Directors’ and Officers’ Liability Insurance

Requirements

You must ensure for each PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). owned by a Cooperative OrganizationCooperative OrganizationCorporation or legal entity where each shareholder or equity owner is granted the right to occupy a unit in a multifamily residential property under a proprietary lease or occupancy agreement. , that each BorrowerBorrowerPerson who is the obligor per the Note. maintains directors' and officer's liability insurance with:

• coverage equal to at least $1 million per claim or per occurrence; and
• a deductible less than or equal to $50,000.