Insurance Obligations. (a) The Purchaser as Unit Owner is advised to effect and maintain adequate and appropriate contents insurance with respect to the Unit covering damages to the Unit and consequential damages to other Unit (including the Building Common Areas). (b) The Purchaser as a Unit Owner must effect the insurances required under clause 12(a) with a reputable insurer in the name of the Unit Owner and must be for the full replacement value of the Purchaser’s contents and include a specific allowance for the removal of debris. (c) In the event that the Purchaser fails to obtain the required insurance, the Purchaser acknowledges and agrees that it shall be solely responsible for the Units/ Building Common Areas/ Common Use Facilities or Unit Leisure Facilities towards any damages sustained due to non-insurance of the contents of such Unit of the Purchaser and the Purchaser fully indemnify the Developer and the Building Owners Association/Owner Committee from any such claims, compliances and regulatory lapses.
Appears in 6 contracts
Samples: Sales Purchase Agreement, Sales Purchase Agreement, Sales Purchase Agreement
