Common use of Mortgagee Clause in Contracts

Mortgagee. An insured loss will be payable to the mortgagee(s) named on the Declarations Page, to the extent of their interest and in their order of precedence. All provisions of this policy apply to these mortgagees. We will protect the mortgagee’s interest in an insured building or structure in the event of an increase in hazard, intentional or criminal acts of any of you, neglect by any of you to take all reasonable steps to save and pre- serve property after an insured loss, a change in ownership, or foreclosure if the mortgagee has no knowledge of these conditions. The mortgagee will: a. Furnish proof of loss within 60 days after notice of the loss if any of you fail to do so. b. Pay upon demand any premium due if any of you fail to do so. c. Notify us of any change of ownership or occupancy or any increase in hazard of which the mortgagee has knowledge. d. Give us the mortgagee’s right of recovery against any party liable for loss. e. After a loss, and at our option, permit us to satisfy the mortgage requirements and receive full transfer of the mortgage. This mortgagee interest provision will apply to any trustee named in this policy.

Mortgagee. An insured loss will be payable to the mortgagee(s) mortgagees named on the Declarations Page, to the extent of their interest and in their order of precedence. All provisions of this policy apply to these mortgagees. We will protect the mortgagee’s interest inter- est in an insured building or structure in the event of an increase in hazard, intentional or criminal acts of any of you, neglect by any of you to take all reasonable steps to save and pre- serve preserve property after an insured loss, a change in ownership, or foreclosure if the mortgagee has no knowledge of these conditions. The mortgagee willmust: a. Furnish proof of loss within 60 days after notice of the loss if any of you fail to do so.; b. Pay upon demand any premium due if any of you fail to do so.; c. Notify us of any change of ownership owner- ship or occupancy or of any increase in hazard of which the mortgagee has knowledge.; d. Give us the mortgagee’s right of recovery against any party liable for loss.; and e. After a loss, and at our option, permit us to satisfy the mortgage requirements and receive full transfer of the mortgage. This mortgagee interest provision condition will apply to any trustee named in this policy.

Mortgagee. An insured loss will be payable to the mortgagee(s) named on the Declarations Page, to the extent of their interest and in their order of precedence. All provisions of this policy apply to these mortgagees. We will protect the mortgagee’s interest in an insured building or structure in the event of an increase in hazard, intentional or criminal acts of any of you, neglect by any of you to take all reasonable steps to save and pre- serve property after an insured loss, a change in ownership, or foreclosure if the mortgagee has no knowledge of these conditionscondi- tions. The mortgagee will: a. Furnish proof of loss within 60 days after notice of the loss if any of you fail to do so. b. Pay upon demand any premium due if any of you fail to do so. c. Notify us of any change of ownership or occupancy or any increase in hazard of which the mortgagee has knowledge. d. Give us the mortgagee’s right of recovery against any party liable for loss. e. After a loss, and at our option, permit us to satisfy the mortgage requirements and receive full transfer of the mortgage. This mortgagee interest provision will apply to any trustee named in this policy.