Common use of Mortgagee to Mortgagor Clause in Contracts

Mortgagee to Mortgagor. In order to participate in the MPPP, the lender (or its authorized representative, which will typically be the WYO company providing the coverage through the MPPP) must notify the borrower of the following, at a minimum: (1) The requirements of the Flood Disaster Protection Act of 1973, (2) The flood zone location of the borrower’s property, (3) The requirement for flood insurance, (4) The fact that the lender has no evidence of the borrower’s having flood insurance, (5) The amount of coverage being required and its cost under the MPPP, and (6) The options of the borrower for obtaining conventionally underwritten flood insurance coverage and the potential cost benefits of doing so. A more detailed discussion of the notification requirements is made a part of this program document in both Section 15 and as Addendums 1 and 2.

Mortgagee to Mortgagor. In order to participate in the MPPP, the lender (or its authorized representative, which typically will typically be the WYO company Company providing the coverage through the MPPP) must notify the borrower of the following, at a minimum: (1) The requirements of the Flood Disaster Protection Act of 1973,; (2) The flood zone location of the borrower’s property,; (3) The requirement for flood insurance,; (4) The fact that the lender has no evidence of the borrower’s having flood insurance,; (5) The amount of coverage being required and its cost under the MPPP, ; and (6) The options of the borrower for obtaining conventionally underwritten flood insurance coverage and the potential cost benefits of doing so. A more detailed discussion of the notification requirements is made a part of this program document in both Section 15 and as Addendums 1 and 2.