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Pt. 61. App. Am If 80 percent of the full replacement cost of such dlDelling Is greater than the maximum amount of Insurance avallable under the Na- tional Flood JnsuTance Program. use the maxi- mum amount in lieu of the 80 percent figure in the application of thls limit. C. Our liability for loss under thls policy shall not exceed the smallest of the follow- ing amounts: 1. The limit of liahlllty of thls policy appli- cable to the damaged or destroyed building; or 2. The replacement cost of the dwelling or any part thereof identical with such dwelling on the same premises and intended for the same occupancy and use; or 3. The amount actually and necessarily ex- pended in repairing or replacing said dwelling or any part thereof intended for the same oc- cupancy and use. D. When the full cost of repair or replace- ment il; more than $1.000 or more than 5 per- cent of the whole amount of insurance appli- cable to said dWelling. we shall not be liable for any loss under paragraph A. or subpara- graph B.2. of these provisiOns unless and until . actual repair or replacement il; com- pleted. E. In determining if the whole amount of insurance applicable to said dwelling il; 80 percent or more of the full replacement cost of such dlDelling, the cost of excavations. un- derground flues and pipes. underground wir- ing and drains. and brick. stone and concrete foundations. piers and other supports which are below the under surface of the lowest basement floor. or where there il; no basement. which are below the surface of the ground in- side the foundation walls. shall be dis- regarded. F. You may elect to disregard this condi- tion in making claim hereunder. but such election shall not prejudice your right to make further claim wi thin 180 days after loss for any a.dditionalliability brought about by these provisions. G. These Replacement Cost Provisions do not apply to any manufactuTed (i.e.. mobile) home which when assembled is not at least 16 feet Wide or does not he.ve an area within its perimeter walls of at least 600 square feet or personal property (contents) covered under this policy, nor do they apply to any loss where insured property is abandoned and re- mains as debris at the property address fol- lowing a loss. H. If your dwelling sustains a total loss or if we shoUld pay you the entire building loss proceeds under these Replacement Cost Pro- visions. there is no requirement that you re- build the building at the insured property ad- dress. I. If the community in which your property il; located has been converted from the Emer- gency Program to the Regular Program dur- ing the current policy term. then these Re- placement Cost Provisions shall be applied 44 CFR Ch. I 00-1-97 Edition) based on the maximum amount of insurance available under the National Flood J'l3UTance Program at the beginning of the current pol- icy term Instead of at the time of loss. ATticle ~eneTal Conditions and Provisions A. PaiT and Set Clause: If you lose 8.]1 article which is part of a pair or set. we ",m he. ve the option of paying you an amount equal to the cost of replacing the lost article. less de- preciation. or an amount which represents the fair proportion of the total value of the pair or set that the lost article beal's to the pair or set. B. Concealment, Fraud: We will n'Jt cover you under thls policy, which shall be void. nor can this policy be renewed or :."y new flood insurance coverage be issued to you if: 1. You have sworn falsely. or willflllly con- cealed or misrepresented any matel'ial fact: or 2. You he.ve done any fraudulent act con- cerning thls insurance (see paragraph F.1.d. below); or 3. You he.ve willfully concealed or mis- represented any fact on a "Recert.ification Questionnaire." which causes us to issue a poliCy to you based on a premium amount which is less than the premium amount which would he.ve been payable by you were it not for the misstatement of fact (see para- graph G. below). C. Other JnsuTance. If a loss covered by this policy is also covered by other insurance whether collectible or not. except insurance in the name of the Condominium Association issued pursuant to the Act, we will pay only the proportion of the loss that the limit of li- ability that applies under this policy bears to the total amount of insurance covering the loss. If there il; other insurance in thE, name of the Condominium Association COVE!ring the same property covered by this poliCi7, thls in- surance shall be excess over the other insur- ance. D. Amendments. Waivers. Assignment: This" policy cannot be amended nor can :lJlY of its provisions be waived without the express written consent of the Federal Insurance Ad- ministrator. No action we take ,mder the terms of thls policy can constitute a waiver of any of our rights. Except in the case of 1. a contents only policy. and 2. a policy issued to cover a building in the course of construc- tion. assignment of thls policy, in writing. il; allowed upon transfer of title. E. Cancellation of Policy By You: You may cancel this policy at any time but a refund of premium money Will only be made to you when: 1. You cancel because you have transferred ownership of the described building or unit to someone else. In this case. we will refund to you. once we receive your written request for cancellation (signed by you). the excess of .> ..- .' .". :.... 266