Insurance on the Property Clause Samples
The "Insurance on the Property" clause requires that adequate insurance coverage be maintained for the property involved in the agreement. Typically, this means the owner or responsible party must obtain and keep policies such as fire, hazard, or liability insurance, naming relevant parties as beneficiaries or additional insureds. This clause ensures that, in the event of damage or loss, there are financial resources available to repair or replace the property, thereby protecting the interests of all parties and mitigating potential financial risk.
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Insurance on the Property. (a) The Assignor will at all times that this security continues to exist keep any building, fixture, or structure now or in future erected on or affixed to the Property properly insured against loss or damage by fire and such other risks as the Bank requires. The policy will be on a full reinstatement value basis up to its full insurable value. The policy will be taken up in the Assignor‟s name with the insurance company appointed by the Bank from time to time. The Bank‟s interest as chargee and loss payee will be endorsed on the policies.
(b) The Assignor will deposit the insurance policies with the Bank as chargee, and will from time to time pay the premium and deliver the relevant receipts to the Bank.
(c) In addition to, and without affecting the agreements and stipulations implied, the obligations imposed, and the rights created, by law, custom and this Assignment, the Assignor will, if required by the Bank, keep insured the whole or any parts of the Property and effects included in this Assignment of an insurable nature against loss or damage by fire and all other such risks and contingencies.
(d) The above insurance will be for such amount, in such names, with such insurers, and through such agencies as the Bank requires from time to time.
(e) The cost and expense of taking up the above insurance will be borne by the Borrower and/or the Assignor.
(f) If the Assignor does not effect, maintain or renew any such insurance stated above, the Bank can (but is not obliged to), at the Borrower‟s and/or the Assignor‟s cost and expense, effect, maintain, or renew any such insurance as the Bank may think fit.
(g) Without affecting the earlier provisions of this Section (and whether or not the Assignor is in default) it is agreed that, if the Bank in its absolute discretion considers it necessary, the Bank can and is hereby expressly authorised by the Assignor to, effect, maintain, or renew any such insurance as the Bank may think fit at the Assignor‟s cost and expense.
(h) The Assignor agrees that the Assignor will not hold the Bank liable for any negligence as a result of any action taken or omission to effect, take out, maintain, renew or increase any such insurance or otherwise. The Bank can retain for its own use and benefit any commission paid or allowed to it as agent to such insurers.
(i) The Assignor will allow all insurance policies and receipts or other evidence of payment paid by the Assignor to remain in the custody of the Bank. When required, the ...
Insurance on the Property. Owner shall obtain and maintain, or cause to be obtained and maintained, at Owner’s expense, each of the following:
Insurance on the Property. Borrower shall have delivered, or caused to be delivered, to Lender, in form and substance satisfactory to Lender, evidence of insurance coverage on the Property, and the improvements and personal property located thereon, in accordance with the provisions of the Deed of Trust, together with evidence in form and substance satisfactory to Lender, that all insurance premiums due to maintain such insurance have been paid in full and that no delinquencies exist with respect to the same;
Insurance on the Property. In connection herewith, Lessee shall obtain and maintain or cause to be obtained and maintained in full force and effect throughout the period of this Agreement, the types and amounts of insurance coverage set forth in Exhibit “F” attached hereto and incorporated herein by reference. If required by state, county, or city laws from time to time for work conducted on or use of municipal properties, Lessee shall obtain and maintain or cause to the obtained and maintained throughout or during the term of this Agreement, as applicable, such types and amounts of payment, performance, maintenance, or restoration bond(s) as shall be required to be reviewed and approved by the City of Miami’s Risk Management Department in coordination with Lessee’s Risk Management or other appropriate Department. In addition, ▇▇▇▇▇▇ shall be required to pay a proportionate share of CRA incurred insurance expenses, as may be determined by the Executive Director. The Lessor reserves the right to reasonably amend the herein insurance requirements by the issuance of a notice in writing to the Lessee, which amended insurance requirements shall be subject to the reasonable approval by Lessee, which approval shall not be unreasonably withheld.
Insurance on the Property. In connection herewith, Lessee shall obtain and maintain or cause to be obtained and maintained in full force and effect throughout the period of this Agreement, the types and amounts of insurance coverage set forth in Exhibit “G” attached hereto and incorporated herein by reference. If required by state, county, or city laws from time to time for work conducted on or use of municipal properties, Lessee shall obtain and maintain or cause to the obtained and maintained throughout or during the term of this Agreement, as applicable, such types and amounts of payment, performance, maintenance, or restoration bond(s) as shall be required to be reviewed and approved by the City‟s Risk Management Department in coordination with Lessee‟s Risk Management or other appropriate Department. The Lessor reserves the right to reasonably amend the herein insurance requirements by the issuance of a notice in writing to the Lessee, which amended insurance requirements shall be subject to the reasonable approval by Lessee, which approval shall not be unreasonably withheld.