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. (b) If the Administrator becomes aware that a Borrower has failed to pay premiums due under any Buildings Policy, the Administrator shall take such action as would a reasonable and prudent mortgage lender with a view to ensuring that the relevant Mortgaged Property continues to be insured in accordance with the applicable Mortgage Terms or the Alternative Insurance Requirements.
Appears in 8 contracts
Samples: Administration Agreement (Granite Mortgages 03-1 PLC), Administration Agreement (Granite Mortgages 03-2 PLC), Administration Agreement (Granite Finance Trustees LTD)
