Mortgage Clause. 1. If a mortgagee is named in this policy, any loss payable under Coverage A or B 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 precedence of the mortgages.
2. If we deny your claim, that denial will not apply to a valid claim of the mortgagee, if the mortgagee:
a. Notifies us of any change in ownership, occupancy or substantial change in risk of which the mortgagee is aware;
b. Pays any premium due under this policy on demand if you have neglected to pay the premium; and
c. Submits a signed, sworn statement of loss within 60 days after receiving notice from us of your failure to do so. Paragraphs F. Appraisal, H. Suit Against Us and J. Loss Payment under Section I – Conditions also apply to the mortgagee.
3. If we decide to cancel or not to renew this policy, the mortgagee will be notified at least
4. If we pay the mortgagee for any loss and deny payment to you:
a. We are subrogated to all the rights of the mortgagee granted under the mortgage on the property; or
b. 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.
5. Subrogation will not impair the right of the mortgagee to recover the full amount of the mortgagee's claim.
Mortgage Clause. The word "mortgagee" includes trustee. If a mortgagee is named in this policy, any loss payable under Coverage A or B 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 precedence of the mortgages. If we deny your claim, that denial will not apply to a valid claim of the mortgagee, if the mort- gagee:
a. notifies us of any change in ownership, occupancy or substantial change in risk of which the mortgagee is aware;
b. pays any premium due under this policy on demand if you have neglected to pay the premium; and
c. submits a signed, sworn statement of loss within 60 days after receiving notice from us of your failure to do so. Policy conditions relating to Appraisal, Suit Against Us and Loss Payment apply to the mortgagee.
a. we are subrogated to all the rights of the mortgagee granted under the mortgage on the property; or
b. 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 col- lateral to the mortgage debt.
Mortgage Clause. The word "mortgagee" includes trustee. If a mortgagee is named in this policy, any loss payable under Coverage A – Xxxxxxxx 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 prece- dence of the mortgages. If we deny your claim, that denial will not apply to a valid claim of the mortgagee, if the mortgagee:
a. Notifies us of any change in ownership, occu- pancy or substantial change in risk of which the mortgagee is aware;
b. Pays any premium due under this policy on demand if you have neglected to pay the pre- mium; and
c. Submits a signed, sworn statement of loss within 60 days after receiving notice from us of your failure to do so. Policy conditions relating to Appraisal, Suit Against Us and Loss Pay- ment apply to the mortgagee.
a. We are subrogated to all the rights of the mortgagee granted under the mortgage on the property; or
b. 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.
Mortgage Clause. The standard mortgage clause adopted by the State must be attached to or printed in the policy, or Form RD 426–2, ‘‘Property In- surance Mortgage Clause (Without Contribution),’’ must be attached to or the provisions thereof printed in the policy. A letter signed by an authorized official of an insurance company to the State Director, stating that all insur- ance policies the company issues in the State and in which the Agency has a mortgage interest incorporates all of the provisions of Form RD426–2 may be accepted in lieu of attaching Form RD 426–2 to each policy. If such a blanket letter is used, the Agency will be named in the loss payable clause and a State Instruction will be issued, after prior approval is obtained from the Na- tional Office, authorizing the use of such method.
(i) If the use of a mortgage clause, other than the standard mortgage clause (without contribution), has been made mandatory by State laws or in- surance regulations, a State Instruc- tion will be issued, after prior approval is obtained from the National Office, authorizing the use of such a form.
(ii) When an approved mortgage clause is printed in the policy a ‘‘Loss Payable Clause’’ is acceptable provided the Agency, as mortgagee, would re- ceive payment in case of loss even though the company would not be lia- ble to the borrower. A ‘‘Loss Payable Clause’’ which contains the statement that the mortgagee is ‘‘subject to all terms and conditions of the policy’’ is not acceptable.
(iii) Whenever a new mortgage clause including the interest of the Agency is issued after the policy has been in force, the new mortgage clause must be signed by an authorized agent or offi- cer of the company that issued the pol- icy. Form RD 426–6, ‘‘Transmittal of Property Insurance Mortgage Clause,’’ may be used to transmit the mortgage clause to the insurance official.
(iv) The Agency and all other mort- gagees whose interests are insured by the policy will be shown either in the mortgage clause or in the ‘‘Declaration Page’’ in the order of priority of their mortgages.
(A) ‘‘United States of America (Rural Development)’’ will be named in the mortgage clause for direct and insured loan mortgages naming the Agency as
Mortgage Clause. 1. If a mortgagee is named in this policy, any loss payable under Coverage A or B 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 precedence of the mortgages.
2. If we deny your claim, that denial will not apply to a valid claim of the mortgagee, if the mortgagee: Sample Copy
a. Notifies us of any change in ownership, occupancy or substantial change in risk of which the mortgagee is aware;
b. Pays any premium due under this policy on demand if you have neglected to pay the premium; and
c. Submits a signed, sworn statement of loss within 60 days after receiving notice from us of your failure to do so. Paragraphs E. Appraisal,
Mortgage Clause a. If a mortgagee is named on the “declarations”, a 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 precedence of the mortgages. The word mortgagee includes trustee.
b. If “we” deny “your” claim, that denial does not apply to a valid claim of the mortgagee if the mortgagee has:
1) notified “us” of change in ownership, occupancy, or substantial change in risk of which the mortgagee became aware;
2) paid the premium due under this policy on demand if “you” neglected to pay the premium; and
3) submitted a signed, sworn proof of loss within 60 days after receiving notice from “us” if “you” failed to do so. All “terms” of this policy apply to the mortgagee unless changed by this clause.
c. If “we” cancel or do not renew this policy, “we” will notify the mortgagees named on the “declarations” at least ten days before the date cancellation or nonrenewal takes effect.
d. If “we” pay the mortgagee for a loss and deny payment to “you”, “we” are subrogated, up to the amount “we” paid for the loss, to all the rights of the mortgagee granted under the mortgage on the property. Subrogation will not impair the right of the mortgagee to recover the full amount of the mortgagee’s claim. At “our” option, “we” may pay to the mortgagee the whole principal on the mortgage plus the accrued interest. In this event, “we” shall receive a full assignment and transfer of the mortgage and all securities held as collateral to the mortgage debt.
Mortgage Clause. 1. If a mortgagee is named in this policy, any loss payable under Coverage A or B 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 precedence of the mortgages.
2. If we deny your claim, that denial will not apply to a valid claim of the mortgagee, if the mortgagee:
a. Notifies us of any change in ownership, occupancy or substantial change in risk of which the mortgagee is aware;
b. Pays any premium due under this policy on demand if you have neglected to pay the premium; and
c. Submits a signed, sworn statement of loss within 60 days after receiving notice from us of your failure to do so. Paragraphs F. Appraisal, H. Suit Against Us and J. Loss Payment under Section I – Conditions also apply to the mortgagee.
3. If we decide to cancel or not to renew this policy, the mortgagee will be notified at least
Mortgage Clause. 1. If a mortgagee is named in this policy, any loss payable under Coverage A or B 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 precedence of the mortgages.
2. If we deny your claim, that denial will not apply to a valid claim of the mortgagee, if the mortgagee: a. Notifies us of any change in ownership, occupancy or substantial change in risk of which the mortgagee is aware;
Mortgage Clause. BUYER is free to obtain financing from a mortgage lender should they choose to do so. This Agreement is expressly NOT CONTINGENT upon the approval of financing for the BUYER. SELLER discloses to the BUYER that until three (3) of the four (4) Units in the subject phase are sold, any mortgage will not be warrantable to the Federal National Mortgage Association (FannieMae) and should be a portfolio loan.
Mortgage Clause. If a mortgagee is named on the “declarations”, a loss payable under Coverage A or Coverage B 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 precedence of the mortgages. The word mortgagee includes trustee.
