Insurance and Maintenance Clause Samples

Insurance and Maintenance. 12.1 In order to safeguard the security for the Loan and to ensure that the Lender's lien is marked on the insurance, the Borrower shall, immediately after signing the contract, keep the Asset insured against any loss or damage by accident or fire or other perils under a Comprehensive Policy including the risks against strikes, riots, Civil Commotion, floods and such other liability to which the Asset is normally exposed and adequate third party liability risks with an Insurance Company approved by the Lender and shall punctually pay all premia and other sums required for keeping the said insurance effective till the Lender discharges the security and produce and deliver (if so required by the Lender) any insurance policy, cover note or receipt on demand by the Lender for its inspection and verification. Each insurance policy shall be in the name of the Borrower with the necessary endorsement in favour of the Lender as 'loss payee' and additional endorsement in favour of the Lender's Bankers, if so required by the Lender. 12.2 The Borrower shall not use the Asset for any purpose not permitted by the terms and conditions of the insurance policy and shall not do or permit to be done any act or thing, which might render the insurance invalid. 12.3 The Lender may at its sole discretion get the insurance done on behalf of the Borrower, by being a facilitator and making the premium payment to the approved insurance company and the Borrower/s shall be bound to reimburse the amount paid by the Lender in this regard immediately on receipt of demand. However, any non-payment on the part of the Lender due to any reason will not affect the liability of the Borrower to pay the necessary insurance premium to the insurance company and to keep the Asset insured. 12.4 The first claim on any insurance proceeds shall be that of the Lender. The Borrower shall be bound to irrevocably authorize the Lender to claim insurance proceeds to safeguard the interest of the Lender and appropriate the proceeds thereof against the dues of the Lender. The Borrower shall ensure to comply with all directions of the Lender with respect to insurance policy and its renewal as stipulated from time to time. 12.5 The Borrower shall at his cost and without undue delay, be bound to carry out repairs to the Asset occasioned by any accident or for any other reason and produce bills in respect of Insurance claim to the Insurance Company for settlement. If there are no over dues against the Borrower, th...

Insurance and Maintenance. 11.1 The Borrower(s) shall at its own expense during the continuance of the security herein keep the Hypothecated Vehicle cov ered under comprehensive risk, including riot, civil commotion risk, fire, theft, unlimited third party risk and other hazards as stipulated from time to time with such insurance company as may be required by the Bank by timely payment of all premia in respect of such insurance and produc e and deliver (if so required by the Bank) any insurance policy, cover note or receipt on demand by the Bank for its inspection and verification. 11.2 The insurance policy to be taken out hereunder shall be in the name of the Borrower(s) and the Bank shall be described as los s payee/beneficiary under such insurance. 11.3 If the Borrower(s) fails to keep the Vehicle in a good and marketable condition, the Bank may without prejudice to its rights and remedies under this agreement and in law take such steps as it may deem fit to keep and maintain the Vehicle or insure or ▇▇▇▇ w such insurance at the Borrower's costs, charges and expenses, which shall be reimbursed by the Borrower(s) on demand by the Bank. 11.4 In order to safeguard the security for the Loan and to ensure that the Bank's lien is marked on the insurance, the Bank may get the insurance done on behalf of the Borrower(s), by being a facilitator and making the premium payment of the approved insurance company through the Borrower's post dated cheque/pay orders/any other payment instructions. However any non-payment on the part of the Bank due to any reason whatsoever shall not effect the liability of the Borrower(s) to pay the necessary insurance premium and to keep the Vehicle(s) insured. The first claim on any insurance proceeds shall be that of the Bank with respect to insurance policy and its renewal as stipulated from time to time and the Borrower(s) shall pay such other amount as may be specified by the Bank form time to time as nominal compensation for the service rendere d by the Bank for facilitation the above mentioned arrangement with the insurance company and ensuring that the Bank's name is marked under insurance. The transaction fee is subject to change at the discretion of the Bank. 11.5 The Bank at its option shall be entitled to adjust, settle or compromise in any manner whatsoever at the Borrower's cost any dispute arising under or in connection with any such policy or insurance and such adjustment, settlement and compromises shall be valid and binding on the Borrower(s) ...

Insurance and Maintenance. The Vendor agrees to keep the premises insured against fire and other hazard for at least Dollars ($ ), and shall escrow and add the cost for said insurance premiums to the Vendee's principal and interest obligation herein. Vendor herein shall have the right to enter the premises at least once per year with twenty-four hours notice to ▇▇▇▇▇▇ of his interest to exercise his right. Vendee shall keep the building in a good state of repair and well painted at the Vendee expense and no additions or alterations shall be made to the building without the Vendor's permission, which shall not be unreasonably withheld. At such time as the Vendor Inspects the premises and finds that repairs are necessary, Vendor shall request that these repairs be made within thirty (30) days at the Vendee's expense. The Vendee has inspected the premises constituting the subject matter of this Land Contract, and no representations have been made to the Vendee by the Vendor in regard to the condition of said premises; and it is agreed that the said premises are being sold to the Vendee as the same now exists and that the Vendor shall have no obligation to do or furnish anything toward the improvement of said premises, except as may be provided herein.

Insurance and Maintenance. In addition to the Rent, Tenant shall be responsible for all costs of operating and maintaining the Leased Premises including insurance and routine maintenance.

Insurance and Maintenance. Tenant shall be individually responsible for and shall pay for (a) insurance required to cover the value of the contents of the Ambassador House;

Insurance and Maintenance. The User must – ensure that the Motor Vehicle is comprehensively insured at all times, not do anything that may void this insurance, and ensure that the Motor Vehicle is regularly maintained and otherwise kept in a good state of repair.

Insurance and Maintenance. The Vendor shall insure the property with a non owner-occupant (landlord) policy against fire and extended coverage to the benefit of both parties as their Interests may appear herein. Said policy shall be for an amount no less than , payment of which shall be the responsibility of the Vendee, and which shall be escrowed and added to the payment due herein. Vendees shall keep the building in a good state of repair at the Vendees expense. At such time as the Vendor inspects the premises and finds that repairs are necessary, Vendor shall request that these repairs be made within sixty (60) days at the Vendees expense. The Vendees have inspected the premises constituting the subject matter of this Land Contract, and no representations have been made to the Vendee by the Vendor in regard to the condition of said premises: and it is agreed that the said premises are being sold to the Vendee as the same now exists and that the Vendor shall have no obligation to do or furnish anything toward the improvement of said premises. Vendor shall furnish a clear termite report at Vendor's expense prior to executing this contract. If the property has live infestation of wood destroying insec1s, Vendor will pay costs of treatment and repair damages caused by same. If Vendor elects not to do so. Vendee may elect to waive Vendors responsibility and proceed. or Vendee may elect not to proceed with this contract. Notice of each election shall be given in writing within five (5) days of. respectively. receipt of Vendor of the notice of infestation and receipt by Vendee of Vendors notice as to intention to remedy.

Insurance and Maintenance. Lessor shall be responsible for maintaining hazard insurance to the extent of the full insurable value of the Leased Premises for loss or damage by fire with the standard extended coverage, vandalism and malicious mischief endorsements. Lessee shall keep and maintain in good order, condition and repair the Leased Premises and every part thereof. Lessee shall further maintain in good order and repair the sidewalks, gutters, curbs, parking area and in lawn in front of and adjacent to the Leased Premises. Lessee will, at Lessee's sole cost and expense, maintain comprehensive liability insurance with reference to the Leased Premises and shall name Lessor as an additional insured thereon.

Insurance and Maintenance. At its sole expense, RECIPIENT INSTITUTION shall maintain insurance coverage for the full replacement cost of the Equipment. RECIPIENT INSTITUTION shall provide for the physical security and storage of the Equipment during the term of this Agreement, as well as for routine maintenance and repair. RECIPIENT INSTITUTION shall promptly report any maintenance and repair to UNIVERSITY. UNIVERSITY shall have no obligation to repair or maintain the Equipment for RECIPIENT INSTITUTION’s use or to pay deductibles or storage fees.