Joint and several liability
All borrowers on a joint account are responsible on their own, and together with the other joint account borrowers, to repay us according to the terms and conditions of this agreement.
If there is more than one borrower or guarantor (multiple parties)
If the expressions 'the Borrower', 'you' or 'the guarantor' refer to more than one person those expressions refer to all or each of those people.
If property is security for the credit facility: you must take out and maintain (for the entire period of the credit facility) index-linked insurance cover for fire and other usual risks for the full reinstatement value of the property;
- we can decide the level of insurance even if you do not agree with us;
- the insurance must be with an insurance company acceptable to us;
- you must inform the insurance company that we have an interest in the property;
- before the facility is taken up, and, if we ask you, at any time during the period of the credit facility, you must show us that the insurance cover exists;
- if we ask you, you must complete a form for us to send to the insurance company telling them of our interest in the property;
- if we become aware that a premium has not been paid, we can (but we do not have to) pay the unpaid premium and charge it to your account.
- We will not be liable to you if the insurance company does not pay or if the property is not insured or is not properly insured for any reason at any time.
Forbearance (If we delay using our rights)
If we delay or do not use our rights under this agreement, we are not waiving them and we can still use them in the future.
If we write to you about this agreement, the letter will be either hand delivered or sent by ordinary post addressed to you at the address shown in this agreement (or any changed address you have notified your branch about). The letter will be deemed to have been served on you when delivered by hand or on the second business day (not including Saturdays) after the date we posted it. If you change your address, you must inform your branch.
Force majeure (events we cannot control)
We will not be liable if we cannot perform any of our obligations because of industrial disputes or other events we cannot control.