LENDER’S LOSS PAYABLE. The following provisions (or equivalent) apply as required by "mortgages" and "lenders" to whom certificates of coverage have been issued.
LENDER’S LOSS PAYABLE. 1. The Loss Payee is a creditor, including a mortgage holder or trustee, whose interest in Covered Property is established by such written instruments as:
a. Warehouse receipts;
b. A contract fordeed;
c. Bills of lading;
d. Financing statements or;
e. Mortgages, deeds of trust or security agreements.
2. For Covered Property in which both the “Member” and a Loss Payee have an insurable interest:
LENDER’S LOSS PAYABLE. 1. The Loss Payee shown in the Schedule or in the Declarations is a creditor (including a mortgageholder or trustee) with whom you have entered a contract for the sale of Covered Property, whose interest in that Covered Property is established by such written contracts as:
a. Warehouse receipts;
b. A contract for deed;
c. Bills of lading; or
LENDER’S LOSS PAYABLE. Any loss will be payable to “you” and the loss payee described on the schedule as interests appear. If more than one loss payee is named, they will be paid in order of precedence. The insurance for the loss payee continues in effect even when “your” insurance may be void because of “your” acts, neglect, or failure to comply with the coverage “terms”. The insurance for the loss payee does not continue in effect if the loss payee is aware of changes in ownership or substantial increase in risk and does not notify “us”. If “we” cancel this policy, “we” notify the loss payee at least ten days before the effective date of cancellation if “we” cancel for “your” nonpayment of premium, or 30 days before the effective date of cancellation if “we” cancel for any other reason.
