union mortgage clause

union mortgage clause

See standard mortgage clause.

References in periodicals archive ?
Should another catastrophic event take place, it is incumbent on the lender to insist on having a standard, or union mortgage clause, written in the insurance policy, as opposed to a loss-payable clause.
A lender should be able to adequately protect its interest by using the union mortgage clause. There have been countless incidents where no independent contract of insurance existed between the lender and the insurance company, therefore not allowing the lender to receive any value from the hurricane-destroyed property.

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