Breaking open of the Locker and dealing with its contents Sample Clauses

Breaking open of the Locker and dealing with its contents. 3.3.1 The Bank shall have a right to break open the Locker and deal with its contents in accordance with the provisions under this Agreement, the Bank’s internal policy (ies) and procedure(s) and the applicable laws and regulations, in case of any one or more of the following events- (a) In the event Termination Notice in accordance with Clause 3.2.1 hereof is served to the Customer and the Customer does not surrender and vacate the Locker after the end of the notice period stipulated under the Termination Notice; IBA Model Locker Agreement- RD- 20.12.2021 Page 5 of 9 (b) The Rent remains unpaid for 3 (three) consecutive years; (d) The Locker remains inoperative (irrespective of whether Rent is paid or not) for a period of 7 (seven) years or more; and the Customer cannot be located by the Bank; or
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Breaking open of the Locker and dealing with its contents i. The Bank shall have a right to break open the Locker and deal with its contents in accordance with the provisions under this Agreement, without being liable for any loss or damage caused to the contents inside the Locker thereby, the Bank’s internal policy (ies) and procedure(s) and the applicable laws and regulations, in case of any one or more of the following events- (a) In the event Termination Notice in accordance with Clause 4.1.1 hereof is served to the Customer and the Customer does not surrender and vacate the Locker after the end of the notice period stipulated under the Termination Notice; (b) The Rent remains unpaid for 3 (three) consecutive years; and (c) The Locker remains inoperative (irrespective of whether Rent is paid or not) for a period of 7 (seven) years or more; and the Customer cannot be located by the Bank. ii. Before exercising the right to break open the Locker, the Bank shall send to the Customer a notice (in addition to the Termination Notice under Clause 4.1.3) in writing of not less than 3 (three) months by registered post/ speed post (and also by (i) email where email id of the Customer is available; and (ii) SMS and/or WhatsApp where the mobile phone number of the Customer is available) of the Bank’s proposed action of breaking open of the Locker (“Break Open Notice”). iii. Notwithstanding, anything contained under this Agreement the Bank shall take all possible efforts to contact the Customer by sending messages on mobile phone of the Customer, sending a personal messenger to the Customer’s address, making phone calls on the Customer’s land line/ mobile phone etc. before breaking open of the Locker. iv. In case the Termination Notice and the Breaking Open Notice as foresaid sent by the Bank is returned undelivered or the Customer is not found to be traceable despite the Bank having taken reasonable efforts including those stated under Clause3 B(ii) and Clause3 B(iii), the Bank shall, before breaking open the Locker, issue a public notice of not less than 3 (three) months about the Bank’s intention to break open the Locker, in minimum 2 (two) newspapers (one in English and another in local language) in the same location where the Customer resides as evidenced by the Customer’s address as stated in the Agreement/ as per the Bank’s records or as further communicated by the Customer to the Bank. The breaking open of Locker would be done in the presence of a committee consisting of 2 (two) officers of the Bank and 2 (two) ind...

Related to Breaking open of the Locker and dealing with its contents

  • What Will Happen After We Receive Your Letter When we receive your letter, we must do two things:

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