Flood Hazard Properties Sample Clauses
The 'Flood Hazard Properties' clause identifies and addresses properties that are located within areas designated as flood hazards. It typically requires disclosure by the seller if the property is in a flood zone, and may obligate the buyer to acknowledge this status or allow for certain actions, such as obtaining flood insurance or conducting additional due diligence. This clause ensures that all parties are aware of potential flood risks, thereby promoting transparency and helping buyers make informed decisions about the property.
Flood Hazard Properties. If any Unencumbered Asset subject to a Mortgage is at any time a Flood Hazard Property, then the Borrower shall, or shall cause each applicable Loan Party, to provide to the Administrative Agent such information as the Lenders may reasonably request in order to comply with the Flood Laws including, without limitation, evidence of flood insurance and written acknowledgement of receipt of notice from the Administrative Agent that such Unencumbered Asset is a Flood Hazard Property and as to whether the community in which such Flood Hazard Property is located is participating in the National Flood Insurance Program.
Flood Hazard Properties. If any Borrowing Base Asset subject to a Mortgage is at any time a Flood Hazard Property, then the Borrower shall, or shall cause each applicable Loan Party, to provide to the Administrative Agent such information as the Lender Parties may reasonably request in order to comply with the Flood Laws including, without limitation, evidence of flood insurance and written acknowledgement of receipt of notice from the Administrative Agent that such Borrowing Base Asset is a Flood Hazard Property and as to whether the community in which such Flood Hazard Property is located in participation in the National Flood Insurance Program.
Flood Hazard Properties. As of each Funding Date, no Mortgaged Property includes a “Building” (as defined in 12 C.F.R. Chapter III, Section 339.2) that is located in an area that has been identified by the Federal Emergency Management Agency as an area having special flood hazards and in which flood insurance has been made available under the Flood Laws, other than properties for which evidence of flood insurance policies has been delivered pursuant to Section 6.11(c)(iv) and such policies are in full force and effect.
Flood Hazard Properties. With respect to any Closing Date Mortgaged Property located in the United States of America, (a) evidence, which may be in the form of a letter from an insurance broker or a municipal engineer, as to whether (1) any Closing Date Mortgaged Property is a Flood Hazard Property and (2) the community in which any such Flood Hazard Property is located is participating in the National Flood Insurance Program, (b) if there are any such Flood Hazard Properties, such Loan Party's written acknowledgement of receipt of written notification from Administrative Agent (1) as to the existence of each such Flood Hazard Property and (2) as to whether the community in which each such Flood Hazard Property is located is participating in the National Flood Insurance Program, and (c) in the event any such Flood Hazard Property is located in a community that participates in the National Flood Insurance Program, evidence that Company has obtained flood insurance in respect of such Flood Hazard Property to the extent required under the applicable regulations of the Board of Governors of the Federal Reserve System;