§ 234.17 - Mortgagor and mortgagee requirements for maintaining flood insurance coverage.

Related Notices
- 2014-10830. Final rule. 2014-10830. Ukraine Guarantees Issued Under the Support for the Sovereignty, Integrity, Democracy, and Economic Stability of Ukraine Act of 2014-Standard Terms and Conditions

Latest version.

The maintenance of flood insurance coverage on the project by the condominium association will satisfy the requirements of § 203.16a of this chapter if such coverage protects the interest of the mortgagor in the family unit. For this purpose, “the interest of the mortgagor” is defined as insurance coverage equal to the replacement cost of the project less land costs.

                    
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