Common use of PERSONS INSURED Clause in Contracts

PERSONS INSURED. Except as otherwise expressly provided herein, no person shall have any rights under this policy other than the Named Insured. The Named Insured represents to insurer that it is the sole mortgagee under the Loan Documents. In the event Named Insured assigns its interest in the Loan Documents to any other person, the Named Insured shall cease to be an insured under this policy and the assignee shall become the Named Insured under this Policy effective upon Insurer's receipt of a copy of the assignment certified by the assignor to be a true and correct copy of the assignment.

PERSONS INSURED. Except as otherwise expressly provided herein, no person shall have any rights under this policy Policy other than the Named Insured. The Named Insured represents to insurer Insurer that it is the sole mortgagee under the Loan Documents. In the event Named Insured assigns its interest in the Loan Documents to any other person, the Named Insured shall cease to be an insured under this policy Policy and the assignee shall become the Named Insured under this Policy effective upon Insurer's receipt of a copy of the assignment certified by the assignor to be a true and correct copy of the assignment.