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A. When this endorsement is attached to the Standard Property Policy CP 00 99, the term Coverage Part in this endorsement is replaced by the term Policy. B. Nothing in this endorsement increases the applicable Limit of Insurance. We will not pay any Loss Payee more than their financial interest in the Covered Property, and we will not pay more than the applicable Limit of Insurance on the Covered Property. C. The following is added to the Loss Payment Loss Condition, as indicated in the Declarations or in the Schedule: 1. Loss Payable Clause For Covered Property in which both you and a Loss Payee shown in the Schedule or in the Declarations have an insurable interest, we will: a. Adjust losses with you; and b. Pay any claim for loss or damage jointly to you and the Loss Payee, as interests may appear 2. Lender's Loss Payable Clause a. The Loss Payee shown in the Schedule or in the Declarations is a creditor, including a mortgageholder or trustee, whose interest in Covered Property is established by such written instruments as: (1) Warehouse receipts; (2) A contract for deed; (3) Bills of lading; (4) Financing statements; or (5) Mortgages, deeds of trust, or security agreements. b. For Covered Property in which both you and a Loss Payee have an insurable interest: (3) 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 Payee will still have the right to receive loss payment if the Loss Payee: (a) Pays any premium due under this Coverage Part at our request if you have failed to do so; (b) Submits a signed, sworn proof of loss within 60 days after receiving notice from us of your failure to do so; and (c) Has notified us of any change in ownership,occupancy or substantial change in risk known to the Loss Payee. All of the terms of this Coverage Part will then apply directly to the Loss Payee. (4) If we pay the Loss Payee for any loss or damage and deny payment to you because of your acts or because you have failed to comply with the terms of this Coverage Part: (a) The Loss Payee's rights will be transferred to us to the extent of the amount we pay; and (b) The Loss Payee's rights to recover the full amount of the Loss Payee's claim will not be impaired. At our option, we may pay to the Loss Payee the whole principal on the debt plus any accrued interest. In this event, you will pay your remaining debt to us. c. If we cancel this policy, we will give written notice to the Loss Payee at least: (1) We will pay for covered loss or damage (1) 10 days before the effective date of to each Loss Payee in their order of cancellation if we cancel for your precedence, as interests may appear. nonpayment of premium; or (2) The Loss Payee has the right to receive (2) 30 days before the effective date of loss payment even if the Loss Payee cancellation if we cancel for any other has started foreclosure or similar action reason. on the Covered Property. d. 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 this policy. Page 2 of 3 © Insurance Services Office,lnc., 2011 �oRaN } z RiskMmVmedDMsfan REVIEWED & APPROVED BY.- f R. V;&wd Risk Management Analyst