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Pt. 61, App. A(2) . a refund of premium money will only be made when: 1. Except with respect to a condominium building or a building which has a condomin- ium form of ownership. the Insured cancels because the Insured has transferred owner- ship of the insured property to someone else. In this case. the Insurer will refund to the Insured. once the Insurer receives the Insured's written request for C4ncellation (signed by the Insured) the excess of pre- miums paid by the Insured which apply to the unused portion of the policy's term. pro rata but with retention of the expense con- stant and the Federal policy fee. 2. The Insured cancels a policy having a term of 3 years. on an anniversary date. and the reason for the cancellation is that: ... A policy of flood insurance has been ob- tained or is being obtained in substitution for this policy and the Insurer has received a written concurrence in the cancellation from Il.llY mortgagee of which the Insurer has ac- tual notice. Or b. The Insured has extinguished the in- sured mortgage debt and is no longer re- quired by the mortgagee to maintain the coverage. Refund of any premium. under this subparagraph 2.. lIha.ll be pro rate. but with retention of the e:rpense constant and the Fed- eral policy fee. 3. The Insured cancels because the Insurer has determined that the property is not. in fact. in a special hazaTd area; and the Insured was required to purchase flood insurance cov- erage by a Private lender or Federal agency pursuant to Public Law 93-234. section 102 and the lender or agency no longer requires the retention of the coverage. In this event. i! no claims have been paid or are pending. the premium payments will be refunded in full. according to applicable National Flood InsuTance Program regulations. K. Loss Clause: Payment of any loss under this policy lIha.ll not reduce the amount of in- surance applicable to Il.llY other loss during the policy term which arises out of a separate occurrence of the peril insured against here- under; provided. that all loss arising out of a continuous or protracted occurrence shall be deemed to constitute loss arising out of a single occurrence. L. Mortgage Clause: (Applicable to building coverage only and effective only when the policy is made payable to .. mortgagee or trustee named in the application and declara- tions page attached to this policy or of whom the Insurer bas actual notice prior to the payment of loss proceeds under this policy.) Loss. if any, under this policy. shall be pay- able to the aforesaid as mortgagee or trustee as interest may appear under all present or fu1;ure mortgages upon the property de- scribed in which the aforesaid may have an interest as mortgagee or trustee. in order of precedence of said mortgages, and this insur- ance. as to the interest of the mortgagee or . . 44 CFR Ch. I (10-1--97 Eclltion) trustee only therein. lIha.ll not be invali- dated: 1. By any act or neglect of the mortgagor or owner of the described property: nor 2. By any foreclosure or other proceedings or notice of sale relating to the property: nor 3. By any change in the title or ownership of the property; nor 4. By the occupation of the premises for purposes more hazardous than are permitted by this policy, provided, That in case the mortgagor or owner shall neglect to pay any premium due under this policy. the mortga- gee . or trustee lIha.ll. on demand. pay the same. Provided. also. that the mortgagee or trust- ee lIha.ll notify the Insurer of Il.llY change of ownership or occupanCy of the building or in- crease of hazard which lIha.ll come to the knowledge of said mortgagee or trustee and. unless permitted by this policy. it lIha.ll be noted thereon and the mortgagee or trustee shall. on demand. pay the premium for such increased hazard for the term of the use .thereof; otherwise. this policy lIha.ll be null and void. If this policy is cancelled by the Insurer. it shall continue in force for the benefit of the mortgagee or trustee for 30 days after writ- ten notice to the mortgagee or trustee of such cancellation and lIha.ll then cease. Whenever the insurer shall pay the mort- gagee or trustee any sum for loss under this policy and lIha.ll claim that. as to the mortga- gor or owner. no liability therefor existed. the Insurer lIha.ll. to the extent of such pay- ment. be thereupon legally subrogated to all the rights of the party to whom such pay- ment lIha.ll be made. under all securities held as collateral to the mortgage debt. or may. at its option. pay to the mortgagee or trust- ee the whole principal due or to grow due on the mortgage with interest. and shall there- upon receive a full assignment and transfer of the mortgage and of all such other securi- ties. but no subrogation lIha.ll impair the right of the mortgagee or trustee to recover the full amount of said mortgagee's or ~ ee's claim. M. MtJTtgagee Obligations: If the Insured fails to render proof of loss. the named mort- gagee or trustee. upon no1;ice. lIha.ll render proof of loss in the form herein specified within 611 days thereafter and shall be subject to the proVisions of this policy relating to ap. praisal and time of payment and of bringing suit. N. Loss Payable Clause (Applicable to con- leIltS items onll/): Loss. if any. shall be ad- justed with the Insured and lIha.ll be payable to the Insured and loss payee as their inter- ests may appear. O. J/equiTements in Case of Loss: Should a flood loss occur to the insured property. the Insured must: 1. Notify the Insurer in writing as soon as prac1;icable; 282 .... . ".',: '. ,." . - .. ........ ," .... .' '. .. '. ". . ::....: : . .:.' ...:......... ";":":;',',." ........ " ." ", ....... -.... .' . .- '".-..' .... . ,", ".:.,"