According to David Lamb, in Mormon 1:5 Mormon identifies his lineage. He states that he is a descendant of Nephi and that his father's name was Mormon. However, he does not state that he was primarily named after his father and this should not be assumed. Mormon apparently had been taught about his heritage by his parents and understood the sacred significance associated with the name Mormon. In 3 Nephi 5:12 Mormon tells us that he was not named after his father, but rather he was named after the land in which a great event took place -- the restoration of Christ's covenant people, Christ's church. Thus, in 3 Nephi 5:12 Mormon gives us a clear indication that the name Mormon is symbolically synonymous with the restoration of the covenant which took place in the land of Mormon by Alma and his people.
A study of the title page of the Book of Mormon tells us its main purpose is to restore a knowledge of the covenants to the house of Israel. This adds weight to the understanding that the name Mormon was always associated with the place of the restoration of the covenant to the Nephites. In fact, the name Mormon might have become synonymous with the concept of restoring the covenants. [David Lamb, "The Meaning of the Name Mormon," in Recent Book of Mormon Developments, Vol 2., p. 45]
Readers should note also that the 1986 addition to the Book of Mormon title, "Another Testament (Covenant) of Jesus Christ," reinforces this idea. [See the commentary on 3 Nephi 5:12; 27:7]