2.—(1) (a) To keep the farmhouse, cottages and farm buildings insured to their full value against loss or damage by fire; and
(b)as often as the farmhouse, cottages and farm buildings or any, or any part, of them shall be destroyed or damaged by fire, to execute all works of repair or replacement thereto necessary to make good damage by fire and to cause all money received in respect of such destruction or damage by virtue of such insurance to be laid out in the execution of such works.
(2) The proviso to paragraph 1(1) shall not apply to works falling within sub-paragraph (1)(b) of this paragraph.