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(Attach Forms
<br />LOSS PAYABLE AGREEMENT
<br />With respect to the interest of the toss payee named on the reverse side hereof, its successors and assigns, (hereinafter called the
<br />Lien - Holder) in its capacity as conditional Vendor or Mortgagee or otherwise, in the property insured under this policy, this Company
<br />hereby agrees as follows-
<br />1. Loss or damage, if any, to the property described in this policy shall be payable firstly to the lien- Holder and secondly to the
<br />insured, as their interests may appear, provided nevertheless that upon demand by the Lien - Holder upon the Company for
<br />separate settlement the amount of said lass shall be paid directly to the Lien - Holder to the extent of its interest and the
<br />balance, if any, shall be payable to the insured.
<br />2. The insurance under this policy as to the interest only of the Lien - Folder shall not be impoired in ony way by cny change in
<br />the title or ownership of the property. or by any breach of warranty or condition of the policy, or by any omission or neglect,
<br />or by the performance of any act in violation of cony terms or conditions of the policy or because of the failure to perform any
<br />act required by the terms or conditions of the policy or because of the subjection of the property to any conditions, use or
<br />operation not permitted by the policy or because of any false statement concerning this policy or the subject thereof, by the
<br />insured or the insured's employees, agents or representatives; whether occurring before or after the attachment of this agree-
<br />ment, or whether before or after the loss;
<br />PROVIDED, however, that the wrongful conversion, embezzlement or secretion by the Purchaser, Mortgagor, or Lessee in
<br />possession of the insured -property under mortgage, conditional sole contract, lease agreement, or other contract is not covered
<br />under this policy, unless specif icolly insured ogainst and premium paid therefor.
<br />3. In the event of failure of the insureci to poy any premium or odditioncl premiurrr which shall be or become due under the terms
<br />of this policy, this Company agrees to give written notice to the Lien - Holder of such non - payment of premium after sixty ( 0)
<br />days frorn and within one hundred and twenty ( 1 ) days after due date of such premiurnx and it is a condition of the continu-
<br />ance of the rights of the Lien - Holden hereunder that the Lien- Holder when so notified in writing by this Compony of the failure
<br />of the insured to pay such premium shall pay or souse to be paid the premium due within. ten ( 1 ) days following receipt of
<br />the Company's demand in writing, therefor. if the Lien - Holder shall decline to pay said premium or additional premium, the
<br />rights of the Lien- Holder under this Automobi;l::..oss Payable Endorsement shall not be terminated before ten (10) days after
<br />receipt of said written notice by the Lien- Holi'K�`1---'1:f`-"
<br />4. If the Company elects to cancel this policy in whole or in part for non- payrnent of premium, or for any other reason, the Com-
<br />pany will forward o copy of the cancellation notice to the Lien - Holder at its office specified hereinafter concurrently with the
<br />sending of notice to the insured but in such case this policy sholl continue in force for the benefit of the Lien - Holder only for
<br />ten (10) dogs often written notice of such cancel lotion is received by the Lien - Holder. In no event, as to the interest only of
<br />the Lien - Holder, shall cancellation of any insurance under this policy covering the property described in the policy be effected
<br />at the request of the insured before ter, (10) days after written notice of request for cancellation shall have been given to the
<br />Lien -- Holder by the Company. In the event of concellation of this policy the unearned premium shall be paid to the Lien - bolder,
<br />provided the said Lien - Holder has advanced the premium.
<br />. if there be any other insurance upon the within-described property, this Company shall be lioble under this policy as to the
<br />Lien- Holder only for the proportion of such loss or damage that the sum hereby insured bears to the whole omount of valid and
<br />collectible insurance of sirnilor charocter on soil property under policies held by, pa oble to and expressly consented to by the
<br />Lien - Hoider, and to the extent of payment so mode this Company shall be subrogated (pro rata with all other insurers contrib-
<br />uting to soid payment) to all of the Lien-Holder's rights of contribution under said other insurance.
<br />6. Whenever this Company shall pay to the Lien - Holder any sure for loss or damage under this policy and sholl claim that os to
<br />the insured no iiability therefor exists, this Company at its option, may pay to the. Lien - Holder the whole principal sum and
<br />interest due or to become due from the insured on the obligation seared by the property insured under this policy, (with refund
<br />of all interest not accrued), and this Company shall thereupon receive a full assignment and transfer, without recourse, of said
<br />obligation and the security held as collateral thereto; but no subrogation shall impair the right of the Lien - Holder to recover
<br />the full amount of its claim.
<br />7. The coverage granted under this policy- shall continue in full force and effect os to the interest of the Lien - Holder only, for a
<br />period of ten (1) days after expiration of said policy unless an acceptable policy in reneol thereof with loss thereunder pay-
<br />able to the Lien - Holder in accordance with the terms of this Aut mobile Loss Payable Endorsement shall hove been issued by some
<br />insurance company and accepted by the Lien - Holder. In the event of a Ioss not otherwise covered during the extended ten (10)
<br />day period herein referred to, an onnual policy:-covering the some hazards to the property insured under the original policy shall
<br />be issued and accepted by t o Lien - Holder and-Mortgagor,
<br />8. Should the ownership and right of possession of any of the property covered under this policy become vested in the Lien - Holder
<br />or its agent, this policy shall continue for the terra thereof for the benefit of the Lien - Holder (with all incidents of ownership of
<br />the policy) but, in such event, Paragraphs two (2), five (5) and six { } of this Automobile Loss Payable Endorsement shall no
<br />longer apply; provided, nevertheless, all privileges and endorsements which, by reason of the printed conditions of this policy, are
<br />or may be necessary to maintain the validity of the contract are hereby granted for a period of thirty (30) days and all notices
<br />likewise required to be girren to the Company by the insured are hereby waived for a period of thirty (30) days with the exception
<br />of requirements applying at the time of or subsequent to a loss.
<br />All notices herein provided to be given by the Compony to the Lien- bolder in connection with this policy and this Automobile
<br />Loss Payable Endorsement shall be mailed to or delivered to the Lien- HW.der at its office or branch as set forth on the reverse side
<br />hereof.
<br />Nothing herein contained shall be held to nary, alter, waive or extend any of the terms, conditions agreements or limitations of
<br />the policy, other than os above stated. I
<br />FORM 49A-REV-1 - 1962
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