Property and Liability Insurance

The ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must:

• ensure that the PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). is continuously covered by property and liability insurance, as required by Part II, Chapter 5: Property and Liability Insurance, and that all renewal premiums are paid in full and on time; and
• at least annually review the adequacy of the Borrower’sBorrower’sPerson who is the obligor per the Note. insurance coverage in relation to the current requirements of Part II, Chapter 5: Property and Liability Insurance.

 If the existing insurance coverage or policy is inadequate, the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must require the BorrowerBorrowerPerson who is the obligor per the Note. to make appropriate changes.  Periodically, the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. may be required to make certain representations to Fannie Mae regarding the property and liability insurance coverages and policies for all of the Mortgage LoansMortgage LoansMortgage debt obligation evidenced, or when made will be evidenced, by the Loan Documents, or  a mortgage debt obligation with a Fannie Mae credit enhancement. it services.