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The Pamphlet Collection of Sir Robert Stout: Volume 16

Repairs and Insurance

Repairs and Insurance.

49. All buildings held in security by the Society shall be kept in repair by the mortgagor; and in all cases where houses or buildings are taken by the Society in security, the same shall be kept insured by page 19 the mortgagor in the name of the Society's Trustees for the time being, until the property is redeemed. And the mortgagor shall pay all premiums of Insurance, and shall lodge in the hands of the Directors both the policy of insurance and receipts for the annual payments of the premium immediately after the same become due; or, in default thereof, the Directors shall be entitled to have such repairs and insurance, respectively, executed or effected; and the Member making default shall be subject to a like fine, and under like conditions, as if in arrear of assessment, tax, ground-rent, or other payment, as provided for in the preceding Rule.