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<br /> S.F. FORM �onn -3.3RP,i'L" \S
<br /> 4 P
<br /> •'�`°. (Rev. :�fa�� 1, ]9�2) ti i
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<br /> L..Em[DEFt S Lt�SS PAl'A�LE ��.�30RSElh���T
<br /> I� 1. I,oss or dama�e, i:any, imder thi; policy, shall }pe paid to the Payee named on the first page of this policy, its st�cccssurs arid �
<br />, assigns, hereinafter referrrd to as "the i,ender', in �c}�ate�-er form or capacity its intertsts �n<:y appear and «I�rther �aid interr.t Le �
<br /> vested in sai�i I,enrler in iu indi��idual or in its diselosec�or undisclosed fidueiary or representati��e capacity, or othrr��:i:e, c�r ��csted in a '
<br /> � + nominc� or trustee uf said I,ender. � i
<br /> " 2. The insurance under this policy, or any rider or endorsement attached thereto, as to the interest oniy of the I.cn�ler, its succes- �
<br /> , sors an<( assigns, shall nut be im•alidated nor suspende�: (a) by any error, omission, or change respecting the rn�ner,hi�,, description, �
<br /> � possession,or locatio�i oi the subjeet of the insurance or�he interest therein,or the title thereto; (1,) b��the comtncnceir.�-nt ut iurecl��;ure �
<br /> }�roceediugs or the ��ving o2 not�ce o2 snle of any of th�property co��ered by this polic�• by �'irtue of any rnortgaF;e �; tru�t deed; (c) k
<br /> by any breach of�rarranty,aet,omission,ueglect,or non compliance�riti� any of the pru�•isions of this policy, including am� and all riclers
<br /> no•,v or hereafter attached thcreto, by the �iamed insure�l, the borro�cer, �no;tgagor, uustor, �-enrlce, on•ner, tenant, ��ar��l�,�:i,eman, cus- �
<br /> todian,occupant,or b��tl�e agents of either or any of thefi or b�•the happening oT any e�•ent permitted b}• them or ci,her cii them, or iheir i
<br /> agents,or �chich they failed to prevent, �chether occurrir{g before or after the attachment oT tl�is endorsement, or ��hetlier heture or after �
<br /> ' a loss, �vhic}t under the pro�isions of this policy of insu ance or of any rider or endorsement attached thereto ���euld im alidate or su,- _
<br /> pend the insurance as tu the named insurrd, esduding t�ereirom, ho���c��er, any acts or omissiuns of the I,ender ���hile ex�•rrisinh acti�c �
<br /> control and management of the prope:ty.
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<br /> ' 3. In the event of failure of the insured to pa}-any p�retnium or additional premium ���hich shall be or become due under the tern�s of '
<br /> 2?lis poli,^� o: oa acc:,;::t ef an� chs:ge i�� occupar:cy od u.crease =:n t:aza.:l t;��t j,en,�sttec; L-,- th;s �+i;licy-, ;Lis Cu�ni�ai,. �r;ree; to gi�e `
<br /> ���ritten iiotice to the Lender of such non-pa��ment of p�emium after sixty (60) da}-s from and ��ithin one hundred atui t���enty (120) �
<br /> � da}�s after dve date of such premiurn and �t is a condit6on of the continuance of the rights o{ the 1.ender hereunder tLat tlie Lender �
<br /> , when so notified in�criting by this Compan}'of the failu e of the insured to ��ay such premiutn shall pa�• or cause tu be pai�l the premium �
<br /> due�i•ithin ten (10) days folio�sing receipt of the Compa�y's demand in��-riting thercfor. If the Lrnder shall decline to pa} said premium ;
<br /> 7 - or additional premium, the rights of thc Lencier under t}�is Lender's Loss Pa��able F.ndorsement shall nut be tcrminated heCore ten (IO)
<br /> days after receipt of said «�ritten notice by the Lender. �
<br /> � 4. Whene�•er this Company shall pay to the I,ende� any sum for ]oss or damage under this policy and shall claim that as to the
<br /> insured no liability thereior exists, this Company, at its Ioption, may pay to the I,ender thc whole principal sum and intere;t and other E
<br /> � , ; indebtedness due or to becorne due from tlie insured, ��•hlether secured or unsecured, (�aith refvnd of all interest not accruedl. and tliis �
<br /> , Compaiiy, to the extent of such pa}-ment, shall thereupo� recei�•e a full assignment and transfer, without recourse, oi the c(rbt and all i
<br /> , rights and securities held as collateral thereto. I �
<br />. ^ 5. If there be any other insurance upon the«•ithin de$cribed property,this Company shall be liable under this policy as to the�I,ender .
<br /> , . f for ihe proportion of such]oss or damage that tlie sum h reby insured bears to tlie entire insurance of similar character on ;aid property �
<br /> • ' under policies held by, payaDle to and expressly consent d to by the Lender. Any Contribution Clause included in anq Fallen Buildin�
<br /> Clause\Vaicer or an��Extended Coverage Endorsement ttached to this contract of insurance is hereby nullified, and also an�� Contribu- �
<br /> tiou Clause in any other endorsemetit or rider attached t this contract of in�urance is hereby m�llified except Contributioci Clauses fur t
<br /> ` the compliance �t-ith ���hich the insured has recei��ed red ction in the rate charged or has recei�-ed extension of the covera�e tu include g
<br /> _ , hazards other thaii fire and compliance with such Contrib tioii Cfause is made a part of the consideratioii for insuring such other hazards.
<br /> � + The I,ender upon the pa�•ment to it of the full amount o its claim, w•ill subrogate this Company (pro rata ��ith all other insurers con- �
<br /> tributing tu said payment) to ali of the Lender's rights o contribution under said other insurance. t
<br /> 6. This Company re'scr��es the right to cancel this licy at any time, as pro�•ided by its terms, but in such case r.:i� pulicy shall
<br /> continue in force fnr the benefit of the Lender for ten (1 ) days after ���ritteu notice of such cancrllation is recei�-er1 h�� thc• l.ender a�:d
<br /> � shall theu ccase. ;,
<br /> 7. This poliq- shall remain in full force and effect aslto the interest of the Lender for a period of ten (10) da�> aftrr it� cxpiration '
<br /> � unle�s an accepLable po?icy in renewzl thereof �cith loss t ereunder papable to the I.ender in accordance ��ith the t�rir.� oi thi� l,ender's �
<br /> , . , I,oss Payable Lndorsement, shall ha�•e been issued by so�:e ins�uance eompany and accepted by the I.ender. #,
<br /> 8. Should legal title to and beneficial o�cnership of ny of the property co��cred under this policy becotne �•esteci in the I,cndrr or
<br /> its agents, insurance i��}der this policy sha3l continue for tre term thereof for the benefit of tlie I.ender but, i�i such ecent. an}• pri��i!egrs �
<br /> granted by this Lender's I.o:s Pa}•able F,ndorsemeut �+huh are not also Franted the insured under the termc and c�-�nditiun; oi this
<br /> polie;; and;or w;der other :idcrs er endursem•�nts attache�l t��ereto sha!1 noa ap�a,,- tn thr ;n�u,-anc•e 1?e�f�nnder a� r�a�,ccr. wch prnnt�rt..
<br /> 9. All notices herein procided to Ue gi��en by the C�mpany to the Lender in connection ��ith this policy ar,d thi> ],ender's L�,ss �'
<br /> PayaUle Fndorsement shall be mailed to nr deli��ered to the Lende� at its office or hranch described on the first pa�e ui the t�nlic�•. •
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<br /> Appro�•ed: �
<br /> Board of Fire L;nden�•riters of the Pacific, °
<br /> California Bankers' Association, �'i
<br /> Con:r,littee on Insi�rance. �
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