Common use of Mortgagee’s interest and additional perils Clause in Contracts

Mortgagee’s interest and additional perils. The Lender shall be entitled from time to time to effect, maintain and renew a mortgagee’s interest additional perils insurance and a mortgagee’s interest marine insurance in such amounts, on such terms, through such insurers and generally in such manner as the Lender may from time to time consider appropriate and the Borrower shall, in respect of all premiums and other expenses which are incurred in connection with or with a view to effecting, maintaining or renewing any such insurance or dealing with, or considering, any matter arising out of any such insurance, pay the Lender $120,000 per annum throughout the Security Period, the first such payment to be made on the first Drawdown Date and each subsequent payment to be made on the anniversary thereof. The Borrower shall supply, or procure that there is supplied, to the Lender such information as the Lender may require in connection with the matters referred to in this Clause 13.16.