Commercial Auto Liability Insurance

Requirements

The BorrowerBorrowerPerson who is the obligor under the Note. must have commercial auto liability insurance for any motor vehicles that are

• owned or hired by the BorrowerBorrowerPerson who is the obligor under the Note., or
• used by anyone for business on behalf of the BorrowerBorrowerPerson who is the obligor under the Note. or the PropertyPropertyMultifamily residential property securing the Mortgage Loan and including the land (or Leasehold interest in land), Improvements, and personal property (as defined in the Uniform Commercial Code). .

The coverage must include personal injury protection required by the state where the PropertyPropertyMultifamily residential property securing the Mortgage Loan and including the land (or Leasehold interest in land), Improvements, and personal property (as defined in the Uniform Commercial Code). is located.

The coverage amount must be the greater of

• $1 million per occurrence, or
• any underlying limit required by the excess/umbrella insurance carrier.