Sabtu, 08 Juni 2013

MORTGAGEE (CHARGEE) CLAUSE

As Mortgagee (Chargee) as interest may appear and this insurance, as to the interest of the Mortgagee (Chargee) only therein, shall not be invalidated by any act or neglect of the Mortgagor (Chargor) or the owner of the within described property or by the occupation of the premises for purposes, more hazardous than are permitted by this policy, or by the non-occupation thereof, or by any other increase of risk taking place in the property insured hereunder. Provided that in case the Mortgagor (Chargor) or owner shall neglect to pay any premium due under this policy, the Mortgagee (Chargee) shall on demand pay the same. Provided also that the Mortgagee (Chargee) shall notify the company of any non-occupancy or increase of hazard which shall come to the knowledge of the said Mortgagee (Chargee) and unless permitted by this policy it shall be noted thereon and the Mortgagee (Chargee) shall on demand pay the premium for such increased hazard for the term thereof this policy shall be null and void. And it is further agreed that whenever the Company shall pay the said Mortgagee (Chargee) any sum in respect of loss or damage under this policy and shall claim that as to the Mortgagor (Chargor) or owner no liability therefore existed, the Company shall become.
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