Maintenance and Insurance of Property

Section 640 Section 640.170  Maintenance and Insurance of Property a)         The recipient shall at all times maintain the property provided as security for the loan in such condition and repair as a reasonably prudent person would who held title to the property. b)         The recipients shall maintain, during the term of the loan, fire and hazard insurance policies, covering the amount of the loan with a loss payee clause in favor of the Department. c)         The recipient shall, if at any time during the life of the loan the recipient's property is declared to be within a flood hazard area, purchase federal flood insurance if available, and in an amount equal to the amount of the loan. d)         The recipient shall maintain liability and workers' compensation insurance. e)         The recipient shall provide written notice to the Department of any public hearing or meeting before any administrative or other public agency which may, in any manner, affect the personal property or real estate securing the loan.