Lessor is offering the StoreSafe Premium Lease Addendum ("StoreSafe Program").
In case of Storage Area owed by Borrower, necessary Lease Agreement (Rs.1/- Premium Lease rent) shall be executed by COLLATERAL MANAGER with the respective owner/lessee (“Owner”) of such Storage Area in a form and manner acceptable to BANK.
Premium Letter means the letter agreement dated the Closing Date among LBAC, the Issuer and the Note Insurer referring to payment of the Premium.
Mortgage guaranty insurance means surety insurance under which a mortgagee or other creditor is indemnified against losses caused by the default of a debtor.
Premium Due Date means date specified in the Schedule on which the Instalment Premium will become due.
Insurance Contract means a contract (other than an Annuity Contract) under which the issuer agrees to pay an amount upon the occurrence of a specified contingency involving mortality, morbidity, accident, liability, or property risk.
Premium Loading means the additional premium on top of the Standard Premium charged by the Company to the Policy Holder according to the additional risk assessed for the Insured Person.