Leasing Clause

LEASING CLAUSE #

Noted and agreed that the property insured by this policy has been pledged with the Leasing Company as follows :

__________

And that in consequence thereof, it has been agreed with the said Leasing Company and the Insured that in case of loss or damages due to the perils insured against under this policy any payment up to the amount to which the said Leasing Company is entitled for principal, interest accrued and costs shall be made to the said Leasing Company without prejudice to the rights the Insured have on difference.

This clause to be null and void on receipt of advice from the said Leasing Company that they are not longer interested in the property insured under this policy.