Common use of Insurance Policies in Effect Clause in Contracts

Insurance Policies in Effect. The fire and casualty insurance policy covering the Manufactured Home and, with respect to Land-and Home Contract, the Mortgaged Property (1) affords (and will afford) sufficient insurance against fire and such other risks as are usually insured against in the broad form of extended coverage insurance from time to time available, as well as insurance against flood hazards if the Mortgaged Property is located in an area identified by the Federal Emergency Management Agency as having special flood hazards; (2) is a standard policy of insurance for the locale where the Mortgaged Property is located, is in full force and effect, and the amount of the insurance is in the amount of the full insurable value of the Mortgaged Property on a replacement cost basis or the unpaid balance of the MH Loans, whichever is less; (3) names (and will name) the present owner of the Mortgaged Property as the insured; and (4) contains a standard mortgagee loss payable clause in favor of Seller or the servicer. The Mortgage obligates the mortgagor thereunder to maintain the hazard insurance policy at the mortgagor's cost and expense, and to seek reimbursement therefor from the mortgagor. Seller has not engaged in, and has no knowledge of the mortgagor's or any other party's having engaged in, any act or omission which would impair the coverage of any such policy, the benefits of the endorsement provided for herein, or the validity and binding effect of either.

Insurance Policies in Effect. The fire and casualty insurance policy covering the Manufactured Home and, with respect to Land-and Home Contract, the Mortgaged Property mortgaged property (1) affords (and will afford) sufficient insurance against fire and such other risks as are usually insured against in the broad form of extended coverage insurance from time to time available, as well as insurance against flood hazards if the Mortgaged Property mortgaged property is located in an area identified by the Federal Emergency Management Agency as having special flood hazards; (2) is a standard policy of insurance for the locale where the Mortgaged Property mortgaged property is located, is in full force and effect, and the amount of the insurance is in the amount of the full insurable value of the Mortgaged Property mortgaged property on a replacement cost basis or the unpaid balance of the MH Mortgage Loans, whichever is less; (3) names (and will name) the present owner of the Mortgaged Property mortgaged property as the insured; and (4) contains a standard mortgagee loss payable clause in favor of Seller or the servicerSeller. The Mortgage mortgage obligates the mortgagor thereunder to maintain the hazard insurance policy at the mortgagor's cost and expense, and to seek reimbursement therefor from the mortgagor. The hazard insurance policy is the valid and binding obligation of the insurer, is in full force and effect, and will be in full force and effect and inure to the benefit of Buyer upon consummation of the transactions contemplated by the Agreement. Seller has not engaged in, and has no knowledge of the mortgagor's or any other party's having engaged in, any act or omission which would impair the coverage of any such policy, the benefits of the endorsement provided for herein, or the validity and binding effect of either.;