Common use of Use of the Asset Clause in Contracts

Use of the Asset. a) The Borrowers shall ensure to use the mortgaged asset only for the lawful purpose and shall also use the same in such a manner not to offend or violate any statutory provision of Central or State legislations. b) The Borrowers undertakes to keep the asset covered by a valid insurance wherever necessary during the continuance of this Agreement and to use the asset only for the purpose mentioned at the time of availing the financial facility. c) The Borrowers undertakes not to use the Asset for any unlawful or illegal activity and the Borrowers shall be responsible for any damage or loss sustained by the bank in respect of the asset, as a result of such wrongful or unlawful use. The Borrowers undertake to use the asset only for the use indicated by the Borrowers to the Bank and as stated in this agreement, at his own cost and expenses. 8.1 Waiver not to impair the rights of BANK

Use of the Asset. a) The Borrowers shall ensure to use the mortgaged asset only for the lawful purpose and shall also use the same in such a manner not to offend or violate any statutory provision of Central or State legislations. b) The Borrowers undertakes to keep the asset covered by a valid insurance wherever necessary during the continuance of this Agreement and to use the asset only for the purpose mentioned at the time of availing the financial facility. c) The Borrowers undertakes not to use the Asset for any unlawful or illegal activity and the Borrowers shall be responsible for any damage or loss sustained by the bank in respect of the asset, as a result of such wrongful or unlawful use. The Borrowers undertake to use the asset only for the use indicated by the Borrowers to the Bank and as stated in this agreement, at his own cost and expenses. 8.1 Waiver not to impair the rights of BANK