The contract entered into between the board and the purchaser shall provide, among other things, that the purchaser intends to maintain said farm or home as his place of residence, that the purchaser shall keep the same in good order, that the purchaser shall keep in repair all buildings, fences and other permanent improvements, situated thereon, and that the purchaser shall insure and keep insured against fire and other hazards, all buildings and other permanent improvements on said property, in an insurance company authorized to do business in Mississippi, with a loss payable clause or standard New York mortgage clause in standard form payable to the board as its interest shall appear, in such amount or amounts and in such insurance company or companies as shall be agreeable to the board.
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