INSURANCE OF THE PROPERTY Sample Clauses

INSURANCE OF THE PROPERTY. BORROWER(S)

INSURANCE OF THE PROPERTY. 6.1 The Lessee is obliged to conclude, with an insurer acceptable to the Lessor and on the terms and conditions specified in the Agreement (including the Special Conditions), a property insurance contract on the Property, as well as a motor third party liability insurance contract, where the Property is subject to registration in the traffic register. The insurance contracts shall be concluded immediately, but not later than on the day of transfer of possession of the Property to the Lessee. It shall be forbidden for the Lessee to use the Property (including to enter into traffic) before the insurance contract(s) and the insurance cover take effect. 6.2 The Lessee is obliged to ensure validity of the insurance contracts and guarantee a constant insurance cover under the terms and conditions of the Agreement during the term of the Agreement, and to appropriately renew and/or extend the insurance contracts, as required. 6.3 Both the property insurance contract and the motor third party liability insurance contract (including the insurance policy issued under the contract) shall be concluded with a term of at least one year, with the insurance premium payable thereof being paid in a lump sum upon entry into the contract. The Property shall be ensured under the property insurance contract in the amount of its market value and/or reinstatement value, with the self-retention rate established in the amount acceptable to the Lessor. The property insurance contract shall cover all risks related to the possession and use of the Property (including traffic accidents, natural disasters, fire, burglary, robbery and acts of vandalism). The insurance cover shall be valid all over Europe (except for the CIS countries). 6.4 The list of insurers acceptable to the Lessor, the self retention acceptable to the Lessor and/or other details regarding the insurance of the Property are available at the Lessor’s branch offices or on the Lessor’s website (xxx.xxx.xx). The Lessor shall have the right to make changes in the list of insurers acceptable to the Lessor. Where the Property has been insured by an insurer which is not acceptable to the Lessor but which was included in the list of insurers acceptable to the Lessor at the time of conclusion of the insurance contract, the Lessee shall have the obligation, upon expiry of the insurance contract and/or the insurance policy, to conclude a new insurance contract with an insurer acceptable to the Lessor. 6.5 Upon agreement with the Le...

INSURANCE OF THE PROPERTY. (1) The Borrower undertakes that so long as the Loan has not been repaid in full (and in relation to a housing loan, so long more than NIS 30,000 remains payable on account of the Loan), including any Future Credit as defined herein and the performance of all the Borrower's obligations pursuant to the provisions of this Agreement and/or so long as the Ancillary Payments and/or additional amounts, as defined herein, have not been paid, the Borrower and/or the Pledgor shall, at their expense, take out from a reputable Israeli Insurance Company comprehensive insurance for the Property and/or the Pledged Property and/or their rights in the Property and/or the Pledged Property, on terms and conditions acceptable to the Bank, and shall maintain the insurance of the Property and/or the Pledged Property against such reasonable risks as the Bank demands (hereinafter referred to as the "Property Insurance" or the "Property Policy"), all subject to the law and in accordance with Bank of Israel’s directives. (2) No later than 30 days prior to the expiration of the Property Insurance and/or the expiration of the confirmation of assignment, as defined below, and/or the expiration of any extension of each of the aforesaid, the Borrower shall give the Bank confirmation of the Property Insurance's extension and of the confirmation of assignment's extension. (3) The Borrower and/or the Pledgor undertake that in accordance with the Property Policy's provisions, the Bank shall be named as irrevocable beneficiary and any amount due from the insurer pursuant to the Property Insurance, in connection with any loss or damage, up to the amount of the balance of the Borrower's debt to the bank and including all the amounts detailed in clause 9(c) below, shall be paid directly to the Bank alone or to whomever the Bank directs in writing and shall be used by the Bank for the repayment of the balance of the Borrower's debt to the Bank and/or any part thereof, pursuant to this Agreement or pursuant to any other and/or additional agreement drawn up between the Borrower and the bank, and including any Future Credit, and/or - in accordance with the Bank's exclusive determination - any such amount or part thereof shall be transferred, in such installments and at such pace as determined by the Bank, to the Borrower and/or the Pledgor and/or whomever the Bank directs, for the purpose of reinstating the damage. (4) Any right to compensation available to the Borrower and/or the Pledgor and any ...

INSURANCE OF THE PROPERTY. Borrower(s) :

INSURANCE OF THE PROPERTY. Borrowers: The Property that is being financed will remain insured for the entire Tenor of the Loan at the Borrower’s expense, and shall be assigned in the favor of the company, as detailed below:

INSURANCE OF THE PROPERTY. The Landlord shall at all times have the sole discretion as to whether to take out and maintain additional insurance in respect of the Property at the Landlord's own cost and expense.

INSURANCE OF THE PROPERTY. Borrowers: The Property that is being financed will remain insured for the entire Tenor of the Loan at the Borrower’s expense, and shall be assigned in the favour of the Company, as detailed below: Name of insurance company Address insured of the property Purpose and features of insurance (For the property being mortgaged) The Borrower shall, for so long as any portion of his dues is outstanding/payable to the Lender, fully insure and keep the Property so insured, at his/ her/ its/ their own costs in the joint names of the Borrowers and the Lender, with the name of the Lender recorded as ‘the Beneficiary’ and such insurance for the Property shall be standard comprehensive package policies covering all comprehensive risks, including but not limited to earthquake, riot, civil commotion, floods and such additional risks/ liability to which the property is normally exposed. In the event of any failure by the Borrower to obtain such insurance policy and/ or to furnish proof of the same to the Lender, the Lender may (but shall not be bound to) insure the property at the Borrower’s cost. If the Lender pays the insurance premium, or any other monies, for/ towards the insurance of the property, the Borrower shall reimburse all such sums paid by the Lender. Sum insured Rs. Name of insurance company ICICI Prudential Life Insurance Company Ltd. Name and address of the persons Insured Purpose and features of insurance (Applies to Life Insurance of the borrower(s) on outstanding loan amount) The Borrower who has opted for policy may have to undergo a medical test to be organized and facilitated by the insurance provider as applicable. Moreover, The decision on Insurance underwriting in all cases rests exclusively with the insurance provider. Any claim thereof will be at the behest of the Borrower and the insurance provider. Sum insured for Credit Shield Rs Name of insurance company Name and address of persons Insured the Purpose and features insurance of The Borrower who has opted for policy may have to undergo a medical test to be organized and facilitated by the insurance provider as applicable. Moreover, The decision on Insurance underwriting in all cases rests exclusively with the insurance provider. Any claim thereof will be at the behest of the Borrower and the insurance provider. Sum insured Rs Note: All the terms of Life and General Insurance have been read and understood by me. The Lender may act only as a facilitator for insurance and shall have no liability f...

INSURANCE OF THE PROPERTY. Borrowers a. Detail of requirements and features of the insurance policy to be obtained for the property/borrowers As specified in the Sanction Letter and Loan Agreement.

INSURANCE OF THE PROPERTY. Borrowers

INSURANCE OF THE PROPERTY. We do not insure the Property. obliged by this Agreement to maintain the safety or security of the Property, the Unit or the Site in order to keep the Property free 19.1 storage of Property in the Unit is at Your sole risk. from damage or loss. We shall not have any liability under or be deemed to be in breach of this Agreement for any delay or failure in performance of this Agreement which results from circumstances beyond our reasonable control. Such circumstances include any Act of God, riot, strike or lock-out, trade dispute or labour disturbance, accident, breakdown of plant or machinery, fire, flood, shortage of labour, materials or transport, electrical power failures, threat of or actual terrorism or environmental or health emergency or hazard, or entry into any Unit including the Unit or the Site, or arrest or seizure or confiscation of Property, by competent authorities.