Notwithstanding the provisions of §
169-1, an insurance company may pay proceeds of a fire insurance policy to the holder of a purchase money first mortgage or to any bank, savings bank, state or federally chartered savings and loan association or insurance company holding a mortgage on the fire-damaged real property where the fire insurance policy at the time of the loss listed the mortgagee as the holder of an insurable interest; provided, however, such payment may not be in an amount which exceeds that due and payable to the mortgagee under the mortgage contract.