; (2) clearly states that the eligible mortgagor has the right, notwithstanding foreclosure, to continue to occupy the foreclosed property in accordance with this Act, and sets forth the terms of such occupancy under subsections (a) and (c); and (3) clearly identifies the first date, pursuant to this section and any other provisions of law and contract, that such foreclosure may be commenced. (c) Terms of periodic tenancy Occupancy, by an eligible mortgagor, of a foreclosed property pursuant to subsection (a) shall be under a periodic month-to-month tenancy under which the owner of the property may terminate the tenancy for material breach but shall have no authority, at will, to terminate the tenancy during the occupancy pursuant to subsection (a) if the mortgagor— (1) timely pays to the owner of the foreclosed property rent on a monthly basis in the amount of the fair market rent for the property determined in accordance with section 4; and (2) uses property as the principal residence of the mortgagor. 3. Required notice With respect to an eligible mortgage for which notice under section 2(b) has been provided, notice in accordance with this section is notice that— (1) is made in writing; (2) is submitted, by a means under which the act of delivery is recorded, to— (A) the court having jurisdiction and venue to conduct the covered foreclosure proceeding for the eligible mortgage or, in the case of nonjudicial foreclosure, the court in which an action is brought pursuant to section 5; and (B) the foreclosing creditor