Common use of Flood Determination; Flood Insurance Clause in Contracts

Flood Determination; Flood Insurance. To the extent not obtained by the Administrative Agent directly (at the Borrower’s sole cost and expense), a Federal Emergency Management Agency (“FEMA”) Standard Flood Hazard Determination (a “Determination”) shall be delivered to the Administrative Agent for each Property proposed to be included in the Borrowing Base, and the Borrower shall cause to be delivered to the Administrative Agent a new Determination for any Property at least thirty (30) days prior to any expiration date of a previously delivered Determination for such Property. Administrative Agent will provide written notice to the Borrower in the event the Administrative Agent elects, at the Administrative Agent’s sole discretion, to not obtain Determinations directly. In addition, if any above grade Improvements (or any part thereof) are located or to be located in a special flood hazard area according to FEMA or other Administrative Agent approved source or if flood insurance is otherwise required by Applicable Law, then before the Borrower commences any Improvements (or any part thereof) thereto the Borrower shall obtain a flood insurance policy on terms acceptable to the Administrative Agent and meeting the requirements for insurance set forth in Section 8.5 of this Agreement. When such Property is included in the Borrowing Base and any other time requested the Administrative Agent or any Lender, Borrower shall cause to be delivered to the Administrative Agent a copy of or certificate as to coverage under, the insurance policies required by this paragraph (vii), in form and substance acceptable to the Administrative Agent and endorsed or otherwise amended to include a standard lender’s loss payee/mortgagee endorsement naming the Administrative Agent as lender’s loss payee and mortgagee thereunder.

Flood Determination; Flood Insurance. To the extent not obtained by the Administrative Agent directly (at the Borrower’s sole cost and expense), a Federal Emergency Management Agency (“FEMA”) Standard Flood Hazard Determination (a “Determination”) shall be delivered to the Administrative Agent for each Property proposed to be included in the Borrowing BaseProperty, and the Borrower and the Subsidiary Guarantors shall cause to be delivered to the Administrative Agent a new Determination for any Property at least thirty (30) days prior to any expiration date of a previously delivered Determination for such Property. The Administrative Agent will provide written notice to the Borrower in the event the Administrative Agent elects, at the Administrative Agent’s sole discretion, to not obtain Determinations directly. In addition, if any above grade Improvements (or any part thereof) are located or to be located in a special flood hazard area according to FEMA or other the Administrative Agent approved source or if flood insurance is otherwise required by Applicable Lawsource, then before the Borrower commences any Improvements (or any part thereof) thereto the Borrower shall obtain a flood insurance policy on terms acceptable to the Administrative Agent and Lenders and meeting the requirements for insurance set forth in Section 8.5 8.5; provided, however, that such flood insurance policy shall be deemed approved if no Lender has objected to the adequacy of this Agreementsuch flood insurance policy by written notice to Administrative Agent with ten (10) business days after the Lenders’ receipt of a copy of such flood insurance policy. When such Property Collateral is included in the Borrowing Base and any other time requested the Administrative Agent or any Lender, the Borrower shall cause to be delivered to the Administrative Agent a copy of or certificate as to coverage under, the insurance policies required by this paragraph (vii), in form and substance acceptable to the Administrative Agent and endorsed or otherwise amended to include a standard lender’s loss payee/mortgagee endorsement naming the Administrative Agent as lender’s loss payee and mortgagee thereunder. If any above-grade Improvements included in the Collateral are situated on a proposed lot located in a special flood hazard area, then Administrative Agent or the Requisite Lenders may elect not to Mortgage such Property and thus such Property would be excluded from the Borrowing Base.