413.04
| 413.04A | |
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If the BorrowerBorrowerPerson who is the obligor per the Note. fails to obtain acceptable insurance coverage, the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must immediately obtain acceptable insurance coverage for 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). at the Borrower’sBorrower’sPerson who is the obligor per the Note. expense.
| 413.04B | |
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If acceptable insurance coverage cannot be obtained, the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must immediately contact Multifamily InsuranceMultifamily InsuranceTeam that can be contacted at [email protected]. to determine the appropriate course of action.
The ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. is permitted to collect from the BorrowerBorrowerPerson who is the obligor per the Note. any reasonable out-of-pocket costs and expenses incurred by the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. to obtain insurance coverage for 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). .