It is noted and agreed that the property Insured by this Policy has been mortgaged with Bank …………………… and that in consequence thereof, It has been agreed with the said mortgagee and the Insurer, that in case of loss, if any, payable under this Policy any payment up to the amount to which the said mortgagee is entitled for principal, interest accrued and costs shall be made to the said mortgagee without prejudice to the rights the Insured may have on the difference.
This Clause to be null and void on receipt of advice from the said mortgagee that they are no longer interested in the property insured under this Policy.
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