Common use of Insurance and Maintenance Clause in Contracts

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, the Lender shall pass on to the Borrower such benefits as the Lender receives from the Insurance Company in respect of claim.

Insurance and Maintenance. 12.1 In order to safeguard the security for the Loan loan and to ensure that the Lenderlender's lien is marked on the insurance, the Borrower shall, immediately after signing the contract, this agreement; keep the Asset 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 Commotioncivil commotions, floods and such other wider liability to which the Asset asset is normally exposed and adequate unlimited third party liability risks with an Insurance Company approved by the Lender any insurance company and shall punctually pay all premia and other sums required for keeping the said insurance effective till throughout the Lender discharges the security period of this agreement and produce and deliver (if so required by the Lender) any insurance policy, cover note or receipt on demand by the Lender 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 lender as 'loss payee' and additional endorsement in favour of the Lender's Bankerslenders' bankers, if so so, required by the Lenderlender. 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 Insurance invalid. 12.3 The Lender Borrower admits and confirms that it is the Borrower's prime responsibility to adequately insure the asset with a comprehensive insurance policy. The Borrower may at its its/his/her sole discretion get the insurance done by the Lender on behalf of the Borrowerborrower, 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 demandthrough borrower post- dated cheque / pay order / any other payment instructions. However, any non-payment on the part of the Lender due to any reason will not affect the liability of the Borrower 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 hereby irrevocably authorize authorizes 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 will 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 shall produce bills in respect of Insurance insurance claim to the Insurance Company insurance company for settlement. If there are no over dues against the Borrower, the Lender shall pass on to the Borrower him such benefits as the Lender receives from the Insurance Company insurance company in respect of claim.

Insurance and Maintenance. 12.1 10.1 The Borrower shall at its own expense during the continuance of the security herein keep the Hypothecated Asset covered under comprehensive risks, including riot, civil commotion risks, fire, unlimited third party risk and other hazards stipulated from time to time and live stock will be also insured for its life and health with any insurance company by timely payment of all premia in respect of such insurance and produce and deliver (its so required by the Bank) any insurance policy, cover note or receipt on demand by the Bank for its inspection and verification. 10.2 The Borrower hereby expressly agrees to pay advance premium against insurance policy along with his/her loan EMI's and the Bank shall be entitled to credit the amount of advance premium for insurance policy, so received with the amount of loan EMI, to the account of the Borrower which shall be debited at the time of renewal of the insurance policy. 10.3 Borrower hereby agrees that it shall avail an insurance policy to secure the Hypothecated Asset(s) provided by the Borrower with any insurance company and shall deposit the insurance policies and all cover notes premia receipts etc., with the Lender against the Facility so given to him/her/it by the Lender. 10.4 The Bank shall collect advance premium from the Borrower based upon prevailing market insurance premium rates, which may vary at the time of renewal as per the norms and guidelines issued by the insurance Bank(ies). 10.5 The Borrower hereby agrees that he/she will pay the difference amount, if any, at the time of renewal, failing which the Bank shall be entitle to charge late payment charges as per the schedule of this agreement. 10.6 The Borrower also, expressly agrees that, in the event of default, when the Borrower fails to pay his/her EMI's for more than 90 days, the Bank shall be under no obligation to renew the insurance policy so taken up by the Borrower and the amount of advance premium so deposited by the borrower with the Bank shall be forfeited at the sole discretion of the Bank. 10.7 The insurance policy to be taken out hereunder shall be in the name of the Borrower and the Bank shall be described as loss payee under such insurance. 10.8 The Borrower agrees and undertakes to keep and maintain in good and marketable condition the said Asset at its own expenses and replace all such parts whether broken or damaged, as is the normal practice adopted for the maintenance of any Asset. The Borrower expressly agrees to engage mechanics, dealer service facilities expressly authorized by the manufacturer of the Asset to effect repairs and to service the Asset. 10.9 If the Borrower fails to comply with any of the terms mentioned above in this Clause, the Bank may without prejudice to its rights and remedies under this Agreements and in law take such steps as it may deem fit to keep and maintain the Asset or insurance or renew such insurance at the Borrower's costs, charges and expenses. Which the Borrower on demand shall reimburse by the Bank. 10.10 In order to safeguard the security for the Loan and to ensure that the Lender's Bank 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 Bank 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 Bank through the Borrower's post dated cheque/ pay order/s any other payments instructions. However the Bank shall not be bound obliged to reimburse do the amount paid by the Lender in this regard immediately on receipt of demand. However, same and any non-payment on the part of the Lender Bank due to any reason will whatsoever shall not affect the liability of the Borrower to pay the necessary insurance premium to the insurance company and to keep the Asset Asset(s) 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 Bank with respect to insurance policy and its renewal as stipulated from time to timetime and shall pay Rs. 250/- or such other amount as may be specified by the Bank form time to time as nominal compensation for the services rendered by the Bank for the facilitating the above mentioned arrangement with the insurance Bank and ensuring that the Companies name is marked under insurance. The transaction fee is subject to change at the discretion of the Bank. The Bank shall be entitled to recover any payments made pursuant to this clause as part of the dues under this Agreement. 12.5 10.11 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 of insurance and such adjustment, settlement and compromises shall be valid and binding on the Borrower. 10.12 The Bank at its option will have the right to appropriate any monies receive from the insurance Bank towards the Borrower's obligations to the Bank. 10.13 The Borrower accepts that the Bank shall not be liable for any loss on account of non-renewal of insurance of the Asset and/or delay/non payment by the insurance Bank/ or any settlement claim by the Borrower. 10.14 The Borrower shall at his cost its own expenses take every step to keep good health of the livestock including vaccination, maintaining hygiene etc. good and without undue delay, be bound to carry out repairs healthy feed to the Asset occasioned by any accident or livestock and maintain proper and clean dwelling structure for any other reason the livestock and produce bills in respect routine medical check up as per the terms and conditions of Insurance claim policy. 10.15 The Borrower shall inform to the Insurance Company Bank and the insurance Bank about the death if any of the animal within the time prescribed by the insurance Bank and make arrangement for settlement. If there are no over dues against post mortem as per the Borrower, the Lender shall pass on to the Borrower such benefits as the Lender receives from the Insurance Company in respect terms and condition of claimpolicy and agreement.

Insurance and Maintenance. 12.1 In order to safeguard the security for the Loan loan and to ensure that the Lender's lender’s lien is marked on the insurance, the Borrower shall, immediately after signing the contract, this agreement; keep the Asset 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 Commotioncivil commotions, floods and such other wider liability to which the Asset asset is normally exposed and adequate unlimited third party liability risks with an Insurance Company approved by the Lender any insurance company and shall punctually pay all premia and other sums required for keeping the said insurance effective till throughout the Lender discharges the security period of this agreement and produce and deliver (if so required by the Lender) any insurance policy, cover note or receipt on demand by the Lender 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 lender as '‘loss payee' ’ and additional endorsement in favour of the Lender's Bankerslenders’ bankers, if so so, required by the Lenderlender. 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 Insurance invalid. 12.3 The Lender Borrower admits and confirms that it is the Borrower’s prime responsibility to adequately insure the asset with a comprehensive insurance policy. The Borrower may at its its/his/her sole discretion get the insurance done by the Lender on behalf of the Borrowerborrower, 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 demandthrough borrower post- dated cheque / pay order / any other payment instructions. However, any non-payment on the part of the Lender due to any reason will not affect the liability of the Borrower 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 hereby irrevocably authorize authorizes 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 will 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 shall produce bills in respect of Insurance insurance claim to the Insurance Company insurance company for settlement. If there are no over dues against the Borrower, the Lender shall pass on to the Borrower him such benefits as the Lender receives from the Insurance Company insurance company in respect of claim.

Insurance and Maintenance. 12.1 i) In order to safeguard the security for the Loan and to ensure that the Lender's ’s lien is marked on the insurance, the Borrower shall, immediately after signing the contractagreement, 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 Commotioncivil commotion, floods and such other wider liability to which the Asset asset is normally exposed under a Comprehensive Policy and adequate unlimited third party liability risks with an Insurance Company approved by the Lender and shall punctually pay all premia premium and other sums required for keeping the said insurance effective till throughout the Lender discharges period of the security agreement 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. The Borrower shall safeguard the security for the Loan and ensure that the Lender’s lien is marked on the insurance as per India Motor Tariff Regulations. 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 ’s Bankers, if so required by the Lender. 12.2 The Borrower shall not use ii) Where the Asset insurance availed is for any purpose not permitted by the terms and conditions a partial period of the insurance policy loan year (or) is being insured for multiple years, the Borrowers shall ensure that such policies cover the asset for its full replacement value 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 for comprehensive risks 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 hypothecation interest of the Lender is recorded in the insurance policy. If the insurance cover stands cancelled (by the Insurance Company), the Borrowers shall note that it is a breach of the loan terms and appropriate shall ensure immediate insurance coverage. In the proceeds thereof meanwhile, if the asset met with any accident (or) is stolen etc., the Borrower and Co-borrowers shall reimburse 100% of outstanding loan dues to the Bank and manage on his/her/their own, any third party insurance claims arising out of any accident. iii) The Borrowers agrees and undertakes that the asset against which the loan is granted shall be maintained in good and road worthy condition until all loan dues are paid in full. For other details regarding insurance and maintenance, the Borrower(s) and/or Co-borrower(s) shall refer Clauses 6 & 7 of Standard Terms and Conditions provided along with the agreement or hosted in the public website 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, the Lender shall pass on to the Borrower such benefits as the Lender receives from the Insurance Company in respect of claim.

Insurance and Maintenance. 12.1 In order to safeguard 11.1 At the security for request of the Loan and to ensure that the Lender's lien is marked on the insuranceBorrower, the Bank may at its own discretion also finance the insurance premium of an insurance policy insuring 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 strikesof personal accident, riotsaccidental hospitalization, Civil Commotion, floods outstanding amount of loan to the Bank and or critical illness provided that such other liability to which insurance policy has been taken out by the Asset is normally exposed and adequate third party liability risks with Bank on behalf of the Borrower from an Insurance Company insurance company approved by the Lender Bank with a specific instruction and authority by the Borrower to such insurance company that in case of any loss reported ,the loss will be paid to the Bank by such insurance company. Such insurance premium paid by the Bank on behalf of the Borrower shall be added as the principal amount to the Construction Equipment/Vehicle Loan granted herein and shall punctually form part of the Construction Equipment/Vehicle Loan. The Borrower shall pay all premia to the Bank the amounts towards insurance premium, as mentioned above which may be loaded to the installments. The insurance premium being a part of Construction Equipment/Vehicle Loan may be disbursed by the Bank directly to such an insurance company approved by the Bank and such disbursement shall be deemed to be disbursement to the Borrower. Without prejudice to what is stated hereinabove, the Borrower(s) shall at its own expense during the continuance of the security herein keep the Hypothecated Asset(s) covered under comprehensive risk, including riot, civil commotion risk, fire, theft, unlimited third party risk and other sums hazards as stipulated from time to time with such insurance company as may be required for keeping by the said Bank by timely payment of all premiums in respect of such insurance effective till the Lender discharges the security and produce and deliver (if so required by the LenderBank) any insurance policy, cover note or receipt on demand by the Lender Bank for its inspection and verification. Each . 11.2 The insurance policy to be taken out hereunder shall be in the name of the Borrower and the Bank shall be described as loss payee under such insurance; 11.3 The Borrower(s) agrees and undertakes to keep and maintain in good and marketable condition the Asset(s) at his own expense and replace all such parts whether broken or damaged with new parts. In this regard, the necessary endorsement in favour Borrower(s) agrees to avail of the Lender as 'loss payee' and additional endorsement in favour services of Authorized Service Agents of the Lender's Bankers, if so required by Asset(s) manufacturer to effect repair or service of the LenderVehicles. 12.2 The 11.4 If the Borrower shall not use the Asset for fails to comply with any purpose not permitted by of the terms and conditions mentioned herein the Bank may, but shall not be obliged to, take steps to keep and maintain the Asset(s) or insure or renew the insurance of the Asset(s) at the costs and expense of the Borrower(s), which amount shall be reimbursed by 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) costs any dispute arising under or in connection with the insurance policy or any claims arising thereunder and appropriate all monies towards settlement of the Construction Equipment/Vehicle Loan and the amounts outstanding or arising thereunder. 11.6 Borrower accepts that the Bank shall not do or permit to be done liable for any act or thing, which might render the loss on account of non-renewal of insurance invalid. 12.3 The Lender may at its sole discretion get the insurance done on behalf of the Borrower, by being a facilitator Asset(s) 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 delay or 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 by the insurance company and to keep or any settlement of claim at the Asset insured. 12.4 The first claim on any insurance proceeds shall be that option 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 timeBank. 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, the Lender shall pass on to the Borrower such benefits as the Lender receives from the Insurance Company in respect of claim.

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 for 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-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 authorizes 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, the Lender shall pass on to the Borrower such benefits as the Lender receives from the Insurance Company in respect of claim.

Insurance and Maintenance. 12.1 In order to safeguard the security for the Loan loan and to ensure that the Lender's ’s lien is marked on the insurance, the Borrower shall, immediately after signing the contractthis agreement, 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 CommotionCommotions, floods and such other wider liability to which the Asset asset is normally exposed and adequate unlimited 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 throughout the Lender discharges the security period of this agreement 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 ’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 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 demandthrough Borrower post dated cheque / pay orders / any other payment instructions. 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 hereby irrevocably authorize authorizes 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 will comply with all directions of the Lender with respect to insurance policy and its renewal as stipulated from form 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 shall produce bills in respect of Insurance insurance claim to the Insurance Company insurance company for settlement. If there are no over dues against the Borrower, the Lender shall pass on to the Borrower him such benefits as the Lender receives from the Insurance Company insurance company in respect of claim.