RISK AND INSURANCE. 4.1 The Seller shall insure the Property until the Completion Date whereupon it shall be cancelled and any refund due will be due to the Seller in full. 4.2 The Seller shall at the Buyer's written request: (a) permit the Buyer to inspect the policy or evidence of its terms at any reasonable time; (b) increase the amount of cover for the Property under the terms of the Seller's insurance policy or extend the risks covered by it, subject to: (i) the insurer being willing and able to do so; and (ii) the Buyer paying the Seller on demand any additional premium due for the increased or extended cover; and (c) obtain, or consent to, an endorsement on the Seller's insurance policy for the Property of the Buyer's interest, subject to: (i) the insurer being willing to make the endorsement; and (ii) the Buyer paying the Seller on demand any additional premium due for the endorsement. 4.3 If, in the period between the date of this contract and completion, the Property is damaged or destroyed by a risk against which the Seller has insured: (a) the Seller shall make a claim under the Seller's insurance policy in respect of that damage or destruction; (b) to the extent that any insurance money in respect of the damage or destruction is paid to the Seller before completion and to the extent that the Seller is not under any statutory or contractual obligation to use any insurance money received by it to repair or rebuild the Property before completion, the Seller shall: (i) hold the insurance money received by it on trust for the Buyer; and (ii) pay that money to the Buyer on completion; (c) to the extent that any insurance money in respect of the damage or destruction is paid to the Seller after completion, the Seller shall (i) hold the insurance money received by it on trust for the Buyer; and (ii) as soon as is reasonably practicable, pay that insurance money to the Buyer; and (d) to the extent that any insurance money in respect of the damage or destruction has not been paid to the Seller before completion, the Seller shall, to the extent permitted by the policy and at the Buyer's expense, assign to the Buyer on completion all rights to claim under the policy. That assignment shall be in the form reasonably required by the Buyer. 4.4 Conditions 8.2.2, 8.2.3 and 8.2.4(b) do not apply to this contract.
Appears in 1 contract
RISK AND INSURANCE. 4.1 17.1 The Seller shall will insure the Property in accordance with its obligations as landlord under the Lease until the Completion Date whereupon it shall be cancelled and any refund due will be due to the Seller in full.including Actual Completion
4.2 17.2 The Seller shall will at the Buyer's ’s written request:
(a) 17.2.1 permit the Buyer to inspect the policy or evidence of its terms or evidence of the payment of the premium at any reasonable time;
(b) 17.2.2 increase the amount of cover for the Property under the terms of the Seller's ’s insurance policy policy' or extend the risks covered by it, it subject to:
(i) to the insurer being willing and able to do so; and
(ii) so and subject to the Buyer paying the Seller on demand any additional premium due for the increased or extended cover; and
(c) obtain, 17.2.3 obtain or consent to, to an endorsement on the Seller's ’s insurance policy for the Property of the Buyer's interest, ’s interest subject to:
(i) to the insurer being willing to make the endorsement; and
(ii) endorsement and subject to the Buyer paying the Seller on demand any additional premium due for the endorsement
17.3 The Seller will be under no obligation to seek any refund from the Tenant of any additional premium due or paid in relation to any increased cover requested by the Buyer or for any endorsement on the policy of the Buyer’s interest
17.4 No damage to or destruction of the Property nor any deterioration in its condition (however caused) will entitle the Buyer either to a reduction of the Price or to refuse to complete or to delay completion.
4.3 If, 17.5 If in the period between the date of this contract agreement and completion, Actual Completion the Property is damaged or destroyed by a risk against which the Seller has insured:
(a) 17.5.1 the Seller shall will make a claim under the Seller's its insurance policy in respect of that damage or destruction;destruction and shall consult with and keep informed the Tenant and take due account of its representations prior to so doing and during the claim process.
(b) 17.5.2 to the extent that any insurance money in respect of the damage or destruction is paid to the Seller before completion Actual Completion and to the extent that the Seller is not under any statutory or contractual obligation to use any insurance money received by it to repair or rebuild the Property before completion, Actual Completion the Seller shall:
(i) will hold the insurance money received by it on trust for the Buyer; and
(ii) Buyer and will pay that the money to the Buyer on completion;Actual Completion to use in accordance with the terms of the Lease
(c) 17.5.3 to the extent that any insurance money in respect of the damage or destruction is paid to the Seller after completion, Actual Completion the Seller shall
(i) will hold the insurance money received by it on trust for the Buyer; and
(ii) Buyer and will as soon as is reasonably practicable, practicable and in any event within 10 working days of receipt pay that insurance money it to the Buyer; andBuyer to use in accordance with the terms of the Lease
(d) 17.5.4 to the extent that any insurance money in respect of the damage or destruction has not been paid to the Seller before completion, Actual Completion the Seller shall, will to the extent permitted by the policy and at the Buyer's expense, ’s expense assign to the Buyer on completion all rights to claim under the policy. That policy the assignment shall be being in the form reasonably required by the Buyer.
4.4 Conditions 8.2.2, 8.2.3 17.6 On Actual Completion the Seller will cancel its insurance policy in respect of the Property and 8.2.4(b) do if following the cancellation the Seller receives from its insurers a refund of any premium paid in respect of any period after the date of cancellation the Seller will pay or allow the refund to the Tenant in accordance with the terms of the Lease
17.7 The Buyer will apply any insurance money paid to it by the Seller under this clause in accordance with the terms of the Lease and will keep the Seller indemnified against any claims arising from any breach of this obligation
17.8 On Actual Completion there will be no apportionment between the Seller and the Buyer of any insurance rents received or receivable from the Tenant under the terms of the Lease
17.9 Section 47 of the Law of Property Axx 0000 does not apply to this contract.apply
Appears in 1 contract
Samples: Sale and Purchase Agreement (American Realty Capital Global Trust, Inc.)
RISK AND INSURANCE. 4.1 The Seller shall will insure the Property in accordance with the Seller's obligations as landlord under each of the Occupational Leases until the Completion Date whereupon it shall be cancelled and any refund due will be due to the Seller in fullcompletion.
4.2 The Seller shall will at the Buyer's written request:
(a) 4.2.1 permit the Buyer to inspect the policy or evidence of its terms at any reasonable time;
(b) 4.2.2 increase the amount of cover for the Property under the terms of the Seller's insurance policy or extend the risks covered by it, subject to:
(i) to the insurer being willing and able to do so; and
(ii) so and subject to the Buyer paying the Seller on demand any additional premium due for the increased or extended cover; and
(c) obtain, 4.2.3 obtain or consent to, to an endorsement on the Seller's insurance policy for the Property of the Buyer's interest, subject to:
(i) to the insurer being willing to make the endorsement; and
(ii) endorsement and subject to the Buyer paying the Seller on demand any additional premium due for the endorsement.
4.3 IfThe Seller will be under no obligation to seek any refund from the Occupational Tenants of any additional premium due or paid in relation to any increased cover requested by the Buyer or for any endorsement on the policy of the Buyer's interest.
4.4 No damage to or destruction of the Property nor any deterioration in its condition, however caused, will entitle the Buyer either to any reduction of the Purchase Price or to refuse to complete or to delay completion.
4.5 If in the period between the date of this contract and completion, the Property is damaged or destroyed by a risk against which the Seller has insured:
(a) 4.5.1 the Seller shall will make a claim under the Seller's insurance policy in respect of that damage or destruction;
(b) 4.5.2 to the extent that any insurance money in respect of the damage or destruction is paid to the Seller before completion completion, and to the extent that the Seller is not under any statutory or contractual obligation to use any insurance money received by it to repair or rebuild the Property before completion, the Seller shall:
(i) will hold the insurance money received by it on trust for the Buyer; and
(ii) Buyer and will pay that the money to the Buyer on completioncompletion to use in accordance with the terms of the Occupational Leases;
(c) 4.5.3 to the extent that any insurance money in respect of the damage or destruction is paid to the Seller after completion, the Seller shall
(i) will hold the insurance money received by it on trust for the Buyer; and
(ii) Buyer and will, as soon as is reasonably practicable, pay that insurance money it to the Buyer; andBuyer to use in accordance with the terms of the Occupational Leases;
(d) 4.5.4 to the extent that any insurance money in respect of the damage or destruction has not been paid to the Seller before completion, the Seller shallwill, to the extent permitted by the policy and at the Buyer's expense, assign to the Buyer on completion all rights to claim under the policy. That , the assignment shall be being in the form reasonably required by the Buyer.
4.4 Conditions 8.2.24.6 On completion, 8.2.3 the Seller will cancel the Seller's insurance policy in respect of the Property. If, following the cancellation, the Sellers insurers refund the Seller any premium paid in respect of any period after the date of the cancellation, the Seller will at the Seller's discretion either:
4.6.1 pay or allow the refund to the Buyer to hold on trust for and 8.2.4(b) do not to account to the Occupational Tenants in accordance with the terms of the Occupational Leases; or
4.6.2 pay or allow the refund to the Occupational Tenants in accordance with the terms of the Occupational Leases.
4.7 The Buyer will apply any insurance money paid to it by the Seller under this contractclause in accordance with the terms of the Occupational Leases and will keep the Seller indemnified against any claims arising from any breach.
4.8 On completion, there will be no apportionment between the Seller and the Buyer of any insurance rents received or receivable from the Occupational Tenants under the terms of the Occupational Leases.
4.9 The Buyer will keep the Seller indemnified against any outstanding or additional premiums or other costs of insurance that may become due to the Seller's insurers after completion but which relate to a period of insurance before completion.
Appears in 1 contract
RISK AND INSURANCE. 4.1 The Seller shall will insure the Property in accordance with its obligations as landlord under each of the Occupational Leases until the Completion Date whereupon it shall be cancelled and any refund due will be due to the Seller in fullCompletion.
4.2 The Seller shall will at the Buyer's written request:
(a) permit the Buyer to inspect the policy or evidence of its terms at any reasonable time;
(b) increase the amount of cover for the Property under the terms of the Seller's insurance policy or extend the risks covered by it, subject to:
(i) to the insurer being willing and able to do so; and
(ii) so and subject to the Buyer paying the Seller on demand any additional premium due for the increased or extended cover; and
(c) obtain, obtain or consent to, to an endorsement on the Seller's insurance policy for the Property of the Buyer's interest, subject to:
(i) to the insurer being willing to make the endorsement; and
(ii) endorsement and subject to the Buyer paying the Seller on demand any additional premium due for the endorsement.
4.3 IfThe Seller will be under no obligation to seek any refund from the Tenants of any additional premium due or paid in relation to any increased cover requested by the Buyer or for any endorsement on the policy of the Buyer's interest.
4.4 No damage to or destruction of the Property nor any deterioration in its condition, however caused, will entitle the Buyer either to any reduction of the Purchase Price or to refuse to complete or to delay Completion.
4.5 If in the period between the date of this contract and completionCompletion, the Property is damaged or destroyed by a risk against which the Seller has insured:
(a) the Seller shall will make a claim under the Seller's its insurance policy in respect of that damage or destruction;
(b) to the extent that any insurance money in respect of the damage or destruction is paid to the Seller before completion Completion, and to the extent that the Seller is not under any statutory or contractual obligation to use any insurance money received by it to repair or rebuild the Property before completion, the Seller shall:
(i) will hold the insurance money received by it on trust for the Buyer; and
(ii) Buyer and will pay that the money to the Buyer on completioncompletion to use in accordance with the terms of the Occupational Leases;
(c) to the extent that any insurance money in respect of the damage or destruction is paid to the Seller after completionCompletion, the Seller shall
(i) will hold the insurance money received by it on trust for the Buyer; and
(ii) Buyer and will, as soon as is reasonably practicable, pay that insurance money it to the Buyer; andBuyer to use in accordance with the terms of the Occupational Leases;
(d) to the extent that any insurance money in respect of the damage or destruction has not been paid to the Seller before completionCompletion, the Seller shallwill, to the extent permitted by the policy and at the Buyer's expense, assign to the Buyer on completion all rights to claim under the policy. That , the assignment shall be being in the form reasonably required by the Buyer.
4.4 4.6 On Completion, the Seller will cancel its insurance policy in respect of the Property. If, following the cancellation, the Seller receives from its insurers a refund of any premium paid in respect of any period after the date of cancellation, the Seller will at its discretion either:
(a) pay or allow the refund to the Buyer to hold on trust for and to account to the Tenants in accordance with the terms of the Occupational Leases; or
(b) pay or allow the refund to the Tenants in accordance with the terms of the Occupational Leases.
4.7 The Buyer will apply any insurance money paid to it by the Seller under this clause in accordance with the terms of the Occupational Leases and will keep the Seller indemnified against any claims arising from any breach.
4.8 On Completion, there will be no apportionment between the Seller and the Buyer of any insurance rents received or receivable from the Tenants under the terms of the Occupational Leases.
4.9 The Buyer will keep the Seller indemnified against any outstanding or additional premiums or other costs of insurance that may become due to the Seller's insurers after completion but which relate to a period of insurance before completion.
4.10 Conditions 8.2.27.1.2, 8.2.3 7.1.3 and 8.2.4(b7.1.4(b) do not apply to this contract.
Appears in 1 contract
Samples: Contract for the Sale of Freehold Land and Building (Mitel Networks Corp)
RISK AND INSURANCE. 4.1 5.1 The Seller shall will insure the Property in accordance with the Seller's obligations as landlord under the Occupational Lease until the Completion Date whereupon it shall be cancelled and any refund due will be due to the Seller in fullcompletion.
4.2 5.2 The Seller shall will at the Buyer's written request:
(a) 5.2.1 permit the Buyer to inspect the policy or evidence of its terms at any reasonable time;
(b) 5.2.2 increase the amount of cover for the Property under the terms of the Seller's insurance policy or extend the risks covered by it, subject to:
(i) to the insurer being willing and able to do so; and
(ii) so and subject to the Buyer paying the Seller on demand any additional premium due for the increased or extended cover; and
(c) obtain, 5.2.3 obtain or consent to, to an endorsement on the Seller's insurance policy for the Property of the Buyer's interest, subject to:
(i) to the insurer being willing to make the endorsement; and
(ii) endorsement and subject to the Buyer paying the Seller on demand any additional premium due for the endorsement.
4.3 If5.3 The Seller will be under no obligation to seek any refund from the Occupational Tenant of any additional premium due or paid in relation to any increased cover requested by the Buyer or for any endorsement on the policy of the Buyer's interest.
5.4 No damage to or destruction of the Property nor any deterioration in its condition, however caused, will entitle the Buyer either to any reduction of the Purchase Price or to refuse to complete or to delay completion.
5.5 If in the period between the date of this contract agreement and completion, the Property is damaged or destroyed by a risk against which the Seller has insured:
(a) 5.5.1 the Seller shall will make a claim under the Seller's insurance policy in respect of that damage or destruction;
(b) 5.5.2 to the extent that any insurance money in respect of the damage or destruction is paid to the Seller before completion completion, and to the extent that the Seller is not under any statutory or contractual agreementual obligation to use any insurance money received by it to repair or rebuild the Property before completion, the Seller shall:
(i) will hold the insurance money received by it on trust for the Buyer; and
(ii) Buyer and will pay that the money to the Buyer on completioncompletion to use in accordance with the terms of the Occupational Lease;
(c) 5.5.3 to the extent that any insurance money in respect of the damage or destruction is paid to the Seller after completion, the Seller shall
(i) will hold the insurance money received by it on trust for the Buyer; and
(ii) Buyer and will, as soon as is reasonably practicable, pay that insurance money it to the Buyer; andBuyer to use in accordance with the terms of the Occupational Lease;
(d) 5.5.4 to the extent that any insurance money in respect of the damage or destruction has not been paid to the Seller before completion, the Seller shallwill, to the extent permitted by the policy and at the Buyer's expense, assign to the Buyer on completion all rights to claim under the policy. That , the assignment shall be being in the form reasonably required by the Buyer.
4.4 5.6 On completion, the Seller will cancel the Seller's insurance policy in respect of the Property. If, following the cancellation, the Sellers insurers refund the Seller any premium paid in respect of any period after the date of the cancellation, the Seller will at the Seller's discretion either:
5.6.1 pay or allow the refund to the Buyer to hold on trust for and to account to the Occupational Tenant in accordance with the terms of the Occupational Lease; or
5.6.2 pay or allow the refund to the Occupational Tenant in accordance with the terms of the Occupational Lease.
5.7 The Buyer will apply any insurance money paid to it by the Seller under this clause in accordance with the terms of the Occupational Lease and will keep the Seller indemnified against any claims arising from any breach.
5.8 On completion, there will be no apportionment between the Seller and the Buyer of any insurance rents received or receivable from the Occupational Tenant under the terms of the Occupational Lease
5.9 The Buyer will keep the Seller indemnified against any outstanding or additional premiums or other costs of insurance that may become due to the Seller's insurers after completion but which relate to a period of insurance before completion.
5.10 Conditions 8.2.2, 8.2.3 and 8.2.4(b) do not apply to this contractagreement.
Appears in 1 contract
Samples: Sale Agreement
RISK AND INSURANCE. 4.1 The Seller shall will insure the Property in accordance with the Seller’s obligations as landlord under the Occupational Lease until the Completion Date whereupon it shall be cancelled and any refund due will be due to the Seller in fullcompletion.
4.2 The Seller shall will at the Buyer's ’s written request:
(a) permit the Buyer to inspect the policy or evidence of its terms at any reasonable time;
(b) increase the amount of cover for the Property under the terms of the Seller's ’s insurance policy or extend the risks covered by it, subject to:
(i) to the insurer being willing and able to do so; and
(ii) so and subject to the Buyer paying the Seller on demand any additional premium due for the increased or extended cover; and
(c) obtain, obtain or consent to, to an endorsement on the Seller's ’s insurance policy for the Property of the Buyer's ’s interest, subject to:
(i) to the insurer being willing to make the endorsement; and
(ii) endorsement and subject to the Buyer paying the Seller on demand any additional premium due for the endorsement.
4.3 If, The Seller will be under no obligation to seek any refund from the Occupational Tenant of any additional premium due or paid in relation to any increased cover requested by the Buyer or for any endorsement on the policy of the Buyer’s interest.
4.4 No damage to or destruction of the Property nor any deterioration in its condition,
4.5 If in the period between the date of this contract and completion, the Property is damaged or destroyed by a risk against which the Seller has insured:
(a) the Seller shall will make a claim under the Seller's ’s insurance policy in respect of that damage or destruction;
(b) to the extent that any insurance money in respect of the damage or destruction is paid to the Seller before completion completion, and to the extent that the Seller is not under any statutory or contractual obligation to use any insurance money received by it to repair or rebuild the Property before completion, the Seller shall:
(i) will hold the insurance money received by it on trust for the Buyer; and
(ii) Buyer and will pay that the money to the Buyer on completioncompletion to use in accordance with the terms of the Occupational Lease;
(c) to the extent that any insurance money in respect of the damage or destruction is paid to the Seller after completion, the Seller shall
(i) will hold the insurance money received by it on trust for the Buyer; and
(ii) Buyer and will, as soon as is reasonably practicable, pay that insurance money it to the Buyer; andBuyer to use in accordance with the terms of the Occupational Lease;
(d) to the extent that any insurance money in respect of the damage or destruction has not been paid to the Seller before completion, the Seller shallwill, to the extent permitted by the policy and at the Buyer's ’s expense, assign to the Buyer on completion all rights to claim under the policy. That , the assignment shall be being in the form reasonably required by the Buyer.
4.4 4.6 On completion, the Seller will cancel the Seller’s insurance policy in respect of the Property. If, following the cancellation, the Sellers insurers refund the Seller any premium paid in respect of any period after the date of the cancellation, the Seller will at the Seller’s discretion either:
(a) pay or allow the refund to the Buyer to hold on trust for and to account to the Occupational Tenant in accordance with the terms of the Occupational Lease; or
(b) pay or allow the refund to the Occupational Tenant in accordance with the terms of the Occupational Lease.
4.7 The Buyer will apply any insurance money paid to it by the Seller under this clause in accordance with the terms of the Occupational Lease and will keep the Seller indemnified against any claims arising from any breach.
4.8 On completion, there will be no apportionment between the Seller and the Buyer of any insurance rents received or receivable from the Occupational Tenant under the terms of the Occupational Lease.
4.9 The Buyer will keep the Seller indemnified against any outstanding or additional
4.10 Conditions 8.2.2, 8.2.3 and 8.2.4(b) do not apply to this contract.
Appears in 1 contract
