<p>It is hereby declared and agreed that loss or damage, if any, under this Policy shall be payable to the mortgagee, as specified in the Policy Schedule, as their interest may appear, subject to the terms and conditions, clauses and warranties of this Policy. &nbsp;</p><p>It is expressly understood that this Policy or any renewal thereof shall not be cancelled without prior written notification to and conformity by the said mortgagee/s.</p>