Common use of Flood Hazard Determinations Clause in Contracts

Flood Hazard Determinations. The Borrower shall deliver to the Collateral Agent, (a) with respect to the Initial Mortgaged Properties, on or prior to the Closing Date, and (b) with respect to each other real property for which a Deed of Trust is required to be delivered pursuant to Section 5.10, on or prior to the date on which the Deed of Trust for the applicable Mortgaged Property is delivered pursuant to Section 5.10, (i) a completed “Life of Loan” Federal Emergency Management Agency Standard Flood Hazard Determination with respect to the portion of each Project on which a “Building” (as defined in 12 C.F.R. Chapter III, Section 339.2) owned by any Loan Party is located addressed to the Collateral Agent (“Flood Hazard Determination”) and (ii) if such “Building” (as so defined) is located in a special flood hazard area as indicated by the “Life of Loan” Federal Emergency Management Agency Standard Flood Hazard Determination delivered pursuant to sub-clause (i) above (a “Flood Hazard Property”), (1) the Borrower’s written acknowledgment of receipt of written notification from the Administrative Agent as to the fact that such Project is a Flood Hazard Property, (2) evidence as to whether such Flood Hazard Property is located in a community that participates in the NFIP (as hereinafter defined) and (3) a copy of, or a certificate as to coverage under, and a declaration page relating to, a policy of flood insurance issued by financially sound and reputable insurance companies, in form and substance reasonably satisfactory to the Administrative Agent that (x) covers any “Building” (as so defined) that is encumbered by any Deed of Trust for the applicable Project and (y) is written in an amount sufficient to comply with the National Flood Insurance Act of 1968 and the Flood Disaster Protection Act of 1973, as revised by the National Flood Insurance Reform Act of 1994, and as the same may be further amended, modified or supplemented, and including the regulations issued thereunder (the “Flood Insurance Laws”), whichever is less (and, for avoidance of doubt, if flood insurance coverage under the National Flood Insurance Program (“NFIP”) is not available because the community in which such Project is located does not participate in the NFIP, no flood insurance shall be required for such property) (collectively, the “Flood Insurance Documents” and the requirements set forth in clauses (i) and (ii), the “Flood Requirements”). If the Borrower receives notice of any Flood Redesignation with respect to a Mortgaged Property the Borrower shall, reasonably promptly thereafter, provide written notice of the same to the Collateral Agent.

Flood Hazard Determinations. The Borrower shall deliver to the Collateral Agent, (a) with respect to the Initial Mortgaged PropertiesProperty, on or prior to the Closing DateDate (it being acknowledged as of the Closing Date that the Borrower has made each such delivery), and (b) with respect to each other real property for which a Deed of Trust is required to be delivered pursuant to Section 5.10, on or prior to the date on which the Deed of Trust for the applicable Mortgaged Property is delivered pursuant to Section 5.10, (i) a completed “Life of Loan” Federal Emergency Management Agency Standard Flood Hazard Determination with respect to the portion of each Project such Mortgaged Property on which a “Building” (as defined in 12 C.F.R. Chapter III, Section 339.2) owned by any Loan Party is located addressed to the Collateral Agent (“Flood Hazard Determination”) and (ii) if such “Building” (as so defined) is located in a special flood hazard area as indicated by the “Life of Loan” Federal Emergency Management Agency Standard Flood Hazard Determination delivered pursuant to sub-clause (i) above (a “Flood Hazard Property”), (1) the Borrower’s written acknowledgment of receipt of written notification from the Administrative Agent as to the fact that such Project Mortgaged Property is a Flood Hazard Property, (2) evidence as to whether such Flood Hazard Property is located in a community that participates in the NFIP (as hereinafter defined) and (3) a copy of, or a certificate as to coverage under, and a declaration page relating to, a policy of flood insurance issued by financially sound and reputable insurance companies, in form and substance reasonably satisfactory to the Administrative Agent that (x) covers any “Building” (as so defined) that is encumbered by any Deed of Trust for the applicable Project and (y) is written in an amount sufficient to comply with the National Flood Insurance Act of 1968 and the Flood Disaster Protection Act of 1973, as revised by the National Flood Insurance Reform Act of 1994, and as the same may be further amended, modified or supplemented, and including the regulations issued thereunder (the “Flood Insurance Laws”), whichever is less (and, for avoidance of doubt, if flood insurance coverage under the National Flood Insurance Program (“NFIP”) is not available because the community in which such Project Mortgaged Property is located does not participate in the NFIP, no flood insurance shall be required for such property) (collectively, the “Flood Insurance Documents” and the requirements set forth in clauses (i) and (ii), the “Flood Requirements”). If the Borrower receives notice of any Flood Redesignation with respect to a Mortgaged Property the Borrower shall, reasonably promptly thereafter, provide written notice of the same to the Collateral Agent.