Proof of Renewal. (a) Tenant shall also, within fifteen (15) days of the expiration of any policy of insurance required hereunder, furnish proof of renewal or replacement of such insurance. (b) If Tenant fails timely to pay the premiums for any policy of insurance required under the provisions of this Lease, then Landlord may pay such premiums, and the amounts so paid by Landlord, plus interest at the rate equal to the prime rate of Bankers Trust Company publicly announced in New York, New York, and in effect from time to time, plus two percentage points, shall be added to the installment of Annual Fixed Rent becoming due on the first of the next succeeding month and shall be collected by Landlord as Additional Rent hereunder.
Appears in 6 contracts
Samples: Lease (Colonial Commercial Corp), Lease (Colonial Commercial Corp), Lease (Colonial Commercial Corp)
