Common use of Insurance of the Property/Borrowers Clause in Contracts

Insurance of the Property/Borrowers. The Borrower shall, for so long as any portion of his dues is outstanding/payable to the Company, fully insure and keep the Property that is being financed insured at his/ her/ its/ their own costs with the name of the Company 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 fire, 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 Company, the Company may (but shall not be bound to) insure the property at the Borrower’s cost. If the Company 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 Company. Borrower to provide Fire and Earthquake Insurance for the property within 30 Days from the disbursement with sole loss payee name of Fasttrack Housing Finance Limited. Non compliance will attract penalty of Rs.500.00 per month Security should be fully insured for all risks and charge of Company shall be noted on the policy at your cost. Appropriate security acceptable to Company shall be created for disbursement. The terms & conditions including claims & coverage will be governed by the issuer of such insurance policy. Please note that the role of the Company under the insurance policy would be that of a facilitator and the decision to cover and settle any future claim under the policy would solely rest with the insurance company. Insurance is the subject matter of solicitation

Insurance of the Property/Borrowers. The Borrower shall, for so long as any portion of his dues is outstanding/payable to the CompanyLender, fully insure and keep the Property that is being financed insured at his/ her/ its/ their own costs with the name of the Company 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 fire, 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 CompanyLender, the Company Lender may (but shall not be bound to) insure the property at the Borrower’s cost. If the Company 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 CompanyLender. Borrower to provide Fire and Earthquake Insurance for the property within 30 Days from the disbursement with sole loss payee name of Fasttrack Housing Finance Limited. Non compliance will attract penalty of Rs.500.00 per month Security should be fully insured for all risks and charge of Company Fasttrack Housing Finance Limited shall be noted on the policy at your cost. Appropriate security acceptable to Company COMPANY shall be created for disbursement. The terms & conditions including claims & coverage will be governed by the issuer of such insurance policy. Please note that the role of the Company Lender under the insurance policy would be that of a facilitator and the decision to cover and settle any future claim under the policy would solely rest with the insurance company. Insurance is the subject matter of solicitation

Insurance of the Property/Borrowers. The Borrower shall, for so long as any portion of his dues is outstanding/payable to the CompanyLender, fully insure and keep the Property that is being financed insured at his/ her/ its/ their own costs with the name of the Company 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 fire, 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 CompanyLender, the Company Lender may (but shall not be bound to) insure the property at the Borrower’s cost. If the Company 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 CompanyLender. Borrower to provide Fire and Earthquake Insurance for the property within 30 Days from the disbursement with sole loss payee name of Fasttrack Housing Finance Limited. Non compliance will attract penalty of Rs.500.00 per month Security should be fully insured for all risks and charge of Company XXXXX Housing Finance Private Limited shall be noted on the policy at your cost. Appropriate security acceptable to Company AHFPL shall be created for disbursement. The terms & conditions including claims & coverage will be governed by the issuer of such insurance policy. Please note that the role of the Company Lender under the insurance policy would be that of a facilitator and the decision to cover and settle any future claim under the policy would solely rest with the insurance company. Insurance is the subject matter of solicitation