Common use of Insurance on the Property Clause in Contracts

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 Assignor will deliver or produce to the Bank or to such persons directed by the Bank, any policy of insurance effected by the Assignor and the receipt or other evidence of payment of the current premium.

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 Assignor’s name with the insurance company appointed by the Bank from time to time. The Bank‟s 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 Borrower’s and/or the Assignor‟s 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 Clause (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 Assignor’s cost and expense. (h) The Assignor agrees that the Assignor will not hold the Bank liable for any negligence losses 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 Assignor will deliver or produce to the Bank or to such persons directed by the Bank, any policy of insurance effected by the Assignor and the receipt or other evidence of payment of the current premium.