Common use of Insurance and Waiver of Hypothec Clause in Contracts

Insurance and Waiver of Hypothec. The Tenant shall demand of any contractor or subcontractor not to commence any work whatsoever in the Leased Premises before submitting to the Landlord a notice of waiver or an undertaking to release all legal hypothecs which may exist or result from the work done or materials supplied. Should such notice or undertaking not be furnished as required, the Landlord shall be entitled to order the immediate cessation of any work in progress or to be performed by such contractor or subcontractor in the Leased Premises or order that it cannot be done. Should, however, a legal hypothec or a notice be registered against the Building, the Tenant shall without delay obtain the discharge thereof or undertake the necessary steps or procedures to do same. Should said legal hypothec or notice not be discharged within thirty (30) days of its registration, the Tenant shall immediately deposit with the Landlord an amount sufficient to cover the payment of such legal hypothec, capital, costs and interest, including costs and expenses incurred by the Landlord in respect of the legal hypothec. The Landlord shall be entitled, among other things, to prevail itself of the provisions of section 2731 of the Civil Code of Quebec in order to obtain the cancellation of the registration of the legal hypothec by substituting the amount received from the Tenant. Should the Tenant fail to deposit the required amount, the Landlord may pay to the hypothecary creditor the amount claimed and obtain the discharge of the legal hypothec, notwithstanding any dispute or proceedings undertaken by the Tenant with regards thereto. The Tenant shall then repay to the Landlord such payment, capital, costs and interest, upon demand, with interest at the prime lending rate of the Bank of Montreal plus five percent (5%) per annum, calculated from the date of payment by the Landlord. Any deposit made by the Tenant to the Landlord as described hereinabove shall be held by the Landlord in trust until proof of the total discharge of such legal hypothec has been delivered to the Landlord. The Landlord shall also be entitled to require that any contractor or subcontractor performing work in the Leased Premises take out an insurance policy covering all public liability and property damage, of at least five million dollars ($5,000,000.00) in respect of its activities in the Building. All work necessary for the performance of repairs or improvements shall be carried out at the times permitted by the Landlord, so as not to inconvenience the other tenants of the Building.

Insurance and Waiver of Hypothec. The Tenant shall demand of any contractor or subcontractor for work of more than fifteen thousand dollars ($15,000.00), increasing by two thousand dollars ($2,000.00) per lease year, not to commence any work Work whatsoever in the Leased Premises before submitting to the Landlord a notice of waiver or and an undertaking to release all legal any hypothecs which may exist or arise as a result from the work done of any Work performed or materials supplied. Should such notice waiver or undertaking to release hypothecs not be furnished as required, the Landlord shall be entitled to order the immediate cessation of any work Work in progress or to be performed by such contractor or subcontractor in the Leased Premises save and except if the contractor or order that it cannot be donesubcontractor remits to the Landlord a labour and material payment bond issued by an insurance company acceptable to the Landlord acting reasonably. Should, however, a notice of legal hypothec or a notice be registered against the BuildingLeased Premises, the Tenant shall without delay obtain the discharge thereof or undertake the necessary steps or procedures to do same. Should said legal hypothec or notice not be discharged within thirty (30) days of its registration, the Tenant shall immediately deposit with the Landlord an amount sufficient to cover the payment of such legal hypothec, capital, costs and interest, including costs and expenses incurred by the Landlord in respect of the legal hypothec. The Landlord shall be entitled, among other things, to prevail itself of the provisions of section 2731 of the Civil Code of Quebec in order to obtain the cancellation of the registration of the legal hypothec by substituting the amount received from the Tenant. Should the Tenant fail to deposit the required amountamount within five (5) business days following notice, the Landlord may pay to the hypothecary creditor the amount claimed and obtain the discharge of the legal hypothec, notwithstanding any dispute contestation or proceedings undertaken by the Tenant with regards regard thereto. The Tenant shall then repay to the Landlord such payment, capital, costs and interest, upon demand, with interest at the prime lending rate of the Bank banker of Montreal the Landlord plus five percent (5%) per annum, calculated from the date of payment by the Landlord. Any deposit made by the Tenant to the Landlord as described hereinabove shall be held by the Landlord in trust until proof of the total discharge of such legal hypothec has been delivered to the Landlord, with all interest to be for Tenant’s account. The Landlord shall also be entitled to require that any contractor or subcontractor performing work any Work in the Leased Premises take out an insurance policy covering all public liability and property damage, of at least five two million dollars ($5,000,000.002,000,000.00) in respect of its activities in the Building. All work necessary for the performance of repairs or improvements shall be carried out at the times permitted by the Landlord, so as not to inconvenience the other tenants of the Building.

Insurance and Waiver of Hypothec. The Tenant shall demand of any contractor or subcontractor not to commence any work whatsoever in the Leased Premises before submitting to the Landlord a notice of waiver or and an undertaking to release all legal any hypothecs which may exist or arise as a result from the of work done performed or materials supplied. Should such notice waiver or undertaking to release hypothecs not be furnished as required, the Landlord shall be entitled to order the immediate cessation of any work in progress or to be performed by such contractor or subcontractor in the Leased Premises or order that it cannot be donePremises. Should, however, a notice of legal hypothec or a notice be registered against the BuildingLeased Premises, the Tenant shall without delay obtain the discharge thereof or undertake the necessary steps or procedures to do same. Should said legal hypothec or notice not be discharged within thirty (30) days of its registration, the Tenant shall immediately deposit with the Landlord an amount sufficient to cover the payment of such legal hypothec, capital, costs and interest, including costs and expenses incurred by the Landlord in respect of the legal hypothec. The Landlord shall be entitled, among other things, to prevail itself of the provisions of section 2731 of the Civil Code of Quebec in order to obtain the cancellation of the registration of the legal hypothec by substituting the amount received from the Tenant. Should the Tenant fail to deposit the required amount, the Landlord may pay to the hypothecary creditor the amount claimed and obtain the discharge of the legal hypothec, notwithstanding any dispute contestation or proceedings undertaken by the Tenant with regards regard thereto. The Tenant shall then repay to the Landlord such payment, capital, costs and interest, upon demand, with interest at the prime lending rate of the Bank banker of Montreal the Landlord plus five two percent (52%) per annum, calculated from the date of payment by the Landlord. Any deposit made by the Tenant to the Landlord as described hereinabove herein above shall be held by the Landlord in trust until proof of the total discharge of such legal hypothec has been delivered to the Landlord. The Landlord shall also be entitled to require that any contractor or subcontractor performing work in the Leased Premises take out an insurance policy covering all public liability and property damage, of at least five three million dollars ($5,000,000.003,000,000.00) in respect of its activities in the Building. All work necessary for the performance of repairs or improvements shall be carried out at the times permitted by the Landlord, so as not to inconvenience the other tenants of the Building.