Common use of Security and Insurance Clause in Contracts

Security and Insurance. 1. The loanee will pledge any buildings or installed facilities along with the land or building it is built on and including any miscellaneous facilities within as a security to the bank unless otherwise stated by the bank. If the bank so requests, the loanee shall enter into an insurance of the type and the amount agreed by the bank and place a pledge for the bank on the insurance claim.

Security and Insurance. 1. The loanee will pledge any buildings or installed facilities along with the land or building it is built on and including any miscellaneous facilities within as a security to the bank unless otherwise stated by the bank. If the bank so requests, the loanee shall enter into an insurance of the type and the amount agreed by the bank and place a pledge for the bank on the insurance claim.