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 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. 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 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, occupancy, 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 xxxxxx- xxx 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 Xx xxxxxx 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 xxxx, to the best of the mortgagee's know ledge and belief :
(1 ) The time and cause of loss;
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 certificate taken out: “This Takaful and the benefits thereof, including all claims of whatsoever nature in respect of the Property 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 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 conditions relating to Appraisal, Suit Against Us, and Loss Payment apply to the mortgagee.
c. If we cancel this policy, the mortgagee will be notified at least 20 days before the date cancel- lation takes effect. A post office certificate of mailing will be conclusive proof of receipt of no- xxxx 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- xxxx 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 and lienholder. If a mortgagee is named in this policy, any loss payments under Coverage A or B will include the mortgagee as payee. If you and the mortgagee do not agree on the allocation of a loss payment, then we will pay 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 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 APPROVED Date 0 R 9 e /1 c 5 ei / v 2 e 0 d 1 : 6 1 D 0 a / t 2 e 4 O /2 f 0 A 1 ct ion: FL OFFICE OF INSURANCE REGULATION
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 Mediation or 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 collateral to the mortgage debt.
Mortgagee Clause. All policies must include EXACTLY the following standard, non-contributory, mortgagee clause: Bank of America, N.A. 0000 Xxxxxxx Xxxx, 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. It is noted and agreed that the Property Insured by this Section has been mortgaged with : (as specified in the Schedule under “Financial Interest”) and that in consequence thereof it has been agreed with the said mortgagee and the Insured that in case of loss, if any, payable under this Section, any payment up to the amount to which the said mortgagee is entitled for principal, interest occurred and costs shall be made to the said mortgagee without prejudice to the rights the Insured has on the difference. This clause is to be null and void on receipt of advice from the said mortgagee that they are no longer interested in the Property Insured under this Policy.
