5.1 Where there is no Project Agreement subsisting the Tenant covenants with the Landlord:-
5.1.1 to keep the Property insured on a composite co-insured basis with the Tenant and the Landlord named as co-insured with a reputable insurance office against loss or damage by the Insured Risks in the sum the Tenant is advised represents the Reinstatement Value of the Property from time to time;
5.1.2 to pay the premiums for insurance promptly as they become due and maintain in force the policies of insurance on the Property;
5.1.3 following the incidence of damage to or destruction of the Property and subject to receipt of all necessary consents licences permissions and the like to apply the proceeds of the policy of the insurance received for those purposes in rebuilding and reinstating the Property (provided that this covenant should be satisfied if the Tenant provides premises not necessarily identical to the Property as the same existing prior to such damage or destruction occurring) as soon as may be reasonably practicable provided that in case it shall be impossible or impracticable to reinstate the Property in accordance with the provisions of this Clause 5 within 3 years of the date of damage or destruction occurring either party may serve written notice on the other to terminate this Lease and upon service of such notice this Lease shall immediately cease and determine but without prejudice to the rights of either party against the other in respect of any prior breach of any obligation contained in this Lease and any monies received under the said policy of insurance whether before or after the termination of this Lease shall be paid by the Tenant on receipt to the Landlord and shall as between the Landlord and the Tenant belong to the Landlord absolutely;13
5.1.4 to produce to the Landlord a copy of the insurance policy whenever reasonably requested and the receipt for the last or other evidence of renewal and up to date details of the amount of cover (but no more often than once in any period of 12 months in both cases);
5.1.5 not to knowingly do anything whereby any policy of insurance relating to the Property may become void or voidable.
5.2 The Tenant further covenants with the Landlord to insure against liability in respect of property owners' and third party risks.
5.3 The Landlord confirms that Project Co is responsible for taking out and maintaining the Project Insurances and the parties agree that during the subsistence of the Project Agreement the Landlord shall procure that the Property is kept insured by Project Co in accordance with the Project Insurances or is otherwise insured on a substantially similar basis by the Landlord Provided that the Landlord shall not be obliged to insure or procure to be insured any part of the Property installed by the Tenant.
5.4 During the subsistence of the Project Agreement the Tenant may terminate this Lease by giving notice to the Landlord if, following damage or destruction by an Insured Risk, the Property has not been reinstated so as to be fit for occupation and use within three years after the date of damage or destruction. On giving this notice this Lease shall determine but this shall be without prejudice to any right or remedy of the Landlord in respect of any breach of the Tenant's covenants of this Lease. Any proceeds of the insurance shall belong to the Landlord.
________________________________________________________________________
(xiii) 13 Note that insurance monies belong to the Landlord. If the Academy Trust is paying for any buildings, or does so in the future, the parties should agree equitable provisions for a split of the insurance proceeds in the event of non-reinstatement.