Flood Insurance Sample Clauses
The Flood Insurance clause requires a party, typically the property owner or tenant, to obtain and maintain insurance coverage specifically for damages caused by flooding. This clause outlines the minimum coverage amounts, the types of flood events covered, and may specify the insurer or policy standards to be met. Its core practical function is to ensure that financial losses resulting from flood events are mitigated, protecting both the property and the interests of all parties involved in the agreement.
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Flood Insurance. With respect to each Mortgaged Property, obtain flood insurance in such total amount as the Administrative Agent or the Required Lenders may from time to time reasonably require, if at any time the area in which any improvements located on any Mortgaged Property is designated a “flood hazard area” in any Flood Insurance Rate Map published by the Federal Emergency Management Agency (or any successor agency), and otherwise comply with the National Flood Insurance Program as set forth in the Flood Disaster Protection Act of 1973, as amended from time to time.
Flood Insurance. After Lender's request, Borrower shall deliver evidence satisfactory to Lender that no portion of the Improvements is situated in a federally designated "special flood hazard area" or if it is, that Borrower has obtained or caused to be obtained insurance meeting the requirements of Section 3.3(a)(vi).
Flood Insurance. The Recipient agrees and assures that its Third Party Participants will agree to comply with flood insurance laws and guidance as follows:
(1) It will have flood insurance as required by the Flood Disaster Protection Act of 1973, 42 U.S.C. § 4012a(a), for any building located in a special flood hazard area (100-year flood zone), before accessing federal assistance to acquire, construct, reconstruct, repair, or improve that building.
(2) Each such building and its contents will be covered by flood insurance in an amount at least equal to the federal investment (less estimated land cost) or to the maximum limit of coverage made available with respect to the particular type of property under the National Flood Insurance Act of 1968, 42 U.S.C. § 4001, et seq., whichever is less.
(3) It will follow FTA guidance, except to the extent FTA determines otherwise in writing.
Flood Insurance. If required by Subsection 5.5(j) hereof, flood insurance in an amount at least equal to the lesser of (A) the principal balance of the Note, or (B) the maximum limit of coverage available for the Property under the National Flood Insurance Act of 1968, The Flood Disaster Protection Act of 1973 or the National Flood Insurance Reform Act of 1994, as each may be amended;
Flood Insurance. Flood insurance as required under applicable HUD regulations.
Flood Insurance. If the damaged or destroyed property is located within a Special Flood Hazard Area, the following provisions apply.
a. Participant(s) understand and acknowledge that failure to maintain required flood insurance shall result in ineligibility from future federal disaster relief of any kind, including but not limited to, CDBG-DR program assistance. In addition, the Participant(s) may be required to forfeit or repay the entire amount of federal assistance previously provided.
b. If flood insurance is required for any property that is the subject of this Agreement, the insurable structure shall, at all times, be under a flood insurance policy in an amount of the lesser of (1) the full insurable value of the structure as determined by the applicable property insurer, or (2) the maximum amount available for the structure under the National Flood Insurance Program, or a successor program.
c. If the Participant cannot afford flood insurance or a flood insurance rider, the NCORR Housing Recovery Program may assist in payment of the premium for flood insurance, up to $2,000 per household for low-to-moderate (LMI) income households located within the 100-year floodplain. The Participant(s) are responsible for the payment of excess flood insurance premiums that may exist after assistance from NCORR, and for premiums every year thereafter. Participants who receive CDBG-DR assistance and reside in a floodplain must purchase and maintain flood insurance on the property for the life of the property, unless and until FEMA Flood Insurance Rate Maps change and no longer include the damaged property in a flood zone.
d. If the Participant(s) are required to maintain flood insurance on the property and the property is leased, sold, assigned, or inherited by any person or entity not a party to this Agreement, Participant(s) shall notify all transferees in writing of the continuing obligation to maintain flood insurance on the property, and that the transferee may be liable if he/she/they fail to do so. If Participant(s) fail to provide such notice, Participant(s) may be liable to the United States for repayment of previous disaster assistance related to the property and may not be eligible for future federal disaster assistance.
Flood Insurance. Satisfactory evidence, which may consist of a letter from the appropriate agent of the National Flood Insurance Association that the Land is not located in an area designated by the Secretary of Housing and Urban Development as having special flood hazards. In the event the Land is so located, and the City approves continuing with the Loan, Borrower shall provide the City with satisfactory evidence that the maximum amount of available flood insurance is in effect.
Flood Insurance. FNMA........................................................... Form 8-K....................................................... Form 8-K Disclosure Information................................ Form 10-D...................................................... Form 10-K......................................................
Flood Insurance. In the event that any of the Property is located in an area identified by the Federal Emergency Management Agency (“FEMA”) as having special flood hazards, Developer warrants and represents to the GLO the following:
(i) Either such area is participating in the National Flood Insurance Program or less than one (1) year has passed since the FEMA notification regarding such hazards and
(ii) In accordance with GLO or HUD guidelines, Developer will obtain flood insurance in an amount and duration prescribed by The Federal Emergency Management Agency’s Flood Insurance Program and maintain said flood insurance for the Term of the Agreement.
Flood Insurance. 15.4.1. Flood Insurance Requirement................................. 15.4.2. Flood Insurance Coverage.................................... 15.4.3. Flood Insurance Deductible..................................