Common use of Submission of policies Clause in Contracts

Submission of policies. (i) For Farmer Program (FP) loans secured by a first lien, the original policy or dec- laration page must be delivered to the County Supervisor. The original policy or declaration page will be returned to the borrower after one year using Form RD 426–4, ‘‘Notice of Expiration of In- surance.’’ (ii) For Single Family Housing (SFH) loans secured by a first lien, the origi- nal policy or declaration page must be delivered to the closing agent. (iii) In cases where an FP or SFH loan is secured by other than a first lien and the mortgage clauses include the names of the prior mortgagees, a certificate of insurance, copy of the policy, or other evidence of insurance is acceptable. (iv) The County Supervisor will proc- ess an advance to pay for insurance only in strict compliance with provi- sions of § 1806.6 of this subpart.