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LOSS PAYABLE PROVISIONS <br /> 2. For Covered Property in which both you and a Loss Payee have an insurable interest: <br /> a. We will pay for covered loss or damage to each Loss Payee in their order of precedence,as interests may appear. <br /> b. The Loss Payee has the right to receive loss payment even if the Loss Payee has started foreclosure or similar action on the <br /> Covered Property. <br /> C. If we deny your claim because of your acts or because you have failed to comply with the terms of the Coverage Part,the Loss <br /> Payee will still have the right to receive loss payment if the Loss Payee: <br /> (1) Pays any premium due under this Coverage Part at our request if you have failed to do so; <br /> (2) Submits a signed,sworn proof of loss within 60 days after receiving notice from us of yourfailure to do so;and <br /> (3) Has notified us of any change in ownership,occupancy or substantial change in risk known to the Loss Payee. <br /> All of the terms of this Coverage Part will then apply directly to the Loss Payee. <br /> d. If we pay the Loss Payee for any loss or damage and deny payment to you because of your acts or because you have <br /> failed to comply with the terms of this Coverage Part: <br /> (1) The Loss Payee's rights will be transferred to us to the extent of the amount we pay;and <br /> (2) The Loss Payee's rights to recover the full amount of the Loss Payee's claim will not be impaired. <br /> At our option,we may pay to the Loss Payee the whole principal on the debt plus any accrued interest.In this event, <br /> you will pay your remaining debt to us. <br /> 3. If we cancel this policy,we will give written notice to the Loss Payee at least: <br /> a. 10 days before the effective date of cancellation if we cancel for your nonpayment of premium;or <br /> b. 30 days before the effective date of cancellation if we cancel for any other reason. <br /> 4. If we elect not to renew this policy,we will give written notice to the Loss Payee at least 10 days before the expiration date of <br /> this policy. <br /> D.Contract of Sale <br /> 1. The Loss Payee shown in the Schedule is a person or organization you have entered a contract with for the sale of Covered <br /> Property. <br /> 2. For Covered Property in which both you and the Loss Payee have an insurable interest we will: <br /> a.Adjust losses with you; and <br /> b. Pay any claim for loss or damage jointly to you and the Loss Payee,as interests may appear. <br /> 3. the following is added to the Other Insurance Condition in the Property Conditions and Definitions form:For Covered Property that <br /> is the subject of a contract of sale,the word"you"includes the Loss Payee. <br /> All other terms and conditions remain unchanged. <br /> RL 3008 03/03 Page 2 of 2 <br /> 3531900 <br />