Common use of Mortgage Clause Clause in Contracts

Mortgage Clause. If a mortgagee is named in this policy, any loss payable under Coverage A or B will be paid to the mortgagee and you, as interests appear. If more than one mortgagee is named, the order of payment will be the same as the order of precedence of the mortgages. If we deny your claim, that denial will not apply to a valid claim of the mortgagee, if the mortgagee: a. notifies us of any change in ownership, occupancy or substantial change in risk of which the mortgagee is aware; b. pays any premium due under this policy on demand if you have neglected to pay the premium; and c. submits a signed, sworn statement of loss within 60 days after receiving notice from us of your failure to do so. Policy conditions relating to Appraisal, Suit Against Us and Loss Payment apply to the mortgagee. a. we are subrogated to all the rights of the mortgagee granted under the mortgage on the property; or b. at our option, we may pay to the mortgagee the whole principal on the mortgage plus any accrued interest. In this event, we will receive a full assignment and transfer of the mortgage and all securities held as collateral to the mortgage debt.

Mortgage Clause. The word "mortgagee" includes trustee. If a mortgagee is named in this policy, any loss payable under Coverage A or B will be paid to the mortgagee and you, as interests appear. If more than one mortgagee is named, the order of payment will be the same as the order of precedence of the mortgages. If we deny your claim, that denial will not apply to a valid claim of the mortgagee, if the mortgageemort- gagee: a. notifies us of any change in ownership, occupancy or substantial change in risk of which the mortgagee is aware; b. pays any premium due under this policy on demand if you have neglected to pay the premium; and c. submits a signed, sworn statement of loss within 60 days after receiving notice from us of your failure to do so. Policy conditions relating to Appraisal, Suit Against Us and Loss Payment apply to the mortgagee. a. we are subrogated to all the rights of the mortgagee granted under the mortgage on the property; or b. at our option, we may pay to the mortgagee the whole principal on the mortgage plus any accrued interest. In this event, we will receive a full assignment and transfer of the mortgage and all securities held as collateral col- lateral to the mortgage debt.

Mortgage Clause. The word "mortgagee" includes trustee. If a mortgagee is named in this policy, any loss payable under Coverage A or B will be paid to the mortgagee and you, as interests appear. If more than one mortgagee is named, the order of payment pay- ment will be the same as the order of precedence of the mortgages. If we deny your claim, that denial will not apply to a valid claim of the mortgagee, if the mortgagee: a. notifies Notifies us of any change in ownership, occupancy occu- pancy or substantial change in risk of which the mortgagee is aware; b. pays Pays any premium due under this policy on demand if you have neglected to pay the premium; and c. submits Submits a signed, sworn statement of loss within 60 days after receiving notice from us of your failure to do so. Policy conditions relating to Appraisal, Suit Against Us and Loss Payment Pay- ment apply to the mortgagee. a. we We are subrogated to all the rights of the mortgagee granted under the mortgage on the property; or b. at At our option, we may pay to the mortgagee the whole principal on the mortgage plus any accrued interest. In this event, we will receive a full assignment and transfer of the mortgage and all securities held as collateral to the mortgage debt.

Mortgage Clause. The word "mortgagee" includes trustee. If a mortgagee is named in this policy, any loss payable under Coverage A or B will be paid to the mortgagee and you, as interests appear. If more than one mortgagee is named, the order of payment pay- ment will be the same as the order of precedence of the mortgages. If we deny your claim, that denial will not apply to a valid claim of the mortgagee, if the mortgagee: a. notifies Notifies us of any change in ownership, occupancy occu- pancy or substantial change in risk of which the mortgagee is aware; b. pays Pays any premium due under this policy on demand if you have neglected to pay the premiumpre- mium; and c. submits Submits a signed, sworn statement of loss within 60 days after receiving notice from us of your failure to do so. Policy conditions relating to Appraisal, Suit Against Us and Loss Payment Pay- ment apply to the mortgagee. a. we We are subrogated to all the rights of the mortgagee mort- gagee granted under the mortgage on the property; or b. at At our option, we may pay to the mortgagee the whole principal on the mortgage plus any accrued ac- crued interest. In this event, we will receive a full assignment and transfer of the mortgage and all securities held as collateral to the mortgage ▇▇▇▇- ▇▇▇▇ debt.

Mortgage Clause. The word "mortgagee" includes trustee. If a mortgagee is named in this policy, any loss payable under Coverage A or B will be paid to the mortgagee and you, as interests appear. If more than one mortgagee is named, the order of payment will be the same as the order of precedence of the mortgages. If we deny your claim, that denial will not apply to a valid claim of the mortgagee, if the mortgagee: a. notifies Notifies us of any change in ownership, occupancy or substantial change in risk of which the mortgagee is aware; b. pays Pays any premium due under this policy on demand if you have neglected to pay the premium; and c. submits Submits a signed, sworn statement of loss within 60 days after receiving notice from us of your failure to do so. Policy conditions relating to Appraisal, Suit Against Us and Loss Payment apply to the mortgagee. a. we We are subrogated to all the rights of the mortgagee granted under the mortgage on the property; or b. at At our option, we may pay to the mortgagee the whole principal on the mortgage plus any accrued interest. In this event, we will receive a full assignment and transfer of the mortgage and all securities held as collateral to the mortgage debt.

Mortgage Clause. The word "mortgagee" includes trustee. If a mortgagee is named in this policy, any loss payable under Coverage A or B will be paid to the mortgagee and you, as interests appear. If more than one mortgagee is named, the order of payment will be the same as the order of precedence of the mortgages. If we deny your claim, that denial will not apply to a valid claim of the mortgagee, if the mortgageemort- gagee: a. notifies us of any change in ownership, occupancy or substantial change in risk of which the mortgagee is aware; b. pays any premium due under this policy on demand if you have neglected to pay the premium; and c. submits a signed, sworn statement of loss within 60 days after receiving notice from us of your failure to do so. Policy conditions relating re- lating to Appraisal, Suit Against Us and Loss Payment apply to the mortgagee. a. we are subrogated to all the rights of the mortgagee granted under the mortgage on the property; or b. at our option, we may pay to the mortgagee the whole principal on the mortgage plus any accrued interest. In this event, we will receive a full assignment and transfer of the mortgage and all securities held as collateral collat- eral to the mortgage debt.

Mortgage Clause. The word "mortgagee" includes trustee. If a mortgagee is named in this policy, any loss payable under Coverage A or B will be paid to the mortgagee and you, as interests appear. If more than one mortgagee is named, the order of payment pay- ment will be the same as the order of precedence of the mortgages. If we deny your claim, that denial will not apply to a valid claim of the mortgagee, if the mortgagee: a. notifies Notifies us of any change in ownership, occupancy or substantial change in risk of which the mortgagee is aware; b. pays Pays any premium due under this policy on demand if you have neglected to pay the premium; and c. submits Submits a signed, sworn statement of loss within 60 days after receiving notice from us of your failure to do so. Policy conditions relating to Appraisal, Suit Against Us and Loss Payment Pay- ment apply to the mortgagee. a. we We are subrogated to all the rights of the mortgagee granted under the mortgage on the property; or b. at At our option, we may pay to the mortgagee the whole principal on the mortgage plus any accrued interest. In this event, we will receive a full assignment and transfer of the mortgage and all securities held as collateral to the mortgage debt.

Mortgage Clause. The word "mortgagee" includes trustee. If a mortgagee is named in this policy, any loss payable under Coverage A or B – ▇▇▇▇▇▇▇▇ will be paid to the mortgagee and you, as interests appear. If more than one mortgagee is named, the order of payment will be the same as the order of precedence prece- dence of the mortgages. If we deny your claim, that denial will not apply to a valid claim of the mortgagee, if the mortgagee: a. notifies Notifies us of any change in ownership, occupancy occu- pancy or substantial change in risk of which the mortgagee is aware; b. pays Pays any premium due under this policy on demand if you have neglected to pay the premiumpre- mium; and c. submits Submits a signed, sworn statement of loss within 60 days after receiving notice from us of your failure to do so. Policy conditions relating to Appraisal, Suit Against Us and Loss Payment Pay- ment apply to the mortgagee. a. we We are subrogated to all the rights of the mortgagee mort- gagee granted under the mortgage on the property; or b. at At our option, we may pay to the mortgagee the whole principal on the mortgage plus any accrued interest. In this event, we will receive a full assignment and transfer of the mortgage and all securities held as collateral to the mortgage ▇▇▇▇- ▇▇▇▇ debt.

Mortgage Clause. The word "mortgagee" includes trustee. If a mortgagee is named in this policy, any loss payable under Coverage A or B – ▇▇▇▇▇▇▇▇ will be paid to the mortgagee and you, as interests appear. If more than one mortgagee is named, the order of payment will be the same as the order of precedence prece- dence of the mortgages. If we deny your claim, that denial will not apply to a valid claim of the mortgagee, if the mortgagee: a. notifies Notifies us of any change in ownership, occupancy occu- pancy or substantial change in risk of which the mortgagee is aware; b. pays Pays any premium due under this policy on demand if you have neglected to pay the premium; and c. submits Submits a signed, sworn statement of loss within 60 days after receiving notice from us of your failure to do so. Policy conditions relating to Appraisal, Suit Against Us and Loss Payment Pay- ment apply to the mortgagee. a. we We are subrogated to all the rights of the mortgagee granted under the mortgage on the property; or b. at At our option, we may pay to the mortgagee the whole principal on the mortgage plus any accrued interest. In this event, we will receive a full assignment and transfer of the mortgage and all securities held as collateral to the mortgage debt.

Mortgage Clause. The word "mortgagee" includes trustee. If a mortgagee is named in this policy, any loss payable under Coverage A or B will be paid to the mortgagee and you, as interests appear. If more than one mortgagee is named, the order of payment pay- ment will be the same as the order of precedence of the mortgages. If we deny your claim, that denial will not apply to a valid claim of the mortgagee, if the mortgagee: a. notifies us of any change in ownership, occupancy occu- pancy or substantial change in risk of which the mortgagee is aware; b. pays any premium due under this policy on demand if you have neglected to pay the premiumpre- mium; and c. submits a signed, sworn statement of loss within 60 days after receiving notice from us of your failure to do so. Policy conditions relating to Appraisal, Suit Against Us and Loss Payment Pay- ment apply to the mortgagee. a. we are subrogated to all the rights of the mortgagee mort- gagee granted under the mortgage on the property; or b. at our option, we may pay to the mortgagee the whole principal on the mortgage plus any accrued interest. In this event, we will receive a full assignment and transfer of the mortgage and all securities held as collateral to the mortgage debt.

Mortgage Clause. The word "mortgagee" includes trustee. If a mortgagee is named in this policy, any loss payable under Coverage A or B will be paid to the mortgagee and you, as interests appear. If more than one mortgagee is named, the order of payment pay- ment will be the same as the order of precedence of the mortgages. If we deny your claim, that denial will not apply to a valid claim of the mortgagee, if the mortgagee: a. notifies Notifies us of any change in ownership, occupancy occu- pancy or substantial change in risk of which the mortgagee is aware; b. pays Pays any premium due under this policy on demand if you have neglected to pay the premiumpre- mium; and c. submits Submits a signed, sworn statement of loss within 60 days after receiving notice from us of your failure to do so. Policy conditions relating to Appraisal, Suit Against Us and Loss Payment Pay- ment apply to the mortgagee. a. we We are subrogated to all the rights of the mortgagee mort- gagee granted under the mortgage on the property; or b. at At our option, we may pay to the mortgagee the whole principal on the mortgage plus any accrued interest. In this event, we will receive a full assignment and transfer of the mortgage and all securities held as collateral to the mortgage ▇▇▇▇- ▇▇▇▇ debt.

Mortgage Clause. The word "mortgagee" includes trustee. If a mortgagee is named in this policy, any loss payable under Coverage A or B – ▇▇▇▇▇▇▇▇ will be paid to the mortgagee and you, as interests appear. If more than one mortgagee is named, the order of payment will be the same as the order of precedence prece- dence of the mortgages. If we deny your claim, that denial will not apply to a valid claim of the mortgagee, if the mortgagee: a. notifies Notifies us of any change in ownership, occupancy occu- pancy or substantial change in risk of which the mortgagee is aware; b. pays Pays any premium due under this policy on demand if you have neglected to pay the premiumpre- mium; and c. submits Submits a signed, sworn statement of loss within 60 days after receiving notice from us of your failure to do so. Policy conditions relating to Appraisal, Suit Against Us and Loss Payment Pay- ment apply to the mortgagee. a. we We are subrogated to all the rights of the mortgagee granted under the mortgage on the property; or b. at At our option, we may pay to the mortgagee the whole principal on the mortgage plus any accrued interest. In this event, we will receive a full assignment and transfer of the mortgage and all securities held as collateral to the mortgage debt.

Mortgage Clause. The word "mortgagee" includes trustee. If a mortgagee is named in this policy, any loss payable under Coverage A or B will be paid to the mortgagee and you, as interests appear. If more than one mortgagee is named, the order of payment pay- ment will be the same as the order of precedence of the mortgages. If we deny your claim, that denial will not apply to a valid claim of the mortgagee, if the mortgagee: a. notifies us of any change in ownership, occupancy occu- pancy or substantial change in risk of which the mortgagee is aware; b. pays any premium due under this policy on demand if you have neglected to pay the premium; and c. submits a signed, sworn statement of loss within 60 days after receiving notice from us of your failure to do so. Policy conditions relating to Appraisal, Suit Against Us and Loss Payment Pay- ment apply to the mortgagee. a. we are subrogated to all the rights of the mortgagee mort- gagee granted under the mortgage on the property; or b. at our option, we may pay to the mortgagee the whole principal on the mortgage plus any accrued interest. In this event, we will receive a full assignment and transfer of the mortgage and all securities held as collateral to the mortgage debt.

Mortgage Clause. The word "mortgagee" includes trustee. If a mortgagee is named in this policy, any loss payable under Coverage A or B will be paid to the mortgagee and you, as interests appear. If more than one mortgagee is named, the order of payment will be the same as the order of precedence of the mortgages. If we deny your claim, that denial will not apply to a valid claim of the mortgagee, if the mortgagee: a. notifies us of any change in ownership, occupancy or substantial change in risk of which the mortgagee is aware; b. pays any premium due under this policy on demand if you have neglected to pay the premium; and c. submits a signed, sworn statement of loss within 60 days after receiving notice from us of your failure to do so. Policy conditions relating to Appraisal, Suit Against Us and Loss Payment apply to the mortgagee. a. we are subrogated to all the rights of the mortgagee granted under the mortgage on the property; or b. at our option, we may pay to the mortgagee the whole principal on the mortgage plus any accrued interest. In this event, we will receive a full assignment and transfer of the mortgage and all securities held as collateral to the mortgage debt.

Mortgage Clause. The word "mortgagee" includes trustee. If a mortgagee is named in this policy, any loss payable under Coverage A or B – ▇▇▇▇▇▇▇▇ will be paid to the mortgagee and you, as interests appear. If more than one mortgagee is named, the order of payment will be the same as the order of precedence prece- dence of the mortgages. If we deny your claim, that denial will not apply to a valid claim of the mortgagee, if the mortgagee: a. notifies Notifies us of any change in ownership, occupancy occu- pancy or substantial change in risk of which the mortgagee is aware; b. pays Pays any premium due under this policy on demand if you have neglected to pay the premiumpre- mium; and c. submits Submits a signed, sworn statement of loss within 60 days after receiving notice from us of your failure to do so. Policy conditions relating to Appraisal, Suit Against Us and Loss Payment Pay- ment apply to the mortgagee. a. we We are subrogated to all the rights of the mortgagee mort- gagee granted under the mortgage on the property; or b. at At our option, we may pay to the mortgagee the whole principal on the mortgage plus any accrued ac- crued interest. In this event, we will receive a full assignment and transfer of the mortgage and all securities held as collateral to the mortgage ▇▇▇▇- ▇▇▇▇ debt.

Mortgage Clause. The word "mortgagee" includes trustee. If a mortgagee is named in this policy, any loss payable under Coverage A or B will be paid to the mortgagee and you, as interests appear. If more than one mortgagee is named, the order of payment will be the same as the order of precedence of the mortgages. If we deny your claim, that denial will not apply to a valid claim of the mortgagee, if the mortgagee: a. notifies us of any change in ownership, occupancy or substantial change in risk of which the mortgagee is aware;: b. pays any premium due under this policy on demand if of you have neglected to pay the premium; and c. submits a signed, sworn statement of loss within 60 days after receiving notice from us of your failure to do so. Policy conditions relating to Appraisal, Suit Against Us and Loss Payment apply to the mortgagee.conditions a. we are subrogated to all the rights of the mortgagee granted under the mortgage on the property; or b. at our option, we may pay to the mortgagee the whole principal on the mortgage plus any accrued interest. In this event, we will receive a full assignment and transfer of the mortgage and all securities held as collateral to the mortgage debt.

Mortgage Clause. The word "mortgagee" includes trustee. If a mortgagee is named in this policy, any loss payable under Coverage A or B will be paid to the mortgagee and you, as interests appear. If more than one mortgagee is named, the order of payment pay- ment will be the same as the order of precedence of the mortgages. If we deny your claim, that denial will not apply ap- ply to a valid claim of the mortgagee, if the mortgagee: a. notifies Notifies us of any change in ownership, occupancy or substantial change in risk of which the mortgagee is aware; b. pays Pays any premium due under this policy on demand if you have neglected to pay the premium; and c. submits Submits a signed, sworn statement of loss within 60 days after receiving notice from us of your failure to do so. Policy conditions relating to Appraisal, Suit Against Us and Loss Payment apply to the mortgageemort- gagee. a. we We are subrogated to all the rights of the mortgagee granted under the mortgage on the property; or b. at At our option, we may pay to the mortgagee the whole principal on the mortgage plus any accrued interest. In this event, we will receive a full assignment assign- ment and transfer of the mortgage and all securities held as collateral to the mortgage debt.

Mortgage Clause. The word "mortgagee" includes trustee. If a mortgagee is named in this policy, any loss payable under Coverage A or B will be paid to the mortgagee and you, as interests appear. If more than one mortgagee is named, the order of payment pay- ment will be the same as the order of precedence of the mortgages. If we deny your claimcl ai m, that denial will wi l l not apply to a valid claim of the mortgagee, if the mortgagee: a. notifies us of any change in ownership, occupancy oc- cupancy or substantial change in risk of which the mortgagee is aware; b. pays any premium due under this policy on demand if you have neglected to pay the premiumpre- mium; and c. submits a signed, sworn statement of loss within 60 days after receiving notice from us of your failure to do so. Policy conditions relating re- lating to Appraisal, Suit Against Us and Loss Payment apply to the mortgagee. a. we are subrogated to all the rights of the mortgagee granted under the mortgage on the property; or b. at our option, we may pay to the mortgagee the whole principal on the mortgage plus any accrued interest. In this event, we will receive a full assignment and transfer of the mortgage and all securities held as collateral to the mortgage debt.

Mortgage Clause. The word "mortgagee" includes trustee. If a mortgagee is named in this policy, any loss payable under Coverage A or B - Dwelling will be paid to the mortgagee and you, as interests appear. If more than one mortgagee is named, the order of payment will be the same as the order of precedence of the mortgages. If we deny your claim, that denial will not apply to a valid claim of the mortgagee, if the mortgagee: a. notifies Notifies us of any change in ownership, occupancy or substantial change in risk of which the mortgagee is aware; b. pays Pays any premium due under this policy on demand if you have neglected to pay the premium; and c. submits Submits a signed, sworn statement of loss within 60 days after receiving notice from us of your failure to do so. Policy conditions relating to Appraisal, Suit Against Us and Loss Payment apply to the mortgagee. a. we We are subrogated to all the rights of the mortgagee granted under the mortgage on the property; or b. at At our option, we may pay to the mortgagee the whole principal on the mortgage plus any accrued interest. In this event, we will receive a full assignment and transfer of the mortgage and all securities held as collateral to the mortgage debt.

Mortgage Clause. The word "mortgagee" includes trustee. If a mortgagee is named in this policy, any loss payable under Coverage A or B will be paid to the mortgagee and you, as interests appear. If more than one mortgagee is named, the order of payment pay- ment will be the same as the order of precedence of the mortgages. If we deny your claim, that denial will not apply to a valid claim of the mortgagee, if the mortgagee: a. notifies us of any change in ownership, occupancy occu- pancy or substantial change in risk of which the mortgagee is aware; b. pays any premium due under this policy on demand if you have neglected to pay the premiumpre- mium; and c. submits a signed, sworn statement of loss within 60 days after receiving notice from us of your failure to do so. Policy conditions relating to Appraisal, Suit Against Us and Loss Payment Pay- ment apply to the mortgagee. a. we are subrogated to all the rights of the mortgagee mort- ▇▇▇▇▇ granted under the mortgage on the property; or b. at our option, we may pay to the mortgagee the whole principal on the mortgage plus any accrued ac- crued interest. In this event, we will receive a full assignment and transfer of the mortgage and all securities held as collateral to the mortgage ▇▇▇▇- ▇▇▇▇ debt.

Mortgage Clause. The word "mortgagee" includes trustee. If a mortgagee is named in this policy, any loss payable under Coverage A or B will be paid to the mortgagee and you, as interests appear. If more than one mortgagee is named, the order of payment will be the same as the order of precedence of the mortgages. If we deny your claim, that denial will not apply to a valid claim of the mortgagee, if the mortgagee: a. notifies us of any change in ownership, occupancy or substantial change in risk of which the mortgagee is aware;: b. pays any premium due under this policy on demand if of you have neglected to pay the premium; and c. submits a signed, sworn statement of loss within 60 days after receiving notice from us of your failure to do so. Policy conditions relating to Appraisal, Suit Against Us and Loss Payment apply to the mortgagee. a. we are subrogated to all the rights of the mortgagee granted under the mortgage on the property; or b. at our option, we may pay to the mortgagee the whole principal on the mortgage plus any accrued interest. In this event, we will receive a full assignment and transfer of the mortgage and all securities held as collateral to the mortgage debt.

Mortgage Clause. The word "mortgagee" includes trustee. If a mortgagee is named in this policy, any loss payable under Coverage A or B will be paid to the mortgagee and you, as interests appear. If more than one mortgagee is named, the order of payment pay- ment will be the same as the order of precedence of the mortgages. If we deny your claim, that denial will not apply to a valid claim of the mortgagee, if the mortgagee: a. notifies us of any change in ownership, occupancy occu- pancy or substantial change in risk of which the mortgagee is aware; b. pays any premium due under this policy on demand if you have neglected to pay the premiumpre- mium; and c. submits a signed, sworn statement of loss within 60 days after receiving notice from us of your failure to do so. Policy conditions relating to Appraisal, Suit Against Us and Loss Payment Pay- ment apply to the mortgagee. a. we are subrogated to all the rights of the mortgagee mort- ▇▇▇▇▇ granted under the mortgage on the property; or b. at our option, we may pay to the mortgagee the whole principal on the mortgage plus any accrued interest. In this event, we will receive a full assignment and transfer of the mortgage and all securities held as collateral to the mortgage debt.

Mortgage Clause. The word "mortgagee" includes trustee and lienholder. If a mortgagee is named in this policy, any loss payable under Coverage A or B will be paid to the mortgagee and you, as interests appear. If more than one mortgagee is named, the order of payment will be the same as the order of precedence of the mortgages. If we deny your claim, that denial will not apply to a valid claim of the mortgagee, if the mortgagee: a. notifies Notifies us of any change in ownership, occupancy or substantial change in risk of which the mortgagee is aware; b. pays Pays any premium due under this policy on demand if you have neglected to pay the premium; and c. submits Submits a signed, sworn statement of loss within 60 days after receiving notice from us of your failure to do so. Policy conditions relating to Appraisal, Suit Against Us and Loss Payment apply to the mortgagee. a. we We are subrogated to all the rights of the mortgagee granted under the mortgage on the property; or b. at At our option, we may pay to the mortgagee the whole principal on the mortgage plus any accrued interest. In this event, we will receive a full assignment and transfer of the mortgage and all securities held as collateral to the mortgage debt.

Mortgage Clause. The word "mortgagee" includes trustee. If a mortgagee is named in this policy, any loss payable under Coverage A or B will be paid to the mortgagee and you, as interests appear. If more than one mortgagee is named, the order of payment pay- ment will be the same as the order of precedence of the mortgages. If we deny your claim, that denial will not apply to a valid claim of the mortgagee, if the mortgagee: a. notifies us of any change in ownership, occupancy occu- pancy or substantial change in risk of which the mortgagee is aware; b. pays any premium due under this policy on demand if you have neglected to pay the premium; and c. submits a signed, sworn statement of loss within 60 days after receiving notice from us of your failure to do so. Policy conditions relating to Appraisal, Suit Against Us and Loss Payment Pay- ment apply to the mortgagee. a. we are subrogated to all the rights of the mortgagee mort- ▇▇▇▇▇ granted under the mortgage on the property; or b. at our option, we may pay to the mortgagee the whole principal on the mortgage plus any accrued interest. In this event, we will receive a full assignment and transfer of the mortgage and all securities held as collateral to the mortgage debt.