Mortgagee Clause Sample Clauses
A Mortgagee Clause is a provision in an insurance policy that protects the interests of a mortgage lender (the mortgagee) in the insured property. This clause ensures that if the property suffers damage or loss, the insurance company will pay the mortgagee directly for their financial interest, regardless of any actions or omissions by the property owner (the mortgagor). By doing so, it safeguards the lender’s investment and ensures that their loan is secured even if the policyholder fails to comply with policy terms, thereby allocating risk and providing assurance to mortgage lenders.
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Mortgagee Clause. All policies must include EXACTLY the following standard, non-contributory, mortgagee clause: Bank of America, N.A. ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇, 2nd Floor Concord, California 94520-2405 Attention: Loan Administration Manager Mortgagee must be named as a first Mortgagee with respect to buildings, Loss Payee with respect to loss of rents/business interruption, and Additional Insured with respect to general liability.
Mortgagee Clause. The Mortgagee hereby consents to the execution of this Agreement by the Owner and agrees that the Application Land shall be bound by the restrictions and obligations contained in this Deed and the Mortgagee agrees to observe and perform the restrictions and obligations contained in this Deed provided that the Mortgagee shall have no liability under this Agreement unless it shall have become entitled to enter the Application Land or any part of it as mortgagee in possession or as a successor in title to the Owner.
Mortgagee Clause. Notwithstanding clause 3.2, no obligation in this Deed shall be binding on or enforceable against any chargee or mortgagee from time to time who shall have the benefit of a charge or mortgage of or on any part of parts of the Land or any receiver appointed by such chargee or mortgagee or any person deriving title through such chargee, mortgage or receiver unless and until such chargee, mortgagee, receiver or person has entered into possession of the Land or part thereof to which such obligation relates.
Mortgagee Clause. Landlord represents that it has obtained the existing mortgagee’s consent to this Lease Agreement or that such consent is not necessary.
Mortgagee Clause. Each insurance policy required pursuant to the provisions of this Article must contain the standard mortgagee clause endorsed to provide that any disbursements shall be paid to the Owners' Association for the use and benefit of Mortgagees as their interests may appear, or otherwise endorsed to fully protect the interest of (a) the Trustee and (b) the holders of a beneficial interest therein, if any.
Mortgagee Clause. The Customer covenants that it shall cause the relevant Takaful operators to include the following loss payable clause or a substantially similar loss payable clause acceptable to the Bank in each Takaful policy taken out: “This Takaful and the benefits thereof, including all claims of whatsoever nature in respect of the Asset and each and every right hereunder have been assigned to CIMB ISLAMIC BANK BERHAD”.
Mortgagee Clause. The word “mortgagee” includes trustee.
a. If a mortgagee is named in this policy, any loss payable under Coverage A will be paid to the mortgagee and you, as interests appear. If more than one mortgagee is named, the order of payment will be the same as the order of prec- edence of the mortgages.
b. If we deny your claim, that denial will not apply to a valid claim of the mortgagee, if the ▇▇▇▇▇▇- ▇▇▇:
(1) notifies us of any change in ownership, oc- cupancy, or substantial change in risk of which the mortgagee is aware;
(2) pays on demand any premium due under this policy, if you have not paid the premium; and
(3) submits a signed, sworn statement of loss within 60 days after receiving notice from us of your failure to do so. Policy condi- tions relating to Appraisal, Suit Against Us, and Loss Payment apply to the mort- gagee.
c. If we cancel this policy, the mortgagee will be notified at least 10 days before the date cancel- lation takes effect. Proof of mailing will be proof of notice.
d. If we pay the mortgagee for any loss and deny payment to you:
(1) we are subrogated to all the rights of the mortgagee granted under the mortgage on the property; or
(2) at our option, we may pay to the ▇▇▇▇▇▇- ▇▇▇ the whole principal on the mortgage plus any accrued interest. In this event, we will receive a full assignment and transfer of the mortgage and all securities held as collateral to the mortgage debt.
e. Subrogation does not impair the right of the mortgagee to recover the full amount of the mortgagee’s claim.
Mortgagee Clause. Each Condominium Insurance Policy or PUD Insurance Policy shall contain the standard mortgagee clause endorsed to provide that any disbursements will be paid to the condominium or PUD homeowners' association for the use and benefit of Mortgagees as their interest may appear, or otherwise endorsed to fully protect the interest of the Owner.
Mortgagee Clause. The w ord ômor tgageeö includes trustee. If a mortgagee is named in this policy, any covered loss under Section I - LOSSES W E COVER f or ▇▇ ▇▇▇▇▇▇ Protection w ill be paid to the mortgagee and you, as interests appear. If more than one mortgagee is named, the order of payment w ill be the same as the order of precedence of the mortgages. If w e deny your claim because you or any other " insured" has f ailed to comply w ith the terms and conditions of this policy that denial shall not apply to a valid claim of the mortgagee, if the mortgagee:
a. Promptly notif ies us of any change in ow nership, occupancy or substantial change in r isk of w hich the mortgagee is aw are; and
a. Given us notice of the loss,
b. Complied w ith all other policy
b. Pays any premium due under this policy on demand if you have neglected to pay the premium; and provisions, and c. Sends to us, w ithin 60 days af ter our request, a signed sw orn proof of loss
c. Started the action w ithin tw o years af ter the date of the loss. w hich sets f ▇▇▇▇, to the best of the mortgagee's know ledge and belief :
(1 ) The time and cause of loss;
Mortgagee Clause. The Borrower covenants that it shall cause the relevant insurers the following loss payable clause or a substantially similar loss payable clause acceptable to the Bank in each insurance policy taken out: "This insurance and the benefits thereof, including all claims of whatsoever nature in respect of the Assets and each and every right hereunder have been assigned to BUMIPUTRA-COMMERCE BANK BERHAD."