, in an amount which is at least equal to the lesser of (ia) the maximum full insurable value of the improvements securing such First Lien Loan Mortgaged Property or (iib) the greater of (i) the outstanding principal balance owing on the Mortgage Loan and (ii) an amount such that the proceeds of such insurance shall be sufficient to avoid the First Lien Loan plus, application to the Mortgagor or loss payee of any coinsurance clause under the policy. If the Mortgaged Property is in an area then identified on a flood hazard boundary map or flood insurance rate map issued by the case of each Second from LoanFederal Emergency Management Agency as having special flood hazards (and such flood insurance is available), the outstanding principal of any mortgage loan senior Servicer will cause to such Second Lien Loan, provided that such aggregate amount represents at least 80% of the insurable value of the Mortgaged Property. If required by the National Flood Insurance Act of 1968, as amended, each First Lien Loan is, and shall continue to be, covered by be maintained a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect with a generally acceptable insurance carrier acceptable under the Xxxxxx Xxx Guides to Fxxxxx Mae or Fxxxxxx Mac. Such flood insurance shall be in an amount representing coverage not less than the lesser least of (i) the aggregate unpaid outstanding principal balance of the First Lien Mortgage Loan, (ii) the full insurable value of the improvements securing such Mortgage Loan or (iii) the maximum amount of insurance which available under the National Flood Insurance Act of 1968 and the Flood Disaster Protection Act of 1973, each as amended. The Servicer shall also maintain on each REO Property with an insurer acceptable under the Underwriting Guidelines (x) fire and hazard insurance with extended coverage in an amount that is at least equal to the maximum insurable value of the improvements securing the Mortgage Loan that are a part of such property, (y) liability insurance and (z) to the extent required and available under the National Flood Insurance Act of 1968, the Flood Disaster Protection Act of 1973, each as amended (regardless amended, or other applicable federal law, flood insurance in an amount as provided above. Any costs incurred by the Servicer maintaining insurance under this Section 3.10 shall be recoverable as Servicing Advances. Any amounts collected by the Servicer under any such policies shall be paid over or applied by the Servicer in accordance with Acceptable Servicing Procedures for the restoration or repair of whether the area Mortgaged Property subject to the related Mortgage, for release to the Mortgagor in accordance with Acceptable Servicing Procedures, or for application in reduction of the Mortgage Loan. Any such amounts shall be deposited in the Custodial Account and subject to withdrawal pursuant to Section 3.5. It is understood and agreed that no earthquake or other additional insurance is required to be maintained by the Servicer hereunder in connection with any Mortgage Loan or Mortgaged Property, other than pursuant to applicable laws and regulations that are at any time in force and require such additional insurance. All policies required hereunder shall be endorsed with standard mortgagee clauses with loss payable to the Servicer, and shall provide for at least 30 days prior written notice to the Servicer of any cancellation, reduction in amount, or material change in coverage. The Servicer shall not interfere with the Mortgagor's freedom of choice in selecting either his insurance carrier or agent upon any policy renewal; provided, however, upon any such policy renewal, the Servicer shall not accept any such insurance policies, unless the insurers are acceptable under the Underwriting Guidelines and are licensed to do business in the jurisdiction in which such the Mortgaged Property is located is participating located. In the event a hazard insurance policy shall be in such program)danger of being terminated, and (iii) or in the full replacement value of event the improvements which are part of such Mortgaged Property. If a Mortgaged Property is located in a special flood hazard area and is not covered by flood insurance or is covered in an amount less than insurer shall cease to be acceptable under the amount required by the National Flood Insurance Act of 1968, as amendedUnderwriting Guidelines, the Servicer shall notify the Owner and the related Mortgagor that the Mortgagor must obtain such flood insurance coverageMortgagor, and if said Mortgagor fails shall use its best efforts, as permitted by applicable law, to obtain from another Qualified Insurer a replacement hazard insurance policy substantially and materially similar in all respects to the required flood original policy. In no event, however, shall a Mortgage Loan be without a hazard insurance coverage within forty five (45) days after such notification, the Servicer shall immediately force place the required flood insurance on the Mortgagor’s behalfpolicy at any time. If a Mortgage is secured by a unit in a condominium project, the Servicer shall verify that the coverage required of the owner’s 's association, including hazard, flood, liability, and fidelity coverage, is being maintained in accordance with then current Xxxxxx Mae requirementsrequirements under the Underwriting Guidelines. Notwithstanding anything set forth in the preceding paragraphs, the Servicer agrees to indemnify the Owner for any Losses and related costs, judgments, and secure from the owner’s association its agreement to notify the Servicer promptly of any change in the insurance coverage or of any condemnation or casualty loss that may have a material effect on the value of the Mortgaged Property as security. The Servicer shall cause to be maintained on each Mortgaged Property such other or additional insurance as may be required pursuant to such applicable laws costs, fees and regulations as shall at any time be in force and as shall require such additional insurance, or pursuant to the requirements of any private mortgage guaranty insurer, or as may be required to conform with Accepted Servicing Practices. The Servicer shall cause to be maintained on each REO Property to be insured against risks, hazards and liabilities, in an amount with respect to hazards which is at least equal to the full replacement cost of the improvements which are a part of such REO Property and shall indemnify and hold harmless the Owner with respect to Liabilities in connection therewith in an amount of at least $1 million per occurrence and $2 million in the aggregate. In the event expenses that the Owner may sustain in any way related to the failure of the Mortgagor (or the Servicer shall determine that the Mortgaged Property should be insured against loss or damage by hazards and risks not covered by the insurance required Servicer) to be maintained by the Mortgagor pursuant to the terms of the Mortgage, the Servicer shall communicate and consult with the Mortgagor with respect to the need for such insurance and bring to the Mortgagor’s attention the desirability of protection of the Mortgaged Property. All policies required hereunder shall name the Servicer and its successors and assigns as a mortgagee and loss payee and shall be endorsed with non contributory standard or New York mortgagee clauses which shall provide for at least 30 days prior written notice of any cancellation, reduction in amount or material change in coverage. The Servicer shall not interfere with the Mortgagor’s freedom of choice in selecting either his insurance carrier or agent, provided, however, that the Servicer shall not accept any such insurance policies from insurance companies unless such companies are acceptable under the Xxxxxx Xxx Guides and are licensed to do business in the jurisdiction in which the Mortgaged Property is located. The Servicer shall determine that such policies provide sufficient risk coverage and amounts as required pursuant to the Xxxxxx Mae Guides, that they insure the property owner, and that they properly describe the property address. The Servicer shall furnish to the Mortgagor a formal notice of expiration of any such insurance in conformance with Servicer’s standard practices; provided, however, that in the event that no such notice is furnished by the Servicer, the Servicer shall ensure that replacement insurance policies (whether forced placed or other insurance policies) are in place with the required coverage and the Servicer shall be solely liable for any losses in the event coverage is not provided. Pursuant to Section 2.04, any amounts collected by the Servicer under any such policies (other than amounts to be deposited in a suspense account and applied to the restoration or repair of the related Mortgaged Property, or property acquired in liquidation of the First Lien Loan, or to be released to the Mortgagor, in accordance with the Servicer’s normal servicing procedures as specified in Section 2.14) shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 2.05. With respect to each Second Lien Loan, the Servicer shall obtain and maintain the blanket hazard insurance policy described in Section 2.11. In the event a hazard insurance policy or a flood insurance policy shall be in danger of being terminated, the Servicer shall notify the related Mortgagor that the related Mortgagor must obtain hazard insurance coverage or flood insurance coverage, and if such Mortgagor fails to obtain the required hazard insurance or flood insurance coverage within forty-five (45) days after such notification, the Servicer shall immediately force place the required hazard insurance or flood insurance on such Mortgagor’s behalf, or in the event the insurer shall cease to be acceptable to Xxxxxx Xxx or Xxxxxxx Mac, the Servicer shall notify any successor Servicer and such Mortgagor, and such successor Servicer shall use its best efforts, as permitted by applicable law, to obtain from another Qualified Insurer a replacement hazard insurance policy or flood insurance policy substantially and materially similar in all respects with respect to the original policyrelated Mortgaged Property which complies with the requirements of this section.

Maintenance of Hazard Insurance. The Servicer shall cause to be maintained for each First Lien Loan, Mortgage Loan fire and hazard insurance such that all buildings upon with extended coverage as is customary in the area where the Mortgaged Property is located in an amount which is at least equal to the lesser of (i) the amount necessary to fully compensate for any damage or loss to the improvements which are insured a part of such property on a replacement cost basis or (ii) the outstanding principal balance of the Mortgage Loan (including any cumulative related Negative Amortization) plus with respect to any second lien Mortgage Loan, the outstanding principal balance of the related first lien mortgage loan (including any cumulative related Negative Amortization), in each case in an amount not less than such amount as is necessary to prevent the Mortgagor and/or the Mortgagee from becoming a co-insurer. If the Mortgaged Property is in an area identified on a Flood Hazard Boundary Map or Flood Insurance Rate Map issued by the Flood Emergency Management Agency as having special flood hazards and such flood insurance has been made available, the Servicer will cause to be maintained a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration with a generally acceptable insurer acceptable insurance carrier, in an amount representing coverage not less than the lesser of (i) the outstanding principal balance of the Mortgage Loan (plus, if the Mortgage Loan provides for negative amortization, the maximum amount of Negative Amortization in accordance with the Mortgage)or (ii) the maximum amount of insurance which is available under the Xxxxxx Mae Guides against loss by fireNational Flood Insurance Act of 1968 or the Flood Disaster Protection Act of 1973, hazards of as amended. The Servicer also shall maintain on any REO Property, fire and hazard insurance with extended coverage and such other hazards as are required to be insured pursuant to the Fannie Mae Guides, in an amount which is at least equal to the lesser of (i) the maximum insurable value of the improvements securing which are a part of such First Lien Loan or property and (ii) the outstanding principal balance of the First Lien related Mortgage Loan plus(including any cumulative related Negative Amortization) at the time it became an REO Property plus accrued interest at the Mortgage Interest Rate and related Servicing Advances, in liability insurance and, to the case of each Second from Loan, the outstanding principal of any mortgage loan senior to such Second Lien Loan, provided that such aggregate amount represents at least 80% of the insurable value of the Mortgaged Property. If extent required by the National Flood Insurance Act of 1968, as amended, each First Lien Loan is, and shall continue to be, covered by a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect with a generally acceptable insurance carrier acceptable under the Xxxxxx Xxx Guides in an amount representing coverage not less than the lesser of (i) the aggregate unpaid principal balance of the First Lien Loan, (ii) maximum amount of insurance which is available under the National Flood Insurance Act of 1968, as amended (regardless of whether 1968 or the area in which such Mortgaged Property is located is participating in such program), and (iii) the full replacement value of the improvements which are part of such Mortgaged Property. If a Mortgaged Property is located in a special flood hazard area and is not covered by flood insurance or is covered in an amount less than the amount required by the National Flood Insurance Disaster Protection Act of 19681973, as amended, flood insurance in an amount as provided above. Pursuant to Subsection 11.04, any amounts collected by the Servicer shall notify the related Mortgagor that the Mortgagor must obtain under any such flood insurance coverage, and if said Mortgagor fails policies other than amounts to obtain the required flood insurance coverage within forty five (45) days after such notification, the Servicer shall immediately force place the required flood insurance on the Mortgagor’s behalf. If a Mortgage is secured by a unit in a condominium project, the Servicer shall verify that the coverage required of the owner’s association, including hazard, flood, liability, and fidelity coverage, is being maintained in accordance with then current Xxxxxx Mae requirements, and secure from the owner’s association its agreement to notify the Servicer promptly of any change be deposited in the insurance coverage Escrow Account and applied to the restoration or of any condemnation or casualty loss that may have a material effect on the value repair of the Mortgaged Property as securityor REO Property, or released to the Mortgagor in accordance with the Servicer’s normal servicing procedures, shall be deposited in the Custodial Account, subject to withdrawal pursuant to Subsection 11.05. The Any cost incurred by the Servicer in maintaining any such insurance shall cause not, for the purpose of calculating distributions to the Purchaser, be added to the unpaid principal balance of the related Mortgage Loan, notwithstanding that the terms of such Mortgage Loan so permit. It is understood and agreed that no earthquake or other additional insurance need be required by the Servicer of the Mortgagor or maintained on each Mortgaged Property such property acquired in respect of the Mortgage Loan, other or additional insurance as may be required than pursuant to such applicable laws and regulations as shall at any time be in force and as shall require such additional insurance, or pursuant to the requirements of any private mortgage guaranty insurer, or as may be required to conform with Accepted Servicing Practices. The Servicer shall cause to be maintained on each REO Property to be insured against risks, hazards and liabilities, in an amount with respect to hazards which is at least equal to the full replacement cost of the improvements which are a part of such REO Property and shall indemnify and hold harmless the Owner with respect to Liabilities in connection therewith in an amount of at least $1 million per occurrence and $2 million in the aggregate. In the event that the Owner or the Servicer shall determine that the Mortgaged Property should be insured against loss or damage by hazards and risks not covered by the insurance required to be maintained by the Mortgagor pursuant to the terms of the Mortgage, the Servicer shall communicate and consult with the Mortgagor with respect to the need for such insurance and bring to the Mortgagor’s attention the desirability of protection of the Mortgaged Property. All such policies required hereunder shall name the Servicer and its successors and assigns as a mortgagee and loss payee and shall be endorsed with non contributory standard or New York mortgagee clauses which with loss payable to the Servicer, or upon request to the Purchaser, and shall provide for at least 30 thirty (30) days prior written notice of any cancellation, reduction in the amount of, or material change in coveragein, coverage to the Servicer. The Servicer shall not interfere with the Mortgagor’s freedom of choice in selecting either his insurance carrier or agent, provided, however, that the Servicer shall not accept any such insurance policies from insurance companies unless such companies currently reflect a General Policy Rating of A:VI or better in Best’s Key Rating Guide, are acceptable under the to Xxxxxx Xxx Guides Mae and Xxxxxxx Mac and are licensed to do business in the jurisdiction in which state wherein the Mortgaged Property property subject to the policy is located. The Servicer shall determine that such policies provide sufficient risk coverage and amounts as required pursuant to the Xxxxxx Mae Guides, that they insure the property owner, and that they properly describe the property address. The Servicer shall furnish to the Mortgagor a formal notice of expiration of any such insurance in conformance with Servicer’s standard practices; provided, however, that in the event that no such notice is furnished by the Servicer, the Servicer shall ensure that replacement insurance policies (whether forced placed or other insurance policies) are in place with the required coverage and the Servicer shall be solely liable for any losses in the event coverage is not provided. Pursuant to Section 2.04, any amounts collected by the Servicer under any such policies (other than amounts to be deposited in a suspense account and applied to the restoration or repair of the related Mortgaged Property, or property acquired in liquidation of the First Lien Loan, or to be released to the Mortgagor, in accordance with the Servicer’s normal servicing procedures as specified in Section 2.14) shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 2.05. With respect to each Second Lien Loan, the Servicer shall obtain and maintain the blanket hazard insurance policy described in Section 2.11. In the event a hazard insurance policy or a flood insurance policy shall be in danger of being terminated, the Servicer shall notify the related Mortgagor that the related Mortgagor must obtain hazard insurance coverage or flood insurance coverage, and if such Mortgagor fails to obtain the required hazard insurance or flood insurance coverage within forty-five (45) days after such notification, the Servicer shall immediately force place the required hazard insurance or flood insurance on such Mortgagor’s behalf, or in the event the insurer shall cease to be acceptable to Xxxxxx Xxx or Xxxxxxx Mac, the Servicer shall notify any successor Servicer and such Mortgagor, and such successor Servicer shall use its best efforts, as permitted by applicable law, to obtain from another Qualified Insurer a replacement hazard insurance policy or flood insurance policy substantially and materially similar in all respects to the original policy.

Maintenance of Hazard Insurance. The Servicer Option One shall cause to be maintained for each First Lien Loan, Mortgage Loan fire and hazard insurance such that all buildings upon with extended coverage as is customary in the area where the Mortgaged Property is located in an amount which is at least equal to the lesser of (i) the amount necessary to fully compensate for any damage or loss to the improvements which are insured a part of such property on a replacement cost basis or (ii) the outstanding principal balance of the Mortgage Loan, in each case in an amount not less than such amount as is necessary to prevent the Mortgagor and/or the Mortgagee from becoming a co-insurer. If the Mortgaged Property is in an area identified on a Flood Hazard Boundary Map or Flood. Insurance Rate Map issued by the Flood Emergency Management Agency as having special flood hazards and such flood insurance has been made available, Option One will cause to be maintained a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration with a generally acceptable insurer acceptable insurance carrier, in an amount representing coverage not less than the lesser of (i) the outstanding principal balance of the Mortgage Loan or (ii) the maximum amount of insurance which is available under the Xxxxxx Mae Guides against loss by fireNational Flood Insurance Act of 1968 or the Flood Disaster Protection Act of 1973, hazards of as amended. Option One also shall maintain on any REO Property, fire and hazard insurance with extended coverage and such other hazards as are required to be insured pursuant to the Fannie Mae Guides, in an amount which is at least equal to the lesser of (i) the maximum insurable value of the improvements securing which are a part of such First Lien Loan or property and (ii) the outstanding principal balance of the First Lien related Mortgage Loan plusat the time it became an REO Property plus accrued interest at the Mortgage Interest Rate and related Servicing Advances, in liability insurance and, to the case of each Second from Loan, the outstanding principal of any mortgage loan senior to such Second Lien Loan, provided that such aggregate amount represents at least 80% of the insurable value of the Mortgaged Property. If extent required by the National Flood Insurance Act of 1968, as amended, each First Lien Loan is, and shall continue to be, covered by a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect with a generally acceptable insurance carrier acceptable under the Xxxxxx Xxx Guides in an amount representing coverage not less than the lesser of (i) the aggregate unpaid principal balance of the First Lien Loan, (ii) maximum amount of insurance which is available under the National Flood Insurance Act of 1968, as amended (regardless of whether 1968 or the area in which such Mortgaged Property is located is participating in such program), and (iii) the full replacement value of the improvements which are part of such Mortgaged Property. If a Mortgaged Property is located in a special flood hazard area and is not covered by flood insurance or is covered in an amount less than the amount required by the National Flood Insurance Disaster Protection Act of 19681973, as amended, the Servicer shall notify the related Mortgagor that the Mortgagor must obtain such flood insurance coveragein an amount as provided above. Pursuant to Section 11.04, and if said Mortgagor fails any amounts collected by Option One under any such policies other than amounts to obtain the required flood insurance coverage within forty five (45) days after such notification, the Servicer shall immediately force place the required flood insurance on the Mortgagor’s behalf. If a Mortgage is secured by a unit in a condominium project, the Servicer shall verify that the coverage required of the owner’s association, including hazard, flood, liability, and fidelity coverage, is being maintained in accordance with then current Xxxxxx Mae requirements, and secure from the owner’s association its agreement to notify the Servicer promptly of any change be deposited in the insurance coverage Escrow Account and applied to the restoration or of any condemnation or casualty loss that may have a material effect on the value repair of the Mortgaged Property as securityor REO Property, or released to the Mortgagor in accordance with Option One's normal servicing procedures, shall be deposited in the Custodial Account, subject to withdrawal pursuant to Section 11.06. The Servicer Any cost incurred by Option One in maintaining any such insurance shall cause not, for the purpose of calculating distributions to the Purchaser, be added to the unpaid principal balance of the related Mortgage Loan, notwithstanding that the terms of such Mortgage Loan so permit. It is understood and agreed that no earthquake or other additional insurance need be required by Option One of the Mortgagor or maintained on each Mortgaged Property such property acquired in respect of the Mortgage Loan, other or additional insurance as may be required than pursuant to such applicable laws and regulations as shall at any time be in force and as shall require such additional insurance, or pursuant to the requirements of any private mortgage guaranty insurer, or as may be required to conform with Accepted Servicing Practices. The Servicer shall cause to be maintained on each REO Property to be insured against risks, hazards and liabilities, in an amount with respect to hazards which is at least equal to the full replacement cost of the improvements which are a part of such REO Property and shall indemnify and hold harmless the Owner with respect to Liabilities in connection therewith in an amount of at least $1 million per occurrence and $2 million in the aggregate. In the event that the Owner or the Servicer shall determine that the Mortgaged Property should be insured against loss or damage by hazards and risks not covered by the insurance required to be maintained by the Mortgagor pursuant to the terms of the Mortgage, the Servicer shall communicate and consult with the Mortgagor with respect to the need for such insurance and bring to the Mortgagor’s attention the desirability of protection of the Mortgaged Property. All such policies required hereunder shall name the Servicer and its successors and assigns as a mortgagee and loss payee and shall be endorsed with non contributory standard or New York mortgagee clauses which with loss payable to Option One, or upon request to the Purchaser, and shall provide for at least 30 days thirty (30) days' prior written notice of any cancellation, reduction in the amount of, or material change in coveragein, coverage to Option One. The Servicer Option One shall not interfere with the Mortgagor’s 's freedom of choice in selecting either his insurance carrier or agent, provided, however, that the Servicer Option One shall not accept any such insurance policies from insurance companies unless such companies are acceptable under the Xxxxxx Xxx Guides currently reflect a General Policy Rating of B:III or better in Best's Key Rating Guide and are licensed to do business in the jurisdiction in which state wherein the Mortgaged Property property subject to the policy is located. The Servicer shall determine that such policies provide sufficient risk coverage and amounts as required pursuant to the Xxxxxx Mae Guides, that they insure the property owner, and that they properly describe the property address. The Servicer shall furnish to the Mortgagor a formal notice of expiration of any such insurance in conformance with Servicer’s standard practices; provided, however, that in the event that no such notice is furnished by the Servicer, the Servicer shall ensure that replacement insurance policies (whether forced placed or other insurance policies) are in place with the required coverage and the Servicer shall be solely liable for any losses in the event coverage is not provided. Pursuant to Section 2.04, any amounts collected by the Servicer under any such policies (other than amounts to be deposited in a suspense account and applied to the restoration or repair of the related Mortgaged Property, or property acquired in liquidation of the First Lien Loan, or to be released to the Mortgagor, in accordance with the Servicer’s normal servicing procedures as specified in Section 2.14) shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 2.05. With respect to each Second Lien Loan, the Servicer shall obtain and maintain the blanket hazard insurance policy described in Section 2.11. In the event a hazard insurance policy or a flood insurance policy shall be in danger of being terminated, the Servicer shall notify the related Mortgagor that the related Mortgagor must obtain hazard insurance coverage or flood insurance coverage, and if such Mortgagor fails to obtain the required hazard insurance or flood insurance coverage within forty-five (45) days after such notification, the Servicer shall immediately force place the required hazard insurance or flood insurance on such Mortgagor’s behalf, or in the event the insurer shall cease to be acceptable to Xxxxxx Xxx or Xxxxxxx Mac, the Servicer shall notify any successor Servicer and such Mortgagor, and such successor Servicer shall use its best efforts, as permitted by applicable law, to obtain from another Qualified Insurer a replacement hazard insurance policy or flood insurance policy substantially and materially similar in all respects to the original policy.

Maintenance of Hazard Insurance. The Servicer shall cause to be maintained for each First Lien Loan, Mortgage Loan fire and hazard insurance such that all buildings upon with extended coverage customary in the area where the Mortgaged Property are insured is located by a generally acceptable insurer acceptable under the Xxxxxx Mae Guides against loss by fire, hazards of extended coverage and such other hazards as are required to be insured pursuant to the Fannie Mae Guides, an Qualified Insurer in an amount which is at least equal to the lesser of (ia) the maximum full insurable value of the improvements securing such First Lien Loan Mortgaged Property or (iib) the greater of (i) the outstanding principal balance owing on the Mortgage Loan and (ii) an amount such that the proceeds of such insurance shall be sufficient to avoid the First Lien Loan plus, application to the Mortgagor or loss payee of any coinsurance clause under the policy. If the Mortgaged Property is in an area identified in the case of each Second from Loan, the outstanding principal of any mortgage loan senior to such Second Lien Loan, provided that such aggregate amount represents at least 80% of the insurable value of the Mortgaged Property. If required Federal Register by the National Flood Insurance Act of 1968, Federal Emergency Management Agency as amended, each First Lien Loan is, a special flood hazard area (and shall continue such flood insurance has been made available) the Servicer will cause to be, covered by be maintained a flood insurance policy meeting the requirements of the current guidelines of the Federal National Flood Insurance Administration is in effect with a generally acceptable insurance carrier acceptable under the Xxxxxx Xxx Guides Program, in an amount representing coverage not less than the lesser of (iA) the aggregate unpaid minimum amount required under the terms of the coverage to compensate for any damage or loss to the Mortgaged Property on a replacement cost basis (or the outstanding principal balance of the First Lien Loan, Mortgage Loan if replacement cost basis is not available) or (iiB) the maximum amount of insurance which is available under the National Flood Insurance Act of 1968, as amended (regardless of whether Program. The Servicer shall also maintain on REO Property fire and hazard insurance with extended coverage in an amount which is at least equal to the area in which such Mortgaged Property is located is participating in such program), and (iii) the full replacement maximum insurable value of the improvements which are a part of such Mortgaged Property. If a Mortgaged Property is located in a special flood hazard area property, liability insurance and, to the extent required and is not covered by flood insurance or is covered in an amount less than the amount required by available under the National Flood Insurance Act of 1968Program, as amended, flood insurance in an amount required above. Any amounts collected by the Servicer shall notify under any such policies (other than amounts to be deposited in the Escrow Account and applied to the restoration or repair of the property subject to the related Mortgagor that Mortgage or property acquired in liquidation of the Mortgage Loan, or to be released to the Mortgagor must obtain such flood insurance coverage, and if said Mortgagor fails to obtain the required flood insurance coverage within forty five (45) days after such notification, the Servicer shall immediately force place the required flood insurance on the Mortgagor’s behalf. If a Mortgage is secured by a unit in a condominium project, the Servicer shall verify that the coverage required of the owner’s association, including hazard, flood, liability, and fidelity coverage, is being maintained in accordance with then current Xxxxxx Mae requirementsCustomary Servicing Procedures) shall be deposited in the Custodial Account, subject to withdrawal pursuant to Subsection 11.05. It is understood and secure from the owner’s association its agreement to notify agreed that no earthquake or other additional insurance need be required by the Servicer promptly of any change in the insurance coverage Mortgagor or of any condemnation or casualty loss that may have a material effect on the value of the Mortgaged Property as security. The Servicer shall cause to be maintained on each Mortgaged REO Property such other or additional insurance as may be required than pursuant to such applicable laws and regulations as shall at any time be in force and as shall require such additional insurance, or pursuant to the requirements of any private mortgage guaranty insurer, or as may be required to conform with Accepted Servicing Practices. The Servicer shall cause to be maintained on each REO Property to be insured against risks, hazards and liabilities, in an amount with respect to hazards which is at least equal to the full replacement cost of the improvements which are a part of such REO Property and shall indemnify and hold harmless the Owner with respect to Liabilities in connection therewith in an amount of at least $1 million per occurrence and $2 million in the aggregate. In the event that the Owner or the Servicer shall determine that the Mortgaged Property should be insured against loss or damage by hazards and risks not covered by the insurance required to be maintained by the Mortgagor pursuant to the terms of the Mortgage, the Servicer shall communicate and consult with the Mortgagor with respect to the need for such insurance and bring to the Mortgagor’s attention the desirability of protection of the Mortgaged Property. All policies required hereunder shall name the Servicer and its successors and assigns as a mortgagee and loss payee and shall be endorsed with non contributory standard or New York mortgagee clauses which with loss payable to Servicer, and shall provide for at least 30 thirty (30) days prior written notice of any cancellation, reduction in amount or material change in coveragecoverage to the Servicer. The Servicer shall not interfere with the Mortgagor’s freedom of choice in selecting either his its insurance carrier or agent, ; provided, however, that the Servicer shall not accept any such insurance policies from insurance companies unless such companies are acceptable under to prudent lenders in the Xxxxxx Xxx Guides secondary mortgage market and are licensed to do business in the jurisdiction in which state wherein the Mortgaged Property property subject to the policy is located. The Servicer hazard insurance policies for each Mortgage Loan secured by a unit in a condominium development or planned unit development shall determine that be maintained with respect to such policies provide sufficient risk coverage Mortgage Loan and amounts as required pursuant to the Xxxxxx Mae Guides, that they insure related development in a manner which is consistent with the property owner, and that they properly describe the property address. The Servicer shall furnish to the Mortgagor a formal notice requirements of expiration of any such insurance in conformance with Servicer’s standard practices; provided, however, that prudent lenders in the event that no such notice is furnished by the Servicer, the Servicer shall ensure that replacement insurance policies (whether forced placed or other insurance policies) are in place with the required coverage and the Servicer shall be solely liable for any losses in the event coverage is not provided. Pursuant to Section 2.04, any amounts collected by the Servicer under any such policies (other than amounts to be deposited in a suspense account and applied to the restoration or repair of the related Mortgaged Property, or property acquired in liquidation of the First Lien Loan, or to be released to the Mortgagor, in accordance with the Servicer’s normal servicing procedures as specified in Section 2.14) shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 2.05. With respect to each Second Lien Loan, the Servicer shall obtain and maintain the blanket hazard insurance policy described in Section 2.11. In the event a hazard insurance policy or a flood insurance policy shall be in danger of being terminated, the Servicer shall notify the related Mortgagor that the related Mortgagor must obtain hazard insurance coverage or flood insurance coverage, and if such Mortgagor fails to obtain the required hazard insurance or flood insurance coverage within forty-five (45) days after such notification, the Servicer shall immediately force place the required hazard insurance or flood insurance on such Mortgagor’s behalf, or in the event the insurer shall cease to be acceptable to Xxxxxx Xxx or Xxxxxxx Mac, the Servicer shall notify any successor Servicer and such Mortgagor, and such successor Servicer shall use its best efforts, as permitted by applicable law, to obtain from another Qualified Insurer a replacement hazard insurance policy or flood insurance policy substantially and materially similar in all respects to the original policysecondary mortgage market.

Maintenance of Hazard Insurance. The Servicer shall cause to be maintained for each First Lien Loan, Mortgage Loan fire and hazard insurance such that all buildings upon with extended coverage as is customary in the area where the Mortgaged Property is located in an amount which is at least equal to the lesser of (i) the amount necessary to fully compensate for any damage or loss to the improvements which are insured a part of such property on a replacement cost basis or (ii) the outstanding principal balance of the Mortgage Loan, in each case in an amount not less than such amount as is necessary to prevent the Mortgagor and/or the Mortgagee from becoming a co-insurer. If the Mortgaged Property is in an area identified on a Flood Hazard Boundary Map or Flood Insurance Rate Map issued by the Flood Emergency Management Agency as having special flood hazards and such flood insurance has been made available, the Servicer will cause to be maintained a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration with a generally acceptable insurer acceptable insurance carrier, in an amount representing coverage not less than the lesser of (i) the outstanding principal balance of the Mortgage Loan or (ii) the maximum amount of insurance which is available under the Xxxxxx Mae Guides against loss by fireNational Flood Insurance Act of 1968 or the Flood Disaster Protection Act of 1973, hazards of as amended. The Servicer also shall maintain on any REO Property, fire and hazard insurance with extended coverage and such other hazards as are required to be insured pursuant to the Fannie Mae Guides, in an amount which is at least equal to the lesser of (i) the maximum insurable value of the improvements securing which are a part of such First Lien Loan or property and (ii) the outstanding principal balance of the First Lien related Mortgage Loan plusat the time it became an REO Property plus accrued interest at the Mortgage Interest Rate and related Servicing Advances, in liability insurance and, to the case of each Second from Loan, the outstanding principal of any mortgage loan senior to such Second Lien Loan, provided that such aggregate amount represents at least 80% of the insurable value of the Mortgaged Property. If extent required by the National Flood Insurance Act of 1968, as amended, each First Lien Loan is, and shall continue to be, covered by a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect with a generally acceptable insurance carrier acceptable under the Xxxxxx Xxx Guides in an amount representing coverage not less than the lesser of (i) the aggregate unpaid principal balance of the First Lien Loan, (ii) maximum amount of insurance which is available under the National Flood Insurance Act of 1968, as amended (regardless of whether 1968 or the area in which such Mortgaged Property is located is participating in such program), and (iii) the full replacement value of the improvements which are part of such Mortgaged Property. If a Mortgaged Property is located in a special flood hazard area and is not covered by flood insurance or is covered in an amount less than the amount required by the National Flood Insurance Disaster Protection Act of 19681973, as amended, flood insurance in an amount as provided above. Pursuant to Section 11.04, any amounts collected by the Servicer shall notify the related Mortgagor that the Mortgagor must obtain under any such flood insurance coverage, and if said Mortgagor fails policies other than amounts to obtain the required flood insurance coverage within forty five (45) days after such notification, the Servicer shall immediately force place the required flood insurance on the Mortgagor’s behalf. If a Mortgage is secured by a unit in a condominium project, the Servicer shall verify that the coverage required of the owner’s association, including hazard, flood, liability, and fidelity coverage, is being maintained in accordance with then current Xxxxxx Mae requirements, and secure from the owner’s association its agreement to notify the Servicer promptly of any change be deposited in the insurance coverage Escrow Account and applied to the restoration or of any condemnation or casualty loss that may have a material effect on the value repair of the Mortgaged Property as securityor REO Property, or released to the Mortgagor in accordance with the Servicer's normal servicing procedures, shall be deposited in the Custodial Account, subject to withdrawal pursuant to Section 11.05. The Any cost incurred by the Servicer in maintaining any such insurance shall cause not, for the purpose of calculating distributions to the Purchaser, be added to the unpaid principal balance of the related Mortgage Loan, notwithstanding that the terms of such Mortgage Loan so permit. It is understood and agreed that no earthquake or other additional insurance need be required by the Servicer of the Mortgagor or maintained on each Mortgaged Property such property acquired in respect of the Mortgage Loan, other or additional insurance as may be required than pursuant to such applicable laws and regulations as shall at any time be in force and as shall require such additional insurance, or pursuant to the requirements of any private mortgage guaranty insurer, or as may be required to conform with Accepted Servicing Practices. The Servicer shall cause to be maintained on each REO Property to be insured against risks, hazards and liabilities, in an amount with respect to hazards which is at least equal to the full replacement cost of the improvements which are a part of such REO Property and shall indemnify and hold harmless the Owner with respect to Liabilities in connection therewith in an amount of at least $1 million per occurrence and $2 million in the aggregate. In the event that the Owner or the Servicer shall determine that the Mortgaged Property should be insured against loss or damage by hazards and risks not covered by the insurance required to be maintained by the Mortgagor pursuant to the terms of the Mortgage, the Servicer shall communicate and consult with the Mortgagor with respect to the need for such insurance and bring to the Mortgagor’s attention the desirability of protection of the Mortgaged Property. All such policies required hereunder shall name the Servicer and its successors and assigns as a mortgagee and loss payee and shall be endorsed with non contributory standard or New York mortgagee clauses which with loss payable to the Sellers or Servicer or, upon request of the Purchaser, to the Purchaser, and shall provide for at least 30 thirty days prior written notice of any cancellation, reduction in the amount of, or material change in coveragein, coverage to the Servicer. The Servicer shall not interfere with the Mortgagor’s 's freedom of choice in selecting either his insurance carrier or agent, provided, however, that the Servicer shall not accept any such insurance policies from insurance companies unless such companies are acceptable under the Xxxxxx Xxx Guides currently reflect a General Policy Rating of B:III or better in Best's Key Rating Guide and are licensed to do business in the jurisdiction in which state wherein the Mortgaged Property property subject to the policy is located. The Servicer shall determine that such policies provide sufficient risk coverage and amounts as required pursuant to the Xxxxxx Mae Guides, that they insure the property owner, and that they properly describe the property address. The Servicer shall furnish to the Mortgagor a formal notice of expiration of any such insurance in conformance with Servicer’s standard practices; provided, however, that in the event that no such notice is furnished by the Servicer, the Servicer shall ensure that replacement insurance policies (whether forced placed or other insurance policies) are in place with the required coverage and the Servicer shall be solely liable for any losses in the event coverage is not provided. Pursuant to Section 2.04, any amounts collected by the Servicer under any such policies (other than amounts to be deposited in a suspense account and applied to the restoration or repair of the related Mortgaged Property, or property acquired in liquidation of the First Lien Loan, or to be released to the Mortgagor, in accordance with the Servicer’s normal servicing procedures as specified in Section 2.14) shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 2.05. With respect to each Second Lien Loan, the Servicer shall obtain and maintain the blanket hazard insurance policy described in Section 2.11. In the event a hazard insurance policy or a flood insurance policy shall be in danger of being terminated, the Servicer shall notify the related Mortgagor that the related Mortgagor must obtain hazard insurance coverage or flood insurance coverage, and if such Mortgagor fails to obtain the required hazard insurance or flood insurance coverage within forty-five (45) days after such notification, the Servicer shall immediately force place the required hazard insurance or flood insurance on such Mortgagor’s behalf, or in the event the insurer shall cease to be acceptable to Xxxxxx Xxx or Xxxxxxx Mac, the Servicer shall notify any successor Servicer and such Mortgagor, and such successor Servicer shall use its best efforts, as permitted by applicable law, to obtain from another Qualified Insurer a replacement hazard insurance policy or flood insurance policy substantially and materially similar in all respects to the original policy.

Maintenance of Hazard Insurance. The Servicer shall cause to be maintained for each First Lien Loan, Mortgage Loan fire and hazard insurance such that all buildings upon with extended coverage as is customary in the area where the Mortgaged Property are insured by a generally acceptable insurer acceptable under the Xxxxxx Mae Guides against loss by fire, hazards of extended coverage and such other hazards as are required to be insured pursuant to the Fannie Mae Guides, is located in an amount which is at least equal to the lesser of (i) the maximum insurable value of amount necessary to fully compensate for any damage or loss to the improvements securing which are a part of such First Lien Loan property on a replacement cost basis or (ii) the outstanding principal balance Principal Balance of the First Lien Loan plusMortgage Loan, in each case in an amount not less than such amount as is necessary to prevent the case of each Second Mortgagor and/or the Mortgagee from Loanbecoming a co insurer. If the Mortgaged Property is in an area identified in the Federal Register by the Flood Emergency Management Agency as having special flood hazards and flood insurance has been made available, the outstanding principal of any mortgage loan senior Servicer will cause to such Second Lien Loan, provided that such aggregate amount represents at least 80% of the insurable value of the Mortgaged Property. If required by the National Flood Insurance Act of 1968, as amended, each First Lien Loan is, and shall continue to be, covered by be maintained a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect with a generally acceptable insurance carrier acceptable under the Xxxxxx Xxx Guides carrier, in an amount representing coverage not less than the lesser least of (i) the aggregate unpaid principal balance Principal Balance of the First Lien Mortgage Loan, (ii) the maximum insurable value of the improvements securing such Mortgage Loan or (iii) the maximum amount of insurance which is available under the National Flood Insurance Act of 1968, as amended amended. The Servicer shall also maintain on the REO Property for the benefit of the Certificateholders, (regardless x) fire and hazard insurance with extended coverage in an amount which is at least equal to the lesser of whether (i) 100% of the area in which such Mortgaged Property is located is participating in such program), and (iii) the full replacement maximum insurable value of the improvements which are part securing the Mortgage 101 Loan and (ii) the outstanding Principal Balance of such Mortgaged the Mortgage Loan at the time it became an REO Property. If a Mortgaged Property is located in a special flood hazard area , (y) public liability insurance and, (z) to the extent required and is not covered by flood insurance or is covered in an amount less than the amount required by available under the National Flood Insurance Act of 1968, as amended, flood insurance in an amount as provided above. Any amounts collected by the Servicer shall notify the related Mortgagor that the Mortgagor must obtain under any such flood insurance coverage, and if said Mortgagor fails policies other than amounts to obtain the required flood insurance coverage within forty five (45) days after such notification, the Servicer shall immediately force place the required flood insurance on the Mortgagor’s behalf. If a Mortgage is secured by a unit in a condominium project, the Servicer shall verify that the coverage required of the owner’s association, including hazard, flood, liability, and fidelity coverage, is being maintained in accordance with then current Xxxxxx Mae requirements, and secure from the owner’s association its agreement to notify the Servicer promptly of any change be deposited in the insurance coverage Escrow Account and applied to the restoration or of any condemnation or casualty loss that may have a material effect on the value repair of the Mortgaged Property as securityor REO Property, or released to the Mortgagor in accordance with the Servicer’s normal servicing procedures, shall be deposited in the Collection Account, subject to withdrawal pursuant to Section 3.05. The Servicer shall cause It is understood and agreed that no earthquake or other additional insurance is required to be maintained by the Servicer or the Mortgagor or maintained on each Mortgaged Property such property acquired in respect of the Mortgage Loan, other or additional insurance as may be required than pursuant to such applicable laws and regulations Applicable Regulations as shall at any time be in force and as shall require such additional insurance, or pursuant to the requirements of any private mortgage guaranty insurer, or as may be required to conform with Accepted Servicing Practices. The Servicer shall cause to be maintained on each REO Property to be insured against risks, hazards and liabilities, in an amount with respect to hazards which is at least equal to the full replacement cost of the improvements which are a part of such REO Property and shall indemnify and hold harmless the Owner with respect to Liabilities in connection therewith in an amount of at least $1 million per occurrence and $2 million in the aggregate. In the event that the Owner or the Servicer shall determine that the Mortgaged Property should be insured against loss or damage by hazards and risks not covered by the insurance required to be maintained by the Mortgagor pursuant to the terms of the Mortgage, the Servicer shall communicate and consult with the Mortgagor with respect to the need for such insurance and bring to the Mortgagor’s attention the desirability of protection of the Mortgaged Property. All such policies required hereunder shall name the Servicer and its successors and assigns as a mortgagee and loss payee and shall be endorsed with non contributory standard or New York mortgagee clauses which with loss payable to the Servicer and shall provide for at least 30 thirty days prior written notice of any cancellation, reduction in the amount of or material change in coveragecoverage to the Servicer. The Servicer shall not interfere with the Mortgagor’s freedom of choice in selecting either his insurance carrier or agent, provided, however, that the Servicer shall not accept any such insurance policies from insurance companies unless such companies are acceptable under the Xxxxxx Xxx Guides currently reflect a general policy rating of B:III or better in Best’s Key Rating Guide and are licensed to do business in the jurisdiction in which state wherein the Mortgaged Property property subject to the policy is located. The Servicer shall determine that such policies provide sufficient risk coverage and amounts as required pursuant to the Xxxxxx Mae Guides, that they insure the property owner, and that they properly describe the property address. The Servicer shall furnish to the Mortgagor a formal notice of expiration of any such insurance in conformance with Servicer’s standard practices; provided, however, that in the event that no such notice is furnished by the Servicer, the Servicer shall ensure that replacement insurance policies (whether forced placed or other insurance policies) are in place with the required coverage and the Servicer shall be solely liable for any losses in the event coverage is not provided. Pursuant to Section 2.04, any amounts collected by the Servicer under any such policies (other than amounts to be deposited in a suspense account and applied to the restoration or repair of the related Mortgaged Property, or property acquired in liquidation of the First Lien Loan, or to be released to the Mortgagor, in accordance with the Servicer’s normal servicing procedures as specified in Section 2.14) shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 2.05. With respect to each Second Lien Loan, the Servicer shall obtain and maintain the blanket hazard insurance policy described in Section 2.11. In the event a hazard insurance policy or a flood insurance policy shall be in danger of being terminated, the Servicer shall notify the related Mortgagor that the related Mortgagor must obtain hazard insurance coverage or flood insurance coverage, and if such Mortgagor fails to obtain the required hazard insurance or flood insurance coverage within forty-five (45) days after such notification, the Servicer shall immediately force place the required hazard insurance or flood insurance on such Mortgagor’s behalf, or in the event the insurer shall cease to be acceptable to Xxxxxx Xxx or Xxxxxxx Mac, the Servicer shall notify any successor Servicer and such Mortgagor, and such successor Servicer shall use its best efforts, as permitted by applicable law, to obtain from another Qualified Insurer a replacement hazard insurance policy or flood insurance policy substantially and materially similar in all respects to the original policy.

Maintenance of Hazard Insurance. The Servicer shall cause to be maintained for each First Lien Loan, first lien Mortgage Loan fire and hazard insurance such that all buildings upon with extended coverage as is customary in the area where the Mortgaged Property are insured by a generally acceptable insurer acceptable under the Xxxxxx Mae Guides against loss by fire, hazards of extended coverage and such other hazards as are required to be insured pursuant to the Fannie Mae Guides, is located in an amount which is at least equal to the lesser of (i) the maximum insurable value of amount necessary to fully compensate for any damage or loss to the improvements securing which are a part of such First Lien Loan property on a replacement cost basis or (ii) the outstanding principal balance Principal Balance of the First Lien Loan plusMortgage Loan, in each case in an amount not less than such amount as is necessary to prevent the case of each Second Mortgagor and/or the Mortgagee from Loanbecoming a co-insurer. If the Mortgaged Property is in an area identified in the Federal Register by the Flood Emergency Management Agency as having special flood hazards and flood insurance has been made available, the outstanding principal of any mortgage loan senior Servicer will cause to such Second Lien Loan, provided that such aggregate amount represents at least 80% of the insurable value of the Mortgaged Property. If required by the National Flood Insurance Act of 1968, as amended, each First Lien Loan is, and shall continue to be, covered by be maintained a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect with a generally acceptable insurance carrier acceptable under the Xxxxxx Xxx Guides carrier, in an amount representing coverage not less than the lesser least of (i) the aggregate unpaid principal balance Principal Balance of the First Lien Mortgage Loan, (ii) the maximum insurable value of the improvements securing such Mortgage Loan or (iii) the maximum amount of insurance which is available under the National Flood Insurance Disaster Protection Act of 19681973, as amended amended. The Servicer shall also maintain on the REO Property for the benefit of the Certificateholders, (regardless of whether x) fire and hazard insurance with extended coverage in an amount which is at least equal to the area in which such Mortgaged Property is located is participating in such program), and (iii) the full replacement value cost of the improvements which are a part of such Mortgaged Property. If a Mortgaged Property is located in a special flood hazard area property, (y) public liability insurance and, (z) to the extent required and is not covered by flood insurance or is covered in an amount less than available under the amount required by the National Flood Insurance Disaster Protection Act of 19681973, as amended, flood insurance in an amount as provided above. Any amounts collected by the Servicer shall notify the related Mortgagor that the Mortgagor must obtain under any such flood insurance coverage, and if said Mortgagor fails policies other than amounts to obtain the required flood insurance coverage within forty five (45) days after such notification, the Servicer shall immediately force place the required flood insurance on the Mortgagor’s behalf. If a Mortgage is secured by a unit in a condominium project, the Servicer shall verify that the coverage required of the owner’s association, including hazard, flood, liability, and fidelity coverage, is being maintained in accordance with then current Xxxxxx Mae requirements, and secure from the owner’s association its agreement to notify the Servicer promptly of any change be deposited in the insurance coverage Escrow Account and applied to the restoration or of any condemnation or casualty loss that may have a material effect on the value repair of the Mortgaged Property as securityor REO Property, or released to the Mortgagor in accordance with the Servicer’s normal servicing procedures, shall be deposited in the Collection Account, subject to withdrawal pursuant to Section 3.05. The Servicer shall cause It is understood and agreed that no earthquake or other additional insurance is required to be maintained by the Servicer or the Mortgagor or maintained on each Mortgaged Property such property acquired in respect of the Mortgage Loan, other or additional insurance as may be required than pursuant to such applicable laws and regulations Applicable Regulations as shall at any time be in force and as shall require such additional insurance, or pursuant to the requirements of any private mortgage guaranty insurer, or as may be required to conform with Accepted Servicing Practices. The Servicer shall cause to be maintained on each REO Property to be insured against risks, hazards and liabilities, in an amount with respect to hazards which is at least equal to the full replacement cost of the improvements which are a part of such REO Property and shall indemnify and hold harmless the Owner with respect to Liabilities in connection therewith in an amount of at least $1 million per occurrence and $2 million in the aggregate. In the event that the Owner or the Servicer shall determine that the Mortgaged Property should be insured against loss or damage by hazards and risks not covered by the insurance required to be maintained by the Mortgagor pursuant to the terms of the Mortgage, the Servicer shall communicate and consult with the Mortgagor with respect to the need for such insurance and bring to the Mortgagor’s attention the desirability of protection of the Mortgaged Property. All such policies required hereunder shall name the Servicer and its successors and assigns as a mortgagee and loss payee and shall be endorsed with non contributory standard or New York mortgagee clauses which with loss payable to the Servicer and shall provide for at least 30 thirty days prior written notice of any cancellation, reduction in the amount of or material change in coveragecoverage to the Servicer. The Servicer shall not interfere with the Mortgagor’s freedom of choice in selecting either his insurance carrier or agent, provided, however, that the Servicer shall not accept any such insurance policies from insurance companies unless such companies are acceptable under the Xxxxxx Xxx Guides currently reflect a general policy rating of B:VI or better in Best’s Key Rating Guide and are licensed to do business in the jurisdiction in which state wherein the Mortgaged Property property subject to the policy is located. The Servicer shall determine that such policies provide sufficient risk coverage and amounts as required pursuant Back to the Xxxxxx Mae Guides, that they insure the property owner, and that they properly describe the property address. The Servicer shall furnish to the Mortgagor a formal notice of expiration of any such insurance in conformance with Servicer’s standard practices; provided, however, that in the event that no such notice is furnished by the Servicer, the Servicer shall ensure that replacement insurance policies (whether forced placed or other insurance policies) are in place with the required coverage and the Servicer shall be solely liable for any losses in the event coverage is not provided. Pursuant to Section 2.04, any amounts collected by the Servicer under any such policies (other than amounts to be deposited in a suspense account and applied to the restoration or repair of the related Mortgaged Property, or property acquired in liquidation of the First Lien Loan, or to be released to the Mortgagor, in accordance with the Servicer’s normal servicing procedures as specified in Section 2.14) shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 2.05. With respect to each Second Lien Loan, the Servicer shall obtain and maintain the blanket hazard insurance policy described in Section 2.11. In the event a hazard insurance policy or a flood insurance policy shall be in danger of being terminated, the Servicer shall notify the related Mortgagor that the related Mortgagor must obtain hazard insurance coverage or flood insurance coverage, and if such Mortgagor fails to obtain the required hazard insurance or flood insurance coverage within forty-five (45) days after such notification, the Servicer shall immediately force place the required hazard insurance or flood insurance on such Mortgagor’s behalf, or in the event the insurer shall cease to be acceptable to Xxxxxx Xxx or Xxxxxxx Mac, the Servicer shall notify any successor Servicer and such Mortgagor, and such successor Servicer shall use its best efforts, as permitted by applicable law, to obtain from another Qualified Insurer a replacement hazard insurance policy or flood insurance policy substantially and materially similar in all respects to the original policy.Contents

Maintenance of Hazard Insurance. The Servicer Seller shall cause to be maintained for each First Lien Mortgage Loan, fire and hazard insurance such that all buildings upon with extended coverage customary in the area where the Mortgaged Property are insured by a generally acceptable insurer acceptable under the Xxxxxx Mae Guides against loss by fire, hazards of extended coverage and such other hazards as are required to be insured pursuant to the Fannie Mae Guidesis located, in an amount which is is, subject to applicable law, at least equal to the lesser of (i) the maximum insurable value of the improvements securing such First Lien the related Mortgage Loan or and (ii) the greater of (a) the outstanding principal balance of the First Lien Mortgage Loan plus, and (b) the minimum amount necessary to prevent the Mortgagor and/or the mortgagee from becoming a co-insurer. If the Mortgaged Property is in an area identified in the case of each Second from Loan, the outstanding principal of any mortgage loan senior to such Second Lien Loan, provided that such aggregate amount represents at least 80% of the insurable value of the Mortgaged Property. If required Federal Register by the National Flood Insurance Act of 1968, Federal Emergency Management Agency as amended, each First Lien Loan is, having special flood hazards (and shall continue such flood insurance has been made available) the Seller will cause to be, covered by be maintained a flood insurance policy meeting the requirements of the current guidelines guide-lines of the Federal Insurance Administration is in effect with a generally gener-ally acceptable insurance carrier acceptable under the Xxxxxx Xxx Guides carrier, in an amount representing coverage not less than the lesser least of (i) the aggregate unpaid out-standing principal balance of the First Lien Mortgage Loan, (ii) the full insurable value of the Mortgaged Property, or (iii) the maximum amount of insurance which is available under the National Flood Insurance Act of 19681968 and the Flood Disaster Protection Act of 1973, each as amended (regardless of whether amended. The Seller shall also maintain on any REO Property, fire and hazard insurance with extended coverage in an amount which is at least equal to the area in which such Mortgaged Property is located is participating in such program), and (iii) the full replacement maximum insurable value of the improvements which are a part of such Mortgaged Property. If a Mortgaged Property is located in a special flood hazard area property, liability insur-ance and, to the extent required and is not covered by flood insurance or is covered in an amount less than the amount required by available under the National Flood Insurance Act of 19681968 and the Flood Disaster Protection Act of 1973, each as amended, flood insurance in an amount required above. Any amounts collected by the Servicer shall notify Seller under any such policies (other than amounts to be depos-ited in the Escrow Account and applied to the restoration or repair of the related Mortgagor that Mortgaged Property, REO Property, or released to the Mortgagor must obtain such flood insurance coverage, and if said Mortgagor fails to obtain the required flood insurance coverage within forty five (45) days after such notification, the Servicer shall immediately force place the required flood insurance on the Mortgagor’s behalf. If a Mortgage is secured by a unit in a condominium project, the Servicer shall verify that the coverage required of the owner’s association, including hazard, flood, liability, and fidelity coverage, is being maintained in accordance with then current Xxxxxx Mae requirementsCustomary Servicing Procedures or in accordance with the terms of the Mortgage Loan or applicable law) shall be depos-ited in the Custodial Account, subject to with-drawal pursuant to Section 4.05. It is understood and secure from agreed that no earthquake or other additional insurance need be required by the owner’s association its agreement to notify the Servicer promptly Seller of any change in the insurance coverage Mortgagor or of any condemnation or casualty loss that may have a material effect on the value of the Mortgaged Property as security. The Servicer shall cause to be maintained on each Mortgaged Property such property acquired in respect of a Mortgage Loan, other or additional insurance as may be required than pursuant to such applicable appli-cable laws and regulations as shall at any time be in force and as shall require such additional insurance, or pursuant to the requirements of any private mortgage guaranty insurer, or as may be required to conform with Accepted Servicing Practices. The Servicer shall cause to be maintained on each REO Property to be insured against risks, hazards and liabilities, in an amount with respect to hazards which is at least equal to the full replacement cost of the improvements which are a part of such REO Property and shall indemnify and hold harmless the Owner with respect to Liabilities in connection therewith in an amount of at least $1 million per occurrence and $2 million in the aggregate. In the event that the Owner or the Servicer shall determine that the Mortgaged Property should be insured against loss or damage by hazards and risks not covered by the insurance required to be maintained by the Mortgagor pursuant to the terms of the Mortgage, the Servicer shall communicate and consult with the Mortgagor with respect to the need for such insurance and bring to the Mortgagor’s attention the desirability of protection of the Mortgaged Property. All policies required hereunder shall name be endorsed with standard mortgagee clauses with loss payable to the Servicer and Seller, its successors and assigns as a mortgagee its assigns, or, upon request of the Purchaser, to the Purchaser, and loss payee and shall be endorsed with non contributory standard or New York mortgagee clauses which shall provide for at least 30 days prior written notice to the Seller of any cancellation, reduction in amount or material change in coveragecancellation thereof. The Servicer shall not interfere with the Mortgagor’s freedom of choice in selecting either his insurance carrier or agent, provided, however, that the Servicer Seller shall not accept or obtain any such insurance policies insur-ance policy from insurance companies unless such companies are acceptable under the Xxxxxx Xxx Guides and are an insur-ance company that does not at that time maintain a General Policy Rating of B-III or better in Best's Key Rating Guide, or that is not licensed to do business in the jurisdiction in which State wherein the related Mortgaged Property is located. The Servicer shall determine that such policies provide sufficient risk coverage and amounts as required pursuant to the Xxxxxx Mae Guides, that they insure the property owner, and that they properly describe the property address. The Servicer shall furnish to the Mortgagor a formal notice of expiration of any such insurance in conformance with Servicer’s standard practices; provided, however, that in the event that no such notice is furnished by the Servicer, the Servicer shall ensure that replacement insurance policies (whether forced placed or other insurance policies) are in place with the required coverage and the Servicer shall be solely liable for any losses in the event coverage is not provided. Pursuant to Section 2.04, any amounts collected by the Servicer under any such policies (other than amounts to be deposited in a suspense account and applied to the restoration or repair of the related Mortgaged Property, or property acquired in liquidation of the First Lien Loan, or to be released to the Mortgagor, in accordance with the Servicer’s normal servicing procedures as specified in Section 2.14) shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 2.05. With respect to each Second Lien Loan, the Servicer shall obtain and maintain the blanket hazard insurance policy described in Section 2.11. In the event a hazard insurance policy or a flood insurance policy shall be in danger of being terminated, the Servicer shall notify the related Mortgagor that the related Mortgagor must obtain hazard insurance coverage or flood insurance coverage, and if such Mortgagor fails to obtain the required hazard insurance or flood insurance coverage within forty-five (45) days after such notification, the Servicer shall immediately force place the required hazard insurance or flood insurance on such Mortgagor’s behalf, or in the event the insurer shall cease to be acceptable to Xxxxxx Xxx or Xxxxxxx Mac, the Servicer shall notify any successor Servicer and such Mortgagor, and such successor Servicer shall use its best efforts, as permitted by applicable law, to obtain from another Qualified Insurer a replacement hazard insurance policy or flood insurance policy substantially and materially similar in all respects to the original policy.

Maintenance of Hazard Insurance. The Servicer shall cause to be maintained for each First Lien LoanMortgage Loan fire, and hazard insurance such that all buildings upon with extended coverage as is customary in the area where the Mortgaged Property is located in an amount which is at least equal to the lesser of (i) the amount necessary to fully compensate for any damage or loss to the improvements which are insured a part of such property on a replacement cost basis or (ii) the outstanding principal balance of the Mortgage Loan, in each case in an amount not less than such amount as is necessary to prevent the Mortgagor and/or the Mortgagee from becoming a co-insurer. If the Mortgaged Property is in an area identified on a Flood Hazard Boundary Map or Flood Insurance Rate Map issued by the Flood Emergency Management Agency as having special flood hazards and such flood insurance has been made available, the Servicer will cause to be maintained a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration with a generally acceptable insurer acceptable insurance carrier, in an amount representing coverage not less than the lesser of (i) the outstanding principal balance of the Mortgage Loan or (ii) the maximum amount of insurance which is available under the Xxxxxx Mae Guides against loss by fireNational Flood Insurance Act of 1968 or the Flood Disaster Protection Act of 1973, hazards of as amended. The Servicer also shall maintain on any REO Property, fire and hazard insurance with extended coverage and such other hazards as are required to be insured pursuant to the Fannie Mae Guides, in an amount which is at least equal to the lesser of (i) the maximum insurable value of the improvements securing which are a part of such First Lien Loan or property and (ii) the outstanding principal balance of the First Lien related Mortgage Loan plusat the time it became an REO Property plus accrued interest at the Mortgage Interest Rate and related Servicing Advances, in liability insurance and, to the case of each Second from Loan, the outstanding principal of any mortgage loan senior to such Second Lien Loan, provided that such aggregate amount represents at least 80% of the insurable value of the Mortgaged Property. If extent required by the National Flood Insurance Act of 1968, as amended, each First Lien Loan is, and shall continue to be, covered by a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect with a generally acceptable insurance carrier acceptable under the Xxxxxx Xxx Guides in an amount representing coverage not less than the lesser of (i) the aggregate unpaid principal balance of the First Lien Loan, (ii) maximum amount of insurance which is available under the National Flood Insurance Act of 1968, as amended (regardless of whether 1968 or the area in which such Mortgaged Property is located is participating in such program), and (iii) the full replacement value of the improvements which are part of such Mortgaged Property. If a Mortgaged Property is located in a special flood hazard area and is not covered by flood insurance or is covered in an amount less than the amount required by the National Flood Insurance Disaster Protection Act of 19681973, as amended, flood insurance in an amount as provided above. Pursuant to Subsection 11.04, any amounts collected by the Servicer shall notify the related Mortgagor that the Mortgagor must obtain under any such flood insurance coverage, and if said Mortgagor fails policies other than amounts to obtain the required flood insurance coverage within forty five (45) days after such notification, the Servicer shall immediately force place the required flood insurance on the Mortgagor’s behalf. If a Mortgage is secured by a unit in a condominium project, the Servicer shall verify that the coverage required of the owner’s association, including hazard, flood, liability, and fidelity coverage, is being maintained in accordance with then current Xxxxxx Mae requirements, and secure from the owner’s association its agreement to notify the Servicer promptly of any change be deposited in the insurance coverage Escrow Account and applied to the restoration or of any condemnation or casualty loss that may have a material effect on the value repair of the Mortgaged Property as securityor REO Property, or released to the Mortgagor in accordance with the Servicer's normal servicing procedures, shall be deposited in the Custodial Account, subject to withdrawal pursuant to Subsection 11.05. The Any cost incurred by the Servicer in maintaining any such insurance shall cause not, for the purpose of calculating distributions to the Purchaser, be added to the unpaid principal balance of the related Mortgage Loan, notwithstanding that the terms of such Mortgage Loan so permit. It is understood and agreed that no earthquake or other additional insurance need be required by the Servicer of the Mortgagor or maintained on each Mortgaged Property such property acquired in respect of the Mortgage Loan, other or additional insurance as may be required than pursuant to such applicable laws and regulations as shall at any time be in force and as shall require such additional insurance, or pursuant to the requirements of any private mortgage guaranty insurer, or as may be required to conform with Accepted Servicing Practices. The Servicer shall cause to be maintained on each REO Property to be insured against risks, hazards and liabilities, in an amount with respect to hazards which is at least equal to the full replacement cost of the improvements which are a part of such REO Property and shall indemnify and hold harmless the Owner with respect to Liabilities in connection therewith in an amount of at least $1 million per occurrence and $2 million in the aggregate. In the event that the Owner or the Servicer shall determine that the Mortgaged Property should be insured against loss or damage by hazards and risks not covered by the insurance required to be maintained by the Mortgagor pursuant to the terms of the Mortgage, the Servicer shall communicate and consult with the Mortgagor with respect to the need for such insurance and bring to the Mortgagor’s attention the desirability of protection of the Mortgaged Property. All such policies required hereunder shall name the Servicer and its successors and assigns as a mortgagee and loss payee and shall be endorsed with non contributory standard or New York mortgagee clauses which with loss payable to the Servicer, or upon request to the Purchaser, and shall provide for at least 30 days thirty (30) days' prior written notice of any cancellation, reduction in the amount of, or material change in coveragein, coverage to the Servicer. The Servicer shall not interfere with the Mortgagor’s 's freedom of choice in selecting either his insurance carrier or agent, provided, however, that the Servicer shall not accept any such insurance policies from insurance companies unless such companies are acceptable under the Xxxxxx Xxx Guides currently reflect a General Policy Rating of A:VI or better in Best's Key Rating Guide and are licensed to do business in the jurisdiction in which state wherein the Mortgaged Property property subject to the policy is located. The Servicer shall determine that such policies provide sufficient risk coverage and amounts as required pursuant to the Xxxxxx Mae Guides, that they insure the property owner, and that they properly describe the property address. The Servicer shall furnish to the Mortgagor a formal notice of expiration of any such insurance in conformance with Servicer’s standard practices; provided, however, that in the event that no such notice is furnished by the Servicer, the Servicer shall ensure that replacement insurance policies (whether forced placed or other insurance policies) are in place with the required coverage and the Servicer shall be solely liable for any losses in the event coverage is not provided. Pursuant to Section 2.04, any amounts collected by the Servicer under any such policies (other than amounts to be deposited in a suspense account and applied to the restoration or repair of the related Mortgaged Property, or property acquired in liquidation of the First Lien Loan, or to be released to the Mortgagor, in accordance with the Servicer’s normal servicing procedures as specified in Section 2.14) shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 2.05. With respect to each Second Lien Loan, the Servicer shall obtain and maintain the blanket hazard insurance policy described in Section 2.11. In the event a hazard insurance policy or a flood insurance policy shall be in danger of being terminated, the Servicer shall notify the related Mortgagor that the related Mortgagor must obtain hazard insurance coverage or flood insurance coverage, and if such Mortgagor fails to obtain the required hazard insurance or flood insurance coverage within forty-five (45) days after such notification, the Servicer shall immediately force place the required hazard insurance or flood insurance on such Mortgagor’s behalf, or in the event the insurer shall cease to be acceptable to Xxxxxx Xxx or Xxxxxxx Mac, the Servicer shall notify any successor Servicer and such Mortgagor, and such successor Servicer shall use its best efforts, as permitted by applicable law, to obtain from another Qualified Insurer a replacement hazard insurance policy or flood insurance policy substantially and materially similar in all respects to the original policy.

Maintenance of Hazard Insurance. The Servicer shall cause to be maintained for each Non-Agency Mortgage Loan that is a First Lien Mortgage Loan, hazard insurance (with extended coverage as is customary in the area where the Mortgaged Property is located) such that all buildings upon the related Mortgaged Property are insured by a generally acceptable insurer acceptable under the Xxxxxx Mae Fxxxxx Mxx Guides against loss by fire, hazards of extended coverage and such other hazards as are required to be insured pursuant to the Fannie Fxxxxx Mae Guides, in an amount which is at least equal to the lesser of (i) the maximum insurable value of the improvements securing such First Lien Mortgage Loan or and (ii) the greater of (a) the outstanding principal balance of such Mortgage Loan or (b) an amount such that the First Lien Loan plusproceeds thereof shall be sufficient to prevent the related Mortgagor or the loss payee from becoming a co-insurer (or, in the case of each Second from Loanany related REO Property, the outstanding principal of any mortgage loan senior to such Second Lien Loan, provided that such aggregate amount represents at least 80% of the insurable fair market value of such REO Property). With respect to the Mortgaged Property. If Non-Agency Mortgage Loans, if required by the National Flood Insurance Act of 19681968 or Flood Disaster Prevention Act of 1973, as amended, each First Lien such Mortgage Loan is, and shall continue to be, covered by a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect with a generally acceptable insurance carrier acceptable under the Xxxxxx Xxx Fxxxxx Mxx Guides in an amount representing coverage not less than the lesser least of (i) the aggregate unpaid principal balance of such Mortgage Loan (or, in the First Lien Loancase of a related REO Property, the fair market value of such REO Property), (ii) maximum amount of insurance which is available under the National Flood Insurance Act of 19681968 or Flood Disaster Prevention Act of 1973, as amended (regardless of whether the area in which such Mortgaged Property is located is participating in such program), and or (iii) the full replacement value of the improvements which are part of such Mortgaged Property. If a related Mortgaged Property is located in a special flood hazard area and is not covered by flood insurance or is covered in an amount less than the amount required by the National Flood Insurance Act of 19681968 or Flood Disaster Prevention Act of 1973, as amended, the Servicer shall notify the related Mortgagor that the Mortgagor must obtain such flood insurance coverage, and if said such Mortgagor fails to obtain the required flood insurance coverage within forty forty-five (45) days after such notification, the Servicer shall immediately force place the required flood insurance on the such Mortgagor’s behalf. Notwithstanding the foregoing, Servicer shall have no liability to Owner or any third party for any penalties or fines imposed based on Servicer’s failure to timely notify the Director of FEMA and the flood insurance provider related to a servicing transfer if Servicer is not provided with flood insurance information; provided that, the Servicer shall have promptly provided Owner with notice of such missing flood insurance information. Notwithstanding the foregoing, the Servicer shall maintain a blanket insurance policy in sufficient amounts to cover any uninsured loss due to any gap in Mortgagor-provided coverage. If a Non-Agency Mortgage Loan that is a First Lien Mortgage Loan is secured by a unit in a condominium project, the Servicer shall verify that the coverage required of the owner’s homeowners’ association, including hazard, flood, liability, and fidelity coverage, is being maintained in accordance with then current Xxxxxx Fxxxxx Mae requirements, and secure from the owner’s homeowners’ association its agreement to notify the Servicer promptly of any change in the insurance coverage or of any condemnation or casualty loss that may have a material effect on the value of the related Mortgaged Property as security. The Servicer shall cause to be maintained on each Mortgaged Property securing a Non-Agency Mortgage Loan such other or additional insurance as may be required pursuant to such applicable laws and regulations as shall at any time be in force and as shall require such additional insurance, or pursuant to the requirements of any private mortgage guaranty insurer, or as may be required to conform with Accepted Servicing Practices. The Servicer shall cause to be maintained on each REO Property to be insured against risks, hazards and liabilities, in an amount with respect to hazards which is at least equal to the full replacement cost of the improvements which are a part of such REO Property and shall indemnify and hold harmless the Owner with respect to Liabilities in connection therewith in an amount of at least $1 million per occurrence and $2 million in the aggregate. In the event that the Owner or the Servicer shall determine that the Mortgaged Property securing a Non-Agency Mortgage Loan should be insured against loss or damage by hazards and risks not covered by the insurance required to be maintained by the Mortgagor pursuant to the terms of the Mortgage, the Servicer shall in accordance with the Fxxxxx Mxx Guides make commercially reasonable efforts to communicate and consult with the Mortgagor with respect to the need for such insurance and bring to the Mortgagor’s attention the desirability of protection of the Mortgaged Property. All policies required hereunder shall name the Servicer and its successors and assigns as a mortgagee and loss payee and shall be endorsed with non contributory standard or New York mortgagee clauses which shall provide for at least 30 thirty (30) days prior written notice of any cancellation, reduction in amount or material change in coverage. The In all such cases, the Servicer shall not interfere with the Mortgagor’s freedom of choice in selecting either his insurance carrier or agent, provided, however, that the Servicer shall not accept any such insurance policies from insurance companies unless such companies currently reflect a General Policy Rating of A:VI or better under Best’s Key Rating Guides, are acceptable under the Xxxxxx Xxx Fxxxxx Mae Guides and are licensed to do business in the jurisdiction in which the Mortgaged Property is located. The Servicer shall determine that such policies provide sufficient risk coverage and amounts as required pursuant to the Xxxxxx Mae Fxxxxx Mxx Guides, that they insure the property owner, and that they properly describe the property address. The Servicer shall furnish to the Mortgagor a formal notice of expiration of any such insurance in conformance with Servicer’s standard practicessufficient time for the Mortgagor to arrange for renewal coverage by the expiration date; provided, however, that in the event that no such notice is furnished by the Servicer, the Servicer shall ensure that replacement insurance policies (whether forced placed or other insurance policies) are in place with in the required coverage coverages and the Servicer shall be solely liable for any losses in the event coverage is not provided. Pursuant to Section 2.044.04, any amounts collected by the Servicer under any such policies (other than amounts to be deposited in a suspense account the Escrow Account and applied to the restoration or repair of the related Mortgaged Property, or property acquired in liquidation of the First Lien Mortgage Loan, or to be released to the Mortgagor, in accordance with the Servicer’s normal servicing procedures as specified in Section 2.144.14) shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 2.05. With respect to each Second Lien Loan, the Servicer shall obtain and maintain the blanket hazard insurance policy described in Section 2.11. In the event a hazard insurance policy or a flood insurance policy shall be in danger of being terminated, the Servicer shall notify the related Mortgagor that the related Mortgagor must obtain hazard insurance coverage or flood insurance coverage, and if such Mortgagor fails to obtain the required hazard insurance or flood insurance coverage within forty-five (45) days after such notification, the Servicer shall immediately force place the required hazard insurance or flood insurance on such Mortgagor’s behalf, or in the event the insurer shall cease to be acceptable to Xxxxxx Xxx or Xxxxxxx Mac, the Servicer shall notify any successor Servicer and such Mortgagor, and such successor Servicer shall use its best efforts, as permitted by applicable law, to obtain from another Qualified Insurer a replacement hazard insurance policy or flood insurance policy substantially and materially similar in all respects to the original policy4.05.