Victorian Current Acts Victorian Current ActsFifteenth Schedule—Covenant in mortgage to insure
That I my executors administrators or transferees will insure and so long as
any money shall remain secured by this mortgage keep insured against loss or
damage by fire in the name of the mortgagee or his transferees in some public
insurance office to be approved of by him or them all buildings fixtures or
other improvements which shall for the time being be erected on the said land,
and which shall be of a nature or kind capable of being so insured, to the
amount either of the principal money hereby secured or of the full value of
such buildings and will when required deposit with the mortgagee or his
transferees the policy of such insurance and at least seven days before each
premium is payable the receipt for such premium. And that the moneys which
shall be received on account of such insurance shall at his or their option be
applied either in or towards satisfaction of the moneys secured by this
mortgage or in rebuilding or reinstating under the superintendence of his or
their surveyor the buildings fixtures or other improvements destroyed or
damaged. And that on any breach or non-observance of this covenant he or they
shall be at liberty to effect such insurance and continue the same for such
period as may be deemed fit and the costs and expenses paid on account thereof
shall be a charge upon the said land and bear interest at the same rate as if
principal money overdue.
Schs 15A–16 repealed. [9]
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S. 92.
No. 5842.
Sch. 17 amended by No. 18/1989 s. 12(Sch. 1 item 187
(a)–(c)),
repealed by No. 80/2009 s. 72.
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S. 93.
No. 5842.
Sch. 18 amended by Nos 9976 s. 11, 18/1989 s. 12(Sch. 1 item 188), repealed by No. 80/2009 s. 72.
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Schs 19, 20 repealed. [10]
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