Common use of Mortgagee Clause Clause in Contracts

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. 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 ▇▇▇▇▇▇- ▇▇▇mortgagee: (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 conditions relating to Appraisal, Suit Against Us, and Loss Payment apply to the mort- gageemortgagee. c. If we cancel this policy, the mortgagee will be notified at least 10 20 days before the date cancel- lation takes effect. Proof A post office certificate of mailing will be conclusive proof of noticereceipt of no- ▇▇▇▇ on the fifth calendar day after mailing. If we elect not to renew this policy, the mortgagee will be notified at least 30 days before the expiration date of this policy. A post office certificate of mailing will be conclusive proof of receipt of no- ▇▇▇▇ on the third calendar day after mailing. 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 ▇▇▇▇▇▇- ▇▇▇ mortgagee 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. The word “mortgagee” includes trustee. a. If a mortgagee is named in this policy, any loss payable pay- able 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 precedence of the mortgagesmort- gages. b. If we deny your claim, that denial will not apply ap- ply to a valid claim of the mortgagee, if the ▇▇▇▇▇▇- ▇▇▇mortgagee: (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 ▇▇▇▇▇▇- ▇▇▇ mortgagee 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. 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 ap- ply to a valid claim of the mortgagee, if the ▇▇▇▇▇▇- ▇▇▇mortgagee: (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 ▇▇▇▇▇▇- ▇▇▇ mortgagee 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. 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 premiumpre- mium; 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. 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 precedence of the mortgages. b. If we deny your claim, that denial will not apply to a valid claim of the mortgagee, if the ▇▇▇▇▇▇- ▇▇▇mort- gagee: (1) notifies us of any change in ownership, oc- cupancyoccupancy, 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.