BUILDINGS POLICIES. (a) Upon receipt of notice that any Borrower whose Mortgage Loan is secured by a mortgage of a leasehold (or, in Scotland, a standard security of a long leasehold) Mortgaged Property has failed to make a payment when due of any sums due under the relevant lease in respect of the insurance of the property, the Administrator may debit such Borrower's account with the relevant amount which shall then be paid to the relevant landlord.
Appears in 8 contracts
Samples: Administration Agreement (Granite Mortgages 04-3 PLC), Administration Agreement (Granite Mortgages 03-3 PLC), Administration Agreement (Granite Finance Trustees LTD)
BUILDINGS POLICIES. (a) Upon receipt of notice that any Borrower whose Mortgage Loan is secured by a mortgage of a leasehold (or, in Scotland, a standard security of a long leasehold) Mortgaged Property has failed to make a payment when due of any sums due under the relevant lease in respect of the insurance of the property, the Administrator may debit such Borrower's account with the relevant amount which shall then be paid to the relevant landlord.
Appears in 6 contracts
Samples: Administration Agreement (Granite Mortgages 02-1 PLC), Administration Agreement (Granite Mortgages 03-3 PLC), Execution Version (Granite Mortgages 03-2 PLC)
BUILDINGS POLICIES. (a) Upon receipt of notice that any Borrower whose Mortgage Loan is secured by a mortgage of a leasehold (or, in Scotland, a standard security of a long leasehold) Mortgaged Property has failed to make a payment when due of any sums due under the relevant lease in respect of the insurance of the property, the Administrator Servicer may debit such Borrower's account with the relevant amount which shall then be paid to the relevant landlord.
Appears in 3 contracts
Samples: Administration Agreement (Granite Finance Funding 2 LTD), Administration Agreement (Granite Finance Trustees LTD), Administration Agreement (Granite Finance Trustees LTD)
