<p style="text-align: center;"><strong>MORTGAGEE CLAUSE</strong></p>

<p>Loss and/or damage, if any, under this policy shall be made payable to PHILIPPINE BUSINESS BANK, as their interest may appear, subject to the terms and conditions, warranties and clauses of this policy. It is expressly understood and agreed, that this policy or any renewal thereof, shall not be cancelled without prior written notification to and conformity by PHILIPPINE BUSINESS BANK.</p>
