INSURING THE PROPERTY Sample Clauses
INSURING THE PROPERTY. 16.1 You must keep the Property fully insured against loss or damage. If you will not be able to insure the Property yourself (for example, because you are the leaseholder and the freeholder has the legal right to insure it), you must do all you reasonably can to make sure the relevant person insures it.
16.2 The insurance policy must:
a. be with a reputable insurance company;
b. cover at least the amount that is shown in the valuation report for the rebuilding cost of the Property, which is designed to cover the amount (including Value Added Tax) required to demolish and/or rebuild the Property, clear the site of the Property, pay for surveyors and other professional fees and pay for alternative accommodation;
c. be for an amount of cover that is adjusted each year in accordance with any change in the House Rebuilding Cost Index prepared by the Royal Institute of Chartered Surveyors, or if that index ceases to exist, such nearest equivalent index as we in our reasonable discretion decide;
d. cover loss or damage by fire, storm, flood, burst pipes, lightning, explosion, riot, civil commotion, malicious damage, impact by aircraft or other aerial devices or articles dropped therefrom or by any road vehicle, train, animal or falling tree, earthquake, subsidence, heave and landslide and other risks that we may from time to time reasonably require;
e. if you are purchasing the Property, be on risk immediately before exchange of contracts, or the date on which the Initial Advance (or, if to be paid in instalments the first instalment) is paid to you or to our legal adviser, whichever is the earliest;
f. if you are re-mortgaging the Property, be on risk at least two Business Days before Completion of your mortgage; and
g. be suitable for properties being let.
16.3 Our interest as a mortgage lender must be noted on the insurance policy. If we have a valid reason, for example there has been a change in insurance industry practice, we may ask for cover as joint insured or co-insured on a composite basis.
16.4 You must not do anything that will invalidate the insurance, for example giving false information to your insurer or leaving
16.5 You must pay the insurance premiums on time. You must show us your insurance policy if we wish to see it and produce receipts or other evidence that it is on risk and the premiums are paid up to date.
16.6 If we believe that you have not paid the buildings insurance premium or the cover has been cancelled, then we may ask you to give...
INSURING THE PROPERTY. While the Property is in transit and for the duration of the Lease, Lessee at its own expense shall maintain (i) comprehensive public liability insurance (naming Amplicon or its assigns as additional insured) for bodily injury and property damage resulting from the maintenance, use or transport of the Property and (ii) property and casualty insurance (naming Amplicon and/or its assigns as sole loss payee) covering all risks of loss or damage to the Property from any cause whatsoever including, without limitation, fire and theft. All insurance will be from an insurer(s) and in a form and amount satisfactory to Amplicon. Lessee shall deliver to Amplicon the original policies or certificates of such insurance (and each renewal or replacement thereof) and evidence of the payment of the premiums for such insurance policies. All policies will provide that no cancellation or material modification of such insurance shall be effective without thirty days prior written notice to Amplicon.