LOSS PAYEE CLAUSE

It is hereby declared and agreed that the payment in respect of any claim which is indemnifiable under the terms of the Policy shall be made to and their receipts shall be a full and final discharge to the Company. The Company reserves the right to cancel this Policy at any time as provided by the terms thereof, but in such case this policy shall continue in force for the benefit only of the Morgagees or said Assignees for 10 days after notice to the Mortgagees or said Assignees of such cancellation and shall then cease and the company shall have the right on like notice to cancel this agreement.

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