Common use of FAILURE OF LESSEE TO INSURE IMPROVEMENTS Clause in Contracts

FAILURE OF LESSEE TO INSURE IMPROVEMENTS. In the event Lessee should at any time neglect, fail or refuse to insure or to keep insured the buildings and other improvements on said Demised Premises as above provided, then Lessor at its election may procure or renew such insurance and the amount paid therefor shall be repaid by Lessee to Lessor with the rents next thereafter falling due under this Lease, together with interest thereon at the rate of two percent (2%) in excess of the prime rate charged by the principal bank in Chi- cago, Illinois, to its commercial borrowers as determined on the first date of a delin- quency from the respective dates of any such payments.

FAILURE OF LESSEE TO INSURE IMPROVEMENTS. In the event Lessee should at any time neglect, fail or refuse to insure or to keep insured the buildings and other improvements on said Demised Premises as above provided, then Lessor at its election may procure or renew such insurance and the amount paid therefor shall be repaid by Lessee to Lessor with the rents next thereafter falling due under this Lease, together with interest thereon at the rate of two percent (2%) in excess of the prime rate charged by the principal bank in Chi- cagoChicago, Illinois, to its commercial borrowers as determined on the first date of a delin- quency delinquency from the respective dates of any such payments.

FAILURE OF LESSEE TO INSURE IMPROVEMENTS. In the event Lessee should at any time neglect, fail or refuse to insure or to keep insured the buildings and other improvements on said the Demised Premises as above provided, then Lessor at its election may procure or renew such insurance and the amount paid therefor shall be repaid by Lessee to Lessor with the rents next thereafter falling due under this Lease, together with interest thereon at the rate of two percent (2%) in excess of the prime rate charged by the principal bank in Chi- cagoChicago, Illinois, to its commercial borrowers as determined on the first date of a delin- quency delinquency from the respective dates of any such payments.