Conveyancing Act 1919

That the mortgagor, the mortgagor’s executors, administrators, and assigns, 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 the mortgagee’s executors, administrators, or assigns, in some public insurance office to be approved of by the mortgagee or the mortgagee’s executors, administrators or assigns all buildings 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 the mortgagee’s executors, administrators, or assigns, the policy of such insurance, and within seven days after each premium shall become payable, the receipt for such premium. And that the moneys which shall be received on account of such insurance shall, at the mortgagee’s or the mortgagee’s executor’s, administrator’s or assign’s option, be applied either in or towards satisfaction of the moneys secured by this mortgage, or in rebuilding or reinstating, under the superintendence of the mortgagee’s or their surveyor, the buildings destroyed or damaged. And that on any breach or non-observance of this covenant the mortgagee or the mortgagee’s executors, administrators or assigns 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.