Flood Contracts Clause Samples
The 'Flood Contracts' clause defines the terms and conditions under which parties agree to provide goods, services, or insurance coverage specifically related to flood events. This clause typically outlines the scope of coverage, responsibilities of each party, and any exclusions or limitations that apply in the event of flooding. For example, it may specify what constitutes a flood, the process for making claims, or the obligations for flood prevention measures. Its core practical function is to allocate risk and clarify expectations between parties in situations involving flood-related incidents, thereby reducing disputes and ensuring both sides understand their rights and duties.
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Flood Contracts. No later than the Transfer Date, Seller shall assign to Purchaser, at Seller's expense, a fully paid, freely assignable, completed life of loan flood certificate on each Mortgage Loan, including appropriate loan-level flood determination data. If Seller is unable to assign such certificate, but does provide a fully paid, freely assignable, completed life of loan flood certificate issued by a vendor other than CoreLogic on each Mortgage Loan, including appropriate loan-level flood determination data, Seller shall pay Purchaser $3.50 for each such Mortgage Loan. If Seller is unable to assign such life of loan certificates for each Mortgage Loan, Seller shall pay Purchaser $6.00 for each such Mortgage Loan.
Flood Contracts. Subservicer shall arrange for all transferable flood monitoring contracts to be transferred from Prior Servicer to Subservicer. To the extent fully paid and transferable, life of loan, flood contracts are not transferred to Subservicer for all Assets as of the Transfer Date, Subservicer shall, upon prior approval from ▇▇▇▇▇▇ ▇▇▇ with regard to such expense and vendor, obtain and maintain such contracts at Fannie Mae’s expense for each Asset.
Flood Contracts. No later than the applicable Transfer Date, Seller shall assign to Purchaser the fully paid, freely transferable flood contracts with Federal Flood Certification Corporation on each Mortgage Loan, as applicable.
Flood Contracts. No later than the applicable Transfer Date, Seller shall assign to Purchaser the flood contracts with First American Flood Service on each Mortgage Loan, as applicable.