Mortgagees. We will make payment for loss or damage to buildings payable jointly to you and to any mortgagees endorsed herein, as your respective interests may appear. The mortgagee has the right to receive loss payment even though: a. You failed to comply with the terms and conditions of this coverage Section; or b. Your mortgagee starts fore- closure or similar actions of the subject building. If we make loss payments to your mortgagee when you fail to comply with the terms and conditions of this coverage part, you must reimburse us to the extent we paid your mortgagee. Your mortgagee will still have the right to receive the balance of the mortgage debt from you. We also have the right to take over your mortgage after making loss payment to the mortgagee. If we do, you will pay the balance of your mortgage debt to us. If you fail to pay your premium, we may request it from your mortgagee. Your mortgagee must notify us of any change in ownership of a covered property known to the mortgagee. If we cancel this coverage part, we will give the mortgagee, endorsed herein, the same notice of cancellation we will give you.
Appears in 4 contracts
Samples: Coverage Agreement, Coverage Agreement, Coverage Agreement
Mortgagees. We will make payment for loss or damage to buildings payable jointly to you and to any mortgagees endorsed herein, as your respective interests may appear. The mortgagee has the right to receive loss payment even though:
a. You failed to comply with the terms and conditions of this coverage Section; or
b. Your mortgagee starts fore- closure or similar actions of the subject building. If we make loss payments to your mortgagee when you fail to comply with the terms and conditions of this coverage part, you must reimburse us to the extent we paid your mortgagee. Your mortgagee will still have the right to receive the balance of the mortgage debt from you. We also have the right to take over your mortgage after making loss payment to the mortgagee. If we do, you will pay the balance of your mortgage debt to us. If you fail to pay your premium, we may request it from your mortgagee. Your mortgagee must notify us of any change in ownership of a covered property known to the mortgagee. If we cancel this coverage part, we will give the mortgagee, endorsed herein, the same notice of cancellation we will give you.
Appears in 2 contracts
Samples: Coverage Agreement, Coverage Agreement
