Common use of Insurance of Building and Common Property Clause in Contracts

Insurance of Building and Common Property. (a) The Seller must pay the premiums payable in respect of insurances effected by the Body Corporate pursuant to the Regulation Module and Section 191 of the Act covering the period of one year commencing on the date of registration of the Community Titles Scheme. (b) The first year's premium in respect of insurances referred to in Clause 12(a) shall be adjusted between the parties accordance with Clause 3.5 and as follows: - (A ÷ B x C) A is the amount of the premium paid by the Seller B is the Aggregate Interest Schedule Lot Entitlement of all lots in the Plan in the Interest Schedule of the Community Management Statement C is the Interest Schedule Lot Entitlement of the Lot in the Interest Schedule of the Community Management Statement

Insurance of Building and Common Property. (a) The Seller must pay the premiums payable in respect of insurances effected by the Body Corporate pursuant to the Regulation Module and Section 191 of the Act covering the period of one year commencing on the date of registration of the Community Titles Scheme. (b) The first year's premium in respect of insurances referred to in Clause 12(a) shall be adjusted between the parties accordance with Clause 3.5 and as follows: - follows:- (A ÷ B x C) A is the amount of the premium paid by the Seller B is the Aggregate Interest Schedule Lot Entitlement of all lots in the Plan in the Interest Schedule of the Community Management Statement C is the Interest Schedule Lot Entitlement of the Lot in the Interest Schedule of the Community Management Statement